Central Bancompany in Missouri sets stage for IPO
Central Bancompany in Jefferson City, Mo., could raise up to $430.8 million through its planned initial public offering. The $19.1 billion-asset company disclosed in a regulatory filing that it plans to sell nearly 17.8 million shares of its common stock. The pricing is expected to range from $21 to $24 a share. The underwriters can […]
Tompkins in New York sells insurance agency
Tompkins Financial in Ithaca, N.Y., has sold its insurance agency. The company said in a press release that it sold Tompkins Insurance Agencies to Arthur J. Gallagher for $223 million in cash, recording a pretax gain of $183 million. “It was in the long-term interests of the TIA employees and customers to find a partner […]
Mount Vernon Bank, Bank of Lumber City in Georgia to merge
Two Georgia banks are merging. The $192.8 million-asset Mount Vernon Bank is combining with the $23.8 million-asset Bank of Lumber City under the holding company Heart of Georgia Bancshares. “We are excited [about] the possibility of getting into another hometown market,” Alan Thigpen, Mount Vernon Bank’s president and CEO, said in a press release. “We […]
Popular to exit mortgage lending, close four NY branches
Popular Inc. in San Juan, Puerto Rico, is exiting residential mortgage lending. The company made the announcement during its conference call to discuss third-quarter earnings. “We did make a decision to terminate our mortgage origination business in the U.S.,” Jorge Jose García, the company’s chief financial officer, said during the call. “We do not believe, […]
Tri-County Financial in Illinois promotes insider as new CEO
Tri-County Financial Group in Mendota, Ill., has a new leader. The company disclosed in a regulatory filing that Timothy McConville resigned as its president and CEO and left the board. His decision “was not a result of any disagreement with the company,” the filing said. Kirk Ross, president and CEO of the bank, succeeded McConville […]
First Guaranty in La. reports big 3Q loss due to credit woes, goodwill charge
First Guaranty Bancshares in Hammond, La., reported a large quarterly loss due to exposure to a large auto parts manufacturer and goodwill impairment. The $3.8 billion-asset company said in a press release that it lost $45 million in the third quarter, which included a $47.9 million loan-loss provision. The company also recorded a $12.9 million […]
Pioneer Bancorp in NY buys wealth management business
Pioneer Bancorp in Albany, N.Y., bought a wealth management business. The $2.2 billion-asset company said in a press release that it acquired Brown Financial Management Group on Oct. 28. The acquisition added $73 million of assets under management. The price wasn’t disclosed.
First Federal Lakewood to acquire fellow Ohio mutual
First Federal Lakewood in Ohio has agreed to acquire First Federal Savings and Loan Association of Centerburg in Ohio. The merger between the $3 billion-asset First Federal Lakewood and the $22.5 million-asset First Federal S&LA is expected to close in the first quarter. The terms were not disclosed. The combined organization aims to preserve the […]
Pueblo Bancorp. to buy Ark Valley in Colorado bank merger
Pueblo Bancorp. in Pueblo, Colo., has agreed to buy Ark Valley Bankshares in La Junta, Colo. The parent of the $647.4 million-asset Pueblo Bank and Trust should complete its purchase of the $137.2 million-asset Ark Valley in the first quarter, according to an announcement by Olsen Palmer. The price wasn’t disclosed. Olsen Palmer advised Ark […]
ServBanc Holdco to buy IF Bancorp in Illinois in cash transaction
ServBanc Holdco in Oswego, Ill., has agreed to buy IF Bancorp in Watseka, Ill. The holding company for the $932.3 million-asset ServBank said in a press release that it will pay $89.8 million in cash for the parent of the $887.7 million-asset Iroquois Federal Savings and Loan Association. The deal is expected to close in […]
First Mid in Ill. to buy Two Rivers Financial in Iowa
First Mid Bancshares in Mattoon, Ill., has agreed to buy Two Rivers Financial in Burlington, Iowa. The $7.8 billion-asset First Mid said in a press release that it will pay $94.1 million in stock for the $1.1 billion-asset Two Rivers. The deal, which is expected to close in the first quarter, priced Two Rivers at […]
Barclays U.S. unit to buy fintech Best Egg for $800 million
Barclays Bank Delaware has agreed to buy direct-to-consumer lending fintech Best Egg. The U.S. unit of the British bank will pay $800 million for Best Egg in a deal expected to close in the second quarter. Best Egg, formed in 2013, has facilitated more than $40 billion in personal loans to more than two million […]
Community State Bank of Orbisonia in Pa. lines up next leader
Community State Bank of Orbisonia in Pennsylvania is finalizing its leadership succession. The $453 million-asset bank said in a press release that Nicole Wilson will become its president on Feb. 2 and CEO at the end of next year. Wilson, the bank’s chief financial officer, will succeed Michael Bibak, who is retiring. “Though Mike’s tenure […]
