Two investment banks that cater to commercial banks, Performance Trust Capital Partners in Chicago and Banks Street Partners in Atlanta, have agreed to merge.
Financial terms of the transaction, announced Monday, were not disclosed. It is expected to close in the second quarter.
It is the second such deal this month; both involved an Atlanta firm. Last week Janney Montgomery Scott in Philadelphia agreed to buy FIG Partners in Atlanta.
"The banking industry we serve is being disrupted, putting many communities and small businesses at risk,” Rich Berg, CEO of Performance Trust, said in a news release announcing its agreement with Banks Street. “By combining our resources, collective wisdom and insights, we believe we can provide better holistic, actionable advice to enable our clients to remain the heartbeat of their community, as they define independence for themselves."
Banks Street Partners will become a part of Performance Trust, but it will continue to operate under its own name for a “period of time following the transaction,” according to the release.
Daryle DiLascia, head of investment banking at Performance Trust, will lead the combined team. Lee Burrows, CEO of Banks Street, will serve as vice chairman of investment banking, and Gary McNorrill, president of Banks Street, will become managing director and head of Southeast investment banking.
