Sunnyside in N.Y. opts for unsolicited takeout offer
Sunnyside Bancorp in Irvington, N.Y., has terminated an agreement to be sold to a Florida real estate firm to instead sell to group tied to a New York real estate investor. The $98 million-asset Sunnyside agreed in March to a deal with DLP Real Estate Capital in Saint Augustine, Fla., valued at $12.3 million. Shortly […]
How Equity in Kan. learned American State was in play
Equity Banchshares in Wichita, Kan., didn’t waste time getting the S-4 out for its pending acquisition of American State Bancshares in Wichita. The $73.6 million deal, announced last month, would bolster the $4.2 billion-asset Equity’s operations in its home state. First, a review of the acquisition’s terms: The deal, which is expected to close in […]
Arizona group planning bank focused on small business
Organizers in Arizona have applied to form a Integro Bancorp in Phoenix. The group submitted an application with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance. The application did not disclose how much initial capital organizers plan to raise. In an April announcement posted on LinkedIn, they said the proposed bank would be […]
Lake Michigan Credit Union to buy another Fla. bank
Lake Michigan Credit Union in Grand Rapids, Mich., is doubling down in Florida with an agreement to buy Pilot Bank and National Aircraft Finance. The $10.4 billion-asset credit union said in a press release Wednesday that it will pay about $96.6 million in cash for the $656 million-asset Pilot. The deal is expected to close […]
Eggemeyer joins board of Primis Financial in Virginia
Primis Financial in Charlottesville, Va., has added a prominent bank investor to its board. The $3.3 billion-asset company said in a press release Tuesday that John Eggemeyer had agreed to become a director. Eggemeyer is the founder and chairman of Castle Creek Capital, which has invested in banks for three decades. He has been the […]
SunTrust freed from Fed order predating BB&T merger
The Federal Reserve has freed SunTrust Bank from a November 2019 consent order it handed down before approving the bank’s sale to BB&T in the deal that created Truist Financial. SunTrust was hit with the order due to unfair and deceptive practices tied to “misleading or inaccurate statements” it made between 2013 and 2017 about […]
A look at the Bank of Marin-American River merger
Let’s take a look at some of the behind-the-scenes action for Bank of Marin Bancorp’s pending purchase of American River Bankshares in Sacramento, Calif. First, a review of the deal’s terms: Bank of Marin, a $3.1 billion-asset company in Novato, Calif., agreed to buy the $916 million-asset American River on April 19 for $134.5 million […]
HomeTrust closing nine branches under efficiency push
HomeTrust Bancshares in Asheville, N.C., plans to close nine branches in three states as part of a broader efficiency effort. The $3.6 billion-asset company said in a press release Tuesday that it will also restructure its balance sheet and bring Small Business Administration loan servicing in-house. The moves are expected to increase annual pretax income […]
Pinnacle hires nine BBVA bankers to enter Ala. market
Pinnacle Financial Partners in Nashville, Tenn., will enter Huntsville, Ala., after hiring nine former bankers from BBVA USA. The $35 billion-asset Pinnacle said in a press release Monday that it brought on four financial advisers, a credit adviser, an office leader and three support and processing associates. The group is led by Jason Baldwin, a […]
Mortgage lender agrees to buy Texas community bank
Cornerstone Home Lending in Houston has agreed to buy Roscoe State Bank in Texas. Cornerstone did not disclose the price it will pay for the $213 million-asset Roscoe State or when it expects to complete the acquisition. The acquisition “will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of […]
How New York Community-Flagstar materialized
We’re trying a new format to make content about a merger’s background easier to digest. Rather than provide a lengthy article based of the regulatory filing, we’ re going to include bullet points highlighting key aspects of a deal. First, the proposed deal’s financials: New York Community in Westbury agreed on April 26 to buy […]
Brookline taps insiders to serve as co-presidents
Brookline Bancorp in Boston is shaking up several top executive posts. The $8.6 billion-asset company said in a press release Monday that Paul Perrault, its CEO, has also become its chairman. He succeeded Joseph Slotnik, who will serve as Brookline’s lead director. Brookline also promoted two executives to serve as co-presidents, succeeding Perrault. Michael McCurdy […]
CrossFirst entering Phoenix after hiring banker from CIT
