Truist to buy home-improvement lender for $2 billion
Truist Financial in Charlotte, N.C., has agreed to buy Service Finance, a Boca Raton, Fla., company that makes point-of-sale loans for home-improvement projects. The $522 billion-asset Truist said in a press release Tuesday that it will pay $2 billion to Canadian-based ECN Capital for Service Finance. The deal is expected to close later this year. […]
National Bank in Denver invests in blockchain fintech
National Bank Holdings in Denver has invested in a blockchain fintech firm as part of a broader effort to build a comprehensive digital platform. The $7.1 billion-asset company said in a press release Tuesday that it will work with Figure Technologies on a variety of blockchain-related initiatives. National Bank did not disclose the size of […]
Simmons in Arkansas forms equipment-finance division
Simmons First National in Little Rock, Ark., has created an equipment finance division after hiring 11 commercial bankers. The $23.4 billion-asset company said in a press release Tuesday that Lee Palm will serve as president of the new division. Palm previously served as president of commercial finance at TCF Financial. Brian Shapiro, another former TCF […]
Valley was one of seven bidders for Westchester Bank
Valley National Bancorp in New York had to raise its offer to strike a deal for Westchester Bank Holding in White Plains, N.Y. The $41.3 billion-asset Valley was the largest of seven bidders for the $1.3 billion-asset Westchester, according to a regulatory filing tied to the pending $210 million acquisition. Valley was coaxed to boost […]
Orange County Bancorp in N.Y. raises $35M from IPO
Orange County Bancorp in Middletown, N.Y., raised $35.2 in net proceeds from its initial public offering. The $1.9 billion-asset company said in a press release Monday that it sold nearly 1.2 million shares of common stock at $33.50 a share. About 150,000 shares were sold as part of the underwriters’ overallotment option. The company said […]
First Financial in Indiana to buy Hancock in Kentucky
First Financial in Terre Haute, Ind., has agreed to buy Hancock Bancorp in Hawesville, Ky. The $4.8 billion-asset First Financial said in a press release Tuesday that it will pay $31.4 million in cash for the $334 million-asset parent of Hancock Bank & Trust. The deal is expected to close in the fourth quarter. First […]
First BanCorp in P.R. sells block of nonperforming loans
First BanCorp in San Juan, Puerto Rico, sold $52.5 million of nonperforming mortgages. The $21.4 billion-asset company disclosed in a quarterly regulatory filing that it received an unsolicited offer to buy the loans, along with $2 million of related servicing rights. First BanCorp said it received $31.5 million, or 58% of book value before reserves, […]
Columbia fast-tracked its first bank deal since 2017
It only took Columbia Banking System in Tacoma, Wash., three months to hammer out its first bank acquisition in more than three years. The $17.3 billion-asset company agreed in June to buy the $1.8 billion-asset Bank of Commerce Holdings in Sacramento, Calif., for $266 million. The acquisition will provide Columbia with its first branches in […]
BTC entering new markets with Home Exchange deal
BTC Bank in Bethany, Mo., has agreed to buy Home Exchange Bank in Jamesport, Mo. The $704 million-asset BTC said in a press release that it expects to complete the purchase of the $148 million-asset Home Exchange later this year. BTC did not disclose the price it will pay. BTC will have 16 branches after […]
Arbor-FNBH deal in Michigan back on track
Arbor Bancorp in Ann Arbor, Mich., has revived plans to buy FNBH Bancorp in Howell, Mich. The $2.5 billion-asset Arbor said in a press release Monday that it will pay $116.5 million in cash for the $647 million-asset parent of First National Bank in Howell. The deal is expected to close by the end of […]
Sunnyside in N.Y. gets another unsolicited buyout offer
Sunnyside Bancorp in Irvington, N.Y., has received another offer from a would-be acquirer. Kenneth Torsoe, an investor in Suffern, N.Y., said in a press release Friday that he wants to form a holding company and buy the parent of Sunnyside Federal Savings and Loan Association for $20 a share in cash. The $99 million-asset Sunnyside […]
OFG Bancorp unit leads $3M investment in Nymbus
OFG Bancorp in San Juan, Puerto Rico, has invested in Nymbus. Nymbus, a fintech that helps banks and credit unions with loan originations and digital products, said in a press release Thursday that OFG Ventures, a unit of the $10.5 billion-asset OFG Bancorp, led a $3 million round of financing. Nymbus said the funding will […]
Citizens in R.I. to buy valuation advisory firm
