Firstbank Corp. in Alma, Mich., has agreed to buy ICNB Financial Corp. in Ionia, Mich., for $38.4 million in cash and stock.
The deal, which was announced after the markets closed Thursday, would give the $1.1 billion-asset company nine branches in three counties - Barry, Eaton, and Ionia - where it has none.
The deal price is about 1.75 times the $236 million-asset ICNB's book value. The sale is expected to close in the second quarter.
Some last-minute drama has derailed planned votes on crypto and stablecoin in the House, but the political maneuvering isn't likely to improve the long list of criticisms that bankers have raised about the legislation before it heads to President Donald Trump's desk.
The global bank reported solid second-quarter results as executives maintain confidence in the bank's ability to achieve a return on tangible common equity of 10-11% next year. But an analyst said Citi's progress on reducing expenses will hinge on its ability to get freed from various enforcement actions.
The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.
Luke Pettit, a Senate Banking Committee staffer, will serve as the Treasury Department's next assistant secretary of financial institutions.
The Minneapolis-based bank worked with WaveBL and ICICI Bank to handle an export shipment with fully digital documents via blockchain technology.
The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don't understand the terms of the emerging credit offering.
