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.
All five directors at Seacoast Banking Corp. of Florida in Stuart were re-elected despite a protest vote from the company's biggest investor.
Scale is the goal of many banks dealing with compliance costs and revenue constraints. Success requires investing in management and systems without sacrificing culture.
Banc of Californias shareholders delivered a pair of rebukes for the Irvine companys management.
Shareholders at KeyCorp in Cleveland soundly rejected a proposal to separate the chairman and chief executive roles.
HCSB Financial in South Carolina recently raised $45 million from a group led by Castle Creek Capital Partners, showing that big investors are still comfortable placing bets on financial firms. The challenge for banks like HCSB will be to find ways to put that capital to work years after other institutions were able to start playing offense.
Seacoast CEO Dennis Hudson, in a letter to the company's biggest shareholder, touted improved performance while questioning the timing of the investor's push for a sale.
Seattle, with great demographics and low unemployment, is an attractive market, but M&A is constrained by a dearth of locally owned banks.
Seacoast Banking in Florida is facing pressure from CapGen, its biggest investor, to generate better returns or sell to a larger institution.
A dozen directors were re-elected at Middleburg Financial in Virginia despite a protest from the company's biggest investor.
PL Capital, a big investor in Banc of California, is proposing that the Irvine company adopt majority, rather than plurality voting, for the election of directors.