Regions in Alabama buys investment bank Frazier Lanier
Regions Financial in Birmingham, Alabama, bought Frazier Lanier Company, an investment bank that specializes in municipal and corporate securities.
The $161 billion-asset Regions did not disclose the price it paid for the Montgomery, Alabama, investment bank.
Frazer Lanier will be integrated into Regions’ capital markets division.
Commerce in Missouri to buy boutique investment bank Nolan & Associates
Commerce Bancshares in Kansas City, Missouri, has agreed to buy boutique investment bank Nolan & Associates in St. Louis.
Nolan provides sell-side, buy-side and capital raise advisory services to business owners, private equity firms and corporations in industries that including building products, transportation, logistics, energy, healthcare, telecom, business services, manufacturing, distribution and agriculture.
Nolan will operate as a wholly owned subsidiary of Commerce Bank. The price wasn’t disclosed.
Commerce will also buy Middle-Market Transactions, a FINRA-regulated entity through which Nolan delivers advisory services.
Bank7 in Oklahoma aims to buy Century Bank in New Mexico
Bank7 in Oklahoma City has agreed to buy a controlling stake in Century Financial Services in Santa Fe, New Mexico.
The $2 billion-asset Bank7 said in a press release that it plans to buy a 71% stake in the holding company for the $1.4 billion-asset Century Bank for $68 million in cash. The shares are being sold by a court-appointed receiver tied to KS StateBank v. Peters, et al., a pending case in the U.S. District Court for the District of Arizona.
The purchase agreement required Bank7 to pay a good-faith deposit of $7.25 million, which will be credited to the purchase price if the company is determined to be the successful bidder.
Bank7 agreed to serve as the “stalking horse” bidder, establishing the floor price and baseline terms for the sale. The transaction is subject to higher or otherwise better offers solicited through a bidding and auction process, for which Bank7 will have a matching right, as well as court approval.
The transaction is expected to close in the third quarter.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
