Sunnyside in N.Y. gets another unsolicited buyout offer
Sunnyside Bancorp in Irvington, N.Y., has received another offer from a would-be acquirer. Kenneth Torsoe, an investor in Suffern, N.Y., said in a press release Friday that he wants to form a holding company and buy the parent of Sunnyside Federal Savings and Loan Association for $20 a share in cash. The $99 million-asset Sunnyside […]
OFG Bancorp unit leads $3M investment in Nymbus
OFG Bancorp in San Juan, Puerto Rico, has invested in Nymbus. Nymbus, a fintech that helps banks and credit unions with loan originations and digital products, said in a press release Thursday that OFG Ventures, a unit of the $10.5 billion-asset OFG Bancorp, led a $3 million round of financing. Nymbus said the funding will […]
Citizens in R.I. to buy valuation advisory firm
Citizens Financial Group in Providence, R.I., has agreed to buy Willamette Management Associates, a valuation consulting and forensic analysis firm. The $185.1 billion-asset Citizens said in a press release Thursday that it expects to close the deal later this quarter. It did not disclose the price it will pay. Willamette Management, formed in 1969, has […]
Locality Bank organizers start raising capital
Organizers of Locality Bank in Fort Lauderdale, Fla., has started raising the funds needed to open the proposed bank. The group said in a press release Thursday that it has $19 million in commitments from local business leaders. The organizers have set a goal of $23 million in initial capital. “Our founders, organizers and directors […]
Alabama Credit Union agrees to buy Security Federal
Alabama Credit Union in Tuscaloosa has agreed to buy Security Federal Savings Bank in Jasper, Ala. The $1.3 billion-asset credit union said in a press release Thursday that it expects to close the all-cash deal for the $39 million-asset bank in the first quarter. Alabama Credit Union did not disclose the price it will pay. […]
First Bank to buy two N.J. branches from OceanFirst
First Bank in Hamilton, N.J., has agreed to buy two New Jersey branches from OceanFirst Financial in Red Bank, N.J. The $2.4 billion-asset First Bank said in a press release Wednesday that it the branches are located in Flemington and Monroe. First Bank will gain $124 million of deposits and $14 million of loans with […]
California de novo Genesis Bank opens
Genesis Bank has opened in Newport Beach, Calif. The de novo said in a press release that it received its final regulatory approvals on Monday. “I’m deeply proud of the entire Genesis team for their tireless efforts to reach this critical milestone in our evolution; not only in reaching our day one launch, but also […]
BOK Financial president and CEO to retire in 2022
BOK Financial in Tulsa, Okla., is readying for the final stage of CEO succession. The $47 billion-asset company said in press release Wednesday that Steve Bradshaw will retire as president and CEO on March 31. Stacy Kymes, BOK’s chief operating officer, will succeed Bradshaw. Kymes joined the company’s board on Tuesday. Kymes, who has been […]
Fla. trust company one step closer to becoming bank
Cypress Bank & Trust has received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. Organizers of the proposed Melbourne, Fla., de novo must raise $16.5 million before opening, according to the July 22 order from the FDIC. Cypress Trust Co. applied with the FDIC in August to accept deposits. The company, which […]
Group applies to form Alabama de novo bank
A group is looking to form a bank in Huntsville, Ala. Organizers of the proposed Nova Bank applied with the Federal Deposit Insurance Corp. on Monday for deposit insurance. The application wasn’t immediately available. The organizers are Marc Minish, Timothy Allsopp, Keri Butler, Christina Rutledge, Bo Cochran, J. Russ Hayles, Trey Hodge, Travis Howard, […]
Organizers planning bank in Minnesota
A group in Bloomington, Minn., is looking to form a bank. Organizers of Brava Bank applied with the Federal Deposit Insurance Corp. on Monday for deposit insurance. Brava would be a state-chartered bank with Entrepreneurs Bancshares serving as its holding company, according to a legal notice announcing the effort. The principal shareholder of Entrepreneurs Bancshares […]
Stock Yards bulking up in asset management with bank deal
Stock Yards Bancorp in Louisville, Ky., has agreed to buy Commonwealth Bancshares in Louisville. The $6.1 billion-asset Stock Yards said in a press release Tuesday that it will pay $153 million in cash and stock for the $1.3 billion-asset Commonwealth. The deal is expected to close in the fourth quarter. Commonwealth has 16 branches, $733 […]
Newtek pursuing bank holding company via acquisition
