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 […]
MainStreet in Virginia adds former regulator to board
MainStreet Bancshares in Fairfax, Va., has added a former regulator to its board. The $1.7 billion-asset company said in a press release that Rafael DeLeon has become one of its directors. DeLeon, a senior vice president of industry engagement for Ncontracts, recently retired as director for banking relations at the Office of the Comptroller of […]
First Western to buy Rocky Mountain Bank in Wyoming
First Western Financial in Denver has agreed to buy Teton Financial Services in Jackson, Wyo. The $2 billion-asset First Western said in a press release that it will pay $47.8 million in cash and stock for the $420.7 million-asset parent of Rocky Mountain Bank. The deal is expected to close by early 2022. Rocky Mountain […]
Bank of the Lowcountry in S.C. hires new CEO
Bank of the Lowcountry in Walterboro, S.C., has a new CEO. The $269 million-asset bank said in a LinkedIn post on Friday that it had hired Marc Bogan. Bogan previously served as president and CEO of Fauquier Bank in Warrenton, Va. The bank was sold to Virginia National Bancshares in Charlottesville earlier this year. Prior to […]
HBT in Illinois sets timeline for branch closures
HBT Financial in Bloomington, Ill., is planning to close a number of branches. The $4 billion-asset company said in a press release Monday that it closed a location in the second quarter, with five more closures set to take place by Sept. 30. The branches represented about 9.5% of its network. HBT said the closures […]
Old Second set to double size with West Suburban deal
Old Second Bancorp in Aurora, Ill., has agreed to buy West Suburban Bancorp in Lombard, Ill. The $3.3 billion-asset Old Second said in a press release Monday that it will pay $297 million in cash and stock for the $3 billion-asset West Suburban. The deal, which is expected to close in the fourth quarter, priced […]
Hanmi in Los Angeles gets ‘needs to improve’ CRA rating
Hanmi Financial in Los Angeles disclosed that its bank recently received a “needs to improve” rating tied to the Community Reinvestment Act. The $6.4 billion-asset company said in a Friday regulatory filing that the rating, issued by the Federal Deposit Insurance Corp., covers the period between March 29, 2018 and May 3, 2021. The rating […]
Heritage Financial in Wash. closing more branches
Heritage Financial in Olympia, Wash., is continuing to close branches. The $7.1 billion-asset company said in a press release Friday that it will shutter four locations on Oct. 29. The move will lower Heritage’s branch count to 49 locations, or a 21% decline from last fall. Heritage’s noninterest expenses fell 1.8% in the second quarter […]
South State to buy Atlantic Capital for $542 million
South State in Winter Haven, Fla., has agreed to buy Atlantic Capital Bancshares in Atlanta. The $40.4 billion-asset South State said in a press release Friday that it will pay $542 million in stock for the $3.8 billion-asset Atlantic Capital. The deal, which is expected to close in early 2022, priced Atlantic Capital at 161% […]
Three banks disclose nearly $1 billion of PPP loan sales
A trio of banks has disclosed recent sales of Paycheck Protection Program loans. Amerant Bancorp in Coral Gables, Fla.; Eagle Bancorp in Bethesda, Md.; and BancorpSouth Bank in Tupelo, Miss., said in separate press releases that they had sold a total of $990 million of PPP loans. They did not disclose the buyers. The $7.5 […]
Simmons-Landmark negotiations had fits and starts
Simmons First National in Pine Bluff, Ark., and Landmark Community Bank in Collierville, Tenn., tried on three occasions to work out a deal before announcing a $146.3 million merger in early June. The $23.3 billion-asset Simmons walked away twice, according to a regulatory filing associated the with its proposed acquisition. We’ll look at the details […]
CNB in Pennsylvania entering Virginia with new brand
CNB Financial in Clearfield, Penn., is set to enter Virginia. The $5.1 billion-asset company said in a press release Tuesday that it will open a loan-production office in Roanoke, Va. CNB said the office, which will offer commercial loans, cash management services and private banking, will operate as Ridge View Bank. The company operates under […]
Level One in Michigan taps insider as new president
Level One Bancorp in Farmington Hills, Mich., has a new president. The $2.6 billion-asset company said in a press release Tuesday that it had promoted Timothy Mackay to the role. He succeeded Patrick Fehring, who will remain chairman and CEO. Mackey, previously an executive vice president and consumer banking officer, also become president of Level […]
Hancock Whitney cuts 200 jobs, closing more branches
Hancock Whitney in New Orleans eliminated 200 jobs and will close 18 branches. The $35.1 billion-asset company said in a press release Tuesday that the branches will close in October. Including 20 locations that were closed earlier in the year, Hancock has reduced its network by about 18% since the end of 2020. The layoffs […]
Cambridge Savings launches digital-only bank
Cambridge Savings Bank in Boston has created a digital-only bank. The $5 billion-asset mutual bank said in a press release that it had created Ivy Bank to provide competitive rates for online savings accounts and CD, along with “human-centric customer support to help consumers work towards reaching their financial goals.” The digital-only bank includes a […]
Equity in Kansas to enter new market with branch deal
Equity Bancshares in Wichita, Kan., will enter the St. Joseph, Mo., market after buying three branches from Valley View Financial in Overland Park, Kan. The $4.3 billion-asset Equity said in a press release Monday that it will also gain the assets and deposits associated with the branches. The deal is expected to close in December. […]
Spencer Savings in N.J. to buy neighboring bank
Spencer Savings Bank in Elmwood Park, N.J., has agreed to buy Mariner’s Bank in Edgewater, N.J. The $3.6 billion-asset Spencer said in a press release Friday that it will pay cash for the $414 million-asset Mariner’s. The deal is expected to close in the fourth quarter. Mariner’s has six branches, $348 million of loans and […]
LendingClub to pay $18M to settle FTC litigation
LendingClub will pay $18 million to settle a longstanding dispute with the Federal Trade Commission over allegedly hidden fees. The San Francisco lender said in a press release Wednesday that the funds would be used for “consumer remediation.” LendingClub did not admit any liability as part of the settlement. “While we have never agreed with […]