Citizens Financial Group in Providence, R.I., has agreed to buy Willamette Management Associates, a valuation consulting and forensic analysis firm. The $185.1 billion-asset Citizens said in a press release Thursday that it expects to close the deal later this quarter. It did not disclose the price it will pay. Willamette Management, formed in 1969, has […]
Locality Bank organizers start raising capital
Organizers of Locality Bank in Fort Lauderdale, Fla., has started raising the funds needed to open the proposed bank. The group said in a press release Thursday that it has $19 million in commitments from local business leaders. The organizers have set a goal of $23 million in initial capital. “Our founders, organizers and directors […]
Alabama Credit Union agrees to buy Security Federal
Alabama Credit Union in Tuscaloosa has agreed to buy Security Federal Savings Bank in Jasper, Ala. The $1.3 billion-asset credit union said in a press release Thursday that it expects to close the all-cash deal for the $39 million-asset bank in the first quarter. Alabama Credit Union did not disclose the price it will pay. […]
First Bank to buy two N.J. branches from OceanFirst
First Bank in Hamilton, N.J., has agreed to buy two New Jersey branches from OceanFirst Financial in Red Bank, N.J. The $2.4 billion-asset First Bank said in a press release Wednesday that it the branches are located in Flemington and Monroe. First Bank will gain $124 million of deposits and $14 million of loans with […]
California de novo Genesis Bank opens
Genesis Bank has opened in Newport Beach, Calif. The de novo said in a press release that it received its final regulatory approvals on Monday. “I’m deeply proud of the entire Genesis team for their tireless efforts to reach this critical milestone in our evolution; not only in reaching our day one launch, but also […]
BOK Financial president and CEO to retire in 2022
BOK Financial in Tulsa, Okla., is readying for the final stage of CEO succession. The $47 billion-asset company said in press release Wednesday that Steve Bradshaw will retire as president and CEO on March 31. Stacy Kymes, BOK’s chief operating officer, will succeed Bradshaw. Kymes joined the company’s board on Tuesday. Kymes, who has been […]
Fla. trust company one step closer to becoming bank
Cypress Bank & Trust has received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. Organizers of the proposed Melbourne, Fla., de novo must raise $16.5 million before opening, according to the July 22 order from the FDIC. Cypress Trust Co. applied with the FDIC in August to accept deposits. The company, which […]
Group applies to form Alabama de novo bank
A group is looking to form a bank in Huntsville, Ala. Organizers of the proposed Nova Bank applied with the Federal Deposit Insurance Corp. on Monday for deposit insurance. The application wasn’t immediately available. The organizers are Marc Minish, Timothy Allsopp, Keri Butler, Christina Rutledge, Bo Cochran, J. Russ Hayles, Trey Hodge, Travis Howard, […]
Organizers planning bank in Minnesota
A group in Bloomington, Minn., is looking to form a bank. Organizers of Brava Bank applied with the Federal Deposit Insurance Corp. on Monday for deposit insurance. Brava would be a state-chartered bank with Entrepreneurs Bancshares serving as its holding company, according to a legal notice announcing the effort. The principal shareholder of Entrepreneurs Bancshares […]
Stock Yards bulking up in asset management with bank deal
Stock Yards Bancorp in Louisville, Ky., has agreed to buy Commonwealth Bancshares in Louisville. The $6.1 billion-asset Stock Yards said in a press release Tuesday that it will pay $153 million in cash and stock for the $1.3 billion-asset Commonwealth. The deal is expected to close in the fourth quarter. Commonwealth has 16 branches, $733 […]
Newtek pursuing bank holding company via acquisition
Newtek Business Services in Boca Raton, Fla., has agreed to buy National Bank of New York City as part of a plan to become a bank holding company. Newtek said in a press release Monday that it will pay $20 million in cash for the $204 million-asset bank. The deal is expected to close in […]
Six bidders made offers for North Carolina’s Aquesta
Aquesta Financial Holdings in Cornelius, N.C., received offers from six bidders when it looked to sell itself earlier this year. The $18.6 billion-asset United Community Banks in Blairsville, Ga., would walk away with the deal for the $752 million-asset Aquesta on May 27. First, here’s a look at the financial details of the $131 million […]
Freedom Bank in Virginia to form bank holding company
Freedom Bank in Fairfax, Va., plans to form a bank holding company. The $837 million-asset bank said in a press release Thursday that it will apply to create Freedom Financial Holdings. Freedom said the board approved the move to “provide added financial and operational flexibility.” Having a bank holding company would also broaden the bank’s […]