CrossFirst Bankshares in Leawood, Kan., will enter Phoenix after hiring a former CIT Group banker. The $6 billion-asset company said in a press release Monday that it Kevin Halloran will become its Phoenix market president. “We believe Phoenix is a great opportunity given the region’s favorable demographics, strong population, and business growth,” Mike Maddox, CrossFirst’s […]
Proposed N.C. bank secures conditional FDIC approval
Organizers in western North Carolina have received conditional approval to open a bank. The Federal Deposit Insurance Corp. on June 1 approved an application for deposit insurance submitted by Highlands Banking Co. The proposed bank would be based in Highlands, a town near North Carolina’s borders with Georgia and South Carolina. The group must raise […]
Square makes multimillion investment in Arkansas CDFI
Square has made a multimillion investment in Southern Bancorp in Arkadelphia, Ark. Square said in a press release Thursday that it had invested the final $25 million of a $100 million commitment to minority and underserved communities. The $1.9 billion-asset Southern said in a separate release that it had received funds from that investment. “We […]
CB Financial selling two West Virginia branches
CB Financial Services in Washington, Pa., has agreed to sell two branches to Citizens Financial in Elkins, W.Va. The $1.5 billion-asset CB Financial said in a press release Thursday that it will sell the West Virginia locations, in Buckhannon and New Martinsville, along with $101.9 million of deposits and $6.3 million of loans. The $340 […]
Organizers plan de novo bank in southwest Florida
A group is looking to form a bank in Ft. Myers, Fla. Organizers of Gulf Coast Business Bank filed an application with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The group plans to raise $20 million in initial capital, according to the application. William Blevins is listed as the proposed bank’s president, […]
Ohio bank aims to become CDFI as part of pending sale
Community Savings Bancorp in Caldwell, Ohio, has agreed to be sold to an entity owned by former Pacific Union Financial CEO Evan Stone. Double Bottomline, which is owned by Stone, will pay $9.5 million for the $60 million-asset parent of Community Savings. The deal is expected to close in the fourth quarter. Community Savings has […]
Ponce Bank in N.Y. to record gain from sale-leaseback
PDL Community Bancorp in New York expects to record a pretax gain of $4.2 million after completing a sale-leaseback transaction. The $1.4 billion-asset parent of Ponce Bank said in a press release Tuesday that it sold a property in Bronx, N.Y., for $5.7 million on June 4. The property had a net book value of $1.1 […]
Regions buying home-improvement lender for $960M
Regions Financial in Birmingham, Ala., has agreed to buy EnerBank USA, a home improvement lender based in Salt Lake City. The $153 billion-asset Regions said in a press release Tuesday that it will pay $960 million for the $3.1 billion-asset industrial loan company. The deal is expected to close in the fourth quarter. EnerBank has […]
FB Financial’s biggest shareholder reducing stake
The biggest shareholder at FB Financial in Nashville, Tenn., is selling a large block of stock. The $11.9 billion-asset company disclosed in a regulatory filing Monday that Jim Ayers, its founder and vice chairman, plans to sell 2.5 million shares in a secondary offering. The stock is worth roughly $104.4 million based on the company […]
How the Independent-Meridian deal materialized
Independent Bank in Hanover, Mass., initially balked at making an offer for Meridian Bancorp in Peabody, Mass. The $13.8 billion-asset Independent, when first approached about a potential deal in January, passed, citing a need to focus on other priorities, according to a recent regulatory filing tied to the pending acquisition. But it only took senior management a few weeks […]
HBT Financial entering Iowa with pending NXT deal
HBT Financial in Bloomington, Ill., has agreed to buy NXT Bancorp. in Cedar Rapids, Iowa. The $3.9 billion-asset HBT said in a press release Monday that it will pay $42.8 million in cash and stock for the parent of the $241 million-asset NXT Bank. The deal, which is expected to close in the fourth quarter, […]
KBW hires Matt Kelley as next director of research
Keefe, Bruyette & Woods has a new director of research. The New York investment bank, which is part of Stifel Financial, said in a press release Monday that it had promoted Matt Kelley. He succeeded Fred Cannon, who retired earlier this year. “With significant buy-side and sell-side equity research experience, Matt is eminently qualified for […]
Simmons lines up two bank acquisitions in Tennessee
Simmons First National in Pine Bluff, Ark., has agreed to buy Landmark Community Bank in Collierville, Tenn., and Triumph Bancshares in Memphis, Tenn. The $23.3 billion-asset Simmons said in a press release Monday that it will pay $146.3 million in cash and stock for the $1 billion-asset Landmark and $131 million in cash and stock […]