BOWLING GREEN, Ohio -- Mid Am Inc. signed a definitive agreement to acquire ASB Bankcorp, the parent of Adrian State Bank, in a $20.2 million deal.
The agreement calls for the shareholders of ASB to receive about $65 a share payable in Mid Am common stock. The transaction will be structured as a tax-free exchange and will be accounted for under the pooling-of-interests method.
Mid Am, with $1.9 billion in assets and 84 offices is Ohio's ninth largest bank holding company.
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
