Banking

Syndicate content
Contains the last 10 releases
Updated: 1 year 15 weeks ago

John Melcher Joins Beneficial Bank as Senior Vice President, Director of Human Resources

13 June 2017 - 7:30am

PHILADELPHIA, June 13, 2017 (GLOBE NEWSWIRE) -- Beneficial Bank (NASDAQ:BNCL), a leader in providing financial services and education for Delaware Valley customers for more than 160 years, has named John Melcher as Senior Vice President, Director of Human Resources.  Melcher joins Beneficial with over 30 years of experience in the financial services industry as a leader in the human resources field.

“At Beneficial Bank, our primary objective is to do right by our customers, and we believe this starts with doing right by our employees,” said Joanne Ryder, Chief Administration Officer, Beneficial Bank. “John is a strategic thinker who will bring new ideas to our organization, foster our incredible local talent and further cultivate our workplace culture that has made us a Best Place to Work for three years in a row. We’re excited to have him as part of the team to help drive Beneficial forward.”

Prior to joining Beneficial Bank, Melcher served as Vice President, Human Resources for AmerisourceBergen Corporation in Conshohocken, PA, where he partnered with C-level executives to define, advance, and reinforce the enterprise talent vision.  He delivered an engaged, highly productive workforce through organization and leadership development supported by a culture of leader accountability.  Melcher spent most of his previous career at Wachovia, followed by a short tenure at TD Bank.

“Beneficial Bank truly believes employees are the company’s most important asset, and I’m very pleased to be part of this organization,” said Melcher. “I’m excited about the opportunity to enhance and evolve our employee programs, products and services that will continue to make Beneficial Bank a Top Workplace for many years to come.”

Melcher is Chair for the Board of Directors of New Leash on Life – USA.  He received a Bachelor of Business Administration and Management from Florida Atlantic University and a Master of Science in Organizational Management from Pfeiffer University.

About Beneficial Bank

Founded in 1853, Beneficial Bank is the oldest and largest bank headquartered in Philadelphia. With 63 offices in the greater Philadelphia and South Jersey regions and approximately $5.7 billion in assets, Beneficial is a full service financial institution whose product offering includes commercial, consumer and real estate lending, equipment finance, insurance and wealth management services. Beneficial has been committed to providing financial education to individuals and businesses in the Delaware Valley for more than 160 years. Visit www.thebeneficial.com for more information.

CONTACT: Media Contact: Joanne Ryder 215-864-6180 jryder@thebeneficial.com
Categories: State

FirstCapital Bank of Texas Acquires New Bank Branch

12 June 2017 - 5:53pm

MIDLAND, Texas, June 12, 2017 (GLOBE NEWSWIRE) -- FirstCapital Bank of Texas, N.A. (FCB) has signed a definitive agreement with Independent Bank to acquire Independent Bank’s branch located in Marble Falls. The Marble Falls branch was formerly owned by NorthStar Bank. FCB, headquartered in Midland, Texas, plans to complete the branch acquisition by Sept. 1, 2017, although delays could occur.

“As a community bank, we value the communities we serve,” said Brad Burgess, FCB CEO. “We are excited to add the Marble Falls branch and its employees to our FCB family and look forward to continuing our work with the Marble Falls community. The branch acquisition will allow FCB and the new Marble Falls branch to join forces with our Horseshoe Bay branch in meeting the financial needs of the Hill Country region. The planning stages of the transition process are in full effect to ensure a smooth changeover for all customers involved.”

The agreement between the two banks states that the Marble Falls branch located at 507 Ranch Road 2147 will remain open and continue to operate as Independent Bank until the acquisition is completed and will then operate as a branch of FCB going forward. All current staff members will remain employed.

For more information about the acquisition or for customer inquiries, please visit FCBTexas.com or call 844.322.8392.

About FirstCapital Bank of Texas:

With headquarters in Midland, Texas, FirstCapital opened its doors for business on Nov. 17, 1998. FirstCapital is a locally owned and managed, independent community bank serving predominantly the people of West Texas, the Texas Panhandle and the Texas Hill Country with offices in Amarillo, Horseshoe Bay, Lubbock and Midland. FirstCapital Bank is committed to placing “You above all,” which means we place the well-being of our customers, team members and community above all else. We are here to help you achieve your financial, business and life goals and have the highest quality products and services to help you do just that. Click here to visit the FirstCapital Bank of Texas website.

CONTACT: For more information, contact: Katie Boyd KBoyd@FCBTexas.com
Categories: State

Southside Bancshares, Inc. and Diboll State Bancshares, Inc. to Merge

12 June 2017 - 4:58pm

TYLER, Texas and DIBOLL, Texas, June 12, 2017 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (Nasdaq:SBSI), parent company of Tyler, Texas-based Southside Bank, and Diboll State Bancshares, Inc., the holding company for Diboll, Texas-based First Bank & Trust East Texas, announced today that they have signed a definitive agreement under which Diboll State Bancshares, Inc. will merge into Southside Bancshares, Inc. and First Bank & Trust East Texas will merge into Southside Bank. The combined company will have nearly $7 billion in assets.  

Under the terms of the agreement, Diboll State Bancshares, Inc. shareholders will receive, in aggregate, 5,535,000 shares of Southside common stock and up to $25 million in cash.  Based on Southside Bancshares, Inc.’s closing stock price of $35.01 on June 12, 2017, the value of consideration to Diboll State Bancshares, Inc. shareholders would be $218.8 million in the aggregate. 

“We are excited to partner with a superb bank like First Bank & Trust East Texas. This merger is an excellent growth opportunity to further expand our footprint in the dynamic East Texas market, complementing our presence in North Texas and Austin,” said Lee Gibson, President and CEO of Southside Bank and Southside Bancshares, Inc.  “Jay Shands and the First Bank & Trust East Texas leadership team have built a strong organization focused on providing exceptional customer service and an unwavering commitment to communities. Our companies share many of the same values, making this merger a natural fit from a geographic, cultural, financial and strategic standpoint.”

The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2017, after receipt of regulatory approvals, the approval of the shareholders of Diboll State Bancshares, Inc. and the satisfaction of other customary closing conditions. The combined entity will operate under the names Southside Bancshares, Inc. and Southside Bank.

Following the closing of the merger, two Diboll State Bancshares, Inc. board members will join the Southside board, which will be expanded to 17 members. Diboll State Bancshares, Inc.’s executive management team will remain in place after the merger, assuring the continuity of local decision making. Diboll State Bancshares, Inc. executives will assume the following titles: Jay Shands – Regional President, East Texas; Trey Denman – Executive Vice President; Jim Denman – Executive Vice President.

