How New York Community-Flagstar materialized
We’re trying a new format to make content about a merger’s background easier to digest. Rather than provide a lengthy article based of the regulatory filing, we’ re going to include bullet points highlighting key aspects of a deal. First, the proposed deal’s financials: New York Community in Westbury agreed on April 26 to buy […]
Brookline taps insiders to serve as co-presidents
Brookline Bancorp in Boston is shaking up several top executive posts. The $8.6 billion-asset company said in a press release Monday that Paul Perrault, its CEO, has also become its chairman. He succeeded Joseph Slotnik, who will serve as Brookline’s lead director. Brookline also promoted two executives to serve as co-presidents, succeeding Perrault. Michael McCurdy […]
CrossFirst entering Phoenix after hiring banker from CIT
CrossFirst Bankshares in Leawood, Kan., will enter Phoenix after hiring a former CIT Group banker. The $6 billion-asset company said in a press release Monday that it Kevin Halloran will become its Phoenix market president. “We believe Phoenix is a great opportunity given the region’s favorable demographics, strong population, and business growth,” Mike Maddox, CrossFirst’s […]
Proposed N.C. bank secures conditional FDIC approval
Organizers in western North Carolina have received conditional approval to open a bank. The Federal Deposit Insurance Corp. on June 1 approved an application for deposit insurance submitted by Highlands Banking Co. The proposed bank would be based in Highlands, a town near North Carolina’s borders with Georgia and South Carolina. The group must raise […]
Square makes multimillion investment in Arkansas CDFI
Square has made a multimillion investment in Southern Bancorp in Arkadelphia, Ark. Square said in a press release Thursday that it had invested the final $25 million of a $100 million commitment to minority and underserved communities. The $1.9 billion-asset Southern said in a separate release that it had received funds from that investment. “We […]
CB Financial selling two West Virginia branches
CB Financial Services in Washington, Pa., has agreed to sell two branches to Citizens Financial in Elkins, W.Va. The $1.5 billion-asset CB Financial said in a press release Thursday that it will sell the West Virginia locations, in Buckhannon and New Martinsville, along with $101.9 million of deposits and $6.3 million of loans. The $340 […]
Organizers plan de novo bank in southwest Florida
A group is looking to form a bank in Ft. Myers, Fla. Organizers of Gulf Coast Business Bank filed an application with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The group plans to raise $20 million in initial capital, according to the application. William Blevins is listed as the proposed bank’s president, […]
Ohio bank aims to become CDFI as part of pending sale
Community Savings Bancorp in Caldwell, Ohio, has agreed to be sold to an entity owned by former Pacific Union Financial CEO Evan Stone. Double Bottomline, which is owned by Stone, will pay $9.5 million for the $60 million-asset parent of Community Savings. The deal is expected to close in the fourth quarter. Community Savings has […]
Ponce Bank in N.Y. to record gain from sale-leaseback
PDL Community Bancorp in New York expects to record a pretax gain of $4.2 million after completing a sale-leaseback transaction. The $1.4 billion-asset parent of Ponce Bank said in a press release Tuesday that it sold a property in Bronx, N.Y., for $5.7 million on June 4. The property had a net book value of $1.1 […]
Regions buying home-improvement lender for $960M
Regions Financial in Birmingham, Ala., has agreed to buy EnerBank USA, a home improvement lender based in Salt Lake City. The $153 billion-asset Regions said in a press release Tuesday that it will pay $960 million for the $3.1 billion-asset industrial loan company. The deal is expected to close in the fourth quarter. EnerBank has […]
FB Financial’s biggest shareholder reducing stake
The biggest shareholder at FB Financial in Nashville, Tenn., is selling a large block of stock. The $11.9 billion-asset company disclosed in a regulatory filing Monday that Jim Ayers, its founder and vice chairman, plans to sell 2.5 million shares in a secondary offering. The stock is worth roughly $104.4 million based on the company […]
How the Independent-Meridian deal materialized
Independent Bank in Hanover, Mass., initially balked at making an offer for Meridian Bancorp in Peabody, Mass. The $13.8 billion-asset Independent, when first approached about a potential deal in January, passed, citing a need to focus on other priorities, according to a recent regulatory filing tied to the pending acquisition. But it only took senior management a few weeks […]
HBT Financial entering Iowa with pending NXT deal
