Bank consolidation bounced back in August. Eighteen banks agreed to sell last month, representing the busiest month since July 2022, according to data compiled by S&P Global Market Intelligence. They accounted for most of the 26 deals announced so far in the third quarter. There were 20 deals announced in the first quarter and 25 transactions in the second quarter. Total volume in the third quarter is $2.1 billion, a

Citigroup in New York announced a major reorganization designed to streamline management layers and hasten decisions. The $2.4 trillion-asset Citi will be divided into five main business lines that will report directly to Jane Fraser, the company’s CEO. The divisions are services (treasury and custody work), markets, banking (investment banking and commercial/corporate banking), wealth and U.S. personal banking. Previously, the company had two divisions focused on consumer and big institutional

United Community Banks in Blairsville, Ga., expects an increase in third-quarter chargeoffs tied to a syndicated loan. The $26 billion-asset company disclosed in a regulatory filing that the issue is tied to a large loan to a wholesale oil distributor led by First Horizon Bank. The borrower filed for bankruptcy protection in March, at which point United moved the loan to nonaccrual status and included it in its reported nonperforming

Penns Woods Bancorp in Williamsport, Pa., could raise $20 million by selling common stock. The $2 billion-asset company disclosed in a regulatory filing that it had hired D.A. Davidson to serve as the distribution agent to sell shares over time as part of an “at-the-market” offering. Penns Woods said in its prospectus that net proceeds could be used for a variety of purposes, including a contribution of capital or supporting lending

An activist investor group has paused litigation against Republic First Bancorp as the Philadelphia company explores capital-raising options. The shareholder group, which includes George Norcross, III, Gregory Braca and Philip Norcross said in a press release that it supports the $6.2 billion-asset company’s efforts to bring in more capital. “We remain actively engaged with the company and other parties on capital raising solutions, including conversations with another financial institution about

Citizens Financial Group in Providence, R.I., is forming a private bank. The $233 billion-asset company shared the news at a conference, noting that it had hired 50 senior bankers and 100 support staff from the failed First Republic Bank. Citizens will initially operate out of Boston, south Florida, New York and California. The plan is to focus on people with at least $10 million of net worth, with offerings to

An investor group has agreed to buy Midland Capital Holdings in Bridgeview, Ill. Midfed Acquisition will pay $31 to $32.50 a share in cash for the parent company of the $118 million-asset Midland Federal Savings and Loan Association. The deal is expected to close in the first or second quarter. The purchase price is subject to adjustment based on the bank's capital at closing. Midfed Acquisition includes certain bank executives

Truist Financial in Charlotte, N.C., will look to reduce annual expenses by $750 million by the end of next year as part of a plan that will include "significant" job cuts. The $555 billion-asset company disclosed in a conference presentation that it expects to limit year-over-year expense growth to 1% in 2024, compared to 7% this year. "Now is the time to pivot, and pivot quickly," Bill Rogers, Truist's chairman,