Strategic Insights into Banking & Fintech
Simmons First National in Pine Bluff, Ark., has agreed to buy Landmark Community Bank in Collierville, Tenn., and Triumph Bancshares in Memphis, Tenn. The $23.3 billion-asset Simmons said in a press release Monday that it will pay $146.3 million in cash and stock for the $1 billion-asset Landmark and $131 million in cash and stock for the $900 million-asset Triumph. The deals, which are expected to close in the fourth quarter, priced
Oconee Financial in Watkinsville, Ga., has agreed to buy Elberton Federal Savings and Loan Association in Elberton, Ga. The $520 million-asset Oconee said in a press release Tuesday that the $29 million-asset Elberton, a federal mutual savings association, will convert to a stock-owned bank before the merger. Oconee will offer shares of its common stock to qualifying Elberton customers, and possibly others, in a subscription offering and a community offering.
German American Bancorp in Jasper, Ind., has agreed to sell two branches in Lexington, Ky. The $5.2 billion-asset company disclosed in a regulatory filing Friday that it will also sell $30.3 million of deposits and $8.9 million of loans to Home Savings and Loan Co. in Kenton, Ohio. The sale is expected to close in the second half of this year. German American did not disclose the price Home Savings will pay.German
Liberty Financial Services in New Orleans has agreed to buy Tri-State Bank of Memphis in Tennessee in a deal involving minority-owned banks.The $860 million-asset Liberty said in a press release Thursday that it will pay cash for the $105 million-asset Tri-State. The deal is expected to close by the end of this year. Liberty did not disclose the price it will pay. “Memphis is extremely rich in history, and we are
United Bankshares in Charleston, W.Va., has agreed to buy Community Bankers Trust in Richmond, Va.The $27 billion-asset United said in a press release Thursday that it will pay $303.3 million in stock for the $1.7 billion-asset parent of Essex Bank. The deal, which is expected to close in the fourth quarter, priced Community Bankers Trust at 167% of its tangible book value. Community Bankers Trust has 18 branches in Virginia and
First Foundation in Dallas is moving into Florida with an agreement to buy TGR Financial in Naples.The $7.1 billion-asset First Foundation said in a press release Thursday that it will pay $294.8 million in stock for the $2.3 billion-asset parent of First Florida Integrity Bank. The deal, which is expected to close in the second half of this year, priced TGR at 174% of its tangible book value.First Florida has
First Bancorp in Southern Pines, N.C., has agreed to buy Select Bancorp in Dunn, N.C. The $7.7 billion-asset First Bancorp said in a press release Tuesday that it will pay $314.3 million in stock for the $1.8 billion-asset Select. The deal, which is expected to close in the fourth quarter, priced Select at 185% of its tangible book value. Select has 22 branches and three loan-production offices across North Carolina,
Old National Bancorp in Evansville, Ind., has agreed to buy First Midwest Bancorp in Chicago. The $23.7 billion-asset Old National said in a press release Tuesday that it will pay $2.5 billion in stock for the $21 billion-asset First Midwest. The deal, which is expected to close by early 2022, priced First Midwest at 165% of its tangible book value.First Midwest shareholders will own about 44% of Old National’s stock. The
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