Tuesday, August 31, 2021
FVCBancorp buys minority stake in mortgage lender
Cadence in Houston settles redlining claims
Monday, August 30, 2021
Home Bancorp selling Mississippi branch to Delta Bank
Cache Bank in Colo. to sell to Mountain Valley
Thursday, August 26, 2021
MVB ups stake in tech firm with gaming industry focus
MVB Financial in Fairmont, W.Va., will increase its stake in Interchecks Technologies, a payment disbursement platform.
Interchecks, founded in 2016, has offices in Boca Raton, Fla., and Brooklyn, N.Y. The company has a focus on the gaming industry segments of online sports betting, daily fantasy sports and iGaming.
The $2.7 billion-asset MVB said in a press release Thursday that it will boost its stake to 16% by paying $4.2 million, based on the shares being exchanged and closing price of MVB stock on Wednesday.
MVB's release did not mention the size of its original investment, which it made in 2019.
MVB said it had also entered into a management contract where Interchecks CEO Dylan Massey and his team will manager the product development and rollout of GRAND, the bank’s digital account for gaming and crypto.
“Increasing our investment and deepening our relationship with Interchecks is an important financial and strategic objective,” Larry Mazza, MVB’s president and CEO, said in the release.
“Interchecks has achieved remarkable success over the past several years,” Mazza added. “Its pioneering payment disbursement technology is a natural fit with our focus on the gaming industry.”
Rhodium sweetens offer for Sunnyside Bancorp in N.Y.
Finucane, Montag to leave Bank of America at yearend
Wednesday, August 25, 2021
Germantown Capital is latest Memphis bank to sell
New Hampshire group planning ag-focused mutual bank
Berkshire in Boston has new chairman, adds director
Houston Rockets owner applies to buy Texas bank
BOK Financial taps insider to handle specialized lending
Tuesday, August 24, 2021
Berkshire Hills in Boston to sell insurance business
RBC Capital Markets and Luse Gorman advised Berkshire.
Western Bankers Association cancels 2021 conference
Illinois credit union plans to acquire Tempo Bank
Santander Consumer agrees to parent's buyout offer
Monday, August 23, 2021
Seacoast to cross $10B of assets with two acquisitions
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Sabal Palm Bancorp in Sarasota, Fla., and Business Bank of Florida in Melbourne.
The $9.3 billion-asset Seacoast said in a press release Monday that it will enter Sarasota and expand its operations in Brevard County with the purchases.Friday, August 20, 2021
First Bancshares in Miss. to switch to state charter
Proposed Ariz. de novo gets conditional FDIC approval
Organizers of Gainey Business Bank in Scottsdale, Ariz., have secured conditional approval from the Federal Deposit Insurance Corp.
The group must raise $15 million in initial capital before opening, according to the Aug 12 order.
Gainey's organizers received approval from the Arizona Department of Financial Institutions in 2018 to start raising capital. They applied with the FDIC in January.
Joe Stewart is expected to serve as the bank's president and CEO. He recently was the Arizona market president for Bankers Trust, and he was the chairman and CEO of JPMorgan Chase Arizona from 2007 to 2014.
The FDIC has granted conditional approval to eight de novo efforts in 2021. Five of those banks – Cypress Bank & Trust, Integrity Bank for Business, Climate First Bank, Genesis Bank and First Bank of Central Ohio – have opened.
Nine banks have opened this year. The others are FWBank, RockPoint Bank, Riverside Bank of Dublin and Square Financial Services.
Fairwinds Credit Union lines up Florida bank purchase
Tuesday, August 17, 2021
First Seacoast in N.H. inks wealth management deal
Southern States in Alabama raises $16M from IPO
Former TCF exec joins Old Second's board
Citizens State in Texas to buy neighboring bank
Northeast Bank in Maine to leverage PPP relationships
Monday, August 16, 2021
New York Community enters blockchain partnership
Senate bill would expand SBLC program to add fintechs
Sunday, August 15, 2021
Amalgamated in N.Y. adds former banker to board
Saturday, August 14, 2021
N.C. de novo raises more capital to back growth goals
Triad Business Bank, a Greensboro, N.C. de novo that opened last year, has raised $15 million in new capital.
