Paul Davis

CIT Group over a year's time brushed off several offers from First Citizens BancShares, entertained rival bids and kept negotiating on price and board representation before striking a deal, according to a new regulatory filing.

The deal would rank among the biggest bank combinations since the financial crisis, creating a coast-to-coast franchise with about $563 billion of assets and branch presence in 29 of the nation’s 30 largest markets.

The Indiana company agreed to acquire Hoosier Trust, which manages about $300 million in assets.

Integrity Bank for Business is being pursued by a group with ties to Heritage Bankshares, which was sold in 2016.

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.

RockPoint Bank is on pace to open early next year. The announcement comes two weeks after Craft Bank became Atlanta's first new bank since 2010.

Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.

The sales are part of ConnectOne's strategy to replace traditional retail branches with banking hubs backed by technology.

The Detroit company said David Provost, former CEO of Chemical Financial, will become its CEO.

The Iowa company said it will pursue a two-step acquisition to address unspecified issues raised by the Federal Reserve as part of its review of the acquisition.