The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

First Commonwealth forms equipment-finance business

First Commonwealth forms equipment-finance business

First Commonwealth Financial in Indiana, Pa., has created an equipment finance division.The $9.4 billion-asset company said in a recent press release that it had hired Rob Boyer to serve as president of First Commonwealth Equipment Finance Group. Boyer recently served as a senior director at TCF Bank, according to his LinkedIn profile. He was also president of Susquehanna Commercial Finance from October 1998 to February 2021.Boyer “brings vast experience in running

June 22, 2021
Middlefield Banc CEO to retire in 2022

Middlefield Banc CEO to retire in 2022

Middlefield Banc Corp. in Middlefield, Ohio, is looking for a new leader. The company said in a press release Friday that Thomas Caldwell plans to retire as president and CEO in March 2022. Middlefield said it has begun looking at internal and external candidates to succeed Caldwell.Caldwell has been Middlefield's president and CEO for 26 years, helping take the company public in 2001. "Under Tom’s leadership, Middlefield has grown significantly, achieved strong

June 21, 2021
RCB in Oklahoma to buy family-owned bank

RCB in Oklahoma to buy family-owned bank

RCB Holding in Claremore, Okla., has agreed to buy Oklahoma State Bancshares in Vinita.The $3.7 billion-asset RCB said in a press release that it expects to buy the $306 million-asset parent company of Oklahoma State Bank and Lakeside Bank in the third quarter.RCB did not disclose the price it will pay. “What attracted us ... was the bank’s reputation and their employees within each of their communities,” Roger Mosier, RCB's president

June 18, 2021
Columbia in N.J. lines up mutual merger with Freehold

Columbia in N.J. lines up mutual merger with Freehold

Columbia Financial in Fair Lawn, N.J., has agreed to buy Freehold Bancorp in Freehold, N.J. The $9 billion-asset Columbia said in a press release Thursday that the $300 million-asset Freehold will convert to a federal savings bank and operate as a wholly-owned subsidiary. Freehold Bank will be merged into Columbia Bank two years after the holding companies have merged. The deal is expected to close in the fourth quarter.  Freehold has

June 17, 2021
Cross River Bank forms VC division to invest in startups

Cross River Bank forms VC division to invest in startups

Cross River Bank in Fort Lee, N.J., has formed a venture capital division to invest in fintechs and other startups.The $13.5 billion-asset company said that Cross River Digital Ventures will also evaluate companies involved with lending, payments and investing. The bank already serves as the regulated financial institution for several fintechs. “Cross River already powers some of the largest companies in fintech and this new endeavor will help us identify and

June 17, 2021
Sunnyside in N.Y. opts for unsolicited takeout offer

Sunnyside in N.Y. opts for unsolicited takeout offer

Sunnyside Bancorp in Irvington, N.Y., has terminated an agreement to be sold to a Florida real estate firm to instead sell to group tied to a New York real estate investor.The $98 million-asset Sunnyside agreed in March to a deal with DLP Real Estate Capital in Saint Augustine, Fla., valued at $12.3 million. Shortly after that deal was announced, Rhodium BA Holdings went public with an unsolicited offer that valued

June 17, 2021
How Equity in Kan. learned American State was in play

How Equity in Kan. learned American State was in play

Equity Banchshares in Wichita, Kan., didn’t waste time getting the S-4 out for its pending acquisition of American State Bancshares in Wichita. The $73.6 million deal, announced last month, would bolster the $4.2 billion-asset Equity’s operations in its home state. First, a review of the acquisition’s terms: The deal, which is expected to close in early October, priced the $779 million-asset American State at 111% of its tangible book value. The

June 17, 2021
Arizona group planning bank focused on small business

Arizona group planning bank focused on small business

Organizers in Arizona have applied to form a Integro Bancorp in Phoenix.The group submitted an application with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance.The application did not disclose how much initial capital organizers plan to raise.In an April announcement posted on LinkedIn, they said the proposed bank would be primarily focused on small businesses. It plans to introduce a consultative product called Integro360. Thomas Inserra would serve as

June 17, 2021

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