Tuesday, November 30, 2021
First National in Omaha to enter Wyo. via acquisition
Ion in Connecticut to acquire Lincoln Park in N.J.
Monday, November 29, 2021
Pinnacle hires Truist bankers to enter nation's capital
SmartBank enters Nashville after hiring three lenders
SmartFinancial in Knoxville, Tenn., has hired a team of bankers to enter Nashville, Tenn.
The $4.4 billion-asset company said in a press release Monday that it had recruited two bankers from Triumph Bank, along with a lender from Reliant Bank, to pursue commercial and consumer relationships in Nashville.“While we’ve been active in the Nashville MSA through the support
of our Murfreesboro … team, these professionals provide the boots-on-the-ground
support needed to further increase our market penetration,” David Scott, the bank’s
middle Tennessee regional president, said in the release. “As we continue our
Nashville expansion, this team serves as a great foundation.”
Thursday, November 25, 2021
National Bank eyeing business-focused digital platform
Wednesday, November 24, 2021
Proposed de novo has new name, high-profile director
Blue Foundry to incur charge from benefit plan exit
Tuesday, November 23, 2021
Calif. group looks to form bank for Chinese-Americans
Organizers in California, Delaware looking to form banks
Groups in California and Delaware have applied for deposit insurance.
ConNext Bank would be based in Wilmington, Del., according to a notice from the Federal Deposit Insurance Corp. Organizers are going for a national bank charter from the Office of the Comptroller of the Currency.
Separately, a group in Southern California has applied for deposit insurance for Bank Irvine.
The applications were not immediately available.
Monday, November 22, 2021
KeyCorp buys software developer XUP
First National of Nebraska to buy Wyoming bank
First National of Nebraska in Omaha has agreed to buy Western States BanCorp. in Laramie, Wyo.
The $25.8 billion-asset First National said in a press release Monday that it expects to complete the purchase of the $542 million-asset Western States in the first quarter. First National did not disclose the price it will pay.
Western States 10 branches and $486 million of deposits across southeast Wyoming, northeast Colorado and the Nebraska panhandle.
First National will enter the Wyoming markets of Laramie and Cheyenne when the deal closes.
First National has nearly 100 branches in Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas. Olsen Palmer advised Western States.
Olsen Palmer advised Western States.
Friday, November 19, 2021
Technology fund with ICBA ties raises $55 million
Oak Valley in California taps insider as next president
Oak Valley Bancorp in Oakdale, Calif., will have a new president next year.
The $1.9 billion-asset company said in a press release Friday that Rick McCarty will take on the new role on Jan. 1. He will succeed Christopher Courtney, who will remain CEO.Judge temporarily halts credit union-bank deal in Tenn.
Simmons expanding in Texas with Spirit acquisition
Thursday, November 18, 2021
Chicago bank with Manafort ties hit with reg order
Third Coast in Texas raises $101 million from IPO
SmartFinancial hires BBVA wealth management team
Wednesday, November 17, 2021
Oportun to buy neobank Digit for $213 million
Tuesday, November 16, 2021
U.S. Bank buying fintech focused on expense reporting
Organizers file plans for new Wisconsin bank
A group in Delafield, Wis., is looking to form a bank.
Organizers of the proposed Virtue Bank applied on Friday with the Federal Deposit Insurance Corp. for deposit insurance.
The bank would operate as a unit of Digital First Bancorp.
"The bank is being established to serve the financial needs of the local communities in which it resides," the group said in its application. "Additionally, it is expected that the bank will have a national reach due to the proposed digital capabilities of the financial institution."
The organizers are Jon Lancaster, Michael Moderski, Michelle Toll, Adam York and Brian Watterson.
Moderski, who would serve as the bank's CEO, said the group plans to raise $35 million in initial capital.
Moderski is a former president and chief operating officer at McFarland State Bank, according to his LinkedIn profile.
BM Technologies to acquire First Sound Bank in Seattle
Monday, November 15, 2021
Norwood Financial CEO to retire in 2022
Patriot National to merge with American Challenger
Patriot National Bancorp in Stamford, Conn., has agreed to buy American Challenger Development in a move designed to create the nation’s biggest challenger bank.
The $952 million-asset Patriot National said in a press release Monday it will pay $119 million for American Challenger. The deal will be structured as a reverse subsidiary merger, with American Challenger surviving as a wholly owned subsidiary of Patriot.
Raymond Quinlan, American Challenger’s CEO, will become Patriot’s CEO. Felix Scherzer, American Challenger’s chairman and president, will have the same titles at Patriot.
Michael Carrazza, Patriot’s chairman, will become vice chairman.
Patriot also entered into separate agreements to securities to certain investors to bring in $540 million of capital. The company plans to raise another $350 million. The investors will own nearly 72% of Patriot following the recapitalization.
The acquisition and the capital raises are expected to close in the first quarter.
Patriot plans to operate two divisions – the Patriot Bank division will maintain the company’s existing business, while the American Challenger division will execute the high-growth business plan.
“We’re excited to have engineered this industry-disrupting merger,” Carrazza said in the release.
“Customers will benefit from an expanded array of services and a tech-savvy banking experience, while shareholders should benefit from the compelling value that will be created,” Carrazza added. “Patriot’s team will remain intact and will be complemented by American Challenger’s team and digital platform capabilities.”
