CFX Corp. said it would buy Milford Co-Operative Bank,
The acquisition would satisfy $901 million-asset CFX's goal of
The deal would give CFX $1.35 billion in assets and 41 branches in New
Officials expect a 30% cost reduction from the deal.
Under terms of the deal, each share of Milford stock would be converted
The agreement provides for $154 million-asset Milford to be merged into
The transaction, which would be tax-free to Milford shareholders, is
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.
