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.
The Salt Lake City company reported an efficiency ratio of 61.6% despite charges and costs tied to recently passed tax reform.
There were no sighs of relief from bankers, who realize their planning could still prove useful as the potential for another shutdown looms.
It was thought tax cuts could fuel a rise in bank deals, but regionals seem to be leaning toward digesting what they have already bought, pursuing smaller, nonbank deals and rewarding shareholders.
Merger- and tax-related charges took a bite out of fourth-quarter profits at the Cleveland company, but its CEO emphasized that a recent deal and tax reform are promising for growth.
Kevin Lycklama is set to succeed Patrick Sheaffer, who has led the company since 1976.
The company, which bought BNC Bancorp to enter North Carolina last year, recorded $19.1 million in merger-related expenses and an $8.3 million pretax loss tied to investment securities.
The activist investor, which has pressured the company in the past to find a buyer, fell short in an attempt last year to gain representation.
The Tennessee company has been buying banks in smaller markets and college towns where it rarely has to compete with financial giants.
Jose Vazquez Jr., who previously worked for Popular Community Bank, will oversee commercial lending and treasury management services.
Lower taxes mean more earnings, higher capital levels and perhaps a psychological boost for buyers.