Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
North Carolina's second-biggest community bank agreed to sell itself at a rich premium, signaling that the state has become an attractive market for acquirers. Adding an out-of-state bank could also create opportunities for *locals* to poach business.
BancorpSouth in Tupelo, Miss., reported weaker quarterly profit after boosting its loan-loss provision and recording lower fee income.
H. Rodgin Cohen has just about seen it all over his decades of work advising bankers. The well-known lawyer looks at existing issues for banks while reflecting on past mergers that paid off for their participants.
Synovus Financial in Columbus, Ga., reported higher second-quarter earnings on solid growth in revenue and loans for investment properties.
Banks with a special focus, such as social equality or environmental sustainability, have to overcome additional hurdles while looking for an acquisition.
Royal Bank of Canada and CIBC have plunked down $9 billion in the past year to buy U.S. banks, ending a brief lull from Canadian banks. Expect more activity from those banks and others.
The Canadian company took its time before making a bank acquisition in the U.S. The wait allowed management to address internal performance, assess the market and find the right bank to buy.
The Canadian company is determined to rely on low-cost deposits, lending prowess and cross-selling to justify the price it will pay for PrivateBancorp. Each of those strategies could backfire, highlighting why most acquirers emphasize cost-cutting when pitching a deal.
Suffolk Bancorp said increased oversight of commercial real estate contributed to and may have accelerated its decision to sell to People's United. Other banks could make a similar choice.
First Bancorp in Southern Pines, N.C., has agreed to buy Carolina Bank Holdings for $97.3 million, or $19.26, in cash and stock.