The $267 million-asset bank said in a press release this week that it sold 1.5 million shares of stock on Aug. 3 for $10 each as part of an oversubscribed offering. A third of the shares were sold to the bank’s directors and executive officers.
Triad Business Bank raised $51 million in initial capital before opening.
The bank said the latest capital raise was 30 cents accretive to shareholders’ tangible book value.
“Triad Business Bank was formed with a vision to be a source of strength to the Triad’s business community,” CEO Ramsey Hamadi, said in the release.
“After two successful capital offerings … supported principally by private investors residing in the Triad, the bank is well positioned to deliver on this vision,” Hamadi said.
Following the close of the offering, the bank’s board and executive team beneficially own 23.5% of outstanding shares.
Proceeds will be used to support growth plans that include reaching $800 million of assets by the end of 2024.
Friday, August 13, 2021
Minnwest to buy Roundbank in Minnesota
Thursday, August 12, 2021
GreenSky downplays impact of Truist ending loan pact
Lake Area Bank in Minn. to sell to Royal Credit Union
Tennessee credit union to buy Financial Federal Bank
Wednesday, August 11, 2021
Provident in Mass. sets big goal for crypto-related income
Tuesday, August 10, 2021
Truist to buy home-improvement lender for $2 billion
National Bank in Denver invests in blockchain fintech
Simmons in Arkansas forms equipment-finance division
Valley was one of seven bidders for Westchester Bank
- The Westchester board decided during an April 13 meeting to hire an investment bank to evaluate its business plan and review strategic alternatives, including a possible sale.
- The investment bank, starting on May 5, contacted 16 financial institutions to gauge their interest in an acquisition. Thirteen expressed an interest and 11 executed nondisclosure agreements to gain access to the data room. Each agreed to a May 21 deadline for submitting nonbinding indications of interest.
- Westchester received seven indications of interest, including one from Valley.
- Valley, the largest financial institution, proposed an all-stock transaction with a purchase price of $3,100 a share. The highest indication of interest had a value of $3,300 a share.
- The investment bank contacted Valley on May 21 to see if it would be willing to increase the value of its proposal. Three days later, Valley raised its offer to $3,300 a share, contingent on a 30-day exclusivity period.
- Westchester’s board voted unanimously on May 24 to authorize management to execute Valley’s indication of interest, which included a 30-day exclusivity period. Westchester then began its due diligence of Valley.
- The first draft of the merger agreement was circulated on June 17.
- The Valley board voted unanimously to approve the merger agreement on June 28. The Westchester board unanimously approved the deal the next day and it was announced.
- John Tolomer, Westchester’s president and CEO, will become a market president for Valley under a two-year employment agreement that can be extended. He will receive a base salary of $550,000 and will be eligible to receive a target annual cash bonus equal to 45% of his base salary.
- Tolomer will receive a lump sum cash payment of $605,000 for
agreeing to restrictive covenants, including two-year noncompete and non-solicitation provisions.
Orange County Bancorp in N.Y. raises $35M from IPO
First Financial in Indiana to buy Hancock in Kentucky
First BanCorp in P.R. sells block of nonperforming loans
First BanCorp in San Juan, Puerto Rico, sold $52.5 million of nonperforming mortgages.
The $21.4 billion-asset company disclosed in a quarterly regulatory filing that it received an unsolicited offer to buy the loans, along with $2 million of related servicing rights.
Monday, August 9, 2021
Columbia fast-tracked its first bank deal since 2017
- Bank of Commerce hired an investment bank on Feb. 16 to advise on a potential sale or merger.
- The Bank of Commerce board on March 16 decided it would explore a combination with a larger financial institution. The company opted to wait until early April so it could confidentially provide first quarter results to interested parties that signed non-disclosure agreements.
