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Customers Bancorp and CMS called off their merger and are fighting over whether Customers owes a $1 million breakup fee. Emotions run high in these cases, but bank execs need to learn to avoid such distractions to protect long-term growth strategies, experts warn.
January 15 -
Further delays in the M&T/Hudson City deal were a reminder of how hard it is to manage banks in the limbo between the announcements and closings of M&A agreements. Tougher regulatory scrutiny means longer waits and greater risk of cancellation.
December 26 -
Stephen E. Dowd, the chief financial officer of CMS Bancorp in White Plains, N.Y., has died. The $273 million-asset company announced Dowds unexpected passing in a press release on Friday.
August 15
Putnam County Savings Bank in Brewster, N.Y.,
The $25.4 million cash deal is expected to strengthen the $976 million-asset Putnam's presence in the northern suburbs of New York City, where the $273 million-asset CMS has five branches. The deal is expected to close in the first half of next year.
"This transaction provides an excellent platform for further growth and will expand our franchise in the Westchester County market," Joseph Roberto, Putnam's president and chief executive, said in a press release Thursday.
Under the agreement, one CMS director will join the Putnam board. No additional leadership changes were announced.
CMS last year struck a deal to sell itself to the $5.6 billion-asset Customers Bancorp in Wyomissing, Pa., but
The Putnam acquisition also comes a month after the
Luse Gorman Pomerenk & Schick and FinPro Capital Advisors advised Putnam. Paul Hastings and Sandler O'Neill advised CMS.
