The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Western Illinois Bancshares to buy Princeville State Bank

Western Illinois Bancshares to buy Princeville State Bank

Western Illinois Bancshares in Monmouth has agreed to buy Main Street Bancorp in Princeville, Ill. The parent of the $670 million-asset Midwest Bank said that its bank and Main Street’s $121 million-asset Princeville State Bank will operate as “independent, separately chartered banks” after the deal closes. The price of the all-stock deal wasn’t disclosed. Main Street “is a great fit for our company because they share our vision for strategic

April 26, 2024
Fed approves investor group’s planned purchase of Mich. bank

Fed approves investor group’s planned purchase of Mich. bank

An investor group has received approval from the Federal Reserve to buy First State Bank of Decatur in Michigan. A group led by Gregg Bigger applied last fall to buy the $54 million-asset bank. They plan to rebrand First State as Grand Traverse State Bank. The group has been looking to raise $14.5 million with hopes of buying and rebranding First State by late 2024. Bigger was a founder of

April 26, 2024
Hanover in N.Y. and Castle Creek reach exchange agreement

Hanover in N.Y. and Castle Creek reach exchange agreement

Hanover Bancorp is taking steps to let Castle Creek Capital Partners boost its stake in the Mineola, N.Y., company to 9.9%.   The $2.3 billion-asset company disclosed in a regulatory filing that it entered into an exchange agreement with Castle Creek to let the investor exchange 125,000 shares of voting common stock for 125,000 shares of Series A preferred stock.   Hanover also filed the documents necessary to increase its

April 26, 2024
First Financial in Ohio sells securities, cuts jobs in noisy first quarter

First Financial in Ohio sells securities, cuts jobs in noisy first quarter

First Financial Bancorp in Cincinnati had a noisy quarter that included an acquisition, layoffs, a restructured securities portfolio, and an increase in classified assets. The $17.6 billion-asset company said in a press release that first-quarter profit fell by 28% from a year earlier, to $50.7 million. First Financial bought Agile Premium Finance, which lends primarily to commercial customers to finance insurance premiums. The company had $93.4 million of loans when

April 26, 2024
Business First in La. to expand in Dallas with Oakwood Bank deal

Business First in La. to expand in Dallas with Oakwood Bank deal

Business First Bancshares in Baton Rouge, La., has agreed to buy Oakwood Bancshares in Oakwood, Texas. The $6.7 billion-asset Business First said in a press release that it will pay $85.7 million in stock for the $843 million-asset Oakwood. The deal, which is expected to close in the fourth quarter, priced Oakwood at 106% of its tangible book value. Oakwood has six branches, $654 million loans and $732 million of

April 25, 2024
Valley in New York purges $300M of loans from its balance sheet

Valley in New York purges $300M of loans from its balance sheet

Valley National Bancorp in New York sold nearly $300 million of loans in the first quarter – with plans to unload more. The $61 billion-asset company said in a press release that it sold its commercial premium finance lending business in February and $197 million of commercial real estate and construction loans a month later. Valley recorded a $3.6 million net gain from the sale of the premium finance business,

April 25, 2024
First Financial Bank in Texas switches to state bank charter

First Financial Bank in Texas switches to state bank charter

First Financial Bankshares in Abilene, Texas, has switched from a national bank charter to a state bank charter.   The company said in a press release that First Financial Bank is new a state banking association while First Financial Trust and Asset Management became a state-chartered chartered trust company.   The bank had operated under a national charter since its creation in 1890.   “We think the charter conversions make

April 24, 2024
Sterling Bancorp founder, former CEO fined, barred from banking

Sterling Bancorp founder, former CEO fined, barred from banking

Sterling Bancorp in Southfield, Mich., seems to be getting closer to putting a mortgage scandal in the rearview mirror. The Office of the Comptroller of the Currency has barred the company’s founder and a former CEO from the banking industry in connection to their roles in the defunct Advantage Loan Program. The OCC issued penalties against Scott Seligman and Thomas Lopp in separate consent orders. Seligman, who wasn’t a bank

April 24, 2024

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