Commercial
Kansas’ Equity Bank to expand in Iowa with $123.8M deal
Equity Bancshares announced on Thursday its plan to acquire Lincoln Savings Bank in Iowa for approximately $123.8 million, with the deal expected to close by the end of the year, adding 16 branches and bringing total assets to $9.1 billion. This follows a similar-sized transaction last year when Equity acquired Frontier Holdings, aligning with its expansion strategy.
FNBO to acquire Colorado bank in $204M deal
First National Bank of Omaha (FNBO) announced on Wednesday that it has agreed to acquire Denver-based InBankshares Corp. (which operates InBank) in a cash transaction valued at up to $204 million. The deal will add nine new Colorado branches, bringing FNBO's total branch count in the state to 30, and is expected to receive regulatory approval by the end of the year.
Citizens targets gap between consumer, commercial banking
Citizens Bank is accelerating its cross-business-line collaborative services to fill the market gap between consumer banking and commercial banking. Mark Valentino, President of Corporate Banking at the bank, stated that recent investments in products, technology, and geographic expansion are aimed at driving growth, with a focus on expanding mid- and lower-market corporate clients in regions such as New York, Florida, and California.
Mike Lyons begins his Truist era
Truist's new CEO Mike Lyons officially took office on Tuesday, with analysts expecting him to propose a 'bold and ambitious' plan to improve profitability within 90 days. Investors generally believe the company urgently needs a 'major reset,' but former CEO Bill Rogers' retention as executive chairman until April 2027 may limit Lyons' autonomy.
U.S. Bank expands business banking roster
U.S. Bank announced on Monday that it will form corporate banking teams in Florida and Georgia, while expanding operations in Dallas and Phoenix to strengthen its national corporate banking presence. Dee O'Dell, the bank's head of corporate banking sales, revealed that the team currently has about 1,300 people and may continue to add teams in other regions where it already has wealth management and middle-market businesses.
Indiana’s First Financial to buy Illinois bank for $111.3M
First Financial Corp. announced on Thursday that it will acquire First Illinois Corp. for approximately $111.3 million. The transaction is expected to close in the fourth quarter, bringing Hickory Point Bank and Trust under its umbrella and adding 8 branches in central Illinois for First Financial. The combined bank will have total assets of approximately $6.9 billion, deposits of $5.5 billion, and loans of $4.9 billion.
Embattled bank names next CEO after investor challenge
Cashmere Valley Bank announced last week the appointment of Len Devaisher as its next CEO, following public pressure from investor Down Range Capital. Devaisher will join on October 5 and officially succeed current CEO Greg Oakes on December 31. Investors had previously criticized the bank's lack of a succession plan and low board shareholding, and urged the bank to consider a full sale.
Virginia's Trustar Bank Acquires Forbright Bank's Washington, D.C. Branches
Trustar Bank announced on Friday that it will acquire Forbright Bank's branches in the Washington, D.C. area, gaining approximately $750 million in local deposits. The transaction is expected to close in the fourth quarter, and Forbright will focus on its national digital banking platform and commercial lending business.
Goldman Sachs Agrees to Acquire LCN Capital Partners for Up to $410 Million
Goldman Sachs has agreed to acquire LCN Capital Partners, a real estate investment manager, for up to $410 million. The deal, announced Tuesday, follows Goldman's $2.25 billion agreement to buy ETF provider NEOS last week. LCN specializes in sale-leaseback, build-to-suit, and net lease investments across North America and Europe.
Old Glory Bank and Digital Asset Acquisition Corp. Mutually Terminate Merger Agreement
Old Glory Bank's parent company and SPAC Digital Asset Acquisition Corp. have scrapped their merger plans, according to a Thursday securities filing. The Federal Reserve did not approve the transaction, and no termination fee was paid. The bank will remain private for now.