Merger talks between SouthState in Winter Haven, Fla., and Independent Bank Group in McKinney, Texas, were briefly halted in February to allow South State to respond to a cybersecurity incident. The $46 billion-asset SouthState agreed on May 17 to buy the $18.9 billion-asset Independent for $2 billion in one of the biggest bank deals announced in 2024. Discussions between the banks began informally in 2019, according to a regulatory filing

Patelco Credit Union in Dublin, Calif., had to shut down some day-to-day banking systems in response to a cyberattack. The $9 billion-asset credit union informed members that it has been dealing with a “serious security" incident. Patelco said it has been working with cybersecurity teams over the past few days to resolve the issue and restore online services. About 500,000 members have been impacted by the shutdown, which has limited

Webster Financial in Stamford, Conn., and Marathon Asset Management in New York have formed a private credit joint venture. The $76 billion-asset Webster and Marathon will provide direct lending solutions to sponsor-backed middle-market companies, pairing Marathon’s asset management experience with the bank’s products and services. Financial terms were not disclosed. “Both companies possess deep private equity sponsor relationships, a strong reputation in the middle market, and a renowned investment team

Brazilian investment bank BTG Pactual has agreed to buy M.Y. Safra Bank in New York. BTG Pactual did not disclose how much it will pay for the $404 million-asset M.Y. Safra Bank. M.Y. Safra Bank has $275 million of loans. The acquisition “is another step in expanding our product and service offerings to our Latin American clients,” Roberto Sallouti, BTG Pactual’s CEO, said in a press release. “We are expanding

Thumb Bancorp in Pigeon, Mich., has agreed to buy Freeland State Bank in Freeland, Mich. The $617.1 million-asset Thumb will pay an undisclosed amount of cash for the $54 million-asset Freeland, according to a notice issued by Hovde Group, which represented the buyer. Freeland has one branch, $45 million of deposit and just $2 million of loans. The deal is expected to close in the fourth quarter.

Thread Bank in Rogersville, Tenn., has been dealt an enforcement by the Federal Deposit Insurance Corp. The $723 million-asset bank’s consent order instructs management and the board to address concerns over compliance with the Bank Secrecy Act and anti-money laundering laws, third-party risk management, and liquidity management, among other things. Thread, which is a Banking-as-a-Service (BaaS) provider, was also ordered to document is policies and procedures and have exit plans

First Kentucky Bank in Mayfield didn’t have to look too far to find its next CEO. The $575 million-asset said in a press release that Will Hayden will take on the new role on July 1. He will remain president, a post he filled last year. " I look forward to leading a great staff of employees who are dedicated to partnering with our customers for life by providing unparalleled

Ion Financial in Naugatuck, Conn., and NVE Bancorp in Englewood, N.J., have agreed to merge. The mutual holding companies said in a press release that Ion, the parent of the $2.1 billion-asset Ion Bank, will absorb the $600 million-asset NVE Bank. The other terms of the deal were not disclosed. NVE Bank will be operated as a division of Ion Bank. Ion said it expects the merger to be accretive