Elberton Federal in Ga. converting before sale to Oconee
Oconee Financial in Watkinsville, Ga., has agreed to buy Elberton Federal Savings and Loan Association in Elberton, Ga. The $520 million-asset Oconee said in a press release Tuesday that the $29 million-asset Elberton, a federal mutual savings association, will convert to a stock-owned bank before the merger. Oconee will offer shares of its common stock […]
German American selling two Kentucky branches
German American Bancorp in Jasper, Ind., has agreed to sell two branches in Lexington, Ky. The $5.2 billion-asset company disclosed in a regulatory filing Friday that it will also sell $30.3 million of deposits and $8.9 million of loans to Home Savings and Loan Co. in Kenton, Ohio. The sale is expected to close in […]
Liberty Financial to acquire Tri-State Bank in Tennessee
Liberty Financial Services in New Orleans has agreed to buy Tri-State Bank of Memphis in Tennessee in a deal involving minority-owned banks. The $860 million-asset Liberty said in a press release Thursday that it will pay cash for the $105 million-asset Tri-State. The deal is expected to close by the end of this year. Liberty […]
United in W.Va. to buy Community Bankers Trust
United Bankshares in Charleston, W.Va., has agreed to buy Community Bankers Trust in Richmond, Va. The $27 billion-asset United said in a press release Thursday that it will pay $303.3 million in stock for the $1.7 billion-asset parent of Essex Bank. The deal, which is expected to close in the fourth quarter, priced Community Bankers […]
First Foundation entering Florida with TGR acquisition
First Foundation in Dallas is moving into Florida with an agreement to buy TGR Financial in Naples. The $7.1 billion-asset First Foundation said in a press release Thursday that it will pay $294.8 million in stock for the $2.3 billion-asset parent of First Florida Integrity Bank. The deal, which is expected to close in the […]
First Bancorp in N.C. strikes deal for Select
First Bancorp in Southern Pines, N.C., has agreed to buy Select Bancorp in Dunn, N.C. The $7.7 billion-asset First Bancorp said in a press release Tuesday that it will pay $314.3 million in stock for the $1.8 billion-asset Select. The deal, which is expected to close in the fourth quarter, priced Select at 185% of […]
Old National, First Midwest announce $2.5B merger
Old National Bancorp in Evansville, Ind., has agreed to buy First Midwest Bancorp in Chicago. The $23.7 billion-asset Old National said in a press release Tuesday that it will pay $2.5 billion in stock for the $21 billion-asset First Midwest. The deal, which is expected to close by early 2022, priced First Midwest at 165% […]
Series of big bank mergers gives lift to overall deal value
A wave of large bank mergers has lifted aggregate deal value for 2021 above last year’s levels. The overall value for transactions announced through June 1 was $28.9 billion, or more than triple the amount for deals struck over the same period a year earlier, based on data compiled by S&P Global Market Intelligence. The […]
People’s Bank of Commerce looking to form BHC
People’s Bank of Commerce in Medford, Ore., is one step closer to forming a holding company. Shareholders of the $808 million-asset bank voted on May 19 to create PBCO Financial. People’s Bank would become a PBCO subsidiary. “The bank has considered the formation of a bank holding company for several years,” Ken Trautman, People’s Bank’s […]
United Community adding to N.C. ops with Aquesta deal
United Community Banks in Blairsville, Ga., has agreed to buy Aquesta Financial Holdings in Cornelius, N.C. The $18.6 billion-asset United said in a press release Thursday that it will pay $131 million in cash and stock for the $752 million-asset Aquesta, which is one of the few remaining banks based around Charlotte, N.C. The deal, […]
HSBC selling most U.S. branches to Citizens, Cathay
HSBC Holdings is selling a majority of its U.S. branches to Citizens Financial Group in Providence, R.I., and Cathay General Bancorp in Los Angeles. The $187.2 billion-asset Citizens agreed to buy 80 branches along the East Coast, along with HSBC’s national online deposit business. Citizens said in a press release Wednesday that the deal includes […]
GreenState Credit Union plans to buy two banks
GreenState Credit Union in North Liberty, Iowa, has agreed to buy banks in Illinois and Nebraska. The $7.5 billion-asset credit union said in a press release Tuesday that it has purchase-and-assumption agreements to acquire the $730.8 million-asset Oxford Bank & Trust in Oak Brook, Ill., and the $344.6 million-asset Premier Bank in Omaha, Neb. Oxford […]
