Jim Dobbs

The Aurora, Illinois-based buyer said it would pay $297 million to acquire West Suburban Bancorp in Lombard, Illinois.

The company has long focused on customers with ties to the two states. But as it emerges from the pandemic seeking new lending opportunities, CEO Rajinder Singh says, “We are looking at markets from Boston all the way down to Atlanta.”

Consumers are booking rooms at levels not seen since early 2020 and loan delinquencies have fallen sharply as a result. Still, business travel remains sluggish and new COVID variants are spreading, threatening the hotel industry’s recovery.

The Tennessee company said merger costs tied to its Iberiabank acquisition are up $40 million from previous estimates. However, savings from additional branch closings and unexpected revenue gains should soften the blow.

United Community Banks in South Carolina and Blue Ridge Bancshares in Virginia have each struck agreements to buy or merge with banks in major metropolitan markets, where they will aim to siphon business from larger rivals.

Bank of America expects interest income to rise as stronger borrowing outweighs the impact of low rates. The upbeat forecast is in contrast with remarks from JPMorgan Chase executives.

Lakeland is paying $244 million for 1st Constitution Bancorp. The combined bank would be the fifth largest by deposit market share in New Jersey.

The economic forces driving dealmaking will overcome any regulatory risk posed by the president's call for stricter vetting of bank merger applications — especially among community banks, experts say. The White House push could even nudge some executives to cut deals sooner.

HoldCo Asset Management opposed the $900 million deal, arguing that Boston Private failed to consider other potential buyers and did not attract an acceptable price.

Banks such as Santa Cruz County Bank are now trading shares over the counter to capitalize on investors' bullish outlook for small lenders.