OceanFirst-Partners merger faces regulatory delay
OceanFirst Financial in Red Bank, N.J., is the latest bank to delay the closing date of a planned acquisition. Partners Bancorp in Salisbury, Md., disclosed in a regulatory filing Tuesday that it no longer expects to complete its $186 million sale to the $11.7 billion-asset OceanFirst by the end of the second quarter. The disclosure […]
Banc of California partially recoups funds from ’19 chargeoff
Banc of California in Santa Ana is set to receive a large payment that partially addressed a chargeoff it recorded in 2019. The $9.4 billion-asset company said in a regulatory filing Monday that it should receive $31.3 million tied to a settlement with Chicago Title Insurance and Chicago Title. The bank agreed to release the […]
Texas bank to pilot digital bank for bankers
Texas National Bank in Sweetwater is planning to introduce a digital bank for bankers. The $170 million-asset bank plans to pilot Bankers Lender in April, according to an articlein Bankers Digest. The initial offerings will include secured and unsecured revolving lines of credit, secured and unsecured closed-end loans and demand deposit accounts. “Bankers are no […]
Fed approves M&T-People’s United merger after long wait
The Federal Reserve has approved M&T Bank’s pending purchase of People’s United Financial in Bridgeport, Conn. – nearly 380 days after the $7.6 billion deal was announced. The Fed said in a press release late Friday that it will use next year’s stress test to recalculate M&T’s stress test buffer to include the impact of […]
Card portfolio manager applies for Nevada ILC
A group is looking to form an industrial loan company in Nevada. Capital Card Services, a credit card portfolio manager in Sioux Falls, S.D., is looking to form Capital Preferred Savings Bank in Las Vegas. The company filed an application on Thursday with the Federal Deposit Insurance Corp. The ILC would operate with a Nevada thrift charter. A […]
Republic First ending employment pact with former CEO
Republic First Bancorp in Philadelphia, which is facing pressure from two shareholder groups, will not renew an employment agreement with a former CEO. The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that the agreement with Harry Madonna, its president and chairman emeritus, will end on Feb. 28, 2023. The original agreement had an […]
Mid Penn hires Spirit of Texas CFO to fill same post
Mid Penn Bancorp in Harrisburg, Pa., has hired the chief financial officer at Spirit of Texas Bancshares to serve as its CFO. The $4.7 billion-asset Mid Penn disclosed in a regulatory filing Friday that Allison Johnson had recently accepted the position. She will also become the CFO of Mid Penn Bank. Johnson has been the […]
Big bank deals are taking longer to close: Janney
A new report from Janney Montgomery Scott shows that it is taking much longer for big bank acquisitions to make their way through the regulatory approval process. The percentage of deals that took more than 250 days to close has increased to 18% this year from 10% in 2021. Acquisitions with a deal value of […]
Ark. bank is fourth in ’22 to announce sale to credit union
Barksdale Federal Credit Union in Bossier City, La., has agreed to buy Home Bank of Arkansas in Portland. The $2 billion-asset Barksdale did not disclose how much it will pay Peoples Home Holding for its $73.8 million-asset bank. HomeBank has five branches. The deal, which was announced on Tuesday, is expected to close in the […]
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. […]