HBT Financial in Bloomington, Ill., has agreed to buy NXT Bancorp. in Cedar Rapids, Iowa. The $3.9 billion-asset HBT said in a press release Monday that it will pay $42.8 million in cash and stock for the parent of the $241 million-asset NXT Bank. The deal, which is expected to close in the fourth quarter, […]
KBW hires Matt Kelley as next director of research
Keefe, Bruyette & Woods has a new director of research. The New York investment bank, which is part of Stifel Financial, said in a press release Monday that it had promoted Matt Kelley. He succeeded Fred Cannon, who retired earlier this year. “With significant buy-side and sell-side equity research experience, Matt is eminently qualified for […]
Simmons lines up two bank acquisitions in Tennessee
Simmons First National in Pine Bluff, Ark., has agreed to buy Landmark Community Bank in Collierville, Tenn., and Triumph Bancshares in Memphis, Tenn. The $23.3 billion-asset Simmons said in a press release Monday that it will pay $146.3 million in cash and stock for the $1 billion-asset Landmark and $131 million in cash and stock […]
Elberton Federal in Ga. converting before sale to Oconee
Oconee Financial in Watkinsville, Ga., has agreed to buy Elberton Federal Savings and Loan Association in Elberton, Ga. The $520 million-asset Oconee said in a press release Tuesday that the $29 million-asset Elberton, a federal mutual savings association, will convert to a stock-owned bank before the merger. Oconee will offer shares of its common stock […]
German American selling two Kentucky branches
German American Bancorp in Jasper, Ind., has agreed to sell two branches in Lexington, Ky. The $5.2 billion-asset company disclosed in a regulatory filing Friday that it will also sell $30.3 million of deposits and $8.9 million of loans to Home Savings and Loan Co. in Kenton, Ohio. The sale is expected to close in […]
Liberty Financial to acquire Tri-State Bank in Tennessee
Liberty Financial Services in New Orleans has agreed to buy Tri-State Bank of Memphis in Tennessee in a deal involving minority-owned banks. The $860 million-asset Liberty said in a press release Thursday that it will pay cash for the $105 million-asset Tri-State. The deal is expected to close by the end of this year. Liberty […]
United in W.Va. to buy Community Bankers Trust
United Bankshares in Charleston, W.Va., has agreed to buy Community Bankers Trust in Richmond, Va. The $27 billion-asset United said in a press release Thursday that it will pay $303.3 million in stock for the $1.7 billion-asset parent of Essex Bank. The deal, which is expected to close in the fourth quarter, priced Community Bankers […]
First Foundation entering Florida with TGR acquisition
First Foundation in Dallas is moving into Florida with an agreement to buy TGR Financial in Naples. The $7.1 billion-asset First Foundation said in a press release Thursday that it will pay $294.8 million in stock for the $2.3 billion-asset parent of First Florida Integrity Bank. The deal, which is expected to close in the […]
First Bancorp in N.C. strikes deal for Select
First Bancorp in Southern Pines, N.C., has agreed to buy Select Bancorp in Dunn, N.C. The $7.7 billion-asset First Bancorp said in a press release Tuesday that it will pay $314.3 million in stock for the $1.8 billion-asset Select. The deal, which is expected to close in the fourth quarter, priced Select at 185% of […]
Old National, First Midwest announce $2.5B merger
Old National Bancorp in Evansville, Ind., has agreed to buy First Midwest Bancorp in Chicago. The $23.7 billion-asset Old National said in a press release Tuesday that it will pay $2.5 billion in stock for the $21 billion-asset First Midwest. The deal, which is expected to close by early 2022, priced First Midwest at 165% […]
Series of big bank mergers gives lift to overall deal value
A wave of large bank mergers has lifted aggregate deal value for 2021 above last year’s levels. The overall value for transactions announced through June 1 was $28.9 billion, or more than triple the amount for deals struck over the same period a year earlier, based on data compiled by S&P Global Market Intelligence. The […]
People’s Bank of Commerce looking to form BHC
People’s Bank of Commerce in Medford, Ore., is one step closer to forming a holding company. Shareholders of the $808 million-asset bank voted on May 19 to create PBCO Financial. People’s Bank would become a PBCO subsidiary. “The bank has considered the formation of a bank holding company for several years,” Ken Trautman, People’s Bank’s […]
United Community adding to N.C. ops with Aquesta deal
United Community Banks in Blairsville, Ga., has agreed to buy Aquesta Financial Holdings in Cornelius, N.C. The $18.6 billion-asset United said in a press release Thursday that it will pay $131 million in cash and stock for the $752 million-asset Aquesta, which is one of the few remaining banks based around Charlotte, N.C. The deal, […]