ELFA Names Cisco, John Deere Winners of 2019 Ops & Tech Award
The Equipment Leasing and Finance Association named the winners of its 2019 Operations and Technology Excellence Award: Cisco Systems Capital for Project Excellence and John Deere Financial for Excellence in Innovation. The two award-winning projects will be showcased during ELFA’s Operations and Technology Conference in September in Chicago.
MERGERS & ACQUISITIONS
Fed Approves Chemical Financial/TCF Financial Merger of Equals
Chemical Financial and TCF Financial have received regulatory approval from the Board of Governors of the Federal Reserve System to complete the proposed merger of equals in which TCF will merge into Chemical. The Fed approval follows recent approvals from the Office of the Comptroller of the Currency and from shareholders of both companies.
Prosperity Bank, LegacyTexas Bank Sign Definitive Merger Agreement
Prosperity Bancshares, the parent company of Prosperity Bank, and LegacyTexas Financial Group, the parent company of LegacyTexas Bank signed a definitive merger agreement.LegacyTexas will merge with Prosperity in a transaction valued at approximately $2.1 billion.
Valley National Bancorp to Acquire Oritani Financial
Valley National Bancorp plans to double its market share in demographically attractive Bergen County, NJ and enhance its presence in Hudson County, NJ by acquiring Oritani Financial. The merger agreement is valued at an estimated $740 million, based on Valley’s closing stock price on June 25, 2019. The common shareholders of Oritani will receive 1.60 shares of Valley common stock for each Oritani share they own.
Bar Harbor Bank to Acquire 8 Bank Branches from People’s United
Bar Harbor Bankshares subsidiary Bar Harbor Bank & Trust signed an agreement to acquire eight branches located in central Maine from People’s United Bank. The branches have approximately $287 million in deposits, $111 million in loans and $284 million in assets under management as of March 31, 2019.
Ameris Completes Fidelity Southern Merger, Names Proctor New CEO
Ameris Bancorp completed its acquisition of Fidelity Southern. Fidelity’s banking subsidiary, Fidelity Bank, merged with and into Ameris Bank, with Ameris Bank surviving the merger. Under the terms of the merger agreement, Fidelity’s shareholders are entitled to receive, for each share of Fidelity common stock outstanding, 0.80 shares of Ameris common stock.
Great Western to Purchase Trust Assets of Independent Bank
Great Western Bank entered into an agreement to purchase and assume the management of the trust assets of Independent Bank, acquired through its acquisition of Guaranty Bank and Trust Company in Colorado. The transaction is expected to close in October 2019.
Community Bank System Completes Merger with Kinderhook Bank
Community Bank System, the parent company of Community Bank, merged with Kinderhook Bank and its banking subsidiary, The National Union Bank of Kinderhook. Community Bank System acquired Kinderhook in an all cash transaction representing total consideration valued at approximately $93.4 million.
BayCom Corp to Acquire TIG Bancorp
BayCom Corp, the holding company for United Business Bank, and TIG Bancorp, the holding company for First State Bank of Colorado, signed a plan of merger. BayCom will acquire TIG in a cash and stock transaction valued at approximately $39.4 million or $12.37 per share, based on the BayCom common stock price closing price of $21.90 per share on June 28, 2019. Under the terms of the agreement, TIG will be merged with and into BayCom.