A Chinese investment firm received a nod from the Federal Reserve Board, while two Spanish companies have an interest in acquiring multiple Florida-based banks. Federal banking regulators have received almost 90 applications during the past three months for bank acquisitions.
China Investment Corp. got the go-ahead to indirectly acquire up to 10 percent of the voting shares of Morgan Stanley. China Investment Corp. is a sovereign wealth fund that currently manages some of the People’s Republic of China’s foreign exchange reserves.
The Federal Reserve Bank of Atlanta has received an application from Caja de Ahorros de Valencia,Castellon Y Alicante and New Bank, both of Spain to become a bank-holding company by acquiring a Spanish bank and indirectly three Florida banks, according to a Nov. 12 public filing.
BankUnited announced last month it acquired a small-business lending platform from Butler Capital Corp. and a municipal leasing business from Koch Financial Corp. The Miami Lakes, Fla.-based company said its commercial financing business, United Capital Business Lending, will be headquartered in Hunt Valley, Md., and the municipal leasing business, Pinnacle Public Finance in Scottsdale, Ariz.
Cadence Financial Corp., a $1.9 billion institution, agreed last month to be acquired by Houston-based Community Bancorp LLC after terminating a merger agreement with Trustmark, according to a press release.
CBC said it has raised equity capital commitments in excess of $900 million for the purpose of making investments in the U.S. banking sector.
Abilene, Texas-based First Financial Bankshares, which has at least $3.0 billion in assets, said it is acquiring Sam Houston Financial Corp., parent company to The First State Bank in Huntsville, Texas in a $22 million stock-and-cash transaction.
Investors in the Bank of Hampton Roads Bankshares’ $255 million private placement of common stock have been met with approval. Lead investors in the Norfolk, Va.-based bank holding company include Anchorage Advisors L.L.C., CapGen Financial Group and The Carlyle Group.
IBERIABANK’s federally-chartered bank merged into its commercial bank, IBERIABANK, with its mortgage company to become a wholly-owned subsidiary. IBERIABANK Corp. said it has assets of $10.4 billion.
McKinney, Texas-based Independent Bank Group said it now has $1 billion in assets after acquiring First Bank last month.
A $50 million investment was made by Stamford, Conn.-based PNBK Holdings LLC to acquire 33.6 million newly issued shares of common stock of Patriot National Bancorp, giving the holding company controlling interest, or 88 percent of the company’s outstanding common stock.
The National Credit Union Administration approved the third federally chartered credit union this year for Charlotte, N.C.-based Shepherd’s Federal Credit Union, according to a NCUA press release. The NCUA granted Shepard’s FCU a low-income designation.
Investors Bancorp Inc. said CEO Kevin Cummings has doubled the size of the Short Hills, N.J.-based company in less than three years with its acquisition of Summit Federal Savings Bank in 2008, American Bancorp in 2009, Banco Popular branches last year and Millenium bcpbank last month.
Atlanta, Ga.-based State Bank announced it completed its holding company reorganization to become the wholly-owned subsidiary of State Bank Financial Corp. The company said it has completed nine failed bank acquisitions from the FDIC and its assets were $2.6 billion as of this year’s second quarter.
Last month, M&T Bank Corp. and Wilmington Trust Corp. jointly announced their merger. Buffalo, N.Y.-based M&T has $68.2 billion in assets, while Wilmington, Del.-based Wilmington Trust has $10.4 billion, according to the announcement.
The following table includes applications to become a bank-holding company or acquire assets or control of a bank-holding company received by the Federal Reserve Board pursuant to the Bank Holding Company Act of 1956. The table also includes Fed applications for permission to acquire firms that engage in non-banking activities and a mergers applications reported by the Office of Thrift Supervision.