- The board selected six potential merger partners to contact, though it also asked its investment bank to contact “a few selected banks” in advance to arrange introductory meetings with President and CEO Randall Eslick.
- Eslick met with Clint Stein, Columbia’s president and CEO, on April 1. It was an informal meeting “focused on providing an update regarding publicly available information as to the financial condition, general business interests, and operating strategy” of Bank of Commerce.
- On April 13, the investment bank began contacting potential merger partners, including Columbia. Bank of Commerce and Columbia executed a non-disclosure agreement three days later.
- Bank of Commerce would receive three non-binding offers in early May.
- Columbia pitched an all-stock offer that valued Bank of Commerce at $17.85 a share and sought 60 days of exclusivity. The other proposals valued Bank of Commerce at $15.15 a share and $16.17 a share, respectively.
- Bank of Commerce chose to negotiate with Columbia under a 45-day exclusivity clause. A nonbinding indication of interest was signed on May 14. The management teams met on May 25.
- The initial draft of the merger agreement circulated on June 4. Key items negotiated included certain representations and warranties to be provided by Bank of Commerce, certain restrictive covenants to be applicable to Bank of Commerce between signing and closing and the amount of transaction-related expenses Bank of Commerce could incur without impacting the exchange ratio.
- Each company’s board unanimously approved the deal on June 23. It was announced the same day.
- Eslick will become president of Columbia’s Merchants Bank of Commerce division under a two-year contract that can be extended by 12 months. He will receive an annual salary of $490,000 and will be eligible for a bonus based on a target opportunity of 20% of his salary. He will also receive a one-time award of 6,000 restricted shares of stock that will fully vest at the end of two years.
- Eslick will receive a lump-sum payment of roughly $1.9 million within 15 days of the deal’s completion to address his existing change-in-control agreement.
- Eslick will have a one-year noncompete clause covering counties in which Merchants has a branch or office or has documented plans to establish a branch or office, and a one-year customer non-solicitation condition.
BTC entering new markets with Home Exchange deal
Arbor-FNBH deal in Michigan back on track
Arbor Bancorp in Ann Arbor, Mich., has revived plans to buy FNBH Bancorp in Howell, Mich.
The $2.5
billion-asset Arbor said in a press release Monday that it will pay $116.5
million in cash for the $647 million-asset parent of First National Bank in
Howell. The deal is expected to close by the end of this year.
The
companies originally announced plans to merge in February 2020 but called it
off in June in the midst of the coronavirus pandemic.
Arbor said
on Monday that it expects the deal to be more than 15% accretive to its
earnings per share. A year earlier, the company had projected 10% earnings
accretion.
“We have
been looking for strategic opportunities to expand Bank of Ann Arbor into
Livingston County and believe we’ve found the perfect partnership with First
National,” Tim Marshall, Arbor’s president and CEO, said in the release.
“By
bringing together two high-performing and like-minded community banks that
share a commitment to serving their local communities, we will continue to
provide individuals and businesses with excellent service and a full range of
financial services,” Marshall added.
Ron Long, First National’s president and CEO, will serve as
Arbor’s district president for Livingston County.
Arbor was
advised by Performance Trust Capital Partners and Bodman. FNBH was advised by
Donnelly Penman & Partners and Varnum.
Business First to raise $47M through stock offering
Business First Bancshares in Baton Rouge, La., plans to raise about $46.8 million from selling common stock. The $5.5 billion-asset company...
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A group has filed a request to form a new bank in Houston. Organizers of Houston Bank of Commerce & Trust applied with the Federal De...
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Highland Bank in St. Paul, Minn., has agreed to buy Boundary Waters Bank in Ely, Minn. The $630 million-asset Highland said in a press relea...
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First Bancorp in Southern Pines, N.C., has agreed to buy GrandSouth Bancorp. in Greenville, S.C. The $10.5 billion-asset First Bancorp said...