Strategic Insights into Banking & Fintech
Tri-County Financial Group in Mendota, Ill., has a new leader. The company disclosed in a regulatory filing that Timothy McConville resigned as its president and CEO and left the board. His decision "was not a result of any disagreement with the company," the filing said. Kirk Ross, president and CEO of the bank, succeeded McConville to lead the company. Ross joined the bank in 1994.
First Guaranty Bancshares in Hammond, La., reported a large quarterly loss due to exposure to a large auto parts manufacturer and goodwill impairment. The $3.8 billion-asset company said in a press release that it lost $45 million in the third quarter, which included a $47.9 million loan-loss provision. The company also recorded a $12.9 million goodwill impairment charge. First Guaranty said it has a $52.0 million credit exposure tied to
Pioneer Bancorp in Albany, N.Y., bought a wealth management business. The $2.2 billion-asset company said in a press release that it acquired Brown Financial Management Group on Oct. 28. The acquisition added $73 million of assets under management. The price wasn't disclosed.
First Federal Lakewood in Ohio has agreed to acquire First Federal Savings and Loan Association of Centerburg in Ohio. The merger between the $3 billion-asset First Federal Lakewood and the $22.5 million-asset First Federal S&LA is expected to close in the first quarter. The terms were not disclosed. The combined organization aims to preserve the customer-owned structure while expanding products, technology, and reach for Centerburg-area customers. “We are thrilled to
Pueblo Bancorp. in Pueblo, Colo., has agreed to buy Ark Valley Bankshares in La Junta, Colo. The parent of the $647.4 million-asset Pueblo Bank and Trust should complete its purchase of the $137.2 million-asset Ark Valley in the first quarter, according to an announcement by Olsen Palmer. The price wasn't disclosed. Olsen Palmer advised Ark Valley.
ServBanc Holdco in Oswego, Ill., has agreed to buy IF Bancorp in Watseka, Ill. The holding company for the $932.3 million-asset ServBank said in a press release that it will pay $89.8 million in cash for the parent of the $887.7 million-asset Iroquois Federal Savings and Loan Association. The deal is expected to close in the first quarter. The acquisition "presents compelling opportunities for our communities, customers, employees and shareholders," Stavros
First Mid Bancshares in Mattoon, Ill., has agreed to buy Two Rivers Financial in Burlington, Iowa. The $7.8 billion-asset First Mid said in a press release that it will pay $94.1 million in stock for the $1.1 billion-asset Two Rivers. The deal, which is expected to close in the first quarter, priced Two Rivers at 104% of its tangible book value. Two Rivers has 14 branches, $901 million in loans,
Barclays Bank Delaware has agreed to buy direct-to-consumer lending fintech Best Egg. The U.S. unit of the British bank will pay $800 million for Best Egg in a deal expected to close in the second quarter. Best Egg, formed in 2013, has facilitated more than $40 billion in personal loans to more than two million customers. The fintech is expected to facilitate more than $7 billion in personal loan originations
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