Bank of New York Mellon has agreed to sell BNY Alcentra Group Holdings to Franklin Templeton.The $440 billion-asset Bank of New York Mellon disclosed in a regulatory filing Tuesday that Franklin Templeton will pay $350 million in cash at closing, and up to $350 million in contingent consideration, for the business. The deal is expected to close in the first quarter of 2023. Franklin Templeton has also committed to buy all seed

South State in Winter Haven, Fla., has reduced the size of its board by nearly a third. The $46.2 billion-asset company disclosed in a regulatory filing that it cut the board’s size from 19 directors to 13 after six members reached its mandatory retirement age. The smaller board “will serve the best interests of the company’s shareholders by providing a more streamlined governing body, as well as providing each director a greater

Seacoast Banking Corp. of Florida’s courtship of Apollo Bancshares in Miami began last summer, leading to exclusive negotiations between the two companies.The $10.9 billion-asset Seacoast announced its $168.3 million acquisition of the $1 billion-asset Apollo on March 29. Apollo had agreed in 2019 to sell itself to Suncoast Credit Union but the deal was terminated in the early days of the coronavirus pandemic. Conversations that led to the Seacoast deal began

A bank holding company in Washington state wants to open a second bank. Savi Financial in Mount Vernon, Wash., has applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Orca Bank. Savi is already the parent company for the $494 million-asset SaviBank. Savi said in a press release Thursday that Orca would buy SaviBank’s branch in Bellingham, Wash. “The formation of Orca Bank came from a local group of

Republic First Bancorp in Philadelphia has been barred from appointing a new chairman.Judge Paul Diamond of the Eastern District of Pennsylvania ruled on Thursday that a decision to replace Vernon Hill with Harry Madonna violated state law and the $5.7 billion-asset company’s bylaws and articles of incorporation. Diamond also appointed Alfred Putman of Faegre Drinker Biddle & Reath to serve as custodian to assume control of Republic First, convene a special

Huntington Bancshares in Columbus, Ohio, said that a key executive it gained from its acquisition of TCF Financial is planning to retire. The $178 billion-asset Huntington disclosed in a regulatory filing that Thomas Shafer will step down as co-president of its commercial bank on June 30. He will fully retire from the company on Dec. 31. Scott Kleinman will be the sole president of the commercial bank on July 1. Shafer was vice

Middlefield Banc Corp. in Middlefield, Ohio, has agreed to buy Liberty Bancshares in Ada, Ohio. The $1.3 billion-asset Middlefield said in a press release Thursday that it will pay $64.4 million in stock for the $437 million-asset Liberty. The deal, which is expected to close in the fourth quarter, priced Liberty at 115% of its tangible book value. Liberty has six branches, $297 million of loans and $379 million of deposits. Liberty “complements

M&T Bank in Buffalo, N.Y., has created a $25 million philanthropic fund tied to its recent acquisition of People's United Financial in Bridgeport, Conn. The $63 billion-asset M&T, which completed the purchase in April, said in a press release that the Amplify Fund will support People's United communities in New England and New York. Amplify is a one-time supplemental charitable program that will be deployed over three years to benefit low- and moderate-income