We are seeking a high energy and dynamic candidate for the position of Public Policy Manager. The Manager will advance our public policy advocacy agenda. The position reports to Chief Executive Officer, but works with all members of the team. This is a full time 40 hour per week position. The position is located at CDBA's offices in Washington, DC. Click here to read the full description.
Wells Fargo has donated a 105-year-old iconic bank building in downtown Roanoke to Virginia Community Capital, which plans to open a dialogue with residents about what the structure could become. Leah Fremouw, Director of Community Impact at VCC, said that their organization intends to "direct the redevelopment off the 55,000-square-foot property into a practical use that further strengthens the central core of the city, enhances economic development, creates jobs, and potentially expands downtown development opportunities for others."
This article highlights Spring Bank's Grow Loan Program for small businesses with capital needs of less than $150,000 -- a typical cutoff for small business loans from a bank. It highlights the beneficial effects of the program on specific ventures spearheaded by women and minority entrepreneurs. "If you look at every one of our Grow Loan clients, you will find a really compelling story in every one of them," said Ines Marino, Spring Bank's director of small business lending.
The tax reform law enacted in late 2017 is already threatening to exacerbate the affordable housing crisis. The law is expected to eliminate 300,000 affordable housing units over 10 years, partly because it will reduce the value of banks' low-income tax credits, which finance half of all affordable housing units, according to a report by the nonprofit real estate firm NHP Foundation. Lowering the corporate tax rate reduces the value of the tax credits by roughly 15% because banks and partnerships that use the tax credits are limited in deductions on appreciating expenses.
In Portland, Oregon, a movement is building to establish a public bank. After debating divestment from companies whose practices might be harmful to people or the environment, the City Council voted in April to stop investing city money in all corporations. Portland is also one of the numerous US cities that decided to stop banking with Wells Fargo. "My hope is that a public bank wout be a profit-making institution, expect the profit would be for public purposes," said David Delk, of the Portland Public Banking Alliance. "The possibilities are limited really only by our imagination because the needs are so great."
A growing number of cities across the United States are considering launching city-owned public banks. Among these are Portland, Seattle, Los Angeles, San Francisco, Oakland, Philadelphia, Santa Fe, and Washington DC. The Public Banking Institute, a national advocacy nonprofit, has been supporting these and many other campaigns. At the state level, New Jersey's governor-elect Phil Murphy, who spent 23 years at Goldman Sachs, has expressed interest in establishing a state public bank.
Commerce Bancorp, of Greenwood, MS, is acquiring all of the issued and outstanding capital stock of Tallahatchie Holding Co. of Charleston. The share exchange deal was signed on November 29, 2017, and will see Tallahatchie County Bank's single branch and $58 million in assets merge to Bank of Commerce, with five pre-existing branches and $395 million in assets.
The share exchange deal was signed Nov. 29, 2017, and will see Tallahatchie Holding merging into Commerce Bancorp, according to a regulatory filing recently obtained by S&P Global Market Intelligence.
Deal terms were not disclosed, but SNL valuations for bank and thrift targets in the Southeast between Nov. 29, 2016, and Nov. 29, 2017, averaged 159.50% of book, 169.25% of tangible book and had a median of 23.77x last-12-months earnings, on an aggregate basis.
As of Nov. 30, 2017, Bank of Commerce has $395 million in assets and five branches, while Tallahatchie County Bank has $58 million in assets and one branch. Commerce Bancorp will enter Tallahatchie County, Miss., with one branch, where it will be ranked second with a 42.02% share of approximately $122.31 million in total market deposits. The combined entity will have over $450 million in assets and a presence in five counties in North Mississippi.
Two Tallahatchie County Bank executives will take on new roles at the combined entity. President and CEO William McKellar will serve as executive vice president and Vice President Rob Rowland will serve as senior vice president and market president.
The merger is slated for completion on or before March 1, subject to the receipt of regulatory and shareholder approvals and other customary closing conditions.
Butler Snow LLP, with Jefferson Stancill as lead attorney, served as Commerce Bancorp's legal counsel in the transaction.
Old Second Bancorp. A $2.4 billion-asset bank in Aurora, IL, has agreed to buy Greater Chicago Financial, the parent of $350.4 million-asset ABC Bank. The deal, which is expected to close in the second quarter, values Greater Chicago at 119% of its tangible book value. "ABC Bank's four offices and more than a century of service in the Chicago market are a great complement to our existing footprint," said James Eccher, Old Second's President and CEO.
The First, A National Banking Association is serving as the title sponsor to the Economic Outlook 2018 Forum hosted by the University of Southern Mississippi. The forum will convene experts from banking, finance, and academia to explore a number of issues and research related to the economic outlook for 2018. "The Economic Outlook Forum continues to grow every year, and we expect another large turnout," said Hoppy Cole, President and CEO of The First. "It gives us an opportunity to visit with people from the Gulf South region, to find out what is going on and how our company can be of service."
Amalgamated Bank in New York, which recently agreed to buy a West Coast institution, has big plans to operate in a number of major U.S. cities. Amalgamated, for its part, envisions becoming an institution with operations in other left-leaning cities such as Austin, Texas; Boston; and Chicago, said Keith Mestrich, the bank's president and CEO. Expansion could involve branches or acquisitions. Amalagamated Bank, alongside CDBA members Southern Bancorp, Sunrise Banks, and Beneficial State Bank, is a part of the Global Alliance for Banking on Values -- a group focused on reaching underserved populations.