German American Bancorp in Jasper, Ind., has agreed to buy Citizens Union Bancorp of Shelbyville in Kentucky. The $5.3 billion-asset German American said in a press release Tuesday that it will pay $154 million in cash and stock for the $1.1 billion-asset Citizens Union. The deal, which is expected to close in the first quarter, priced Citizens Union at 155% of its tangible book value. The acquisition “represents another important, strategic

U.S. Bancorp in Minneapolis has agreed to buy MUFG Union Bank in San Francisco. The $559 billion-asset U.S. Bancorp said in a press release Tuesday that it will pay $8 billion in cash and stock to Mitsubishi UFJ Financial Group for the $133 billion-asset MUFG Union Bank. The deal, which is expected to close in the first half of 2022, priced MUFG Union Bank at 130% of its tangible book

MUFG Union Bank has entered into a consent order with the Office of the Comptroller of the Currency.MUFG Americas Holding, the $133 billion-asset bank’s parent company, disclosed in a regulatory filing Monday that the Sept. 20 order is tied to “deficiencies in Union Bank’s technology and operational risk management.” MUFG Americas is part of Japan's Mitsubishi UFJ Financial Group. A recent report from Bloomberg News said that Mitsubishi UFJ Financial Group

Alerus Financial in Grand Forks, N.D., will have a new CEO in 2022. The $3.2 billion-asset company said in a press release Monday that Katie Lorenson, its chief financial officer, will also become president on Jan. 1. She will also join the board. Lorenson will succeed Randy Newman, who will transition to the role of executive chairman.“Katie is a proven leader and seasoned executive with a deep understanding and passion for

Investors Bancorp in Short Hills, N.J., had “substantive negotiations” with another bank months before agreeing to be sold to Citizens Financial Group in Providence, R.I. The $27 billion-asset Investors agreed in July to sell to the $185 billion-asset Citizens for $3.5 billion. Investors, however, held discussions with another bank in its market in early 2019, and again from January to April in 2020, about a deal, according to a regulatory filing

The Federal Deposit Insurance Corp., which investment support from Truist Financial and Microsoft, is launching a fund supporting minority depository institutions and community development financial institutions.The agency said in a press release Thursday that the Mission-Driven Bank Fund has $120 million in initial commitments. Truist and Microsoft are leading the investment fund, while Discovery will join as a founding investor."Microsoft and Truist have answered the call to become anchor investors

First Interstate BancSystem in Billings, Mont., has agreed to buy Great Western Bancorp in Sioux Falls, S.D. The $18.9 billion-asset First Interstate said in a press release Thursday that it will pay $2 billion in stock for the $13 billion-asset Great Western. The deal is expected to close in the first quarter. “This is a transformative moment for our 53-year-old company,” Kevin Riley, First Interstate’s president and CEO, said in the release. "The

Republic Bancorp in Louisville, Ky., will have a new bank CEO next month. The $6.2 billion-asset company said in a press release Wednesday that Logan Pichel will succeed Steve Trager as CEO of Republic Bank on Oct. 1. Pichtel, who will remain the bank’s president, has also joined the company’s board. Trager will remain chairman and CEO of the company and chairman of the bank. Scott Trager remains the company’s