SouthState Bank, with 85 South Carolina locations, will acquire Independent Bank Group Inc. of McKinney, Texas, in a $2 billion all-stock deal. With a presence in 12 of the fastest-growing MSAs in the U.S., the combined entity will boast $65 billion in assets, $55 billion in deposits, and $48 billion in loans. The transaction is slated to conclude by Q1 2025. “I have known and respected David [Brooks] for several years, and I look forward to welcoming the Independent Bank Group team to our company and working together to capitalize on the great opportunities ahead of us,” said John C. Corbett, CEO of SouthState, in the release. “With a local, geographic management model, an industry-leading track record on credit and a presence in some of the best markets in the country, Independent Bank Group is a great fit with SouthState.” https://loom.ly/ohvusk0
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Senior Manager at PwC US | ALM | Risk Management | Financial Services | Banking Strategy | Treasury | Balance Sheet Management
New York Community Bancorp Inc. saw a remarkable increase in its net interest margin (NIM) during Q2. The NIM surged 61 basis points to 3.21%, mainly due to its acquisition of a significant portion of Signature Bank and a temporary buildup in related custodial deposits. Chairman, President, and CEO Thomas Cangemi expressed satisfaction with the achievement, stating their target was a 3% NIM, reached a couple of quarters earlier than expected. However, the bank foresees a decline in NIM to 2.95% to 3.05% in Q3 as custodial deposits decrease rapidly. Despite this, New York Community highlighted strong deposit trends, with new private banking, non-interest-bearing deposits partially offsetting the planned runoff of high-cost Signature deposits. Custodial deposits, comprising payoffs and principal/interest payments, are expected to drop further, with CFO John Pinto anticipating $1-2 billion in Q3. The bank could see zero custodial deposits if the FDIC sells the loans and the buyer does not retain New York Community as the servicer. These deposits currently earn no interest, with funds parked at the Federal Reserve yielding approximately 5%. The bank is focused on expanding its private banking operation and recently hired six additional teams from First Republic Bank, aiming to provide tailored client services. New York Community's total assets decreased due to various financial adjustments. Investors positively responded to the news, as reflected in the rise of New York Community's shares on July 27th, outperforming the KBW Nasdaq Bank Index. #NewYorkCommunityBancorp #FinancialResults #NIM #BankingIndustry #GrowthOpportunities #CustodialDeposits #PrivateBanking #ClientServices #Investment
New York Community's net interest margin surges after Signature acquisition
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First Citizens Makes $9.8 Billion Gain on Silicon Valley Bank Deal Financial Times: 5/10/2023 Reuters: 5/10/2023 Forbes: 3/27/2023 First Citizens Bank recorded a $9.8 billion USD gain from the Silicon Valley Bank fire sale purchase by the Federal Deposit Insurance Corporation (FDIC). First Citizens Bank, reported a more than 30-fold increase in profits for the first three months of 2023 from the purchase. Net income totaled $9.5 billion in the first quarter, up from $264mn in Q1 2022, or $653.64 a share, because of a $9.8bn gain from its deal for SVB, First Citizens said. In March 2023, First Citizens acquired the bank’s $72 billion loan portfolio at a -20% discount and received tens of billions of dollars in deposits. It also entered into a loss-sharing agreement (#LSA) with the #FDIC for commercial loans made by SVB. The FDIC's fire sales of valuable regional franchises is a misappropriation of capital from the shareholders, creditors, and bank executives of solvent banks to new entities, facilitated by bank regulators. Chairman and CEO Frank Holding Jr. and family own about 20% of First Citizens’ stock and nearly 50% voting power, for a stake worth $2.7 billion thanks to the 54% stock gain following the deal. The first FDIC LSA was handed to Goldman Sachs exec and #Trump Treasury Secretary Steven Mnuchin's investor group. They bought the $32 billion Indymac Bank for $13.65 billion with a FDIC LSA, capping their losses at about $3.75 billion, and renamed it OneWest Bank. In July 2014, OneWest Bank and CIT Group merged as CIT. CIT Group accepted $2.3 billion in #TARP funding that was never repaid. in January 2022, First Citizens Bank then bought CIT The FDIC is either on autopilot, or complicit, as there is no logic to providing a FDIC LSA in current market conditions, or to hold fire sales of solvent institutions. Great Depression era bank runs on highly valuable regional banks based on orchestrated electronic narratives and short sales underscores the abject failure of the FDIC to simply cover 100% of deposits to end the artifice behind the