Strategic Insights into Banking & Fintech

Republic First again delays 2022 annual meeting

Republic First again delays 2022 annual meeting

Republic First Bancorp in Philadelphia will delay its 2022 annual meeting again. The $6.2 billion-asset company disclosed in a regulatory filing that its board moved the meeting from Oct. 5 to Dec. 19. The annual meeting was originally scheduled January after an investigation into certain third-party transactions kept the board from setting a date. A court blocked shareholders from electing directors, leading to another delay. The board then decided to

September 22, 2023
Mass. mutuals to merge under a single holding company

Mass. mutuals to merge under a single holding company

Cape Cod 5 in Hyannis, Mass., and Fidelity Bank in Leominster, Mass., are merging under the same holding company. The $5.5 billion-asset Cape Cod 5 and the $1.5 billion-asset Fidelity said in a press release that they will operate independently as part of Mutual Bancorp. The mutuals have a combined total of 39 branches. Matt Burke, Cape Cod 5’s chairman and CEO, will have the same titles at Mutual Bancorp.

September 21, 2023
Nebraska, N.J. banks share updates on mutual conversions

Nebraska, N.J. banks share updates on mutual conversions

Central Plains Bancshares in Grand Island, Neb., and SR Bancorp in Bound Brook, N.J., are progressing with their mutual conversions. The $438 million-asset Central Plains said in a press release that it completed the subscription offering for its mutual-to-stock conversion. Given “sufficient orders,” Central Plains said a community offering or syndicated offering isn’t necessary. Separately, the $1.1 billion-asset SR Bancorp closed its mutual-to-stock conversion, as well as its acquisition of

September 21, 2023
Atlantic Union in Va. announces sale-leaseback agreement

Atlantic Union in Va. announces sale-leaseback agreement

Atlantic Union Bankshares in Richmond, Va., has sold 27 properties in Virginia as part of a sale-leaseback transaction. The $20.6 billion-asset company disclosed in a regulatory filing that it sold 25 branches, a drive through and a parking lot to an affiliate of Blue Owl Capital for $45.8 million. Atlantic Union agreed to lease the properties for an initial 17-year period, with renewal options. The rent can increase by 1.5%

September 21, 2023
Merchants & Marine expanding in La. with bank purchase

Merchants & Marine expanding in La. with bank purchase

Merchants & Marine Bancorp in Pascagoula, Miss., has agreed to buy Mississippi River Bank in Belle Chasse, La. The $659 million-asset Merchants & Marine said in a press release that it expects to complete its purchase of the $128 million-asset Mississippi River Bank in the first quarter. The price wasn’t disclosed. Mississippi River Bank will retain its brand as a division of Merchants & Marine Bank. Mike Bush, Mississippi River

September 20, 2023
ICBA-backed fund invests in wholesale financing fintech

ICBA-backed fund invests in wholesale financing fintech

BankTech Ventures, an investment vehicle backed by several community banks, has invested in Vero Technologies, a wholesale financing and loan servicing platform. Vero said in a press release that it raised $8.5 million of Series A funding led by BankTech Ventures. Other participants included the Independent Community Bankers of America, Sopra Steria Ventures, Antler, Arcadia Funds and AAF Management. Vero said it will use the capital to accelerate the growth of its lending-as-a-service

September 20, 2023
Glen Burnie Bancorp in Maryland hires next CEO

Glen Burnie Bancorp in Maryland hires next CEO

Glen Burnie Bancorp in Glen Burnie, Md., has lined up its next CEO.   The $364 million-asset Glen Burnie said in a press release that Mark Hanna will join the company as an executive vice president on Oct. 2. He will succeed John Long as president and CEO on Oct. 16.   Long had announced plans to retire earlier this year.   Hanna previously served as president and CEO at

September 20, 2023
Eastern in Boston buying Cambridge, selling insurance unit

Eastern in Boston buying Cambridge, selling insurance unit

Eastern Bankshares in Boston has agreed to buy Cambridge Bancorp in Cambridge, Mass., and sell its own insurance unit to Arthur J. Gallagher & Co. The $22 billion-asset Eastern said in a press release that it will pay $528 million in stock for the $5.5 billion-asset Cambridge. The deal, which is expected to close in the fourth quarter, priced Cambridge at 114% of its tangible book value. Eastern Insurance is

September 19, 2023