Summit is third credit union to ink bank deal in ’22
Summit Credit Union in Madison, Wis., has agreed to buy Commerce State Bank in West Bend, Wis. The $4.8 billion-asset Summit did not disclose the price it will pay for the $837 million-asset Commerce State. The deal is expected to close in the third quarter. Commerce State is currently a unit of Commerce Financial Holdings. […]
Veritex to buy deposit administrator interLINK
Veritex Holdings in Dallas has agreed to buy StoneCastle Cash Insured Sweep, also known as interLINK. The $9.8 billion-asset Veritex said in a press release Thursday that it will pay StoneCastle Partners $91 million in cash and stock for the business, which administers about $8 billion of deposit for broker/dealers and clearing firms through FDIC-insured […]
Fulton returns to M&A with deal for Prudential Bancorp
Fulton Financial in Lancaster, Pa., has finally returned to bank acquisitions, agreeing to buy Prudential Bancorp in Philadelphia. The $26 billion-asset Fulton said in a press release Wednesday that it will pay $142.1 million in cash and stock for the $1.1 billion-asset Prudential. The deal is expected to close in the third quarter. Prudential has […]
CEO’s absence could complicate RBB’s deal for Gateway
An internal investigation involving the longtime CEO of RBB Bancorp – and his leave of absence while the probe is being conducted – could create a challenge for the Los Angeles company when it comes to completing a recently announced acquisition. The $4.2 billion-asset RBB disclosed last month that Alan Thian had stepped down while […]
Zip lines up purchase of BNPL rival Sezzle
Zip, an Australian provider of Buy Now Pay Later services, has agreed to buy Minneapolis rival Sezzle. Zip said in a press release that it will pay $356 million for Sezzle. The deal is expected to close in the third quarter. “We are delighted to be bringing Zip and Sezzle together under a transformational transaction […]
Huntington to buy investment bank Capstone Partners
Huntington Bancshares in Columbus, Ohio, has agreed to buy investment bank Capstone Partners. The $174 billion-asset Huntington said in a press release Tuesday that expects the deal to close in the second quarter. It did not disclose the price it will pay. Capstone focuses on mergers and acquisitions, capital advisory, financial advisory and restructuring projects. […]
DMG Bancshares in California to buy Liberty Bancorp
DMG Bancshares in Irvine, Calif., has agreed to buy Liberty Bancorp in South San Francisco, Calif. The $207 million-asset DMG said in a press release that it will pay $31.2 million in cash for the $293 million-asset Liberty. Up to $2.9 million of additional cash could be paid to Liberty shareholders “depending on the occurrence […]
Spokane Teachers CU buying four bank branches
The Spokane Teachers Credit Union has agreed to acquire four branches in Washington from Banner Bank in Walla Walla, Wash. The $4.5 billion-asset credit union said in a press release that it will obtain some deposits from the deal. The transaction is expected to close on June 24. STCU plans to retain all of the […]
United in West Virginia announces CEO succession
United Bankshares in Charleston, W.Va., will have a new CEO next month. The $29.3 billion-asset company said in a press release Monday that Rick Adams will take over the position on April 1. He will succeed Richard Adams, who will remain the company’s chairman. Rick Adams, United’s president, will also join the board. Before joining […]
Credit union agrees to buy Persons Banking in Ga.
