Providence Bank to acquire Leaders Bank in Illinois
Providence Bank & Trust in South Holland, Ill., has agreed to but Leaders Bank in Oak Brook, Ill. The $1.3 billion-asset Providence did not disclose the price it will pay for the $359 million-asset Leaders. The acquisition “reflects our ongoing commitment to providing personalized banking services and products at the community level,” Steve Van Drunen, […]
Georgia Banking to buy Peoples BankTrust
Georgia Banking Co. in Atlanta has agreed to buy Peoples BankTrust in Buford, Ga. The $1 billion-asset Georgia Banking said in a press release Wednesday that it will pay $58 million in cash and preferred stock for the $439 million-asset Peoples. The deal is expected to close in the first quarter. Peoples one branch, $393 […]
QCR in Illinois to buy Guaranty Federal in Missouri
QCR Holdings in Moline, Ill., has agreed to buy Guaranty Federal Bancshares in Springfield, Mo. The $6 billion-asset QCR said in a press release Tuesday that it will pay $151.6 million in cash and stock for the $1.2 billion-asset Guaranty Federal. The deal is expected to close in the first or second quarter. QCR plans […]
Allegiance, CBTX merger to create $10B-asset bank
CBTX in Houston has agreed to merge with Allegiance Bancshares in Houston. The companies said in a press release that the $4.2 billion-asset CBTX will be the legal acquirer of the $6.8 billion-asset Allegiance. The deal is expected to close in the second quarter. Allegiance shareholders will own 54% of the combined company. The name […]
Capital One adds former banker to its board
Capital One Financial in McLean, Va., has added a former bank CEO to its board. The $425 billion-asset company said in a press release Friday that Christine Detrick had become a director and will stand for election next May. She will serve on the audit and risk committees. Detrick recently served as a director and […]
Malvern writes down sold nonaccrual loans, TDRs
Malvern Bancorp in Paoli, Pa., said it will have a special loan-loss provision in its fiscal fourth quarter after selling three loans and recording a writedown. The $1.2 billion-asset company said in a press release Friday that it recorded a $10.4 million writedown after selling loans with an aggregate book balance of $29.3 million. The […]
Armed Forces Bank to buy mortgage lending operation
Dickinson Financial, the parent of Armed Forces Bank in Leavenworth, Kan., has agreed to buy the residential mortgage operations of KS StateBank in Manhattan, Kan. The $1.2 billion-asset Armed Forces Bank did not disclose how much it will pay the $2.3 billion-asset KS StateBank. The transaction is expected to close in the fourth quarter. The […]
Founders of Locality Bank get FDIC conditional approval
Organizers of the proposed Locality Bank in Fort Lauderdale, Fla., have received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise $23 million before opening the de novo, according to the Nov. 1 order. Locality’s organizers announced plans for the bank in March. The group […]
Amerant to save $12M annually from outsourcing pact
Amerant Bancorp in Coral Gables, Fla., is cutting costs through a outsourcing agreement with FIS. The $7.5 billion-asset Amerant said in a press release Thursday that the multiyear agreement gives FIS full responsibility for a number of functions, including certain back-office operations. The move will outsource 90 positions to FIS and reduce Amerant’s annual expenses […]
OCC snag to delay closing of Blue Ridge-FVCB deal
Blue Ridge Bankshares in Charlottesville, Va., said an issue raised by the Office of the Comptroller of the Currency will delay the planned completion of its purchase of FVCBankcorp in Fairfax, Va. The $2.7 billion-asset Blue Ridge did not provide details on the issue, though it said the “regulatory concerns … could impact the application […]
First Merchants to buy Level One in Michigan
First Merchants in Muncie, Ind., has agreed to buy Level One Bancorp in Farmington Hills, Mich. The $15.1 billion-asset First Merchants said in a press release Thursday that it will pay $323.5 million in cash and stock for the $2.5 billion-asset Level One. The deal, which is expected to close in the first half of […]
OceanFirst entering three states with Partners deal
OceanFirst Financial in Red Bank, N.J., has agreed to buy Partners Bancorp in Salisbury, Md. The $11.8 billion-asset OceanFirst said in a press release Thursday that it will pay $186 million in cash and stock for the $1.6 billion-asset Partners. The deal, which is expected to close in the first half of 2022, priced Partners […]
Group planning minority women-owned bank in Penn.