“We are excited about the opportunity to join Southside, as both companies operate strong community banking models,” said Jay Shands, Chairman, President and CEO of Diboll State Bancshares, Inc. “Bringing together our companies will help provide our customers and employees a broader suite of products and services, increased branch locations and greater financial support to execute our strategy. This merger is a great outcome for our shareholders and positions us well for sustainable success over the long term.”

The transaction is expected to be accretive to earnings per share in the first full year after closing. Both Southside Bank and First Bank & Trust East Texas are well-capitalized banks and the pro forma company is expected to be well-capitalized following the transaction.

Southside Bancshares, Inc. was advised in this transaction by Keefe, Bruyette & Woods, A Stifel Company, as financial advisor and Alston & Bird LLP as legal counsel. Diboll State Bancshares, Inc. was advised by Hovde Group, LLC as financial advisor and Fenimore, Kay, Harrison & Ford, LLP as legal counsel.

In addition to the information contained in this press release, on June 12, 2017, Southside will publish a presentation to investors regarding the transaction on its website at www.southside.com.

Conference Call

Southside will host a conference call for analysts and investors on Tuesday, June 13, 2017 at 9:00 a.m. CDT.  The call can be accessed by dialing (844) 775-2540 and by identifying the conference ID number 38296669 or by identifying “Southside Bancshares, Inc., Merger with Diboll State Bancshares, Inc.”  To listen to the call via webcast, register at www.southside.com/about/investor-relations.  For those unable to listen to the conference call live, a recording of the conference call will be available from approximately 12:00 noon CDT June 13, 2017 through June 25, 2017 by accessing the company website, www.southside.com/about/investor-relations.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company with approximately $5.7 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 60 banking centers in Texas and operates a network of 70 ATMs.

To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://www.southside.com/about/investor-relations/. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Suni Davis at (903) 531-7235, or suni.davis@southside.com.

About Diboll State Bancshares, Inc.

Diboll State Bancshares, Inc. is the holding company for First Bank & Trust East Texas, a financial institution headquartered in Diboll, Texas. First Bank & Trust East Texas operates 17 branches in East Texas. It was founded in 1953 and as of March 31, 2017 had $1.0 billion in assets. Additional information is available at http://www.fbtet.com/.

Forward-Looking Statements

Certain statements of other than historical fact that are contained in this document and in other written material, press releases and oral statements issued by or on behalf of Southside Bancshares, Inc. or Diboll State Bancshares, Inc. may be considered to be “forward-looking statements” within the meaning of and subject to the protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “likely,” “intend,” “probability,” “risk,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to Southside Bancshares, Inc.’s or Diboll State Bancshares, Inc.’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause Southside Bancshares, Inc.’s or Diboll State Bancshares, Inc.’s actual results, respectively, to differ materially from the results discussed in the forward-looking statements. For example, statements about the proposed merger involving Southside and Diboll, including future financial and operating results, Southside’s and Diboll’s plans, objectives, expectations and intentions, the expected timing of completion of the merger and other statements are not historical facts. Among the key factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the following: (i) the ability to obtain the requisite Diboll shareholder approval; (ii) the risk that a regulatory approval that may be required for the proposed merger is not obtained or is obtained subject to conditions that are not anticipated; (iii) the risk that a condition to the closing of the merger may not be satisfied; (iv) the timing to consummate the proposed merger; (v) the risk that the businesses will not be integrated successfully; (vi) the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (vii) disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors; (viii) the diversion of management time on merger-related issues; and (ix) liquidity risk affecting Southside’s and Diboll’s abilities to meet its obligations when they come due.

Additional information concerning Southside Bancshares, Inc., including additional factors that could materially affect its financial results, is included in Southside Bancshares, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2016 under “Business” and Item 1A “Risk Factors,” and in Southside Bancshares, Inc.’s other filings with the Securities and Exchange Commission. Southside Bancshares, Inc. disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments, except to the extent required by law.

Additional Information

Southside Bancshares, Inc. will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction.  The registration statement will include a proxy statement of Diboll State Bancshares, Inc. that will also constitute a prospectus of Southside Bancshares, Inc.  After the registration statement is declared effective by the SEC, a definitive proxy statement/prospectus will be delivered to the shareholders of Diboll State Bancshares, Inc.  SOUTHSIDE BANCSHARES, INC. AND DIBOLL STATE BANCSHARES, INC. URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain (when available) copies of all documents filed with the SEC regarding the transaction, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from: (i) Southside Bancshares, Inc.’s website (www.southside.com) under the tab “Investor Relations,” and then under the tab “Documents”; (ii) Southside Bancshares, Inc. upon written request to Corporate Secretary, P.O. Box 8444, Tyler, Texas 75711; or (iii) Diboll State Bancshares, Inc. upon written request to Jay Shands at 104 North Temple Drive, Diboll, TX 75941.

CONTACT: Media Contacts: For Southside Ashley Fettig (903) 531-7158 ashley.fettig@southside.com For First Bank & Trust East Texas Jay Shands (936) 829-4721 jshands@fbtet.com
Categories: State

National Commerce Corporation Closes Common Stock Offering

12 June 2017 - 3:00pm

BIRMINGHAM, Ala., June 12, 2017 (GLOBE NEWSWIRE) -- National Commerce Corporation (Nasdaq:NCOM) (the “Company”), the parent holding company of National Bank of Commerce (the “Bank”), announced today the closing of its underwritten public offering of 1,104,000 shares of the Company’s common stock at a price to the public of $37.00 per share for gross proceeds of approximately $40.8 million, which includes 144,000 shares pursuant to the exercise of the underwriters’ option. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $38.7 million. Keefe, Bruyette & Woods, A Stifel Company, acted as the sole book-running manager, and Raymond James & Associates, Inc. and Stephens Inc. acted as co-managers for the offering. 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-210687) filed with the U.S. Securities and Exchange Commission (“SEC”). A written prospectus for this offering may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, by calling toll-free (800) 966-1559. These documents are available at no charge by visiting the SEC’s website at http://www.sec.gov.   

About National Commerce Corporation

National Commerce Corporation (Nasdaq:NCOM), a Delaware corporation, is a financial holding company headquartered in Birmingham, Alabama. Substantially all of the operations of National Commerce Corporation are conducted through the company’s wholly owned subsidiary, National Bank of Commerce. National Bank of Commerce currently operates seven full-service banking offices in Alabama, ten full-service banking offices in central and northeast Florida (including under the trade names United Legacy Bank and Reunion Bank of Florida) and two full-service banking offices in Atlanta, Georgia (including under the trade names Private Bank of Buckhead, Private Bank of Decatur and PrivatePlus Mortgage). National Bank of Commerce provides a broad array of financial services for commercial and consumer customers.

