50 mortgage industry mergers and acquisitions likely this year
That amount of consolidation would be a leap from the previous three-decade high of 33 in 2018, according to Stratmor.
M&A
Real estate startup buys mortgage technology assets of Reali
New York-based broker platform Prevu currently offers buying and selling services in the Northeast, Texas and the West Coast.
Huntington gets a lift from recent M&A deals
The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.
F.N.B. Corp. wins regulatory green light for North Carolina bank acquisition
The Pittsburgh-based parent of First National Bank of Pennsylvania plans to close its $117 million buyout of UB Bancorp in December.
Taiwan bank to expand into U.S. with acquisition in California
Taichung Commercial Bank said it would pay $82.1 million to buy American Continental Bancorp in suburban Los Angeles.
Deal for Lakeland Bank has an issue lurking beneath the surface
The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.
Provident Financial expanding in New Jersey with $1.3 billion deal
The all-stock acquisition of Lakeland Bancorp, expected to close in the second quarter of 2023, would create a combined bank with more than $25 billion of assets.
Select Portfolio Servicing agrees to buy Rushmore assets
SPS will have roughly 1.4 million mortgages in its portfolio after the transaction closes, something the two companies estimate will occur in the fourth quarter of this year.
U.S. Bancorp now expects MUFG Union deal to close later in second half of 2022
The Minneapolis-based buyer had previously said the deal would close earlier in the second half. Some of the financial benefits, which had been expected to be realized next year, won't come to fruition until 2024, executives said Monday.
Truist to acquire Texas Capital’s premium finance business
The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.
As multinational companies rethink their global footprints, opportunity emerges for banks
Corporations are navigating shifting geopolitics, and M&A bankers are advising them as they consider selling off faraway units and focusing more on assets closer to home or in friendlier countries.
Fitch downgrades PacWest, citing ‘deterioration’ of key capital ratio
The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from "BBB" to "BBB-" and says it doesn't expect the bank's common equity Tier 1 ratio to bounce back anytime soon.
M&A jitters abound, but some banks forge ahead
Rising interest rates, lower stock prices and other headwinds have caused many banks to pump the brakes on dealmaking. But some are betting that these trends will be too short-lived to deter them from engaging in mergers and acquisitions.
Bankers stick biggest discount this year on gaming buyout loan
A bank club led by Morgan Stanley has posted the steepest discount on a leveraged loan so far this year as Wall Street institutions struggle to lock down buyers for risky debt amid mounting recession fears.
Figure Technologies, Homebridge end merger plans
Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.
Canadian banks see risk of U.S. economic slowdown ahead
Executives at banks north of the border pointed this week to several potential U.S. economic snags, including inflation, the possibility of a housing market correction and soaring energy prices.
New closing target set for U.S. Bancorp-MUFG Union deal
Completion of U.S. Bancorp’s $8 billion acquisition of MUFG Union Bank, originally slated for June, has been pushed to the second half of 2022, the seller’s parent company says.
KeyCorp buys fintech that helps borrowers manage student debt
GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.
At PennantPark, Art Penn says volatility turns investors’ attentions to middle-market CLOs
Despite perceptions that smaller companies are riskier, they pose less risk to investors. Realized loss rates are lower, and they deliver higher returns.
By
John Hintze
Fed approves Citizens’ acquisition of New Jersey-based Investors
The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.
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