Commerce Bancorp in Greenwood, Mississippi, has applied to buy Holmes County Corp. in Lexington, Mississippi. The parent of the $983 million-asset Bank of Commerce applied with the FDIC on June 5 to acquire the $154 million-asset Holmes County Bank. The deal is expected to close in the fourth quarter. Following the merger, Bank of Commerce will operate 15 branches across North and Central Mississippi, with total assets exceeding $1.1 billion.
Two Massachusetts-based banks plan to merge. NB Bancorp based in Needham, the holding company for Needham Bank, agreed to acquire Provident Bancorp based in Amesbury, the holding company for BankProv, in a stock and cash transaction. BankProv will integrate with Needham Bank, expanding Needham’s market presence in the Bay State and Southern New Hampshire. The deal is expected to close in the fourth quarter. BankProv, founded in 1828, operates seven branches and a loan office, with $1.6 billion in assets. The combined entity will operate 18 branches, with total assets of approximately $7.1 billion, deposits of $5.9 billion and loans of $6.1 billion.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