RBB in Los Angeles splits chairman, CEO roles
RBB Bancorp in Los Angeles has separated its chairman and CEO positions. The $3.7 billion-asset company said in a press release Tuesday that James Kao had become its chairman, succeeding President and CEO Alan Thian. Kao has been a director at RBB since 2015. Thian, who has been RBB’s chairman since the company’s formation in […]
Horizon in Michigan to buy divested TCF branches
Horizon Bancorp in Michigan City has agreed to buy 14 Michigan branches from TCF Financial in Detroit. TCF will sell the branches, along with $975.7 million of deposits and $278 million of loans, as part of its pending sale to Huntington Bancshares in Columbus, Ohio. The branch sale is expected to close in the third […]
NorthWest Indiana Bancorp rebrands as Finward
NorthWest Indiana Bancorp in Munster, Ind., has taken on a new identity. The $1.6 billion-asset company said in a press release Monday that it had rebranded as Finward Bancorp in a move that took place last month. The company changed its stock symbol to “FNWD” as part of the rebranding. The company said the new […]
Former TexasCapital, CrossFirst CEO George Jones dies
Veteran banker George Jones passed away on Friday. Jones, 77, had been dealing with a “long illness,” according to an obituary in the Dallas Morning News. Jones helped found Texas Capital Bancshares in Dallas in 1998, serving as its CEO from 2008 to 2013. He became CEO of CrossFirst Bancshares in Leawood, Kan., in May […]
Customers Bancorp creating blockchain payments platform
Customers Bancorp in Wyomissing, Pa., is planning to launch a closed-loop real-time payments platform. The $18.8 billion-asset company said in a press release Thursday that its bank will work with Tassat, a company that provides blockchain technologies for digital payments, to create the platform. Customers said the effort should enhance payments functionality for its business […]
First Community in S.C. adds former banker to its board
First Community in Lexington, S.C., has added a veteran banker to its board. The $1.5 billion-asset company said in a press release Thursday that it had recruited Jan Hollar to become one of its directors. Hollar recently served as interim CEO of the Myrtle Beach Area Chamber of Commerce. She has 40 years of experience […]
How Enterprise tapped connections to land California deal
Enterprise Financial Services in Clayton, Mo., had an advocate when it decided to pursue First Choice Bancorp in Cerritos, Calif., earlier this year. The $10.2 billion-asset Enterprise agreed on April 26 to buy the $2.5 billion-asset First Choice for $398 million in cash and stock. The deal is expected to close in the third quarter. […]
Glacier to buy Altabancorp in Utah in largest-ever acquisition
Glacier Bancorp in Kalispell, Mont., has agreed to buy Altabancorp in American Fork, Utah. The $19.8 billion-asset Glacier said in a press release Tuesday that it will pay $933.5 million in stock for the $3.5 billion-asset parent of Altabank. The deal, which is expected to close in the fourth quarter, priced Altabancorp at 290.1% of […]
Legacy Bank in Florida delayed talks to sell during pandemic
Legacy Bank of Florida in Boca Raton delayed plans to sell itself for nearly a year as it responded to borrowers’ needs created by the coronavirus pandemic. The $533 million-asset bank agreed to be sold to Seacoast Banking Corp. of Florida in Stuart in March for $102 million. The deal is expected to close in […]
Berkshire to close more branches, centralize ops under three-year plan
Berkshire Hills Bancorp in Boston has created a three-year plan to improve investor returns. The $12.8 billion-asset company, in a presentation shared on Tuesday, said it will continue to close branches, centralize more operations and take other steps to become more efficient. The moves should increase return on tangible common equity by 680 to 880 […]
Bank analyst shuffle
Several bank analysts have changed jobs in recent weeks. Matthew Kelley shared on his LinkedIn profile that he had been hired as a director at JAM FINTOP Bank Network, a collaboration between Jacobs Asset Management and FINTOP Capital. Kelley recently served as a managing director and bank analyst at Stephens. Kelley will manage the network […]
Equity Bancshares beefing up in Kansas with latest deal
Equity Bancshares in Wichita, Kan., is bolstering operations in its home state with an agreement to buy American State Bancshares in Wichita. The $4.2 billion-asset Equity said in a press release Monday that it will pay $73.6 million in stock for the parent of the $779 million-asset American State Bank. About $6.6 million of American […]