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Nearly 85% of the acquisitions announced this year have involved sellers with $500 million or less in assets. Investment bankers expect more of the same in the final six months of this year.
July 1 -
The South Dakota company will soon be completely independent from National Australia Bank. The plan for now is to produce consistent results while scouting deals as the bank nears a key regulatory threshold.
June 30 -
Pressure from community groups forced Valley National Bancorp to strengthen its commitment to lend in low-and moderate-income neighborhoods in order to win approval for a Florida acquisition. Other banks, too, are now placing CRA efforts front-and-center as they aim to sell deals to the public and their regulators.
June 19
First National Bankers Bankshares in Baton Rouge, La., has agreed to buy Independent Bankers' Bank of Florida for $1.9 million.
The holding company of Independent filed for Chapter 11 bankruptcy on Monday and plans to sell the bank to the $780 million-asset First National, Jim McKillop, the president and chief executive of the holding company,
Independent has assets of $143 million and is based in Lake Mary, Fla.
"Despite the best efforts at the holding company to restructure costs, tamp down nonperforming assets and raise additional capital, it has been and remains a very difficult market, and we have been unable to turn things around," McKillop said in the letter.
Shannon Kirby, vice president for administration at First National Bankers, confirmed the existence of the deal Thursday but said further questions had to be directed to President and Chief Executive Joseph Quinlen, who was not immediately available.
The purchase price includes $240,000 in cash, stock consideration valued at $760,000 and the cancellation of $900,000 in debt, according to the investment bank Hovde Group, which said in
The transaction is expected to close in August or early September, McKillop's letter said.
