Darrin Williams, CEO of Southern Bancorp in Arkadelphia, AR, has written an op-ed on the financial benefits of helping small lenders to serve borrowers in bank deserts. "The Mississippi Delta may seem to be the farthest place in the world from New York City's financial heart. But, in fact, there is an opportunity to connect rural America with Wall Street and benefit both places," he writes. "A major opportunity exists to serve these communities, and Wall Street firms do not need a bank branch of their own to reap the reward."
This article from the American Banker features efforts by M&F Bank in Durham to reach more millennial customers. The bank recently formed a millennial advisory board to help improve its technology and marketing efforts. The $268 million-asset black-owned bank will soon debut a checking account designed for younger customers. It is also set to host parties in two cities to celebrate its new checking account. The events will feature food trucks and a DJ. "I've never had a DJ at an account opening," said F&M's President and CEO James Sills. "We're thinking differently."
In the wake of recently passed federal tax cuts and reforms, First Southwest Bank in Alamosa, CO has become the latest US employer to announce a raise in starting pay, at $14 an hour with full benefits. "We're excited to take advantage of the tax reform and give the positive impact it has on First Southwest Bank right back to our team members and the rural Colorado community," said First Southwest CEO Kent Curtis. "By being able to provide a higher living wage to our starting employees, and invest in our team, we can be a catalyst for economic growth, and reaffirm our commitment to a better quality of life in all of the rural Colorado communities our branches serve."
Through the Richmond Fed's Survey of CDFIs in the Southeast (SCDFISE), CDFIs provide timely information on their capitalization, demand, and capacity, and development programs and services. This article presents key findings from the 2017 SCDFISE, including trends in CDFI certification, analysis of asset size, and perennial challenges in meeting demand for products and services provided by southern CDFIs.
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.
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."
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.