Bank Midwest in Spirit Lake, Iowa, has a new president. The $1 billion-asset bank said in a press release that Luke Donnenwerth will remain chief banking officer. “Luke brings a strategic mindset complemented by sound wisdom and practical common sense," Mary Kay Bates, the bank's CEO, said in the release. "His leadership style — defined by humility, intelligence, and unwavering integrity — inspires confidence among colleagues and customers alike."

First Financial in Terre Haute, Ind., has agreed to buy CedarStone Financial in Lebanon, Tenn. The $5.7 billion-asset First Financial said in a press release that it will pay $25 million in cash for the $358 million-asset CedarStone. The deal, which is expected to close in the first quarter, priced CedarStone at 108% of its tangible book value. “CedarStone provides us with an opportunity to further expand our franchise in

Midland States Bancorp in Effingham, Ill., said its bank president will retire next year. The $6.9 billion-asset company said in a press release that Jeffrey Mefford will retire from as its executive vice president on June 30. Jeremy Jameson was named chief banking officer of Midland States Bank. Jameson is the bank's chief credit officer. “Jeff has played a key role in our growth over many years, particularly in strengthening

Palmetto Citizens Federal Credit Union in Columbia, S.C., has agreed to buy four Georgia branches from Southern Financial in Waynesboro, Ga. The $1.4 billion-asset Palmetto Citizens will also obtain $83 million in deposits and $20 million in loans. The deal is expected to close in the first half of next year. Southern Financial estimated that the transaction should be accretive to its tangible book value per share in a range of 75

Central Bancompany in Jefferson City, Mo., could raise up to $430.8 million through its planned initial public offering. The $19.1 billion-asset company disclosed in a regulatory filing that it plans to sell nearly 17.8 million shares of its common stock. The pricing is expected to range from $21 to $24 a share. The underwriters can sell more shares if there is enough demand. Net proceeds could be used to support

Tompkins Financial in Ithaca, N.Y., has sold its insurance agency. The company said in a press release that it sold Tompkins Insurance Agencies to Arthur J. Gallagher for $223 million in cash, recording a pretax gain of $183 million. “It was in the long-term interests of the TIA employees and customers to find a partner that best positioned them for continued success well into the future," Stephen Romaine, Tompkins' president

Two Georgia banks are merging. The $192.8 million-asset Mount Vernon Bank is combining with the $23.8 million-asset Bank of Lumber City under the holding company Heart of Georgia Bancshares. “We are excited [about] the possibility of getting into another hometown market," Alan Thigpen, Mount Vernon Bank's president and CEO, said in a press release. "We feel these markets are what is best suited for our banking strengths. This rural market

Popular Inc. in San Juan, Puerto Rico, is exiting residential mortgage lending. The company made the announcement during its conference call to discuss third-quarter earnings. "We did make a decision to terminate our mortgage origination business in the U.S.," Jorge Jose García, the company's chief financial officer, said during the call. "We do not believe, given our funding profile and the positive pension in the U.S., that it is a