Bank of the James to buy Virginia RIA
Bank of the James Financial Group in Lynchburg, Va., has agreed to buy Pettyjohn, Wood, & White, a registered investment adviser in Lynchburg. The $943 million-asset Bank of the James said in a press release Wednesday that Pettyjohn, Wood & White has more than $650 million of assets under management. The firm provides investment advisory services […]
CItizens buying investment bank focused on digital infrastructure
Citizens Financial Group in Providence, R.I., has agreed to buy DH Capital, an investment banking firm in New York. DH Capital, which also has an office in Boulder, Colo., serves companies in the Internet infrastructure, software and next-gen IT services, and communications sectors. The $170 billion-asset Citizens did not disclose the price it paid. DH […]
California de novo launches entrepreneurship division
Genesis Bank in Newport Beach, Calif., has created a program to support entrepreneurs. The $57 million-asset de novo said in a press release Wednesday that it had formed the Genesis Bank Institute for Entrepreneurship, a business accelerator and advisory division. The group will focus on accelerating entrepreneurship and growth for businesses, government and municipal entities, […]
BayCom, Pacific Enterprise investors approve merger
Shareholders have approved the pending sale of Pacific Enterprise Bancorp in Irvine, Calif., to of BayCom in Walnut Creek, Calif. The votes had some last-minute drama when Shaul Kopelwitz, a big Pacific Enterprise shareholder, disclosed that he would vote against the $53 million deal. He took issue with the discounted pricing of the acquisition. The […]
Carver in N.Y. sets up potential $20M in stock sales
Carver Bancorp in New York has lined up an agreement to sell $20 million of common stock over time. The $707 million-asset company disclosed in a regulatory filing Tuesday that it retained Piper Sandler to handle potential stock sales. Sandler will be paid a 3% commission tied to the aggregate purchase price of each sale. […]
SVB buys research firm with technology focus
SVB Financial in Santa Clara, Calif., has acquired a sell-side research firm that covers the media, communications and technology sectors. The $190 billion-asset SVB said in a press release Monday that it bought MoffettNathanson in a move that should help its SVB Leerink investment banking business expand its research coverage. SVB did not disclose the […]
Heritage Commerce taps insider as next bank president
Heritage Commerce in San Jose, Calif., has a new bank president. The $5.5 billion-asset company said in a press release Monday that Clay Jones had also become the bank’s chief operating officer. Walter Kaczmarek, the company’s president and CEO, will remain the bank’s CEO. “Clay is an exceptional leader and his promotion … places him […]
First Republic co-CEO Herbert to take medical leave
First Republic Bank in San Francisco announced that Chairman and co-CEO Jim Herbert will take a medical leave of absence tied to a coronary health issue. The $172.6 billion-asset bank said in a press release Monday that Herbert’s leave will begin on Jan. 1 and should last about six months. He will also step down […]
Byline in Chicago to close six branches in 2022
Byline Bancorp in Chicago plans to close six branches and sell a portfolio of bank-owned real estate. The $6.7 billion-asset company said in a press release Friday that it will also reduce its office space. The branch closures, which will take place next year, represent about 14% of Byline’s network. The real estate portfolio includes […]
Ameris buys equipment-finance fintech Balboa Capital
Ameris Bancorp in Atlanta has acquired a fintech that provides equipment-finance loans to small and midsize businesses. The $22.5 billion-asset company said in a press release Monday that it bought Balboa Capital is Costa Mesa, Calif. Ameris did not disclose the price it paid, though the company said it paid cash. Ameris said the acquisition […]
Meta Financial rebranding after selling rights to its name
Meta Financial in Sioux Falls, S.D., will rebrand next year after selling its Meta-related rights and trademarks to another company. The $6.7 billion-asset Meta disclosed in a regulatory filing Monday that it agreed on Dec. 7 to sell the rights to Beige Key LLC for $60 million. As part of the agreement, Meta will phase […]
Atlantic Union in Va. to close more branches in 2022
Atlantic Union Bankshares in Richmond, Va., is planning a third round of branch closures. The $19.9 billion-asset company said in a press release Friday that it will shutter 16 locations, representing about 12% of its total branch network, by March 1. Atlantic Union also plans to close an operations center and sell 21,500 shares of […]
Proxy battle brewing at Republic First in Pennsylvania
