Fresh Ink
1. Citigroup sold its private-equity unit to StepStone Group and Lexington Partners for a reported $900 million. The business has $10 billion of assets under management.
2. People's United Financial in Bridgeport, Conn., has deals to buy Smithtown Bancorp in Hauppage, N.Y., for $60 million, and LSB Corp. in North Andover, Mass., for $96 million.
3. Grandpoint Capital Inc. in Los Angeles is buying the $348 million-asset First Commerce Bank in Encino, Calif., for $43.2 million. First Commerce is to be merged into Grandpoint Bank.
4. SunTrust Banks sold approximately $17 billion of money-market assets to a Pittsburgh-based investment management firm, Federated Investors, for $38.8 million.
5. Liberty Bank of Middletown, Conn., is buying the $175 million-asset Connecticut River Community Bank in Wethersfield for $16.1 million. Liberty has roughly $3.2 billion of assets.