tactic. The difference in attacking FDIC insured banks are #FIRREA (10-year statute of limitations, lower burden of proof) and #RICO laws (treble damages) designed to protect the banking system, with secondary market detection (#CAT). The White House Council of Economic Advisers, The White House National Security Council, The White House Office of the Director of National Intelligence International Criminal Court US Congress U.S. Department of the Treasury Office of the Comptroller of the Currency #SEC Elizabeth Warren United States Senate Committee on Banking, Housing, and Urban Affairs U.S. Department of Justice, Criminal Division Federal Bureau of Investigation (FBI) California Department of Financial Protection and Innovation Rob Bonta IRS Criminal Investigation #OFAC #FinCen #RICO #FIRREA #hybrid #warfare #cartels #theft
First Citizens makes huge gain on Silicon Valley Bank deal
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Metropolitan Bank Holding Corp. Reports Second Quarter 2023 Results Balance Sheet Strength and Stability Continue to Stand Out Strength and Stability ◾ Total deposit verticals at June 30, 2023 were $5.2 billion, excluding crypto-related corporate and reserve deposits of $58.1 million, an increase of $377.2 million, or 7.8%, from March 31, 2023. ◾ Insured deposits accounted for approximately 73% of total deposits at June 30, 2023, up from 60% at December 31, 2022. ◾ Liquidity remains strong. At June 30, 2023, cash on deposit with the Federal Reserve Bank of New York and available secured funding capacity totaled $3.6 billion, which was 259% of uninsured deposit balances and 69% of total deposits. ◾ Asset quality remains strong. At June 30, 2023, the commercial real estate (“CRE”) portfolio, which includes owner-occupied CRE, is broadly diversified by geography and property type, with Manhattan office exposures comprising only 2.6% of the total loan portfolio, with a 52% average loan-to-value ratio significantly mitigating credit risk. ◾ Strong prudent loan growth for the second quarter of 2023, with net loan growth of $297.9 million, or 6.1%. ◾ The Company and Bank are “well capitalized” across all measures of regulatory capital, with total risk-based capital ratios of 13.2% and 12.9%, respectively, at June 30, 2023, well above regulatory minimums. #MCBankNY #industryleaders #CRE #finance #banking #entrepreneur Business Wire
Metropolitan Bank Holding Corp. Reports Second Quarter 2023 Results
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Didn't expect to post twice this year, let alone two days in a row! Republic First Bancorp has failed due to a mismatch of assets and liabilities, and an overvalued loan book. Unsurprisingly, only 0.67% of its loan book was deemed non-performing. Most of its assets have been purchased by Fulton Bank. Republic joins a growing list of lenders, including SVB, Signature Bank, Heartland Tri-State, First Republic Bank, and Citizens Bank of Iowa, that have failed for similar reasons. As always, we are here to help both lenders and borrowers navigate these challenging times. https://lnkd.in/dBXwBzGa
Regulators close Philadelphia-based Republic First Bank, first US bank failure this year
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Our holding company, FirstSun Capital Bancorp, reported second quarter 2023 results today. Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are very pleased with our record earnings this quarter and our continued strong results driven by our well diversified business mix. Highlights this quarter include a net interest margin of 4.24%, along with growth in both loans and deposits. We believe our growth amidst the difficult banking environment, including declining deposit trends and rising funding costs, will position us uniquely among our peers. Additionally, with growing concern about economic uncertainty and rising commercial real estate pressures, we are heartened by the vitality of the Southwest region that we operate in and our lower exposure to commercial real estate relative to our peers. Further, we believe our strong capital base, our granular deposit base, our securities portfolio positioning, our loan portfolio credit quality and our overall asset sensitive profile provides us with the flexibility to continue to deliver responsible growth in this slowing economic environment.” Read the full report announcement: https://trst.in/mq40io