Additionally, National Bank of Commerce owns a majority stake in Corporate Billing, LLC, a transaction-based finance company headquartered in Decatur, Alabama that provides factoring, invoicing, collection and accounts receivable management services to transportation companies and automotive parts and service providers throughout the United States and parts of Canada.

National Commerce Corporation files periodic reports with the SEC. Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.nationalbankofcommerce.com. More information about National Commerce Corporation and National Bank of Commerce may be obtained at www.nationalbankofcommerce.com.

Forward-Looking Statements

Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements for which the Company claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases and in oral and written statements made by the Company or with the Company’s approval that are not statements of historical fact and that constitute forward-looking statements within the meaning of the Act. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements made by the Company in this press release, or elsewhere, speak only as of the date on which the statements were made. You are advised to read the risk factors in the Company’s most recently filed Annual Report on Form 10-K and subsequent filings with the SEC, which are available through the website maintained by the SEC at www.sec.gov or by accessing information available at www.nationalbankofcommerce.com. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it or its anticipated results. The Company has no duty to, and does not intend to, update or revise the forward-looking statements in this press release, except as may be required by law. In light of these risks and uncertainties, readers should keep in mind that any forward-looking statement made in this press release may not occur. All data presented herein is as of the date of this release unless otherwise noted.

CONTACT: Contact Information William E. Matthews, V Vice Chairman and Chief Financial Officer National Commerce Corporation (205) 313-8100
Categories: State

Heritage Commerce Corp Ranked one of the Best-Performing Community Banks, with $1 Billion to $10 Billion in Assets for 2016

12 June 2017 - 1:00pm

SAN JOSE, Calif., June 12, 2017 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ:HTBK), the holding company (the “Company”) for Heritage Bank of Commerce, was recognized by S&P Global Market Intelligence as the 23rd best-performing community banks, out of 100 banks recognized, with $1 billion to $10 billion in assets for 2016.

“We are proud to be recognized as one of the best-performing community banks. Our recognition from S&P Global Market Intelligence affirms our passion and commitment to consistently achieve a high-performing status,” said Walter Kaczmarek, Chief Executive Officer.

Performance Measures Criteria
In this ranking, S&P Global Market Intelligence looked at commercial banks with a loan portfolio accounting for more than one-third of total assets. To be eligible for the ranking, a bank’s loan portfolio had to consist of less than 50% credit card loans, and no more than half of its revenue could be from nontraditional banking activities. Banks also had to be well capitalized according to 2016 regulatory standards.

The community banks making the top 100 were ranked using six core financial performance metrics: pretax return on average tangible common equity, net charge-offs as a percentage of average loans, efficiency ratio, adjusted Texas ratio, net interest margin on a fully taxable equivalent basis and loan growth. Each company’s standard deviation from the industry mean was calculated for every ranking metric, equally weighted, then added together to calculate a performance score. To help normalize the data and mitigate the impact of outliers, caps and floors were applied for each metric. Based on the above criteria, 546 companies were eligible for the ranking.

About Heritage Commerce Corp              
Heritage Commerce Corp, a bank holding company established in February 1998, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Los Altos, Los Gatos, Morgan Hill, Pleasanton, San Jose, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in Santa Clara, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.              

CONTACT: Contact: Debbie Reuter/ EVP Corporate Secretary 408.494.4542
Categories: State

Investar Holding Corporation set to join Russell 3000® Index

12 June 2017 - 12:45pm

BATON ROUGE, La., June 12, 2017 (GLOBE NEWSWIRE) -- Investar Holding Corporation ("Investar") (Nasdaq:ISTR), the holding company of Investar Bank, is set to join the broad-market Russell 3000® Index at the conclusion of the Russell indexes annual reconstitution, effective after the US market opens on June 26, according to a preliminary list of additions posted June 9.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of the end of May, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“Being included on the preliminary list of additions to the Russell indexes is an important milestone for Investar and reflects the strong progress we have made in growing the value of our franchise,” said John D’Angelo, President and Chief Executive Officer. “The Russell indexes are widely followed within the investment community, and we believe our inclusion will lead to increased liquidity in our stock and greater awareness for our company as an attractive investment.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $8.4 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

For more information, please visit www.InvestarBank.com.

About Investar

Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, a Louisiana-chartered bank. The Bank had total assets of approximately $1.2 billion as of March 31, 2017. Investar Bank currently operates 11 branches serving southeast Louisiana.

Forward-Looking Statements

This press release may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from those described in this press release. You should not rely on forward-looking statements as a prediction of future events.

Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Investar internet website http://www.InvestarBank.com.

We disclaim any obligation to update any forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based except as required by law. 

CONTACT: Contact: Investar Holding Corporation Chris Hufft Chief Financial Officer (225) 227-2215 Chris.Hufft@investarbank.com
Categories: State

Umpqua Bank Launches Summer Learning Public Awareness and Action Campaign to “Stop the Slide”

12 June 2017 - 11:56am

PORTLAND, Ore., June 12, 2017 (GLOBE NEWSWIRE) -- Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ:UMPQ), is kicking off an initiative to address summer student learning loss, an issue known as the summer slide. Studies show the loss of critical knowledge over the summer months is one of the most significant causes of the achievement gap between youth in lower- and higher-income families, and a leading cause of America’s high school dropout rate.

“Kids are the future of our communities, and at Umpqua we believe we have an obligation to help them thrive," said Cort O’Haver, president and CEO of Umpqua Bank. "The summer slide is an important issue that can be addressed through awareness and smart programs and resources, and Umpqua is committed to being a part of the solution.”

About Umpqua's Stop the Slide Campaign:

  • Free Educational Resources: Umpqua has created free summer learning packets featuring math- and literacy-focused activities for kids. They are available online now and will be available in Umpqua’s more than 300 stores in five states beginning June 19.
  • Sweet Treats + Smart Tools: Umpqua will deploy five Umpqua Bank ice cream trucks with thousands of free ice cream treats and interactive summer learning materials to help parents and kids make learning part of summer fun.
  • Take Action - #StopTheSlide: Beginning June 12, Umpqua is kickstarting a conversation online with inspiring stories, activities and actions to inspire others to help stop the summer slide. Parents and families can find and share ideas, stories and resources on Facebook, Twitter, and Umpqua’s blog with the hashtag #stoptheslide.
  • Volunteer Opportunities: Umpqua associates will be working with summer programs in their communities all summer through Umpqua’s Connect Volunteer Network, which gives every associate up to 40 hours of paid time off each year to volunteer. In addition, Umpqua will be sharing volunteer opportunities online and in social media to make it easier for others to get involved.
  • Little Free Library Giveaway: Later this summer, adults and kids alike will have the chance to win a Little Free Library for their neighborhood by commenting on a post on Umpqua’s Facebook page with their favorite book.

