Banks
C&F Financial Corp to Acquire Central Virginia Bankshares, Inc.
C&F Financial Corp and Central Virginia Bankshares, Inc. (CVB), the one-bank holding company for Central Virginia Bank, jointly announcec the signing of a definitive merger agreement pursuant to which C&F will acquire CVB in an all-cash transaction valued at $0.32 per common share, or approximately $855 thousand in the aggregate. In addition, subject to final documentation, C&F will redeem for $3.35 million all of CVB's preferred stock and warrants issued to the U.S. Treasury under the Capital Purchase Program, which totaled $13.24 million including unpaid dividends as of March 31, 2013. After the acquisition of CVB, the combined company's total assets will approximate $1.35 billion and total deposits will approximate $1.0 billion. In addition, C&F's capital position will continue to exceed regulatory capital ratios for a well-capitalized bank holding company. The merger agreement has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in the fourth quarter of 2013, pending regulatory approvals, the approval of CVB's shareholders and other customary closing conditions. Larry G. Dillon, Chairman, President and CEO of C&F, will continue to hold these positions after the acquisition of CVB. Upon consummation of the transaction, Herbert E. Marth, President and CEO of CVB, will serve as a senior banking executive and will become a member of C&F Bank's Richmond Board.
Solera National Bancorp Inc's Solera National Bank Completes Deposit Acquisition
Solera National Bancorp Inc's Solera National Bank announced that it has completed the acquisition of customer deposits from Liberty Savings Bank, FSB, headquartered in Wilmington, Ohio. Solera assumed the checking, savings and money market deposits from Liberty's Lakewood branch. These deposits will now be housed in Solera's Lakewood, Colorado location.
Union First Market Bankshares Corp Announces Agreement to Acquire StellarOne Corp-Reuters
Reuters reported that Union First Market Bankshares Corp (Union) and StellarOne Corp (StellarOne) announced the signing of a definitive merger agreement, pursuant to which Union will acquire StellarOne, creating the largest community banking institution in the Commonwealth of Virginia. Based on financials reported on March 31, 2013, the combined companies would have total assets of $7.1 billion, deposits of $5.8 billion and loans of $5.2 billion. Union will operate in all major Virginia markets, deepening its presence in its current footprint and expanding in key trade areas and, on a pro forma basis, will have the fifth largest branch network in Virginia. The company will retain the Union name and corporate headquarters will remain in Richmond. Under the terms of the agreement, common shareholders of StellarOne will receive 0.9739 shares of Union common stock for each share of StellarOne. This implies a deal value per share of $19.50 or approximately $445.1 million in the aggregate based on Union's closing stock price of $20.02 on June 7, 2013. Keefe, Bruyette and Woods, Inc. acted as financial advisor to Union and LeClairRyan, A Professional Corporation acted as its legal advisor in the transaction. Raymond James & Associates acted as financial advisor to StellarOne and Troutman Sanders LLP acted as its legal advisor.
Wilshire Bancorp Inc Announces Acquisition Of BankAsiana
Wilshire Bancorp Inc announced the signing of a definitive agreement under which Wilshire will acquire BankAsiana. BankAsiana is a New Jersey state chartered commercial bank with three branches serving the Korean-American community in the New York/New Jersey market. As of March 31, 2013, BankAsiana had total assets of $207.3 million, total net loans of $161.2 million and total deposits of $164.6 million. The transaction is structured as a series of mergers in which BankAsiana will ultimately merge into Wilshire State Bank, with Wilshire State Bank as the surviving entity. Under terms of the definitive agreement, the transaction is valued at approximately $32.5 million, which will be paid to BankAsiana shareholders and option holders in cash. The transaction is expected to close before the end of 2013, and is subject to approval by the shareholders of BankAsiana, applicable bank and other regulatory approvals and the satisfaction of other customary closing conditions.
First Horizon National Corp's First Tennessee Bank National Association Acquires Mountain National From FDIC
First Horizon National Corp's First Tennessee Bank National Association announced that it has acquired substantially all of the assets and assumed substantially all of the deposits of Mountain National Bank of Sevierville, Tennessee, from the Federal Deposit Insurance Corporation (FDIC), as receiver. The 12 branches of Mountain National, which are located in Sevier and Blount Counties in East Tennessee, will open Monday as First Tennessee financial centers. Mountain National customers are automatically First Tennessee customers. As the Mountain National systems are integrated into First Tennessee's over the next few months, customers are encouraged to continue conducting their banking business as usual through branches and online. Mountain National customers can continue to use any First Tennessee ATM at no charge.
