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Merger Activity Continues

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More than a dozen financial institutions are the target of acquisitions in applications reported this month by the Federal Reserve Board. One recent transaction pairs up two firms tied to two failed mortgage lenders.

Caliber Funding LLC has agreed to acquire technology and operational assets from StoneWater Mortgage, according to a statement from Caliber spokesman Ed Trissel.

“This transaction represents an important opportunity for Caliber to advance its IT and operating platform to excel in today’s mortgage marketplace,” Trissel said. “StoneWater possesses a strong talent pool, especially within its loan operations and technology departments and Caliber looks forward to integrating these assets into its operations.”

Scottsdale, Ariz.-based Caliber is owned by Lone Star Funds, which made a soured investment in bankrupt Accredited Home Lenders Inc. StoneWater was created from the wreckage of failed First Magnus. The company recently untangled itself from a $1 billion lawsuit against former First Magnus executives, though it lost some of its own senior executives in the process.

In its effort to comply with an Office of Thrift Supervision supervisory agreement requiring it to boost its capital, Manatee River Community Bank is seeking regulatory approval to merge with First America Bank of Sarasota, HeraldTribune.com reported. The combined entity will reportedly have $285 million in assets and operate as First America from Bradenton, Fla.

The following entities submitted applications to acquire or maintain ownership of financial institutions, the Federal Reserve Board reported.

Acquirer Acquisition Target Regulator Overview
Robert E. Kirkland, individually and as a member of the Kirkland family control group, which also includes REK LP, the Christopher R. Kirkland Revocable Trust, Bedford F. Kirkland, Lebanon and Macy Darnell Swensson Community First Bancshares Inc. Federal Reserve Bank of St. Louis Robert E. Kirkland will individually acquire control of 21.51% and the Kirkland family control group will acquire control of 25.82%.
Gary Shiffman, Arthur Weiss, Ronald Klein, Paul Hodges, Roman Ferber, David Freidman, Steven Freidman, Brian Wenzel, Sheldon Yellen, Gary Torgow, Dov Loketch, Joseph Nusbaum, David Provost, Max Berlin, Donald Coleman, Albert Papa, Robert Naftaly, Thomas Schellenberg, Thomas Brown, Christine Otto, James Dunn, Gary Sakwa, Frank Hennessey, Christine Provost, Scott Steigerwald, Stephen Eick, Jeffrey Grabiel, David Lau, Jeffrey Peck, Lawrence Wolfe, Patrick Ervin, Thomas Ervin, Nancy Ervin, Mark Thompson, JoAnne Thompson, Daniel Samson First Michigan Bancorp Inc., First Michigan Bank Federal Reserve Bank of Chicago Acquire over 25% of outstanding voting shares.
Private Bancorp of America Inc. San Diego Private Bank Federal Reserve Bank of San Francisco Acquire 100%.
First Oklahoma Holdings Inc. Glencoe State Bank Federal Reserve Bank of Kansas City Become bank-holding company by acquiring 100% of voting shares.
Mason National Bank Employee Stock Ownership Plan and Trust Mason National Bancshares Inc., The Mason National Bank Federal Reserve Bank of Dallas Acquire additional shares up to 34.7%.
CapGen Capital Group III LLC, CapGen Capital Group III LP Seacoast Banking Corporation of Florida, Seacoast National Bank Federal Reserve Bank of Richmond Become bank-holding companies by acquiring 10.2% of voting shares.
Banco de Sabadell, S.A. Mellon United National Bank Federal Reserve Bank of Atlanta Acquire 100% of voting shares.
Klein Financial Inc. Community Bank Plymouth Federal Reserve Bank of Minneapolis Acquire 100% of voting shares.
The Sumitomo Trust & Banking Co. Ltd. Nikko Asset Management Co. Ltd., Nikko Asset Management Americas Federal Reserve Bank of New York Acquire.
Robert B. Dunkin, Gilbert Garza and Fred L. Cole Jr. as Trustees of a Voting Trust Agreement with respect to First San Benito Bancshares Corp., along with the shareholders that are parties to the agreement; James S. Benson; Fred and Martha Cole Jr.; Elizabeth Ann Cole; Charles A. Cox; Wendell J. Cox; Betty Joyce DeCarriere; Annette Dillard; Lee Roy Dillard Jr.; Robert B. Dunkin Sr.; Robert B. Dunkin II; Charles O. Eubanks; Gilbert Garza; Sue Ann Holloman; Estate of Warren Jackson; Angelia G. Leal; Tracey M. Longshore; Elisa or Joe E. Lopez; Joaquin L. Lopez; F.L. or Concepcion Lopez Jr.; Carlos Muniz; Janet Miles Murphy; John F. and Ann K. Phillips Jr.; Beto and Carmen Ramirez; Phyllis M. Robinson; Beatriz Rodriguez; Harry Shimotsu; Kenneth Shimotsu; Robert L. Tumberlinson; Thomas C. Washmon; Lucy Ann Wolthoff; Joe C. Weaver First San Benito Bancshares Corp., First Community Bank, N.A. Federal Reserve Bank of Dallas Acquire voting shares.
Douglas N. Neighbor, Kent M. Neighbor, and Gene R. Neighbor, individually to acquire, and the Neighbor Family which consists of Doug and Marva Neighbor; Gene and Betty Jean Neighbor; Kent and Irene Neighbor; Sandra K. Waring; Steven K. Neighbor; Scott M. Neighbor; Mark A. Neighbor; Eldon L. Neighbor; Konnie I. Borrett; Stephanie R. Neighbor; Brent B. Neighbo; Brad D. Neighbor; Todd D. Neighbor; Jason M. Neighbor; Michael G. Neighbor; as a group acting in concert Neighbor Insurance Agency, Farmers State Bank Federal Reserve Bank of Chicago Retain voting shares.
First American Financial Management Co. Community Bank of Rowan Federal Reserve Bank of Richmond Become bank-holding company by acquiring 100% of voting shares.
Ladder Capital Finance Holdings LLC, Ladder Midco LLC FirstCity Bank of Commerce Federal Reserve Bank of Atlanta Become bank-holding company by acquiring 100% of voting shares.

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