Baker City, Oregon: A Summer Learning Success Story
In 2016, the Baker City Summer Academy was started with a $90,000 three-year grant from the Umpqua Bank Charitable Foundation. Situated in rural, eastern Oregon and run through the Baker School District, the Summer Academy is the school district's first large-scale academic summer program targeting students at risk for falling behind their peers in school.

In just its first year, the Summer Academy made a significant difference, with 92% of students improving or maintaining in literacy and 50% improving or maintaining in math – a rate that could eliminate the area’s achievement gap within three years of Summer Academy attendance. The second year of the Baker City Summer Academy begins June 27.

“Umpqua’s early investment in the Baker City Summer Academy was a critical component in our ability to launch and build this program,” said Mark Witty, superintendent of the Baker School District. “After just the first year, our kids made great progress and we know this is a program that’s already changing lives. Umpqua is one of the first organizations to recognize and fund programs like ours that are working to address this important issue and I look forward to seeing significant gains as a result of their thoughtful and smart investment.”

About the Summer Slide
The summer slide describes what happens over the summer when students, especially those from low-income families, lose the achievement gains they made during the previous school year. More than 25 million low-income public school students in America are affected by the summer slide, and it's one of the most significant causes of high school dropout in America. For many students, the summer achievement gap contributes to gaps in college and career success. It’s estimated that it costs $1,500 per student, per year, to re-teach forgotten material at the beginning of each school year.

About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Northern Nevada. Umpqua Bank has been acknowledged for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the eleventh consecutive year. In addition to its retail banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to small businesses.

Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which offers services through Umpqua Bank stores and in dedicated offices throughout Oregon. Umpqua's Wealth Management Division serves high net worth individuals and nonprofits by providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit http://www.umpquabank.com.

CONTACT: Media Contact: Eve Callahan (503) 727-4188 EveCallahan@UmpquaBank.com
Categories: State

Jeremy Stahl Joins Wheatland Advisors, Inc. as Senior Advisor

12 June 2017 - 11:12am

SHIPPENSBURG, Pa., June 12, 2017 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (the “Company”) (NASDAQ:ORRF), the parent company of Orrstown Bank (the “Bank”) and Wheatland Advisors, Inc. ("Wheatland"), announced today that Jeremy Stahl has joined Wheatland as Senior Advisor.  Mr. Stahl will be working with the Managing Director of Wheatland, Rick Heilig, to provide investment management services to individual and institutional clients throughout the region.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7b124cd2-f715-41fa-ac12-4eaac015e91c

Philip Fague, EVP/Trust and Wealth Management, commented, “We are excited to welcome Jeremy to Wheatland Advisors, Inc.  His local ties in Lancaster and Harrisburg and more than 15 years of experience will support the continued growth of Wheatland.”

Mr. Stahl, added, “I look forward to continuing the rich tradition of Wheatland’s 30 year history of providing personalized and disciplined portfolio and investment management services throughout the region.”

Mr. Stahl has a BA in Finance and Economics from Temple University and received his MBA from the University of Maryland.

In December of 2016 the Company announced the acquisition of Wheatland, a registered investment advisory firm headquartered in Lancaster.  Wheatland currently has more than $145 million in assets under management. The acquisition of Wheatland Advisors, Inc. continued the Company’s expansion into Lancaster County, joining the financial services office at 1800 Fruitville Pike and branches at 2098 Spring Valley Road and 566 Lausch Lane. The Company will open another Lancaster County branch in New Holland in August of 2017.*  

Mr. Stahl will be based at the Wheatland office at 144 East Chestnut St. in Lancaster and can be reached at (717) 299-6090 or via email at jstahl@wheatlandadvisors.com

*Subject to customary regulatory approval.

About the Company

With over $1.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiaries, Orrstown Bank and Wheatland Advisors, Inc., provide a wide range of consumer and business financial services through 26 banking and financial advisory offices in Berks, Cumberland, Dauphin, Franklin, Lancaster and Perry Counties, Pennsylvania and Washington County, Maryland.  Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC.  Orrstown Financial Services, Inc.’s stock is traded on Nasdaq (ORRF).  For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.Orrstown.com. For more information about Wheatland Advisors, Inc., visit www.WheatlandAdvisors.com

Cautionary Note Regarding Forward-looking Statements: This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts.

CONTACT: Contact: Jeremy Stahl (717) 299-6090 jstahl@wheatlandadvisors.com
Categories: State

Customers Bank Named Among Top Performers in Annual Ranking of Mid-Tier U.S. Banks, According to American Banker Magazine

12 June 2017 - 8:30am

WYOMISSING, Pa., June 12, 2017 (GLOBE NEWSWIRE) -- Customers Bank, a community-based, full-service bank with assets of approximately $9.9 billion, has been named a top performing U.S. bank in the $2 billion-to-$10 billion asset class according to a report recently published by American Banker Magazine. The report, compiled by management consulting firm Capital Performance Group, ranks Customers Bank in the top 20 percent of the nearly 240 banks studied based on three-year average return on equity for 2014 to 2016. Based on the report, Customers Bank places as #3 nationally among banks with $8 billion to $10 billion in assets, and #3 among Pennsylvania and New Jersey banks listed.

“Those (banks) that invest wisely in the businesses that best support revenue growth are the ones that are able to improve profitability over time,” said Kevin Halsey, a Capital Performance Group consultant who compiled the data for this annual ranking. While noting that the top-performing banks in the report have little in common aside from their willingness to invest in growth, he added, “As you can see, there are many ways to be a top performer.”

Customers Bank’s success is based on its dedication to providing exceptional value, service and convenience to small and medium-sized businesses, professionals, individuals and families through a high-tech, high-touch approach.  This ensures that customers have access to all the latest mobile and online banking tools while providing personalized service through a single point of contact.

“As a community bank, Customers Bank is built on providing customers with financial products and services that they want and need, while running an efficient business,” said Richard Ehst, President & COO, Customers Bank. “We are pleased to be recognized among the top-performing banks of our size. We take this recognition as further proof of the success and profitability of our customer-focused banking model, and of the impact that quality banking products can produce for the customers and communities we serve.”

Since 2009, Customers Bank’s assets have grown from $250 million to $9.9 billion. In addition to this latest ranking, Customers Bank has also been recognized among Forbes’ 2017 Best Banks in America, as the top chartered bank in Pennsylvania; and among Bank Director Magazine’s fastest growing banks, the Philadelphia Business Journal’s “Philadelphia 100,” and Lehigh Valley Business Journal’s Fastest Growing Companies.

About Customers Bank
Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $9.9 billion that was named by Forbes magazine as the 35th Best Bank in America (there are over 6,200 banks in the United States). A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Hampshire, and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Concierge Banking® by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.

Customers Bancorp, Inc. voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the Company's website, www.customersbank.com.

