Strategic Insights into Banking & Fintech

Georgia’s Own Credit Union lines up bank acquisition

Georgia’s Own Credit Union lines up bank acquisition

Georgia’s Own Credit Union in Atlanta has agreed to buy Vinings Bank in Smyrna, Ga. The $3.4 billion-asset Georgia’s Own said in a press release Monday that it will keep all of the $653 million-asset Vinings’ employees. Georgia’s Own, which bought State Bank of Georgia in 2018, did not disclose the price it will pay. “We are committed to making this venture a positive one for everyone involved,” Dave Preter, Georgia’s Own

February 22, 2022
M&T, People’s United extend merger deadline

M&T, People’s United extend merger deadline

M&T Bank in Buffalo, N.Y., and People’s United Financial in Bridgeport, Conn., have extended the deadline for their merger agreement by more than three months. The $143 billion-asset M&T and the $60 billion-asset People’s United said in a press release Friday that the end date was moved from Feb. 21 to June 1. While the acquisition has been approved by the New York State Department of Financial Services and the Connecticut Department

February 18, 2022
Solera in Colorado parts ways with another CEO

Solera in Colorado parts ways with another CEO

Solera National Bancorp in Lakewood, Colo., is again looking for a new leader. The $651million-asset company said in a press release Friday that Kreighton Reed had resigned as its president and CEO, effective Jan. 24. Peter Lindquist, Solera’s chief credit officer, resigned on Dec. 10. "We thank Kreighton and Peter for their many contributions to Solera" Mike Quagliano, the company’s chairman, said in the release. "Our team continues to move forward

February 18, 2022
Fintech-focused MVB to unveil new three-year plan

Fintech-focused MVB to unveil new three-year plan

MVB Financial in Fairmont, W.Va., is set to discuss its next three-year plan. The $2.8 billion-asset company said in a press release that the plan, called MVB F1, will debut at an investor day in Las Vegas set to take place on March 14-15. The fintech-focused MVB recently completed its last three-year plan. Its 2021 earnings rose 4.6% from a year earlier, to $39 million. MVB in August said it would increase its

February 18, 2022
Capitol Federal reportedly prepping core system upgrade

Capitol Federal reportedly prepping core system upgrade

Capitol Federal Financial in Topeka, Kan., is set up upgrade its core back-office system aa it nears $10 billion of assets. The $9.6 billion-asset company plans to complete the conversion in September 2023, Andrew Liesch, an analyst at Piper Sandler, wrote in a note to clients following meetings with top executives. “This new core should allow [Capitol] to introduce more products and services – and at a faster pace –

February 18, 2022
Middlefield in Ohio selects insider as next CEO

Middlefield in Ohio selects insider as next CEO

Middlefield Banc in Middlefield, Ohio, will have a new CEO in a few weeks. The $1.3 billion-asset company said in a press release Thursday that James Heslop II, its chief operating officer, will also become its president on April 1. He will succeed Thomas Caldwell, who is retiring. Caldwell will also retire from Middlefield’s board. The company said it will reduce the size of its board from 10 to nine directors

February 18, 2022
Truist agrees to buy title insurance company

Truist agrees to buy title insurance company

Truist Financial in Charlotte, N.C., has agreed to buy Kensington Vanguard National Land Services, a title insurance company in New York.The $517 billion-asset Truist said in a press release that it will integrate its existing unit, BridgeTrust Title, into the Kensington Vanguard platform. Truist did not disclose the price it will pay. The acquisition is expected to close by late March. "Kensington Vanguard has grown considerably over the past 15 years through a

February 17, 2022
Zions to buy three Nevada branches from RBC

Zions to buy three Nevada branches from RBC

Zions Bancorp. in Salt Lake City has agreed to buy three branches in northern Nevada from Royal Bank of Canada.The $65 billion-asset Zions said in a press release that its Nevada State Bank division will gain locations in Reno, Carson City and Minden. Royal Bank of Canada inherited the branches from its 2015 acquisition of City National Bank.The deal is expected to close in the third quarter. Zions did not

February 17, 2022