Centerline Holding Co Further Amends Acquisition Negotiation Agreement With Hunt
Centerline Holding Co announced that its Board of Trustees has again amended its negotiation agreement with Hunt Capital Partners, LLC, an affiliate of Hunt Companies, Inc. ("Hunt"). Hunt is interested in acquiring complete ownership of the Company. In consideration of the substantial time and resources devoted by the Parties and their respective Representatives to negotiate in good faith with Hunt to attempt to enter a definitive agreement with respect to the proposed Transaction, the agreement that precludes the Company from exploring other alternatives has been extended a fifth time to 11:59 p.m. EDT on June 10, 2013. The negotiations with Hunt are ongoing and there can be no assurance with respect to the terms or the timing of any transaction, or whether conditions to closing, including third party consents, will be satisfied and a transaction will be concluded at all. As a matter of policy, the Company does not comment on or provide the market with updates as to the status of the negotiations with Hunt, nor will it comment upon any rumors with regard to either of the foregoing or make a further announcement regarding the Board's consideration of any transaction with Hunt until such time, if ever, that it enters into a definitive agreement for a completed transaction or is otherwise required to make an announcement.
Haven Bancorp, Inc. and Hilltop Community Bancorp Inc Announce Execution of Merger Agreement
Haven Bancorp, Inc. and Hilltop Community Bancorp Inc jointly announced the execution of an agreement and plan of merger (the Merger Agreement) that provides for the acquisition of Hilltop Community Bancorp Inc by Haven Bancorp, Inc. for $9.42 per common share in cash, or approximately $26.9 million. Pursuant to the terms of the Merger Agreement, Hilltop Community Bancorp, Inc. will be merged with and into Haven Bancorp, Inc., with Haven Bancorp, Inc. surviving the merger (the Merger). Immediately after the Merger, Hilltop Community Bank will merge with and into Haven Savings Bank, with Haven Savings Bank surviving. The merger is anticipated to close in the fourth quarter of 2013, and will increase Haven Bancorp`s total assets by more than $160 million, resulting in total assets immediately after closing of approximately $840 million. The acquisition will add three full service branches to Haven Savings` existing six-branch network. Pursuant to the Merger Agreement, Haven Bancorp, Inc. and Haven Savings Bank will add Mortimer O`Shea, Hilltop Community Bancorp`s President and Chief Executive Officer, to their boards of directors. Ambassador Financial Group, Inc., acted as financial adviser to Haven Bancorp, Inc. and Luse Gorman Pomerenk & Schick, P.C. acted as its legal counsel. Griffin Financial Group, LLC acted as financial adviser to Hilltop Community Bancorp, Inc. and Windels Marx Lane & Mittendorf, LLP acted as its legal counsel.
Gramercy Property Trust Inc. Acquires Industrial Properties in Miami FL And Philadelphia, PA For Approximately $30 Million; Announces Sale Of Defeasance Collateral Pool
Gramercy Property Trust Inc. announced that it has closed on the acquisition of a build-to-suit of an approximately 120,0000 square foot industrial facility located in Hialeah, Gardens, Florida in the Miami Metropolitan Statistical Area. The newly constructed cold storage facility will be 100% leased to a public refrigerated warehousing company for an initial term of 25 years which will commence upon completion of construction, expected to occur in the second quarter of 2014. The temperature-controlled warehouse will feature 20,000 pallet positions, eight inch concrete tilt-walls with 60 foot clear heights. Total construction costs will be approximately $25.0 million. The Company's Bank of America joint venture with Garrison Investment Group recently sold a mortgage loan defeasance pool of securities that was acquired by the joint venture in December 2012 when it purchased the Bank of America portfolio.
Umpqua Holdings Corp's Umpqua Bank Announces Acquisition of Financial Pacific Holding Corp
Umpqua Holdings Corp announced that Umpqua Holdings and Umpqua Bank have signed a definitive agreement to acquire Financial Pacific Holding Corp (FinPac) for $158 million in cash. FinPac is parent company of Financial Pacific Leasing, LLC, which provides business-essential commercial equipment leases and loans to various industries throughout the United States, and is based in Federal Way, Washington. The boards of both companies and Flexpoint Ford, LLC have approved the transaction. Completion of the acquisition is expected within 30 days. Wachtell, Lipton, Rosen and Katz served as legal advisor, and J.P. Morgan Securities LLC served as financial advisor, to the board of directors of Umpqua Holdings Corporation. Kirkland & Ellis LLP served as legal advisor to Flexpoint Ford, LLC.
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| Industrials | +0.42% |
| Cyclical Goods & Services | +0.41% |
| Non-Cyclical Goods & Services | +0.15% |
| Financials | +0.20% |
| Healthcare | +0.15% |
| Technology | +0.13% |
| Telecoms | +0.65% |
| Utilities | -0.04% |
| DOW | 15,318.23 | +138.38 |
+0.91% |
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+0.78% |
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+0.87% |
| TR US Index | 149.80 | +1.17 |
+0.79% |
Analyst Research
| Report Title | Price |
|---|---|
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Provider: Brown Brothers Harriman & Co.
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$12.00
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Provider: Brown Brothers Harriman & Co.
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$12.00
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Provider: Brown Brothers Harriman & Co.
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$35.00
|
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Provider: Brown Brothers Harriman & Co.
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$35.00
|
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Provider: Swiss Capital
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$92.00
|
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