CONTACT: Contact: Richard Ehst, President & COO 610-505-9190 rehst@customersbank.com Customers Bank 1015 Penn Avenue Wyomissing, PA 19610
Categories: State

Enterprise Financial Services Corp Announces Resignation of Michael Walsh, Director and Chairman of the St. Louis Region

12 June 2017 - 8:15am

ST. LOUIS, June 12, 2017 (GLOBE NEWSWIRE) -- Enterprise Financial Services Corp (NASDAQ:EFSC) (the “Company”) announced the resignation, today, of Michael Walsh, Director and Chairman of the St. Louis Region. Mr. Walsh joined the Company and its Board of Directors on February 10, 2017 as part of the Company’s acquisition of Jefferson County Bancshares, Inc. (“JCB”) and its wholly-owned subsidiary, Eagle Bank and Trust Company of Missouri (“Eagle”). In connection with his resignation, Mr. Walsh expressed his desire to pursue a less formal role with the Company.

Jim Lally, EFSC’s President and CEO commented, “Mike has built an enviable franchise and has been instrumental in the successful transition of associates and customers into our combined organization. We truly appreciate his hard work and dedication during this time, and we respect his decision to take a step-back from his role as a Director and Chairman of the St. Louis Region. We are working closely with Mike as to how we can continue to utilize his experience to further our business efforts.”

“As Mike departs, our continuing leadership team at Enterprise is poised to deliver the superior client service to which they have been accustomed at both Eagle and Enterprise. Additionally, we remain confident that the value of our combined organization is as strong as when we announced the combination several months ago.”

About Enterprise
Enterprise Financial Services Corp (NASDAQ:EFSC), with approximately $5 billion in assets, is a bank holding company headquartered in Clayton, Mo. Enterprise Bank & Trust operates 29 branch offices plus five limited-service facilities in the St. Louis, Kansas City and Phoenix metropolitan areas. EFSC offers a range of business and personal banking services, and wealth management services. Enterprise Trust, a division of Enterprise Bank & Trust, provides financial planning, estate planning, investment management, and trust services to businesses, individuals, institutions, retirement plans and non-profit organizations. Additional information is available at enterprisebank.com.

Forward-looking Statements

Readers should note that, in addition to the historical information contained herein, this press release contains "forward-looking statements" within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include, but are not limited to, statements about the Company's plans, expectations, and projections of future financial and operating results, as well as statements regarding the Company's plans, objectives, expectations or consequences of announced transactions. The Company uses words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "could," "continue," "anticipate," and “intend”, and variations of such words and similar expressions, in this communication to identify such forward-looking statements.  Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements.  Factors that could cause or contribute to such differences include, but are not limited to, the Company's ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses and grow the acquired operations, credit risk, changes in the appraised valuation of real estate securing impaired loans, outcomes of litigation and other contingencies, exposure to general and local economic conditions, risks associated with rapid increases or decreases in prevailing interest rates, consolidation in the banking industry, competition from banks and other financial institutions, the Company's ability to attract and retain relationship officers and other key personnel, burdens imposed by federal and state regulation, changes in regulatory requirements, changes in accounting regulation or standards applicable to banks, as well as other risk factors described in the Company's 2016 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events unless required under the federal securities laws.

CONTACT: For more information contact: Investor Relations: Keene Turner, Executive Vice President and CFO (314) 512-7233 Media: Karen Loiterstein, Senior Vice President (314) 512-7141
Categories: State

Carolina Financial Corporation Announces Agreement to Acquire First South Bancorp, Inc. Expands Presence in North Carolina

12 June 2017 - 8:00am

CHARLESTON, S.C. and WASHINGTON, N.C., June 12, 2017 (GLOBE NEWSWIRE) -- Carolina Financial Corporation (Nasdaq:CARO) (“Carolina Financial”) and First South Bancorp, Inc. (Nasdaq:FSBK), the parent company of First South Bank (together, “First South”) announced today the signing of a definitive merger agreement. 

First South, which is headquartered in Washington, North Carolina, currently operates 28 banking locations across the Research Triangle and eastern regions of North Carolina.  As of March 31, 2017, First South reported assets of $1.0 billion, gross loans of $730 million and deposits of $920 million.

“We are excited about the opportunity to enhance our scale in North Carolina and to enter Raleigh and Durham, two of the fastest growing markets in the Southeast, as a result of this partnership,” said Jerry Rexroad, Chief Executive Officer of Carolina Financial.

Upon completion of the acquisition, the combined company will have approximately $3.2 billion in assets, $2.2 billion in loans and $2.5 billion in deposits. This transaction will further solidify Carolina Financial’s position as one of the largest Carolinas-based community banks.  The transaction provides core funding and economy of scale benefits in attractive markets throughout North Carolina.  First South is a franchise that has developed long-term relationships over the course of its 100+ year history.

Bruce Elder, President and Chief Executive Officer of First South, commented, “We are excited about partnering with a high-performing company like Carolina Financial.  First South shareholders and customers will be rewarded as the combination of these two banks will provide superior financial performance along with an exceptional customer experience.  We will leverage the new resources and products available to us through CresCom Bank to attract new customers and expand our existing relationships.”

Bruce Elder will be named President of North Carolina Banking for Carolina Financial’s bank subsidiary, CresCom Bank.

The merger agreement has been unanimously approved by the boards of directors of each company. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary conditions, including both regulatory and shareholder approvals.  Subject to the terms of the merger agreement, First South shareholders will receive 0.52 shares of Carolina Financial common stock for each share of First South’s common stock, which equates to an aggregate deal value of $162 million based on Carolina Financial Corporation’s closing stock price of $32.49 as of June 9, 2017. 

Keefe, Bruyette & Woods, Inc. served as financial advisor and Nelson Mullins Riley & Scarborough LLP provided legal counsel to Carolina Financial.  Raymond James served as financial advisor and Wyrick Robbins Yates & Ponton LLP served as legal counsel to First South.

Conference Call

A conference call will be held at 11:00 a.m., Eastern Time on June 12, 2017. The conference call can be accessed by dialing (855) 218-6998 or (615) 247-5963 and requesting the Carolina Financial Corporation merger call. The conference ID number is 37059206. Listeners should dial in 10 minutes prior to the start of the call. The live webcast and presentation slides will be available on www.haveanicebank.com under Investor Relations, “Investor Presentations.”

A replay of the webcast will be available on www.haveanicebank.com under Investor Relations, “Investor Presentations” shortly following the call.  A replay of the conference call can be accessed approximately three hours after the call by dialing (855) 859-2056 or (404) 537-3406 and requesting conference number 37059206.

