Strategic Insights into Banking & Fintech
Veritex Holdings in Dallas has agreed to buy StoneCastle Cash Insured Sweep, also known as interLINK.The $9.8 billion-asset Veritex said in a press release Thursday that it will pay StoneCastle Partners $91 million in cash and stock for the business, which administers about $8 billion of deposit for broker/dealers and clearing firms through FDIC-insured cash sweep programs. Veritex also plans to commence a common stock offering to raise about $150 million.
Fulton Financial in Lancaster, Pa., has finally returned to bank acquisitions, agreeing to buy Prudential Bancorp in Philadelphia. The $26 billion-asset Fulton said in a press release Wednesday that it will pay $142.1 million in cash and stock for the $1.1 billion-asset Prudential. The deal is expected to close in the third quarter. Prudential has 10 branches, $594 million of loans and $721 million of deposits.Fulton said it will make a $2 million
An internal investigation involving the longtime CEO of RBB Bancorp – and his leave of absence while the probe is being conducted – could create a challenge for the Los Angeles company when it comes to completing a recently announced acquisition.The $4.2 billion-asset RBB disclosed last month that Alan Thian had stepped down while a special board committee looks into an undisclosed matter. RBB named David Morris, its chief financial
Zip, an Australian provider of Buy Now Pay Later services, has agreed to buy Minneapolis rival Sezzle.Zip said in a press release that it will pay $356 million for Sezzle. The deal is expected to close in the third quarter. “We are delighted to be bringing Zip and Sezzle together under a transformational transaction that is expected to deliver immediate scale and enhanced growth, which will support our path to profitability,”
Huntington Bancshares in Columbus, Ohio, has agreed to buy investment bank Capstone Partners.The $174 billion-asset Huntington said in a press release Tuesday that expects the deal to close in the second quarter. It did not disclose the price it will pay. Capstone focuses on mergers and acquisitions, capital advisory, financial advisory and restructuring projects. "The addition of investment banking and financial advisory services aligns with our capital markets strategic plan and better
DMG Bancshares in Irvine, Calif., has agreed to buy Liberty Bancorp in South San Francisco, Calif. The $207 million-asset DMG said in a press release that it will pay $31.2 million in cash for the $293 million-asset Liberty. Up to $2.9 million of additional cash could be paid to Liberty shareholders "depending on the occurrence of certain events." The deal is expected to close in this summer. Liberty has $216 million of loans
The Spokane Teachers Credit Union has agreed to acquire four branches in Washington from Banner Bank in Walla Walla, Wash. The $4.5 billion-asset credit union said in a press release that it will obtain some deposits from the deal. The transaction is expected to close on June 24. STCU plans to retain all of the branches’ employees. The credit union did not disclose the price it will pay.
United Bankshares in Charleston, W.Va., will have a new CEO next month. The $29.3 billion-asset company said in a press release Monday that Rick Adams will take over the position on April 1. He will succeed Richard Adams, who will remain the company’s chairman. Rick Adams, United’s president, will also join the board. Before joining United in 1994, he was an lawyer at Bowles Rice. Jim Consagra, the company’s chief operating officer, will
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