Three acquisitions were recently completed, five new transactions are in the works and one merger fell apart.
Summit Community Bank said this month that it merged with Lansing, Mich.-based Providence Mortgage Co., a 10-year-old mortgage broker and lender. The combined bank division will operate as Providence Mortgage Co.
Providence President and Chief Executive Officer Bill Hufnagel will continue to lead the new mortgage operation.
Shareholders of Baltimore-based Provident Bankshares Corp. have approved the acquisition of the institution by M&T Bank Corp., an announcement last week said. Maryland requires at least 66 percent of shareholders to approve a merger. After next month's anticipated closing of the deal, which was originally announced in December, the combined company will have around $72 billion in assets.
Independent Bank Corp. announced Friday that it completed its $85 million acquisition of Benjamin Franklin Bancorp Inc. in a tax-free reorganization. The unit will be merged into Independent Bank subsidiary Rockland Trust Co. next month following regulatory approval. The Rockland, Mass.-based institution reports approximately $4.6 billion in assets.
Baltimore-based Capital Funding Bancorp Inc. announced last week that it will acquire AmericasBank Corp. in a deal projected to close in the second quarter. Terms of the cash transaction, which is subject to regulatory approval, weren't revealed. But Capital Funding did commit to an additional $35 million equity investment and the contribution of a $1 billion loan servicing portfolio once the deal closes. Most of AmericasBank's 30 full-time employees will be retained.
Capital Funding said affiliate Capital Funding Group Inc. has originated more than $1 billion in mortgages secured by health-care facilities and insured by the U.S. Department of Housing and Urban Development since 1993. Townson, Md.-based AmericasBank is state-chartered and operates three Baltimore-area branches as Towson Community Bank, Annapolis Community Bank and AmericasBank.
An agreement for Union Bankshares Corp. to acquire First Market Bank, FSB, was announced on March 30. The $105 million all-stock transaction, expected to close by Dec. 31, will reportedly make Union Bankshares the largest Virginia based community banking organization with 97 branches and more than $3.9 billion in total assets. Union Bankshares President and CEO G. William Beale will be CEO of the combined entity, while First Market CEO David J. Fairchild will be president.
Protective Life Corp.'s agreement to acquire Bonifay Holding Company and subsidiary The Bank of Bonifay was terminated by Bonifay on April 1 because conditional approval for TARP funds had not yet been obtained from the U.S. Treasury, a news release said. Both parties had an option to kill the deal if it had not closed by March 31.
First Niagara Financial Group Inc. said last week it would acquire $0.8 billion in loans, $4.2 billion in deposits and 57 branches in Western Pennsylvania from National City Bank. The divestiture was required as part of The PNC Financial Services Group Inc.'s Dec. 31, 2008, acquisition of National City Corp. The deposits will cost First Niagra a 1.3 percent premium.
An April 1 announcement from Fidelity National Information Services Inc. said the Jacksonville, Fla.-based firm's board of directors has approved the acquisition of Metavante Technologies Inc. The tax-free reorganization, which has also been approved by Metavante's board, is expected to close in the third quarter.
Gaugreault Mortgage Group acquired Providence Mortgage on April 1, Banker and Tradesman reported. Gaugreault said it is currently negotiating the acquisition of several mortgage companies.