About Carolina Financial Corporation

Carolina Financial Corporation (NASDAQ:CARO) is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company.  As of March 31, 2017, Carolina Financial Corporation had approximately $2.2 billion in total assets and Crescent Mortgage Company was licensed to originate loans in 48 states partnering with community banks, credit unions and mortgage brokers.  During 2014, CresCom Bank completed two branch acquisitions and grew from 11 to 26 branch locations.  In addition, in 2014 the Company added loan production offices in Greenville, SC, and Wilmington, NC.  In August 2015, the Company opened a full-service branch in Greenville, SC.  On December 14, 2015, the Company closed a public offering of approximately 2.26 million shares of its common stock with net proceeds of approximately $32.2 million, net of related expenses. On June 11, 2016, Carolina Financial completed its acquisition of Congaree Bancshares Inc.  On January 5, 2017, the Company closed a public offering of approximately 1.8 million shares of its common stock with net proceeds of approximately $47.7 million, net of related expenses. On March 18, 2017, Carolina Financial completed its acquisition of Greer Bancshares Incorporated.  

About First South Bancorp, Inc.

First South Bancorp, Inc. (NASDAQ:FSBK) is a Virginia corporation that serves as the holding company for First South Bank, a North Carolina-chartered commercial bank. The Company was originally incorporated as a Delaware corporation in 1996.  In 1999, FSBK changed its state of incorporation from Delaware to Virginia.  First South Bank has one significant operating segment, the providing of general commercial banking services to its markets located in the state of North Carolina.

Forward-Looking Statements

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.  Such forward-looking statements include but are not limited to statements with respect to plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions.  Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although the parties making such statements believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, neither Carolina Financial nor First South provides any assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by Carolina Financial, First South or any other person that the future events, plans, or expectations contemplated will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Carolina Financial and First South; the outcome of any legal proceedings that may be instituted against Carolina Financial or First South; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), and shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Carolina Financial and First South do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; Carolina Financial’s ability to complete the acquisition and integration of First South successfully; credit risk associated with commercial real estate, commercial business and construction lending; interest risk involving the effect of a change in interest rates on both of Carolina Financial’s and First South’s earnings and the market value of the portfolio equity; liquidity risk affecting each bank’s ability to meet its obligations when they come due; price risk focusing on changes in market factors that may affect the value of traded instruments; transaction risk arising from problems with service or product delivery; compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; strategic risk resulting from adverse business decisions or improper implementation of business decisions; reputation risk that adversely affects earnings or capital arising from negative public opinion; cybersecurity risk related to the dependence of Carolina Financial and First South on internal computer systems and the technology of outside service providers, as well as the potential impacts of third-party security breaches, which subjects each company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events.  For a discussion of some of the other risks and factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the filings made by Carolina Financial and First South in their respective reports filed with the SEC, including each company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K available at the SEC's Internet site (http://www.sec.gov).  All subsequent written and oral forward-looking statements concerning Carolina Financial, First South or any person acting on either company's behalf are expressly qualified in their entirety by the cautionary statements above.  Neither Carolina Financial nor First South undertakes any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Additional Information About the Acquisition and Where to Find It

Carolina Financial and First South will file relevant documents concerning the transaction with the Securities and Exchange Commission (the “SEC”), including a Registration Statement on Form S-4 which will include a joint proxy statement of Carolina Financial and First South and a prospectus of Carolina Financial, as well as other relevant documents concerning the proposed transaction.  The proposed transaction will be submitted to First South’s shareholders and Carolina Financial’s stockholders for their consideration.  This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 

SHAREHOLDERS OF FIRST SOUTH AND STOCKHOLDERS OF CAROLINA FINANCIAL ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS WHEN THEY ARE FILED WITH THE SEC, as any amendments or supplements to those documents WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION.

Shareholders of First South and stockholders of Carolina Financial will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about Carolina Financial and First South, at the SEC’s internet site (http://www.sec.gov).  Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to:  Carolina Financial Corporation, 288 Meeting Street, Charleston, South Carolina 29401, Attention:  William A. Gehman, III, Executive Vice President and Chief Financial Officer or First South Bancorp, Inc., 1311 Carolina Avenue, Washington, NC 27889, Attention: Scott C. McLean, Executive Vice President and Chief Financial Officer.

Participants in the Solicitation

Carolina Financial, First South and certain of their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.  Information regarding Carolina Financial’s directors and executive officers is available in its definitive proxy statement (form type DEF 14A) which was filed with the SEC on March 20, 2017, and certain of its Current Reports on Form 8-K.  Information regarding First South’s directors and executive officers is available in its definitive proxy statement (form type DEF 14A) which was filed with the SEC on June 2, 2017, and certain of its Current Reports on Form 8-K.  Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.                                                                                                                                  

CONTACT: For More Information, Contact: William A. Gehman III, EVP and CFO, 843.723.7700
Categories: State

Midland States Bancorp, Inc. Completes the Acquisition of Centrue Financial Corporation

12 June 2017 - 6:00am

EFFINGHAM, Ill., June 12, 2017 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ:MSBI) (“Midland”) today announced it has completed its acquisition of Centrue Financial Corporation (NASDAQ:CFCB) (“Centrue”), the parent company of Centrue Bank. As a result of the transaction, Centrue Bank is now a wholly owned subsidiary of Midland.  The transaction brings Midland’s total assets to approximately $4.5 billion.

Leon J. Holschbach, President and Chief Executive Officer of Midland, commented, “We are very pleased to welcome Centrue’s customers, employees and shareholders to the Midland family.  Centrue is a great franchise and we are very familiar with its markets.  Centrue customers will also benefit from the additional products, services and lending capacity that Midland offers. 

“This acquisition fits squarely into our strategic plan of making accretive acquisitions in good markets.  We believe we can realize strong synergies through this transaction while also increasing our ability to grow our customer base in northern and central Illinois,” said Mr. Holschbach.

The transaction will increase the Midland branch network to approximately 50 locations across Illinois and in the St. Louis and Colorado markets.  Midland also operates approximately 40 additional locations across the United States in connection with its residential mortgage, commercial FHA loan origination and commercial equipment leasing businesses.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. Following the acquisition of Centrue Financial Corporation, Midland has assets of approximately $4.5 billion.  Midland’s Wealth Management Group has assets under administration of approximately $1.9 billion.  Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. For additional information, visit Midland at www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank

Special Note Concerning Forward-Looking Statements

Readers should note that this press release includes “forward-looking statements,” including but not limited to statements about the Centrue transaction.  These statements are subject to many risks and uncertainties, including the possibility that any of the anticipated benefits of the transaction will not be realized within the expected time period or at all and the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.