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📊 Q4 2023 Financial Highlights We are proud to share our Q4 2023 financial achievements, reflecting our commitment to excellence and sustained growth. Here are the key highlights: 🔹 Recognitions: The Bank has been awarded the highest "Super Premier" rating for financial performance by the Findley Reports and maintained a "5 Star - Superior" rating from Bauer Financial as of September 30, 2023. Additionally, the Bank was rated "Outstanding" by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act. 🔹 Shareholders' Equity: Our total shareholders' equity reached $100.6 million, an increase of $8.3 million (9.0%) from the prior quarter-end and $13.5 million (15.5%) from the prior year-end. 🔹 Financial Performance: Return on average assets for Q4 2023 was 0.69%, and return on average equity was 9.36%. For the entire year of 2023, these figures stood at 0.82% and 11.02% respectively, showcasing our consistent performance. 🔹 Loan and Deposit Metrics: Our total loans reached $946.4 million at December 31, 2023, reflecting an increase of $38.7 million (4.3%) from December 31, 2022. Additionally, our non-interest-bearing demand deposits represent 42.2% of total deposits. Click the link to learn more. https://lnkd.in/gWjGDJzG
American Riviera Bancorp Announces Results for the Fourth Quarter of 2023 | American Riviera Bank
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A few excerpts from today's Business Courier editorial on Spring Valley's first year under new President Brian Veith's leadership: Last year, after Veith took the helm, it [Spring Valley Bank] rebranded its tagline as “The Investor’s Bank.” That applies to real estate investment property as well as people investing in the purchase of a single-family home. "We’re not for everybody. But we do understand real estate very well. It’s what we know best." “We’re small,” Veith said. “There are branches of big banks that are bigger than us. But what sets us apart is the customer service, the accessibility. People bank with people.” Spring Valley’s deposits soared 23% to nearly $57 million in 2023, Veith's first year at the helm. Its assets jumped 14% to $93 million. https://lnkd.in/gUcTQxfz #cincinnatirealestate #cincinnati #banking Member FDIC NMLS 763695 Equal housing Lender
Small Cincinnati bank Spring Valley has big growth plans thanks to strong niche, CEO says - Cincinnati Business Courier
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🚨 Industry Alert: Banking Sector Under Scrutiny Again 🚨 As we approach the one-year mark since a crisis rocked several midsize banks, another lender is drawing unwelcome attention to the industry. New York Community Bancorp, with approximately 400 branches nationwide operating under brands like Flagstar Bank and Ohio Savings Bank, has seen its stock plummet following an alarming earnings report. The bank's assets soared to over $100 billion after acquiring Signature Bank last spring, but recent revelations of unexpected losses on real estate loans have rattled investors. The decline in New York Community Bancorp's shares has sent ripples through the market, impacting other lenders with significant exposure to commercial real estate. The situation serves as a stark reminder of the interconnectedness of financial institutions. Key Takeaways: 🔍 Behind the Worries: The bank disclosed steep drops in the value of its real estate loans, prompting dividend cuts and reserve increases. 📉 Market Impact: Shares of similar-sized banks, like M&T Bank, have also taken hits, though larger banks remain relatively stable. 🔒 Regulatory Response: Federal Reserve Chair Jerome H. Powell has reassured that while challenges exist, a widespread crisis is unlikely. While concerns loom, it's important to note that standard deposit insurance protects customers, and banking operations remain unaffected. Stay informed as developments unfold in this evolving situation. #BankingIndustry #FinancialMarkets #EconomicOutlook #RegulatoryResponse #communitybanking
Why One Shaky Bank Is Stirring Fears of a Wider Financial Mess
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🏦 Navigating the Commercial Real Estate Waters: A Look at U.S. Banks' Exposure The landscape of commercial real estate (CRE) loans is revealing significant challenges and opportunities for U.S. banks. With delinquent commercial property loans nearly tripling in 2023, the sector is under increased scrutiny from regulators concerned about bank stability. Interestingly, while commercial loans are more prevalent in smaller banks, several large financial institutions have also built substantial commercial loan portfolios. JPMorgan Chase & Co., with 12.6% of its loan portfolio in CRE, and Wells Fargo with a notable 21.2%, are leading examples of big banks managing substantial CRE exposures. Amidst these challenges, banks like New York Community Bancorp, with a staggering 57% of its loans in CRE, are facing significant hurdles, highlighting the need for strategic risk management and innovation in navigating the CRE sector. As we move forward, the resilience and adaptability of banks to manage their CRE exposure will be crucial in maintaining financial stability and capitalizing on emerging opportunities within the sector. #CommercialRealEstate #Banking #FinancialStability #RiskManagement https://bit.ly/4a058vw
Visualizing Major U.S. Banks by Commercial Real Estate Exposure
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