SouthState Corp. plans to purchase Independent Bank Group in a $2 billion deal, marking an end to the latter bank's long run of buying companies. Chairman and CEO David Brooks pointed to a challenging interest rate environment and heightened regulatory scrutiny as reasons he decided to sell.
West Coast Community Bancorp agreed to acquire 1st Capital Bancorp in an all-stock deal slated to close in the fourth quarter.
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
Consolidation has slowed since the pandemic, but UMB's agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are said to be picking up.
The company's attorneys had previously managed to successfully decertify the class in the seven-year long case, but the decision was reversed last year.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.
Senate Majority Leader Chuck Schumer, D-N.Y., said that he would like to examine the proposed acquisition on "narrower bases."
Industry stakeholders predict the bombshell allegations around how United Wholesale Mortgage does business will impact customer sentiment and could lead to more regulatory oversight.
First National has agreed to buy Touchstone Bankshares. The combined company would have more than $500 million each of deposits and loans.
Barclays has long faced questions from investors about the viability of its Wall Street operations because the investment bank consumes more capital than other, higher-returning divisions across the firm.
The average annual cash bonus fell 2% to $176,500 in 2023, the lowest since 2019. The drop was far less dramatic than it was in 2022, when the average bonus slumped 25%.
The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
Bank mergers and acquisitions have slowed in recent years amid recession fears and other economic uncertainties. But bank consolidation is a century-old trend that's expected to rev up again as early as this year due to higher costs, tougher regulation and fierce competition.
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