Newtek Business Services in Boca Raton, Fla., has agreed to buy National Bank of New York City as part of a plan to become a bank holding company. Newtek said in a press release Monday that it will pay $20 million in cash for the $204 million-asset bank. The deal is expected to close in […]
Six bidders made offers for North Carolina’s Aquesta
Aquesta Financial Holdings in Cornelius, N.C., received offers from six bidders when it looked to sell itself earlier this year. The $18.6 billion-asset United Community Banks in Blairsville, Ga., would walk away with the deal for the $752 million-asset Aquesta on May 27. First, here’s a look at the financial details of the $131 million […]
Freedom Bank in Virginia to form bank holding company
Freedom Bank in Fairfax, Va., plans to form a bank holding company. The $837 million-asset bank said in a press release Thursday that it will apply to create Freedom Financial Holdings. Freedom said the board approved the move to “provide added financial and operational flexibility.” Having a bank holding company would also broaden the bank’s […]
TowneBank in Va. taps insider as next president
TowneBank in Suffolk, Va., has a new president. The $15.8 billion-asset bank said in a press release Friday that Brad Schwartz had taken on the role, succeeding J. Morgan Davis. Schwartz will remain TowneBank’s chief operating officer. Davis will remain CEO. Schwartz was CEO of Monarch Bank when it was sold to TowneBank in 2016. […]
First Mid unveils two deals in the St. Louis area
First Mid Bancshares in Mattoon, Ill., has agreed to buy Delta Bancshares in St. Louis, along with a loan and deposit portfolio in the city. The $5.8 billion-asset First Mid said in a press release Thursday that it will pay $15.2 million in cash and stock for the $697 million-asset Delta. The deal, which is […]
Finward making Chicago push with Royal acquisition
Finward Bancorp in Munster, Ind., has agreed to buy Royal Financial in Chicago. The $1.6 billion-asset Finward said in a press release Thursday that it will pay $52.9 million in cash and stock for the $533 million-asset Royal. The deal, which is expected to close in the first quarter, priced Royal at 115% of its […]
Community Trust in Kentucky taps next CEO
Community Trust Bancorp in Pikeville, Ky., will have a new CEO in 2022. The $5.5 billion-asset company said in a press release Wednesday that Jean Hale, will retire as CEO on Feb. 7. Hale has been Community Trust’s CEO for the last 23 years. Mark Gooch was named the company’s president, effective immediately, succeeding Hale. […]
Horizon to close branches in Indiana, Michigan
Horizon Bancorp in Michigan City, Ind., plans to close 10 branches. The $6.1 billion-asset company said in a press release Tuesday that it will shutter nine locations in Indiana and one in Michigan. The closures are expected to take place on Aug. 27. Horizon announced in May that it would buy 14 TCF National Bank […]
Citizens to buy Investors Bancorp in N.J. for $3.5B
Citizens Financial Group in Providence, R.I., has agreed to buy Investors Bancorp in Short Hills, N.J. The $185.1 billion-asset Citizens said in a press release Wednesday that it will pay $3.5 billion in cash and stock for the $27 billion-asset Investors. The deal, which is expected to close by mid-2022, priced Investors at 130% of […]
TriCo in Calif. lines up acquisition of Valley Republic
TriCo Bancshares in Chico, Calif., has agreed to buy Valley Republic Bancorp in Bakersfield, Calif. The $8 billion-asset TriCo said in a press release Monday that it will pay $165.6 million in stock for the $1.4 billion parent of Valley Republic Bank. The deal, which is expected to close in the fourth quarter, priced Valley […]
CVB Financial to buy Suncrest Bank in California
CVB Financial in Ontario, Calif., has agreed to buy Suncrest Bank in Visalia, Calif. The $15 billion-asset CVB said in a press release Tuesday that it will pay $204 million in cash and stock for the $1.3 billion-asset Suncrest. The deal is expected to close by early 2022. CVB said it expects the deal to […]
First Busey in Illinois to close 15 branches
First Busey in Champaign, Ill., plans to close 15 branches. The $12.4 billion-asset company said in a press release Tuesday that it will close the locations in the fourth quarter. The closures are designed “to ensure a balance between the company’s physical banking center network and its robust digital banking services,” the release said. The […]
Genesis Bank organizers raise enough capital to open
Organizers of Genesis Bank in Newport Beach, Calif., have raised enough capital to open their proposed de novo. The group said in a press release Monday that it brought in $57 million in a capital raise led by Stephen Gordon of Gordon Ventures and Arkview Capital. Gordon, who is set to serve as the bank’s chairman […]