An activist investor plans to nominate three candidates for the board of Republic First Bancorp in Philadelphia. Driver Management also wants the $5.4 billion-asset Republic to replace Vernon Hill, the company’s CEO, with an independent chairman. The investor has also voiced its opposition to a plan by Republic First to raise more capital. Driver has […]
Valley in N.J. taps insider as bank president
Valley National Bancorp in Wayne, N.J., has a new bank president. The $41 billion-asset Valley said in a press release Thursday that Thomas Iadanza will oversee the bank’s day-to-day operations, including commercial banking, retail banking, digital products, credit, customer experience and financial services. Iadanza recently served as chief banking officer. “Tom is an exceptional leader […]
Pacific Enterprise investor to vote against BayCom deal
A big shareholder of Pacific Enterprise Bancorp has voiced his opposition to the Irvine, Calif., company’s pending sale to BayCom in Walnut Creek, Calif. The $2.1 billion-asset BayCom agreed in September to buy the $647 million-asset Pacific Enterprise for $53.1 million in stock. The deal, which is expected to close in the first quarter, priced […]
Alerus bulking up in Phoenix with bank acquisition
Alerus Financial in Grand Forks, N.D., has agreed to buy MPB BHC in Phoenix. The $3.2 billion-asset Alerus said in a press release Thursday that it will pay $85.3 million in stock for the parent of the $411 million-asset Metro Phoenix Bank. The deal is expected to close in the first quarter. Metro Phoenix, founded […]
Community Financial in Md. lines up next CEO
Community Financial in Waldorf, Md., will have a new CEO next summer. The $2.3 billion-asset company said in a press release Wednesday that Jimmy Burke will succeed Bill Pasenelli on Aug. 31. Pasenelli also plans plans to retire from the company’s board. “We believe that Bill and the management team have positioned the company well […]
Synovus to shrink branch footprint by 15%
Synovus Financial in Columbus, Ga., is planning to close about 15% of its existing branches next year. The $56 billion-asset company disclosed in a presentation for a conference hosted by Goldman Sachs that it will shutter more than 40 branches. The move is expected to save the company $12 million annually. Synovus has about 280 […]
First Financial in Ohio to buy equipment finance firm
First Financial Bancorp in Cincinnati has agreed to buy Summit Funding Group, an equipment financing company in Cincinnati. The $16 billion-asset First Financial said in a press release Tuesday that it will pay $121 million in cash and stock for Summit. The deal is expected to close in the fourth quarter. Summit is expected to […]
Columbia Financial in N.J. lines up next mutual merger
Columbia Financial in Fair Lawn, N.J., has agreed to buy RSI Bancorp in Rahway, N.J. The $9.2 billion-asset Columbia said in a press release Wednesday that it plans to complete the purchase of the $620 million-asset RSI in the second quarter. Columbia will issue about 7.1 million shares of common stock, valued at $129 million, […]
Three banks invest in First Independence Bank
A trio of banks has invested in a minority-depository institution in Detroit. First Independence, the parent of the $407 million-asset First Independent Bank, said in a press release Wednesday that it closed equity investments from Citigroup in New York, U.S. Bancorp in Minneapolis and Old National Bancorp in Evansville, Ind. First Independence, a black-owned bank […]
Univest in Pennsylvania buys insurance agency
Univest Financial in Souderton, Pa., has acquired an insurance agency in Intercourse, Pa. The $7 billion-asset Univest said in a press release Wednesday that it bought Paul I. Sheaffer Insurance Agency. Univest did not disclose the price it paid. “As Univest continues to grow in central Pennsylvania, the acquisition … allows us to better serve […]
Court rejects Republic effort to force deal with Green Dot
A court in Delaware has rejected a request by Republic Bancorp to force Green Dot to buy its tax refund solutions business to the Louisville, Ky., banking company. The $6.2 billion-asset Republic disclosed in a regulatory filing that the Delaware Court of Chancery on Thursday denied its expedited motion for summary judgment that tried to […]
Amerant lines up sale-leaseback of corporate HQ
Amerant Bancorp in Coral Gables, Fla., is set to bring in $135 million from selling its headquarters property. The $7.5 billion-asset company disclosed in a regulatory filing Wednesday that it will sell the building, along with surrounding real estate, in a deal that is expected to close by Dec. 15. Amerant plans to lease the […]
InBankshares in Colo. to buy Legacy Bank
InBankshares in Denver has agreed to buy Legacy Bank in Wiley, Colo. The $705 million-asset InBankshares said in a press release Wednesday that it will pay $56 million in cash and stock for the $497 million Legacy. The deal is expected to close in the second quarter. Legacy, founded in 1907, has nine branches, $316 […]