Strategic Insights into Banking & Fintech

Byline briefly walked away from Inland merger talks

Byline briefly walked away from Inland merger talks

Byline Bancorp in Chicago briefly walked away from talks to buy Inland Bancorp in Oak Brook, Ill. The $7.4 billion-asset Byline agreed in late November to buy the $1.2 million-asset Inland for $165 million in cash and stock. Initial talks between the companies ended last May before being resurrected three months later, according to a regulatory filing tied to the pending deal. Inland’s investment bank reached out to a variety

February 23, 2023
Dietrich Bank in Illinois lines up next CEO

Dietrich Bank in Illinois lines up next CEO

Dietrich Bank in Effingham, Ill., will soon have a new CEO. The $1.2 billion-asset bank said in a press release that Jason Semple, its chief financial officer, will succeed the retiring Chuck Deters on May 1. Semple will also join the boards of the bank and its holding company, Prime Banc Corp. Deters, who has been CEO since 2014, agreed to stay for a transition period through the second quarter.

February 23, 2023
Main Street in W.Va. merging with Wayne in Ohio

Main Street in W.Va. merging with Wayne in Ohio

Main Street Financial Services in Wheeling, W.Va., has agreed to buy Wayne Savings Bancshares in Wooster, Ohio. The $604.3 million-asset Main Street said in a press release that it will pay $68 million in stock for the $729.8 million-asset Wayne Savings. The deal is expected to close in the second half of this year. Wayne Savings’ shareholders are expected to own about 52.5% of the combined company, which will retain the

February 23, 2023
First Citizens puts its name on equipment finance unit

First Citizens puts its name on equipment finance unit

First Citizens BancShares in Raleigh, N.C., has rebranded its vendor equipment finance unit. The $109.3 billion-asset company said in a press release that CIT Business Capital has been renamed First Citizens Bank Equipment Finance. First Citizens obtained the business from its January 2022 purchase of CIT Group. "This brand transition is about much more than just clarifying our message to the market," Peter Bristow, president of First Citizens Bank, said

February 23, 2023
Partners finds new merger partner in LINKBANCORP

Partners finds new merger partner in LINKBANCORP

LINKBANCORP in Camp Hill, Pa., has agreed to buy Partners Bancorp in Salisbury, Md. The $1.2 billion-asset LINK agreed to pay $167.8 million in stock for the $1.6 billion-asset parent of Bank of Delmarva and Virginia Partners Bank. The deal is expected to close in the third quarter. The announcement comes weeks after OceanFirst Financial and Partners agreed to terminate their planned merger after being unable to secure regulatory approval.

February 22, 2023
OIG: 136 FDIC-insured banks have crypto strategies

OIG: 136 FDIC-insured banks have crypto strategies

At least 136 banks insured by the Federal Deposit Insurance Corp. had ongoing or planned crypto-related activities in January. Many of the banks have third-party arrangements that let the bank’s customers buy and sell crypto assets, the FDIC said in its latest Office of Inspector General report. Banks also provide account deposit services, custody services and lending to crypto asset exchanges. Banks also sponsor debit cards and prepaid cards that

February 22, 2023
How Mid Penn landed a deal for Brunswick in NJ

How Mid Penn landed a deal for Brunswick in NJ

Brunswick Bancorp in New Brunswick, N.J., considered six offers before agreeing to negotiate exclusively with Mid Penn Bancorp in Harrisburg, Pa. The $4.3 billion-asset Mid Penn agreed to buy the $382 million-asset Brunswick on Dec. 20 for $53.9 million. Brunswick’s search for a buyer began in 2021 when it “engaged in substantial discussions” with two banks, according to a regulatory filing tied to the pending sale to Mid Penn. One

February 22, 2023
Provident in Mass. removes ‘interim’ from leaders’ titles

Provident in Mass. removes ‘interim’ from leaders’ titles

Provident Bancorp in Amesbury, Mass., has locked down its top leadership. The $1.6 billion-asset company said in a press release that Carol Houle and Joe Reilly are now its permanent co-presidents and co-CEOs. The executives had held interim titles since Dec. 23. Houle will continue to serve as Provident’s chief financial officer, a role she has held since joining the company in 2013. "The board is very pleased with the work

February 21, 2023