Commercial
Jacksonville-based EverBank and Seattle-based WaFd will merge in a deal valued at $3.9 billion, creating a $75 billion-asset bank. The surviving holding company will be renamed EverBank Financial Corp. and trade on Nasdaq under EVBK, while WaFd Bank will merge into EverBank. The deal, expected to close in Q1 2027, will have a 13-member board with seven directors from EverBank and six from WaFd. EverBank CEO Greg Seibly will lead the combined bank, with WaFd CEO Brent Beardall as president. The combined bank will have $59 billion in deposits and $58 billion in loans, with EverBank investors owning 59.2% and WaFd investors 40.8%.
Equity Bancshares, based in Wichita, Kansas, announced Thursday a plan to acquire Reinbeck, Iowa-based Lincoln Savings Bank for approximately $123.8 million. The deal, expected to close by year's end, will add 16 locations in central and northeast Iowa and increase Equity's assets to $9.1 billion. It marks Equity's 27th strategic transaction since 2002 and follows a similar acquisition last year. Lincoln has $1.7 billion in assets, $1.5 billion in deposits, and $1.2 billion in loans. Equity expects the deal to be accretive to earnings per share and to earn back tangible book value dilution in less than three years. Lincoln shareholders will receive 77.5% in Equity stock and 22.5% in cash.
Equity Bancshares announced on Thursday its plan to acquire Lincoln Savings Bank in Iowa for approximately $123.8 million, with the deal expected to close by the end of the year, adding 16 branches and bringing total assets to $9.1 billion. This follows a similar-sized transaction last year when Equity acquired Frontier Holdings, aligning with its expansion strategy.
First National Bank of Omaha (FNBO) announced on Wednesday that it has agreed to acquire Denver-based InBankshares Corp. (which operates InBank) in a cash transaction valued at up to $204 million. The deal will add nine new Colorado branches, bringing FNBO's total branch count in the state to 30, and is expected to receive regulatory approval by the end of the year.
Citizens Bank is accelerating its cross-business-line collaborative services to fill the market gap between consumer banking and commercial banking. Mark Valentino, President of Corporate Banking at the bank, stated that recent investments in products, technology, and geographic expansion are aimed at driving growth, with a focus on expanding mid- and lower-market corporate clients in regions such as New York, Florida, and California.
Truist's new CEO Mike Lyons officially took office on Tuesday, with analysts expecting him to propose a 'bold and ambitious' plan to improve profitability within 90 days. Investors generally believe the company urgently needs a 'major reset,' but former CEO Bill Rogers' retention as executive chairman until April 2027 may limit Lyons' autonomy.
U.S. Bank announced on Monday that it will form corporate banking teams in Florida and Georgia, while expanding operations in Dallas and Phoenix to strengthen its national corporate banking presence. Dee O'Dell, the bank's head of corporate banking sales, revealed that the team currently has about 1,300 people and may continue to add teams in other regions where it already has wealth management and middle-market businesses.
Cashmere Valley Bank announced last week the appointment of Len Devaisher as its next CEO, following public pressure from investor Down Range Capital. Devaisher will join on October 5 and officially succeed current CEO Greg Oakes on December 31. Investors had previously criticized the bank's lack of a succession plan and low board shareholding, and urged the bank to consider a full sale.
Trustar Bank announced on Friday that it will acquire Forbright Bank's branches in the Washington, D.C. area, gaining approximately $750 million in local deposits. The transaction is expected to close in the fourth quarter, and Forbright will focus on its national digital banking platform and commercial lending business.
The Federal Reserve and Alabama banking regulators took action against SouthPoint Bancshares, requiring it to submit a capital plan and cash flow projections within 60 days to strengthen the financial position of its subsidiary, SouthPoint Bank. The bank was previously subject to an FDIC consent order due to credit risk management issues.