DES MOINES - Brenton Banks Inc. said it signed a definitive agreement to acquire Ames (Iowa) Financial Corp. in an exchange of stock.
Each of the 269,000 Ames shares is to be traded for 1.358 Brenton common shares, for an indicated deal value of $8.4 million. At March 31, Ames had $105.3 million in assets.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
