Simmons expanding in Texas with Spirit acquisition
Simmons First in Pine Bluff, Ark., has agreed to buy Spirit of Texas Bancshares in Conroe. The $23.2 billion-asset Simmons said in a press release Friday that it will pay $581 million in cash and stock for the $3.2 billion-asset Spirit. The deal is expected to close in the second quarter. Spirit has 37 branches, […]
Chicago bank with Manafort ties hit with reg order
Federal Savings Bank in Chicago has been ordered to address its risk management, consumer compliance and anti-money laundering protocols. The Oct. 29 formal agreement with the Office of the Comptroller of the Currency came three months after Stephen Calk, the $815 million-asset bank’s former CEO, was convicted of bribery tied to loans made to Paul […]
Third Coast in Texas raises $101 million from IPO
Third Coast Bancshares in Humble, Texas, has raised $100.6 million from its initial public offering. The $2 billion-asset company said in a press release Wednesday that it sold more than 4 million shares, including an overallotment of 525,000 shares, as part of the IPO. The shares were sold at $25 a share. The company said […]
SmartFinancial hires BBVA wealth management team
SmartFinancial in Knoxville, Tenn., has hired a team of wealth management professionals in Mobile, Ala. The $4.4 billion-asset company said in a press release Wednesday that the six-member team, hired from BBVA Compass Investment Solutions, will operate as part of SmartBank Investment Services. The team is being led by Thomas Montz, Amanda Montz and Nathan […]
Oportun to buy neobank Digit for $213 million
Oportun in San Carlos, Calif., has agreed to buy neobank Digit. Oportun said in a press release Tuesday that it will pay $212.9 million in cash and equity for Digit in a move designed to expand its A.I. and digital capabilities. The deal is expected to close by early next year. Oportun said it had […]
U.S. Bank buying fintech focused on expense reporting
U.S. Bancorp in Minneapolis has agreed to buy TravelBank, a San Francisco fintech that focuses on expense reporting. TravelBank also helps employees and businesses automate processes, streamline approvals and reporting, and ensure compliance with company policies. The deal is expected to close in the fourth quarter. The $567 billion-asset U.S. Bancorp did not disclose the […]
Organizers file plans for new Wisconsin bank
A group in Delafield, Wis., is looking to form a bank. Organizers of the proposed Virtue Bank applied on Friday with the Federal Deposit Insurance Corp. for deposit insurance. The bank would operate as a unit of Digital First Bancorp. “The bank is being established to serve the financial needs of the local communities in […]
BM Technologies to acquire First Sound Bank in Seattle
BM Technologies in Radnor, Pa., has agreed to buy First Sound Bank in Seattle. BM Technologies, spun off from Customers Bancorp earlier this year, said in a press release Monday that it will pay $23 million in cash for the $150 million-asset First Sound. The deal is expected to close in the first half of […]
Norwood Financial CEO to retire in 2022
Norwood Financial in Honesdale, Pa., is looking for a new CEO. The $2 billion-asset company said in a press release Monday that Lewis Critelli will also retire as its president during the first half of next year. Norwood said it had hired Kaplan Partners to help it find a successor. Critelli has been Norwood’s president […]
Patriot National to merge with American Challenger
Patriot National Bancorp in Stamford, Conn., has agreed to buy American Challenger Development in a move designed to create the nation’s biggest challenger bank. The $952 million-asset Patriot National said in a press release Monday it will pay $119 million for American Challenger. The deal will be structured as a reverse subsidiary merger, with American […]
Eagle in Montana pushes back bank deal’s closing date
Eagle Bancorp Montana in Helena has pushed back the closing date of its pending purchase of First Community Bancorp in Glasgow, Mont. The $1.4 billion-asset Eagle said in a regulatory filing Friday that it now expects to complete the acquisition in the first quarter. The company originally forecast a fourth quarter closing. Eagle did not […]
Providence Bank to acquire Leaders Bank in Illinois
Providence Bank & Trust in South Holland, Ill., has agreed to but Leaders Bank in Oak Brook, Ill. The $1.3 billion-asset Providence did not disclose the price it will pay for the $359 million-asset Leaders. The acquisition “reflects our ongoing commitment to providing personalized banking services and products at the community level,” Steve Van Drunen, […]
Georgia Banking to buy Peoples BankTrust
