First Financial Bancorp. in Cincinnati has agreed to buy Finward Bancorp in Munster, Indiana. The $22.4 billion-asset First Financial said in a press release that it will pay $208 million in stock for the $2 billion-asset Finward. The deal, which is expected to close in the fourth quarter, priced Finward at 140% of its tangible book value.
Northrim BanCorp in Anchorage, Alaska, has agreed to buy PBCO Financial in Medford, Oregon. The $3.4 billion-asset Northrim said in a press release that it will pay $167.3 million in stock for the $777 million-asset PBCO. The deal is expected to close in the fourth quarter or early next year.
Amador Bancshares in Las Cruces, New Mexico, has agreed to buy BBS Corp. in Socorro, New Mexico. Amador, the holding company of the $1.2 billion-asset Citizens Bank, did not disclose the price it will pay for the parent of the $186 million-asset First State Bank. The deal is expected to close in the fourth quarter.
Optus Financial in Columbia, South Carolina, has agreed to buy M&F Bancorp in Durham, North Carolina, in a merger of minority depository institutions. Optus will pay $105 million in cash, including $46.57 a share at closing and an additional $6.73 a share contingent upon the repurchase of certain outstanding shares of M&F preferred stock within a year of closing. The deal is expected to close in the fourth quarter.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
