VisionBank of Iowa in Ames has agreed to buy Legacy Bank in Altoona, Iowa.
Browsing: Mergers and acquisitions
BankFirst Capital in Columbus, Miss., has agreed to buy Mechanics Banc Holding in Water Valley, Miss.
Thumb Bancorp in Pigeon, Mich., has agreed to buy Exchange State Bank in Carsonville, Mich. The $401 million-asset Thumb said in a press release that it will pay $29.9 million in cash and stock for the $219 million-asset Exchange Bank.
TowneBank in Suffolk, Virginia, has agreed to buy Farmers Bankshares in Windsor, Virginia. The $16.9 billion-asset TowneBank said in a press release Thursday that it will pay $56 million in stock for the $609 million-asset Farmers.
In a detailed comment letter to the FDIC on Friday, the American Bankers Association called for updates to the agency’s 25-year-old guidelines regarding bank merger transactions, acknowledging the significant changes that the financial services industry has undergone since they were originally put in place.
Hsu said frameworks for analyzing bank mergers need updating, but a merger moratorium would prevent deals that increase competition, better serve communities better, and enhance resiliency.
Speaking at an industry event today, Acting Comptroller Michael Hsu warned that “there is a gap with regards to large regional banks” when it comes to resolvability, and signaled his desire for additional reforms to ensure financial stability in the event of a large regional bank failure.
The FDIC issued a request for information today seeking public input on bank merger transactions, including mergers between an insured depository institution and a noninsured institution.
Under a new law signed by Mississippi Gov. Tate Reeves, only FDIC-insured banks can acquire or merge with Mississippi-chartered state banks.