Strategic Insights into Banking & Fintech

Fifth Third to acquire health care focused fintech

Fifth Third to acquire health care focused fintech

Fifth Third Bancorp in Cincinnati has agreed to buy Provide, a digital platform for health care practices.The $207 billion-asset Fifth Third said the acquisition will add capabilities to address complex lending and banking needs for retail health care providers. Fifth Third did not disclose the price it will pay. “Over the last decade, Fifth Third’s health care team has expanded its presence and expertise to become one of the top

June 22, 2021
Nicolet to buy ag lender County Bancorp

Nicolet to buy ag lender County Bancorp

Nicolet Bankshares in Green Bay, Wis., has agreed to buy County Bancorp in Manitowoc, Wis.The $4.5 billion-asset Nicolet said in a press release Tuesday that it will pay $219 million in cash and stock for the $1.5 billion-asset parent of Investors Community Bank. The deal, which is expected to close in the fourth quarter, priced County at 138% of its tangible book value. Nicolet has been acquisitive lately, agreeing in

June 22, 2021
First Commonwealth forms equipment-finance business

First Commonwealth forms equipment-finance business

First Commonwealth Financial in Indiana, Pa., has created an equipment finance division.The $9.4 billion-asset company said in a recent press release that it had hired Rob Boyer to serve as president of First Commonwealth Equipment Finance Group. Boyer recently served as a senior director at TCF Bank, according to his LinkedIn profile. He was also president of Susquehanna Commercial Finance from October 1998 to February 2021.Boyer “brings vast experience in running

June 22, 2021
Middlefield Banc CEO to retire in 2022

Middlefield Banc CEO to retire in 2022

Middlefield Banc Corp. in Middlefield, Ohio, is looking for a new leader. The company said in a press release Friday that Thomas Caldwell plans to retire as president and CEO in March 2022. Middlefield said it has begun looking at internal and external candidates to succeed Caldwell.Caldwell has been Middlefield's president and CEO for 26 years, helping take the company public in 2001. "Under Tom’s leadership, Middlefield has grown significantly, achieved strong

June 21, 2021
RCB in Oklahoma to buy family-owned bank

RCB in Oklahoma to buy family-owned bank

RCB Holding in Claremore, Okla., has agreed to buy Oklahoma State Bancshares in Vinita.The $3.7 billion-asset RCB said in a press release that it expects to buy the $306 million-asset parent company of Oklahoma State Bank and Lakeside Bank in the third quarter.RCB did not disclose the price it will pay. “What attracted us ... was the bank’s reputation and their employees within each of their communities,” Roger Mosier, RCB's president

June 18, 2021
Columbia in N.J. lines up mutual merger with Freehold

Columbia in N.J. lines up mutual merger with Freehold

Columbia Financial in Fair Lawn, N.J., has agreed to buy Freehold Bancorp in Freehold, N.J. The $9 billion-asset Columbia said in a press release Thursday that the $300 million-asset Freehold will convert to a federal savings bank and operate as a wholly-owned subsidiary. Freehold Bank will be merged into Columbia Bank two years after the holding companies have merged. The deal is expected to close in the fourth quarter.  Freehold has

June 17, 2021
Cross River Bank forms VC division to invest in startups

Cross River Bank forms VC division to invest in startups

Cross River Bank in Fort Lee, N.J., has formed a venture capital division to invest in fintechs and other startups.The $13.5 billion-asset company said that Cross River Digital Ventures will also evaluate companies involved with lending, payments and investing. The bank already serves as the regulated financial institution for several fintechs. “Cross River already powers some of the largest companies in fintech and this new endeavor will help us identify and

June 17, 2021
Sunnyside in N.Y. opts for unsolicited takeout offer

Sunnyside in N.Y. opts for unsolicited takeout offer

Sunnyside Bancorp in Irvington, N.Y., has terminated an agreement to be sold to a Florida real estate firm to instead sell to group tied to a New York real estate investor.The $98 million-asset Sunnyside agreed in March to a deal with DLP Real Estate Capital in Saint Augustine, Fla., valued at $12.3 million. Shortly after that deal was announced, Rhodium BA Holdings went public with an unsolicited offer that valued

June 17, 2021