American Challenger’s organizers had pursued a charter with the Office of Comptroller of the Currency, along with deposit insurance from the Federal Deposit Insurance Corp., in late 2020. The plan was to target Gen X customers with products such as deposits, mortgages and senior-secured commercial loans.
The bank would have been initially capitalized with $750 million with plans to raise another $230 million from selling preferred stock. It had gained conditional OCC approval.
American Challenger also announced on Monday that it had entered into a term sheet with Sunlight Financial to buy nearly $1.8 billion of solar energy loans over several years.
BofA Securities, Barclays Capital and Keefe, Bruyette & Woods are serving as private placement agents for Patriot’s recapitalization. Squire Patton Boggs advised the placement agents.
Evercore and Blank Rome advised Patriot on the transaction. Sullivan & Cromwell advised American Challenger.
Friday, November 12, 2021
Eagle in Montana pushes back bank deal's closing date
Providence Bank to acquire Leaders Bank in Illinois
Thursday, November 11, 2021
Georgia Banking to buy Peoples BankTrust
Tuesday, November 9, 2021
QCR in Illinois to buy Guaranty Federal in Missouri
QCR Holdings in Moline, Ill., has agreed to buy Guaranty Federal Bancshares in Springfield, Mo.
The $6 billion-asset QCR said in a press release Tuesday that it will pay $151.6 million in cash and stock for the $1.2 billion-asset Guaranty Federal. The deal is expected to close in the first or second quarter.Monday, November 8, 2021
Allegiance, CBTX merger to create $10B-asset bank
CBTX in Houston has agreed to merge with Allegiance Bancshares in Houston.
The companies said in a press release that the $4.2 billion-asset CBTX will be the legal acquirer of the $6.8 billion-asset Allegiance. The deal is expected to close in the second quarter.Friday, November 5, 2021
Capital One adds former banker to its board
Malvern writes down sold nonaccrual loans, TDRs
Armed Forces Bank to buy mortgage lending operation
Founders of Locality Bank get FDIC conditional approval
Organizers of the proposed Locality Bank in Fort Lauderdale, Fla., have received conditional approval for deposit insurance from the Federal Deposit Insurance Corp.
The FDIC is requiring the group to raise $23 million before opening the de novo, according to the Nov. 1 order.Amerant to save $12M annually from outsourcing pact
Thursday, November 4, 2021
OCC snag to delay closing of Blue Ridge-FVCB deal
First Merchants to buy Level One in Michigan
First Merchants in Muncie, Ind., has agreed to buy Level One Bancorp in Farmington Hills, Mich.
The $15.1 billion-asset First Merchants said in a press release Thursday that it will pay $323.5 million in cash and stock for the $2.5 billion-asset Level One. The deal, which is expected to close in the first half of 2022, priced Level One at 188% of its tangible book value.OceanFirst entering three states with Partners deal
Wednesday, November 3, 2021
Group planning minority women-owned bank in Penn.
A group in central Pennsylvania is looking to form a minority, women-owned bank.
Organizers
of American Women’s Bank in Camp Hill, Pa., applied with the Federal Deposit
Insurance Corp. on Tuesday for deposit insurance. The bank would have a
national charter and would be regulated by the Office of the Comptroller of the
Currency.
The group’s
“mission is to create a financial platform for women who would like to pursue
their dreams of owning a business,” the application said. “There is a need for
a bank led by a woman who understands small business challenges and can assist
other women in their endeavors.”
American
Women’s Bank would focus on providing financial services to women-owned
businesses, with products such as commercial real estate and construction loans,
commercial-and-industrial loans, working capital loans, lines of credit and
Small Business Administration loans.
Organizers
plan to raise $15 million to $20 million in initial capital.
Jeian
Rauchut would serve as the bank’s chairman, president and CEO. A community engagement
and growth specialist at Gateway Health, her most-recent bank position was at
Centric Bank, where she was a vice president and cash management manager from February
2011 to mid-2013.
Jeannetta
DeDay, the proposed bank’s chief lending officer, was the manager of the Harrisburg,
Pa., region for Susquehanna Bank, where she led a team and established a
loan-production center. Prior to joining Susquehanna, DeDay was manager of commercial
lending and was the corporate secretary for Integrity Bank.
George Niemczyk,
who would serve as chief credit officer, is a former chief operating officer and chief financial officer at Pascack
Bancorp, while Floyd
Weekes, set to become chief financial officer and chief technology officer, held a number of top leadership posts at CSB&T Bancorp in Nashville, Tenn.
Richard Hunt to step down as CBA leader in 2022
Tuesday, November 2, 2021
First Internet buying deposit-rich bank in Georgia
First Internet Bancorp in Fishers, Ind., has agreed to buy First Century Bancorp in Roswell, Ga.
The $4.3 billion-asset First Internet said in a press release Tuesday that it will pay $80 million in cash for the $408 million-asset First Century. The deal, which is expected to close in the first quarter, priced First Century at 135% of its tangible book value.Monday, November 1, 2021
MidWestOne to buy Iowa First Bancshares for $48M
Wintrust to buy Allstate loans, offer products to agents
Midland States to wind down GreenSky portfolio
BancFirst in Oklahoma to buy Dallas-area bank
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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HomeStreet in Seattle has agreed to buy three branches in California from U.S. Bancorp and MUFG Union Bank. U.S. Bancorp and MUFG Union sai...
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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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Another state has intervened to impede a credit union’s pending purchase of a bank. The Minnesota Department of Commerce has rejected the s...