Analysts Joseph Fenech and Kevin Fitzsimmons have resigned from the research department at Sandler O'Neill.
The two have been with the company for more than a decade each and cover a collective 45 banks.
The men and Sandler O'Neill declined to comment.
On Friday, Fitzsimmons sent out a mass email saying he had plans to join another unnamed firm following the expiration of a 90-day noncompete clause in his contract with Sandler.
"I am very excited about an opportunity I have to spearhead (along with a former Sandler colleague) the building of an equity research function at another firm," Fitzsimmons said in the email.
Fenech's coverage list at Sandler included some of the most active community bank acquirers of the last few years, including: Home BancShares (HOMB) in Conway, Ark.; Iberiabank (IBKC) in Lafayette, La.; Sterling Bancorp (STL) in New York.
Fitzsimmons covered several larger regionals, including: BB&T (BB&T) in Winston-Salem, N.C.; First Horizon National (FHN) in Memphis; Regions Financial (RF) in Birmingham, Ala.; and Synovus Financial (SNV) in Columbus, Ga.