CONTACT: CONTACTS: Kevin L. Thompson, Chief Financial Officer, at kthompson@midlandsb.com or (217) 342-7321 Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321
Categories: State

Southern Missouri Bancorp Announces "At-The" Offering of Shares of Common Stock

9 June 2017 - 3:45pm

Poplar Bluff, June 09, 2017 (GLOBE NEWSWIRE) --

Southern Missouri Bancorp, Inc. (the “Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (the “Bank”), today announced that it had filed a prospectus supplement to its effective shelf registration statement on Form S-3 for the sale of shares of its common stock having an aggregate market value of up to $25,000,000 through an “at the market” equity offering program.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include working capital to support organic growth at Southern Bank, and to support possible acquisitions to the extent available.  The shares will be offered through Keefe, Bruyette & Woods, Inc. A Stifel Company as distribution agent.  The distribution agent may sell shares of our common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation sales made directly on the NASDAQ Global Market, on any other existing trading market for the common stock or to or through a market maker.  In addition, the distribution agent may also sell the shares of common stock by any other method permitted by law, including, but not limited to, negotiated transactions.  Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices.

The Company has filed with the U.S. Securities and Exchange Commission (“SEC”) a prospectus supplement to the prospectus contained in its existing shelf registration statement on Form S-3 (File No. 333-202963) for the offering of shares of common stock described in this communication.  Before you invest, you should read the prospectus, the prospectus supplement relating to the “at the market” program, and other documents the Company has filed with the SEC (many of which are incorporated by reference into the prospectus and prospectus supplement) for more complete information about the Company and the at the market program.  You may obtain copies of the prospectus supplement and accompanying prospectus relating to the offering without charge by visiting the SEC’s website at www.sec.gov, or from Keefe, Bruyette & Woods, 787 Seventh Avenue, 4th Floor, New York, NY 10019 (telephone 800.966.1559).

This press release is for information purposes only and is not an offer to sell or the solicitation of an offer to buy any security of the Company, which is made only by means of a prospectus supplement and related prospectus, nor will there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Southern Missouri Bancorp and Southern Bank

Southern Missouri Bancorp is a bank holding company with consolidated assets of approximately $1.5 billion that conducts business primarily through Southern Bank, its wholly owned banking subsidiary.  Southern Bank provides its customers with a full array of community banking services.  Southern Bank focuses on relationship banking through its headquarters in Poplar Bluff and 32 additional full service offices and three limited service offices in Missouri and Arkansas.  More information about the Company and Southern Bank may be found on the Company’s website at www.bankwithsouthern.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are those that are not historical facts.  Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company’s control).  Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.”  The Company’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.  For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the Company’s prospectus and prospectus supplement and the documents incorporated by reference therein.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release.  The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law.  In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

CONTACT: Matt Funke 573-778-1809

Categories: State

TBK Bank Strengthens Leadership Team with Two Executive Appointments

8 June 2017 - 4:30pm

Kenyon Warren appointed Senior Vice President, Head of Retail Banking
Stuart Pattison appointed Executive Vice President, Senior Lending Officer – Western Division

DALLAS, June 08, 2017 (GLOBE NEWSWIRE) -- TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (Nasdaq:TBK), today announced the appointments of Kenyon Warren and Stuart Pattison to its executive management team, effective immediately.

Kenyon Warren has been appointed Senior Vice President, Head of Retail Banking. In this role he will oversee the retail banking operations, deposit growth and the customer experience for TBK Bank’s 37 branches located throughout Colorado, Kansas, Illinois, Iowa and Texas.

Warren will report to the bank’s Executive Vice President, Senior Banking Officer John DeDoncker who said, “Kenyon brings a high-level of character, professionalism and attention to both the internal and external customer experience. I am confident that he will play a key role in helping us enhance and grow our community bank product and service offering.” 

Prior to joining TBK Bank, Warren served as Executive Vice President, Regional Retail Sales Executive and Consumer Segment Executive for BBVA Compass in Dallas. He held various roles at BBVA Compass over 7 years including Executive Vice President, Director of Mass Affluent Segment and Senior Vice President, Business Segment Executive/Sales Productivity Executive. Prior to BBVA Compass, Warren’s experience included leadership roles with Chase Bank from 2003 to 2010 and Bank One from 1997 to 2003. Warren received his Bachelor of Arts in Psychology from Kenyon College and his Master of Management, Management & Strategy from Northwestern University – Kellogg School of Management.

Stuart Pattison has been appointed Executive Vice President, Senior Lending Officer – Western Division. In this role, he will lead the lending efforts of TBK Bank’s Western Division, which includes 18 branches located across the front range of Colorado and western Kansas. The division’s current loan portfolio consists of over $400 million in agribusiness, commercial and consumer loans.

Pattison will report to the bank’s Chief Lending Officer Dan Karas who said, “Stuart is a seasoned and versatile leader. He brings a wealth of banking and lending experience, including over 25 years in Colorado, supporting the needs of local communities, clients and customers.”

Pattison comes to TBK Bank from Northstar Bank in Denver, Colorado where he served three years as President and Chief Executive Officer. Prior to that, he served as President and Chief Executive Officer of Commerce Bank from 2009 to 2013 and as President of KeyBank from 2006 to 2009. Earlier in his career, Pattison’s experience included leadership roles with BBVA Compass and US Bank in Denver, and Presidential Savings Bank in Washington, DC. He received his Bachelor of Science in Business Administration/Marketing from Old Dominion University and his Master of Business Administration from Colorado State University. 

“We have assembled a talented leadership team at TBK Bank,” said Aaron P. Graft, Chief Executive Officer of TBK Bank, SSB. “The additions of Kenyon and Stuart to our team will enhance our ability to serve the financial needs of our customers, support our pursuit of strategic growth initiatives and create value for our stakeholders.”

ABOUT TBK BANK, SSB

TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (Nasdaq:TBK), is a Texas-state savings bank headquartered in Dallas, Texas. TBK Bank offers consumer and commercial banking products from 18 branches throughout Eastern Iowa and Illinois and 18 branches throughout Colorado and Western Kansas. TBK Bank also offer deposit products through its Dallas branch. TBK Bank’s lending capabilities include commercial and industrial, agribusiness, consumer, commercial real estate, mortgage warehouse lending and other general business lending. TBK Bank also serves a national client base through its commercial finance offering, which includes factoring, equipment lending, asset based lending, commercial insurance and premium finance solutions for independent insurance agents.

CONTACT: Media Contact: Amanda Tavackoli Vice President, Marketing & Communication TBK Bank, SSB atavackoli@tbkbank.com 214-365-6930
Categories: State

QCR Holdings, Inc. Announces Plans to Acquire Guaranty Bank and Trust Company from Guaranty Bankshares, Ltd.

