Community banks in the Pacific Northwest and New England completed acquisitions late in the week, and the TIAA-EverBank deal has moved a step closer to reality.
HomeStreet in Seattle has completed its purchase of two branches in California and related deposit accounts from Boston Private Bank & Trust. The $6.2 billion-asset HomeStreet said Friday that the branches in Granada Hills and Burbank, which will begin operating under its name on Monday, are expected to add about $104 million in deposits and increase its branch total to 13 in Southern California. The deal was announced in June.
Independent Bank Corp. in Rockland, Mass., announced Thursday that it completed the purchase of New England Bancorp in Hyannis, Mass., which had $260 million of assets when the deal was made in March.
Independent, the parent of Rockland Trust, said that one of New England Bancorp's Bank of Cape Cod branches will begin to operate under the Rockland Trust name on Monday, while three other branches will be closed and consolidated into other locations. Independent now has $7.8 billion in assets.
Meanwhile, TIAA's pending purchase of EverBank Financial in Jacksonville, Fla., has moved forward. EverBank shareholders approved the deal at a meeting on Wednesday. New York-based TIAA agreed in August to buy the $27.4 billion-asset EverBank for $2.5 billion, or $19.50 a share, in cash. The deal is expected to close in the first half of 2017.