Strategic Insights into Banking & Fintech
Community State Bank of Orbisonia in Pennsylvania is finalizing its leadership succession. The $453 million-asset bank said in a press release that Nicole Wilson will become its president on Feb. 2 and CEO at the end of next year. Wilson, the bank's chief financial officer, will succeed Michael Bibak, who is retiring. “Though Mike’s tenure with Community State Bank has been relatively short, his impact has been significant,” Jessica Tice,
Hilltop Bank in Casper, Wyo., has agreed to buy Cheyenne State Bank in Wyoming. The $1 billion-asset Hilltop did not disclose how much it will pay for the $30.2 million-asset Cheyenne State. The deal is expected to close in the first quarter. “We are thrilled about the opportunity to expand our service in Cheyenne through the acquisition of Cheyenne State Bank,” Greg Dixson, Hilltop's president and CEO, said in a
Banking-focused technology firms UFS and BankOnIT have merged. UFS, which specializes in core banking solutions, managed IT services and cybersecurity, and BankOnIt, a cloud infrastructure provider, announced the merger in a press release. Financial terms were not disclosed. The deal gives UFS clients access to a broader suite of managed IT services and real-time security solutions, while BankOnIt customers will have more options for digital and payment solutions and advisory services.
FirstSun Capital Bancorp in Denver has found a new fixer-upper, agreeing to buy First Foundation in Irving, Texas. The $8.5 billion-asset FirstSun, which was unable to buy HomeStreet last year, said in a press release that it will pay $785 million in stock for the $12.6 billion-asset First Foundation. The deal, which is expected to close in the second quarter, priced First Foundation at 80% of its tangible book value.
Park National in Newark, Ohio, has agreed to buy First Citizens Bancshares in Dyersburg, Tenn. The $9.9 billion-asset Park said in a press release that it will pay $317.3 million in stock for the $2.6 billion-asset First Citizens. The deal, which is expected to close in the first quarter, priced First Citizens at 168% of its tangible book value. The deal, Park's first in seven years, will serve as its
Huntington Bancshares in Columbus, Ohio, is already back in the M&A game, agreeing to buy Cadence Bank in Tupelo, Miss. The $210 billion-asset Huntington, which just closed its purchase of Veritex Holdings in Dallas, said in a press release that it will pay $7.4 billion in stock for the $53 billion-asset Cadence. The deal, which is expected to close in the first quarter, priced Cadence at 170% of its tangible
Merchants & Marine Bancorp in Pascagoula, Miss., has agreed to buy Farmers-Merchants Bank & Trust in Breaux Bridge, La. Merchants & Marine said in a press release that it will pay cash for the $450 million-asset FM Bank in a deal expected to close in the second quarter. The price wasn't disclosed. Fred Mills, FM Bank’s president and CEO, will remain in his leadership role, while the bank will keep
Crypto.com is the latest digital assets company to apply for a national trust bank charter with the Office of the Comptroller of the Currency. Crypto.com said in a press release that it is pursuing the charter to advance its custody technology and related customer offerings, including custody and staking of assets across blockchains and digital asset protocols. “Building the Crypto.com product and service portfolio through regulated and secure offerings has
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