Citadel Securities, Jane Street on track for record revenue haul
First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.
M&A
Credit unions extend bank-buying spree
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
KeyCorp says $2.8B deal with Scotiabank will help it be ‘front-footed’
KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.
Fulton Financial promotes execs as it digests Republic First
The parent company of Fulton Bank announced the creation of three new management roles and promoted existing employees into those jobs. The changes follow the recent hiring of an outsider to be CFO.
UMB Financial starts checking items off to-do list for Heartland deal
The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.
Troubled Voxtur sells majority stake in Blue Water
Michigan-based University Bancorp is paying $30 million for a 50.5% stake in a business Voxtur acquired for $101 million in 2022.
Mortgages play big part in new Pennsylvania bank merger
ACNB is acquiring Traditions Bancorp in an in-market deal where the latter's mortgage ops will add to its insurance and wealth management units.
Banc of California is selling $2 billion of residential loans
The bank acquired these business purpose non-qualified mortgage loans originated by Civic Financial Services in the PacWest Bancorp deal.
Americans’ debt reaches an all-time high, study finds
Household borrowing from mortgages and other loans hit a record, outpacing inflation, a study shows.
LSTA’s new executive director talks shop
The booming loan and CLO markets could face hurdles unless merger & acquisition activity picks up.
By
John Hintze
Bank M&A deals substantially bigger in 2024
There were 27 bank acquisitions worth $5.45 billion announced in the second quarter as of mid-June. That was more than the $5.2 billion combined value of deals announced over the previous five quarters.
Streak of bank sales to credit unions heats to record pace
Atlanta Postal Credit Union's bid to acquire Affinity Bank marked the 11th deal overall this year involving a credit union buying a bank, matching the total for all of 2023. Separately, members voted against the merger of two credit unions in Indiana.
Why a serial acquirer in Texas agreed to get acquired
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.
California community banks to merge in $63 million deal
West Coast Community Bancorp agreed to acquire 1st Capital Bancorp in an all-stock deal slated to close in the fourth quarter.
Utah bank acquires in-state mortgage lender
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
FirstSun to switch regulators due to delays tied to HomeStreet deal
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.
Mountain West Financial sells retail division to ML Mortgage
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
Republicans zero in on bank merger policy in new push
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.
Are recent deals a sign of bank M&A resurgence?
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.
Republic First fails; Fulton Bank acquires assets, branches
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.
Load More
Couldn’t load more articles. Try again.