Cadence Bank in Houston has agreed to buy Industry Bancshares in Industry, Texas, which has been dealing with regulatory issues tied to its securities portfolios. The $50 billion-asset Cadence said in a news release that it will pay between $20 million and $60 million in cash, based on Industry’s equity capital at closing. Cadence can also walk away from the deal if Industry’s equity capital falls below a certain threshold. The deal is expected to close in the second half of this year.
Miners and Merchants Bancorp in Grundy, Virginia, has agreed to buy First Community in Rogersville, Tennessee. The $500 million-asset parent of TruPoint Bank said in a news release that it expects to buy the $200 million-asset First Community in the third or fourth quarter. The price wasn’t disclosed.
Eastern Bankshares in Boston has agreed to buy HarborOne Bancorp in Brockton, Massachusetts. The $25 billion-asset Eastern said in a news release that it will pay $490 million in cash and stock for the $5.7 billion-asset HarborOne. The deal, which is expected to close in the fourth quarter, priced HarborOne at 100% of its tangible book value.
Columbia Banking System in Tacoma, Washington, has agreed to buy Pacific Premier Bancorp in Irvine, California. The $50 billion-asset Columbia said in a news release that it will pay $2 billion for the $18.1 billion-asset Pacific Premier. The deal, which is expected to close in the second half of this year, priced Pacific Premier at 99% of its tangible book value.
Citizens & Northern in Wellsboro, Pennsylvania, has agreed to buy Susquehanna Community Financial in West Milton, Pennsylvania. The $2.6 billion-asset C&N said in a news release that it will pay $44.3 million for the $598 million-asset Susquehanna. The deal, which is expected to close in the fourth quarter, priced Susquehanna at 126% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
