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 New York company may struggle with profitability as it decides whether to find a new buyer.
The Lake Success, N.Y., company’s bottom line fell 15% on lower net interest income, though its expenses shrank and fee income rose.
The phrase “it is what it is” came up several times as CEO Joseph Ficalora addressed analysts’ questions about nixing plans to buy Astoria and the challenges of getting another deal done.
The company wants a big deal to help push it over $50 billion of assets, at which point it will be considered systematically important.
To succeed, the Tennessee company must build on momentum created by BNC, the bank it just agreed to buy.
CEOs at several regionals have decided to sit on the sidelines so they can digest recent big acquisitions, while others are contemplating going for more deals provided they find lower-risk opportunities.
The Cleveland company also had a record quarter for its investment banking business.
The Pittsburgh company was aided by high-single-digit organic loan growth in addition to an acquisition that was completed in February.
The bank is first to fail in New Jersey since 2012.
There is optimism that consolidation could bounce back from a lackluster 2016 as bank stocks rally. At the same time, expectations of regulatory easing and tax reform could entice more banks to stay independent, at least in the short term.