Robins Financial Credit Union in Warner Robins, Ga., has agreed to buy Persons Banking in Forsyth, Ga. The $3.9 billion-asset Robins Financial did not disclose the price it will pay for the $430 million-asset Persons. The deal is the second in a week where a Georgia credit union plans to buy a bank. Georgia’s Own […]
TD Bank to buy First Horizon for $13.4 billion
TD Bank Group in Toronto has agreed to buy First Horizon in Memphis, Tenn. The $525 billion-asset TD said in a press release Monday that it will pay $13.4 billion in cash for the $89 billion-asset First Horizon. The deal, which is expected to close this fall, priced First Horizon at 210% of its tangible […]
Amalgamated in NY pulls application to buy similarly named bank
Amalgamated Financial in New York has called off its planned purchase of Amalgamated Bank of Chicago. The $6.9 billion-asset Amalgamated Financial in New York had agreed in September to buy Amalgamated Bank for $98.1 million in cash. Chicago’s Amalgamated has $1 billion of assets. The New York bank said in a press release Friday that […]
Lynn Fuller to retire as Heartland’s executive chairman
Lynn Fuller, a former CEO of Heartland Financial USA, is retiring as the Dubuque, Iowa, company’s executive operating chairman. The $19.3 billion-asset company disclosed in a regulatory filing Friday that Fuller, 72, will step down at its 2022 annual meeting. He will remain on Heartland’s board; his current three-year term is set to end in […]
Hanover Bancorp in NY files doc for IPO
Hanover Bancorp in Mineola, N.Y., is setting the stage for an initial public offering. The $1.5 billion-asset company filed a shelf registration on Wednesday for the proposed IPO. The filing did not provide a timeline or an estimate of how capital would be raised. Stephens and Piper Sandler would underwrite the offering. Hanover said “substantially […]
Cadence pledges $20.7B in community investment
Cadence Bank in Houston has committed $20.7 billion to low- and moderate-income communities as part of the five-year community benefits plan. Cadence, which merged with BancorpSouth in Tupelo, Miss., last fall to create a $50 billion-asset bank, said in a press release Thursday that it worked on the plan with the National Community Reinvestment Coalition. […]
East Cambridge Savings to buy Patriot Community
The mutual holding company of East Cambridge Savings Bank in Massachusetts has agreed to buy Patriot Community Bank in Woburn, Mass. The $1.3 billion-asset 1854 Bancorp said in a press release Friday that it will pay $15.75 a share for the $208 million-asset Patriot Community. The deal is expected to close in the third quarter. […]
Popular buying its digital bank, applications from Evertec
Popular Inc. in San Juan, Puerto Rico, has agreed to buy its customer experience and key client-facing applications from Evertec. The $75 billion-asset Popular disclosed in a regulatory filing Thursday that it will pay $197 million for the assets by lowering its stake in Evertec from about 16% to 10.5%. The acquisition includes the Mi […]
Professional Holding in Fla. makes sudden CEO swap
Professional Holding in Coral Gables, Fla., has made an abrupt change in leadership. The $2.7 billion-asset company said in a press release Thursday that Abel Iglesias has been elected CEO, effective immediately. Iglesias, who joined Professional in 2013, has been its bank’s president since 2016. Iglesias succeeded Daniel Sheehan, who parted ways with Professional “by […]
Origin in La. strengthens Dallas ops with acquisition
Origin Bancorp in Ruston, La., has agreed to buy BT Holdings in Quitman, Texas. The $7.9 billion-asset Origin said in a press release Thursday that it will pay $313.5 million in stock for the $2 billion-asset parent of BTH Bank. The deal, which is expected to close in the second half of 2022, priced BT […]
Texas Capital expands HBCU certificate program
Texas Capital Bancshares in Dallas has expanded its commercial lending certificate program for historically black colleges and universities to include Huston-Tillotson University in Austin, Texas. The $34.7 billion-asset Texas Capital, through a partnership with the American Bankers Association, already offers the certificate at Prairie View A&M University in Prairie View, Texas. The program was launched […]
Ex-FDIC innovation chief: Agencies ill-equipped for tech challenges
The former chief innovation officer at the Federal Deposit Insurance Corp. delivered a stinging criticism of federal banking agencies days after leaving his post. Sultan Meghji, who resigned from the FDIC on Feb. 18, wrote in an op-ed for Bloomberg that he “found barriers to innovation” at virtually every agency he worked with. He collaborated […]
SoFi to buy cloud-based banking platform for $1.1 billion
SoFi Technologies in San Francisco has agreed to buy Technisys, a cloud-based, digital banking platform. SoFi said in a press release Tuesday that it will pay about $1.1 billion in stock for Miami-based Technisys. The deal is expected to close in the second quarter. “Technisys has built an attractive, fast-growth business with a unique and […]
Auburn National selling land near HQ for $4.3 million
Auburn National Bancorp. in Auburn, Ala., has agreed to sell land next to its corporate headquarters. The $1.1 billion-asset company disclosed in a regulatory filing Tuesday that it will part with 0.85 acres of land for nearly $4.3 million. The company said it expects the sale to be accretive to its earnings by about 70 […]
Five Star Bank entering Baltimore, Washington markets
Financial Institutions in Warsaw, N.Y., is entering the Baltimore and Washington markets after hiring a team of commercial lenders from Howard Bank. The $5 billion-asset parent of Five Star Bank said in a press release Tuesday that it hired John Mangan as its Mid-Atlantic president. He previously served as senior vice president and team lead […]
RBB CEO takes leave as company conducts probe
RBB Bancorp in Los Angeles is conducting a probe tied to its longtime president and CEO. The $4.2 billion-asset company said in a press release Tuesday that Alan Thian had taken a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of its board. The company did not disclose […]