Georgia Banking Co. in Atlanta has agreed to buy Peoples BankTrust in Buford, Ga. The $1 billion-asset Georgia Banking said in a press release Wednesday that it will pay $58 million in cash and preferred stock for the $439 million-asset Peoples. The deal is expected to close in the first quarter. Peoples one branch, $393 […]
QCR in Illinois to buy Guaranty Federal in Missouri
QCR Holdings in Moline, Ill., has agreed to buy Guaranty Federal Bancshares in Springfield, Mo. The $6 billion-asset QCR said in a press release Tuesday that it will pay $151.6 million in cash and stock for the $1.2 billion-asset Guaranty Federal. The deal is expected to close in the first or second quarter. QCR plans […]
Allegiance, CBTX merger to create $10B-asset bank
CBTX in Houston has agreed to merge with Allegiance Bancshares in Houston. The companies said in a press release that the $4.2 billion-asset CBTX will be the legal acquirer of the $6.8 billion-asset Allegiance. The deal is expected to close in the second quarter. Allegiance shareholders will own 54% of the combined company. The name […]
Capital One adds former banker to its board
Capital One Financial in McLean, Va., has added a former bank CEO to its board. The $425 billion-asset company said in a press release Friday that Christine Detrick had become a director and will stand for election next May. She will serve on the audit and risk committees. Detrick recently served as a director and […]
Malvern writes down sold nonaccrual loans, TDRs
Malvern Bancorp in Paoli, Pa., said it will have a special loan-loss provision in its fiscal fourth quarter after selling three loans and recording a writedown. The $1.2 billion-asset company said in a press release Friday that it recorded a $10.4 million writedown after selling loans with an aggregate book balance of $29.3 million. The […]
Armed Forces Bank to buy mortgage lending operation
Dickinson Financial, the parent of Armed Forces Bank in Leavenworth, Kan., has agreed to buy the residential mortgage operations of KS StateBank in Manhattan, Kan. The $1.2 billion-asset Armed Forces Bank did not disclose how much it will pay the $2.3 billion-asset KS StateBank. The transaction is expected to close in the fourth quarter. The […]
Founders of Locality Bank get FDIC conditional approval
Organizers of the proposed Locality Bank in Fort Lauderdale, Fla., have received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise $23 million before opening the de novo, according to the Nov. 1 order. Locality’s organizers announced plans for the bank in March. The group […]
Amerant to save $12M annually from outsourcing pact
Amerant Bancorp in Coral Gables, Fla., is cutting costs through a outsourcing agreement with FIS. The $7.5 billion-asset Amerant said in a press release Thursday that the multiyear agreement gives FIS full responsibility for a number of functions, including certain back-office operations. The move will outsource 90 positions to FIS and reduce Amerant’s annual expenses […]
OCC snag to delay closing of Blue Ridge-FVCB deal
Blue Ridge Bankshares in Charlottesville, Va., said an issue raised by the Office of the Comptroller of the Currency will delay the planned completion of its purchase of FVCBankcorp in Fairfax, Va. The $2.7 billion-asset Blue Ridge did not provide details on the issue, though it said the “regulatory concerns … could impact the application […]
First Merchants to buy Level One in Michigan
First Merchants in Muncie, Ind., has agreed to buy Level One Bancorp in Farmington Hills, Mich. The $15.1 billion-asset First Merchants said in a press release Thursday that it will pay $323.5 million in cash and stock for the $2.5 billion-asset Level One. The deal, which is expected to close in the first half of […]
OceanFirst entering three states with Partners deal
OceanFirst Financial in Red Bank, N.J., has agreed to buy Partners Bancorp in Salisbury, Md. The $11.8 billion-asset OceanFirst said in a press release Thursday that it will pay $186 million in cash and stock for the $1.6 billion-asset Partners. The deal, which is expected to close in the first half of 2022, priced Partners […]
Group planning minority women-owned bank in Penn.
A group in central Pennsylvania is looking to form a minority, women-owned bank. Organizers of American Women’s Bank in Camp Hill, Pa., applied with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance. The bank would have a national charter and would be regulated by the Office of the Comptroller of the Currency. The […]
Richard Hunt to step down as CBA leader in 2022
Richard Hunt is preparing to step down as president and CEO of the Consumer Bankers Association. Hunt, who has held the post since 2009, confirmed in a tweet Wednesday that he plans to retire next summer. “When the board entrusted me with the job … in 2009, I set a goal of serving for 10 […]