A group in central Pennsylvania is looking to form a minority, women-owned bank. Organizers of American Women’s Bank in Camp Hill, Pa., applied with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance. The bank would have a national charter and would be regulated by the Office of the Comptroller of the Currency. The […]
Richard Hunt to step down as CBA leader in 2022
Richard Hunt is preparing to step down as president and CEO of the Consumer Bankers Association. Hunt, who has held the post since 2009, confirmed in a tweet Wednesday that he plans to retire next summer. “When the board entrusted me with the job … in 2009, I set a goal of serving for 10 […]
First Internet buying deposit-rich bank in Georgia
First Internet Bancorp in Fishers, Ind., has agreed to buy First Century Bancorp in Roswell, Ga. The $4.3 billion-asset First Internet said in a press release Tuesday that it will pay $80 million in cash for the $408 million-asset First Century. The deal, which is expected to close in the first quarter, priced First Century at […]
MidWestOne to buy Iowa First Bancshares for $48M
MidWestOne Financial Group in Iowa City has agreed to buy Iowa First Bancshares in Muscatine. The $5.9 billion-asset MidWestOne said in a press release Monday that it will pay $47.6 million in cash for the $520 million-asset Iowa First. The deal is expected to close in the first quarter. “This is a natural extension of […]
Wintrust to buy Allstate loans, offer products to agents
Wintrust Financial in Rosemont, Ill., has agreed to buy a loan portfolio from Allstate. The $48 billion-asset Winstrust said in a press release Monday that it will acquire about $570 million of loans, most of which belong to Allstate agents. The agents use the funds to establish and expand their businesses, along with other working […]
Midland States to wind down GreenSky portfolio
Midland States Bancorp in Effingham, Ill., will spend the next two years winding down a portfolio of point-of-sale loans. The $7.1 billion-asset company holds about $834 million of loans originated by GreenSky, a nonbank lender that agreed in September to be sold to Goldman Sachs. The company said loan originations should continue through mid-2022. After […]
BancFirst in Oklahoma to buy Dallas-area bank
BancFirst in Oklahoma City has agreed to buy Worthington National Bank in Arlington, Texas. The $11 billion-asset BancFirst disclosed in a regulatory filing Monday that it expects to buy the $463 million-asset Worthington in the first quarter. BancFirst did not disclose the price it will pay. Worthington has four branches, $269 million of loans and […]
VyStar braces for delay in biggest-ever CU-bank merger
VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bancorp. in Jonesboro, Ga., are bracing for a delayed closing of the credit union’s pending acquisition of Heritage Southeast Bank. The $11 billion-asset VyStar and the $1.6 billion-asset Heritage Southeast said in a press release Friday that the termination data for the deal has been pushed […]
Black-owned bank proposed for central Ohio
A group of Black business owners is looking to form a bank in Columbus, Ohio. Organizers of Adelphi Bank filed an application with the Federal Deposit Insurance Corp. on Monday for deposit insurance. The proposed bank would be located on a site once occupied by Adelphi Loan & Savings, a former Black-owned bank in the […]
Primis in Va. to launch digital bank in November
Primis Financial in McLean, Va., will debut its digital bank in mid-November. The $3.5 billion-asset company said it will launch the bank on Nov. 15, limiting participation to “family and friends.” The bank will be available to more participants in late December. “Development on expanded consumer and full commercial deposit services are already under way […]
MetaBank to wind down community bank portfolio in 1Q
MetaBank Financial Group in Sioux Falls, S.D., has sold $30.2 million of loans as part of an ongoing plan to wind down its community bank loan portfolio. The $6.7 billion-asset company said in a press release Wednesday that it sold the loans to Central Bank in Storm Lake, Iowa, earlier this month. MetaBank has agreements […]
New York Community braces for delayed Flagstar closing
New York Community Bancorp’s pending purchase of Flagstar Bancorp in Troy, Mich., is the latest big bank merger to face a delayed closing. Thomas Cangemi, chairman and CEO of the $58 billion-asset New York Community, said during a conference call Wednesday that he doesn’t expect the $2.6 billion acquisition of the $27 billion-asset Flagstar to […]
City National in Miami forms law firm group
City National Bank of Florida in Miami has formed a law firm group. The $20.2 billion-asset company said the newly created group will provide services such as credit lines, debtor-in-possession accounts, receivership accounts, escrow services, plaintiffs’ firm financing and corporate trustee services. The group will also serve individuals, including law firm partners, shareholders and their […]