In addition to two mortgage company deals that recently went down, the Federal Reserve reported 15 applications to acquire, increase or retain interest in federally regulated financial institutions.
NexBank Mortgage was established through a partnership between NexBank and The Funding Source, according to an announcement Thursday. The move puts Dallas-based NexBank in the local residential lending business.
All of The Funding Source’s 14 employees will become NexBank Mortgage employees. After the transition, mortgage headcount at NexBank will be around 40 — up from none a year ago.
The Funding Source “offers several residential loan programs, from traditional mortgages and VA loans to reverse mortgages,” and “operates several field offices with seasoned loan counselors.”
First Chester County Corp. issued a July 22 statement that seemed to say that its subsidiary, American Home bank, acquired Capital Mortgage Finance Corp.
“Capital Mortgage Finance Corp. has joined the American Home Bank division,” the statement said.
First Chester, founded in 1863, operates 24 branches throughout Pennsylvania. Capital has offices in Maryland, Pennsylvania, Delaware, New York, North Carolina, Tennessee and Colorado. The 16-year-old company will continue to underwrite, process and close loans from its Columbia, Md., office, while American Home will perform shipping and servicing.
The Federal Reserve reported in the Federal Register the following applications to acquire interest in federally regulated U.S. banks.
| Acquirer | Acquisition Target | Regulator | Overview |
| A.N.B. Holding Company, Ltd. | The ANB Corp. and subsidiaries The American National Bank, Lakeside Bancshares Inc., Lakeside National Bank | Federal Reserve Bank of Dallas | Acquire additional voting shares up to 35%. |
| Dante B. Benedetti, James M. Ryan | Exchange Bank | Federal Reserve Bank of San Francisco | Become trustees of the Frank P. Doyle Trust, Article IX, and thereby retain voting shares. |
| C-B-G Inc. | Washington Bancorp, Federation Bank | Federal Reserve Bank of Chicago | Acquire additional voting shares totaling up to 50.01%. |
| Castle Creek Capital Partners III LP, Castle Creek Capital III LLC Eggemeyer Capital LLC, Ruh Capital LLC, Legions IV Advisory Corp. | First Chicago Bancorp, First Chicago Bank and Trust Co. | Federal Reserve Bank of San Francisco | Acquire additional voting shares, for a total of up to 55%. |
| Central Bancorp Inc. | Farmers and Stockmens Bank of Clayton, The Citizens National Bank of Akron, | Federal Reserve Bank of Kansas City | Become a bank-holding company by acquiring 100% of voting shares. |
| Community Trust Financial Corp. | First Louisiana Bancshares Inc., First Louisiana Bank | Federal Reserve Bank of Dallas | To merge. |
| Eastern Virginia Bankshares Inc., Bank of the Commonwealth | Capital Bancorp Inc., parent of First Capital Bank | Federal Reserve Bank of Richmond | Acquire 100% of voting shares. |
| FA Capital LLC, CommunityBank Investors of America L.P. | Commonwealth Bankshares Inc. | Federal Reserve Bank of Richmond | Retain control of 7.08% and acquire up to 7.80% of voting shares. |
| The Haga Family Revocable Trust, Phillip Blair Haga, Betty Jane Haga, Trustees | Pioneer Community Group Inc., Pioneer Community Bank | Federal Reserve Bank of Richmond | Retain voting shares. |
| Haven Bancorp MHC and Haven Bancorp Inc. | Haven Savings Bank | Federal Reserve Bank of New York | Acquire 100% of voting shares. |
| Jean Hummel, Robert Hummel II, Patricia Hummel, Jennifer Ostenson, Eric Ostenson — all as members of the Robert Hummel family group | Bank of Choice Holding Co., Bank of Choice | Federal Reserve Bank of Kansas City | Retain control. |
| Rommel R. Medina and Ruell R. Medina | MNB Holdings Corp., Mission National Bank | Federal Reserve Bank of San Francisco | Acquire additional voting shares. |
| Piedmont Community Bank Holdings Inc. | VantageSouth Bank | Federal Reserve Bank of Richmond | Become a bank holding company by acquiring up to 62% of voting securities. |
| Sandhills Bancshares Inc. | TransPecos Financial Corp., TransPecos Banks | Federal Reserve Bank of Dallas | Become bank-holding company by acquiring 100% of voting stock. |
| Tri-Valley Bank Shares Inc. | Tri-Valley Bank | Federal Reserve Bank of Kansas City | Become bank-holding company by acquiring 100% of voting shares. |
A merger between 1st Pacific Bank of California and the much smaller First Business Bank will provide badly needed capital to 1st Pacific, the Union-Tribune reported this month. First Business Bank management will head the combined organization, reportedly the largest San Diego County-based community bank.
Apax Partners has agreed to take Bankrate Inc. private in a deal valued at $571 million, a July 22 press release indicated. The transaction is expected to close at the end of the third quarter.