Hilltop Bank to buy Cheyenne State Bank in Wyoming bank merger
Hilltop Bank in Casper, Wyo., has agreed to buy Cheyenne State Bank in Wyoming. The $1 billion-asset Hilltop did not disclose how much it will pay for the $30.2 million-asset Cheyenne State. The deal is expected to close in the first quarter. “We are thrilled about the opportunity to expand our service in Cheyenne through […]
Bank-focused tech firms UFS, BankOnIt merge
Banking-focused technology firms UFS and BankOnIT have merged. UFS, which specializes in core banking solutions, managed IT services and cybersecurity, and BankOnIt, a cloud infrastructure provider, announced the merger in a press release. Financial terms were not disclosed. The deal gives UFS clients access to a broader suite of managed IT services and real-time security solutions, […]
FirstSun Capital to buy First Foundation in Texas
FirstSun Capital Bancorp in Denver has found a new fixer-upper, agreeing to buy First Foundation in Irving, Texas. The $8.5 billion-asset FirstSun, which was unable to buy HomeStreet last year, said in a press release that it will pay $785 million in stock for the $12.6 billion-asset First Foundation. The deal, which is expected to […]
Park National in Ohio to enter Tennessee with First Citizens deal
Park National in Newark, Ohio, has agreed to buy First Citizens Bancshares in Dyersburg, Tenn. The $9.9 billion-asset Park said in a press release that it will pay $317.3 million in stock for the $2.6 billion-asset First Citizens. The deal, which is expected to close in the first quarter, priced First Citizens at 168% of […]
Huntington in Ohio to buy Cadence Bank for $7.4 billion
Huntington Bancshares in Columbus, Ohio, is already back in the M&A game, agreeing to buy Cadence Bank in Tupelo, Miss. The $210 billion-asset Huntington, which just closed its purchase of Veritex Holdings in Dallas, said in a press release that it will pay $7.4 billion in stock for the $53 billion-asset Cadence. The deal, which […]
Crypto.com is latest digital assets firm to pursue national trust bank charter
Crypto.com is the latest digital assets company to apply for a national trust bank charter with the Office of the Comptroller of the Currency. Crypto.com said in a press release that it is pursuing the charter to advance its custody technology and related customer offerings, including custody and staking of assets across blockchains and digital […]
Evolve Bank in Arkansas fires CEO after arrest
Evolve Bank & Trust in West Memphis, Ark., fired CEO Bob Hartheimer after he was arrested on two child pornography-related charges. The bank said in a statement that Mark Mosteller, its president and chief financial officer, and Joelle Weltzin, its general counsel, will oversee operations and strategic direction. They had those roles before Hartheimer was […]
Paulson Capital buys community banking specialist JWTT
Paulson Capital Holding in Portland, Ore., bought JWTT, an investment bank and broker-dealer that specializes in the community banking sector. JWTT has more than $470 million in customer assets. The price wasn’t disclosed. “We are pleased to announce the acquisition of JWTT … and look forward to committing resources to building on the expertise of […]
Avidbank, CB Financial, 1st Source purge underwater securities
A trio of banking companies disclosed securities sales. Avidbank Holdings in San Jose, Calif., said that a securities sale contributed to its $37.7 million third-quarter loss. The $2.4 billion-asset company sold $274.7 million of securities at a $62.4 million loss. The company purchased $163.2 million in higher-yielding securities and paid off short-term borrowings using proceeds from […]
Metropolitan in N.Y. dealing with out-of-market multifamily loan
Metropolitan Bank Holding in New York reported lower quarterly profit that reflected costs tied to an out-of-market commercial real estate loan. The $8.2 billion-asset company said in a press release that its third-quarter profit fell by 42% from a year earlier, to $7.1 million. The quarter included a $23.9 million loan-loss provision that included $18.7 […]
Origin in La. reports lower profit due to TriColor exposure
Origin Bancorp in Ruston, La., reported significantly lower quarterly earnings due to its exposure to TriColor Holdings. The $9.8 billion-asset company said in a press release that its third-quarter profit fell 54% from a year earlier, to $8.6 milli0n. The quarter included a $36.8 million loan-loss provision that “was primarily related to the suspected borrower […]
Nicolet to buy MidWestOne in Iowa for $864 million
Nicolet Bankshares in Green Bay, Wis., has agreed to buy MidWestOne Financial Group in Iowa City. The $9.5 billion-asset Nicolet said in a press release that it will pay $864 million in stock for the $6.2 billion-asset MidWestOne. The deal, which is expected to close in the first half of next year, priced MidWestOne at […]