8 June 2017 - 3:40pm

MOLINE, Ill., June 08, 2017 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ:QCRH) today announced the signing of a definitive agreement to acquire Guaranty Bank and Trust Company (“Guaranty Bank”) from Guaranty Bankshares, Ltd. (“Guaranty”).  Established as a de novo bank in 1934, Guaranty Bank is headquartered in Cedar Rapids, Iowa.  The acquisition and subsequent merger of Guaranty Bank into Cedar Rapids Bank & Trust Company (“CRBT”) will enhance the footprint and deposit base of CRBT, a wholly owned subsidiary of QCRH.

Guaranty Bank has five banking locations and approximately $267 million in assets and approximately $213 million in deposits as of March 31, 2017.  The synergies between the Guaranty Bank and QCR Holdings approach to customer service and community involvement are key components in this strategic acquisition. 

“QCRH continues to grow our franchise in markets that are important to us,” commented Douglas M. Hultquist, President and Chief Executive Officer, “and partnering with a legacy financial institution such as Guaranty Bank is a good strategic fit.  The mission, vision and values of both organizations focus on recruiting the best people, delivering exceptional, local client service and building the communities they serve. We are extremely honored to welcome the clients and employees of Guaranty Bank to the QCR Holdings family.”

Todd A. Gipple, Chief Operating Officer and Chief Financial Officer of QCR Holdings remarked, “We believe this transaction is a great opportunity for Guaranty shareholders to be part of a strong, relationship-focused company.  We are pleased to have the opportunity to partner with Guaranty Bank to help create the dominant community banking franchise in the Cedar Rapids area.  As one of our key strategies to drive shareholder value, QCR Holdings seeks to participate as an acquirer to further boost ROAA and increase earnings per share.  We believe acquiring Guaranty Bank will add to the value and growth of our Company.”

Robert D. Becker, Chairman and President of Guaranty Bankshares said, “Guaranty Bank began serving the Cedar Rapids community over 83 years ago.  This acquisition provides broader services to our customers while providing greater opportunities for our shareholders.”

“We are excited about joining forces with Cedar Rapids Bank & Trust. Partnering with CRBT will allow us to further broaden the reach of our mission which is to consistently exceed expectations by providing solutions which help our customers, our stakeholders and our communities prosper,” added Christopher J. Lindell, President and Chief Executive Officer, Guaranty Bank. “Customer service will remain our primary focus during and after this merger.  For the near future, CRBT and Guaranty Bank do not anticipate any immediate changes to our organizations, so customers can continue doing business as usual.”

Piper Jaffray & Co. served as financial advisor to QCR Holdings and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel.  Sheshunoff & Co. Investment Banking, L.P. served as financial advisor to Guaranty and Hunton & Williams LLP served as legal counsel.

Terms of the Transaction

In the acquisition, QCR Holdings will acquire 100% of Guaranty Bank’s outstanding common stock and certain other assets of Guaranty for aggregate consideration of 79% QCR Holdings common stock and 21% cash.  The projected deal value at closing of the transaction is approximately $44.2 million.  The transaction is subject to regulatory approval by bank regulators, approval by Guaranty shareholders and certain closing conditions.  The transaction is expected to close late in the third quarter or early fourth quarter of 2017.

About Us

QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company, which serves the Quad City, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, and Rockford communities through its wholly owned subsidiary banks.  Quad City Bank & Trust Company, which is based in Bettendorf, Iowa, and commenced operations in 1994, Cedar Rapids Bank & Trust Company, which is based in Cedar Rapids, Iowa, and commenced operations in 2001, Community State Bank, which is based in Ankeny, Iowa and was acquired by the Company in 2016, and Rockford Bank & Trust Company, which is based in Rockford, Illinois, and commenced operations in 2005, provide full-service commercial and consumer banking and trust and wealth management services.  Quad City Bank & Trust Company also provides correspondent banking services.  In addition, Quad City Bank & Trust Company engages in commercial leasing through its wholly owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wisconsin.  Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company.

Special Note Concerning Forward-Looking Statements 
This document may contain forward-looking statements within the meaning of the federal securities laws with respect to the financial condition, results of operations, plans, objectives, future performance and business of QCR Holdings and Guaranty.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of QCR Holdings’s and Guaranty’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions.  Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and neither QCR Holdings nor Guaranty undertakes any obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of QCR Holdings and Guaranty to control or predict, could cause actual results to differ materially from those in any forward-looking statements.  These factors include, among others, the following: (i) the possibility that any of the anticipated benefits of the proposed transaction between QCR Holdings and Guaranty will not be realized or will not be realized within the expected time period; (ii) the risk that integration of operations of Guaranty with those of QCR Holdings will be materially delayed or will be more costly or difficult than expected; (iii) the inability to complete the proposed transaction due to the failure of the required stockholder approval; (iv) the failure to satisfy other conditions to completion of the proposed transaction, including receipt of required regulatory and other approvals; (v) the failure of the proposed transaction to close for any other reason; (vi) the effect of the announcement of the transaction on customer relationships and operating results; (vii) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (viii) the strength of the local, national and international economy; (ix) changes in state and federal laws, regulations and governmental policies concerning QCR Holdings’s and Guaranty’s general business; (x) changes in interest rates and prepayment rates of QCR Holdings’s and Guaranty’s assets; (xi) increased competition in the financial services sector and the inability to attract new customers; (xii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (xiii) the loss of key executives or employees; (xiv) changes in consumer spending; (xv) unexpected results of acquisitions, including the acquisition of Guaranty; (xvi) unexpected outcomes of existing or new litigation involving QCR Holdings or Guaranty; (xvii) the economic impact of any future terrorist threats or attacks; (xviii) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards; and (xix) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning QCR Holdings and its business, including additional factors that could materially affect QCR Holdings’s financial results, are included in QCR Holdings’s filings with the Securities and Exchange Commission (the “SEC”).

Additional Information
QCR Holdings will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement will include a proxy statement of Guaranty that also constitutes a prospectus of QCR Holdings, which will be sent to the stockholders of Guaranty. Guaranty’s stockholders are advised to read the proxy statement/prospectus when it becomes available because it will contain important information about QCR Holdings, Guaranty and the proposed transaction. When filed, this document and other documents relating to the proposed transaction filed by QCR Holdings and Guaranty can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing QCR Holdings’s website at www.qcrh.com under the tab “Investors Relations” and then under “SEC Filings.” Alternatively, these documents, when available, can be obtained free of charge from QCR Holdings upon written request to QCR Holdings, Inc., Corporate Secretary, 3551 7th Street, Moline, Illinois 61265 or by calling (309) 736-3584, or from Guaranty, upon written request to Guaranty Bankshares, Ltd., Chris Lindell, 302 Third Avenue Southeast, Cedar Rapids, Iowa 52401 or by calling (319) 286-6208.

This document shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in this Transaction
QCR Holdings, Guaranty and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the proposed transaction under the rules of the SEC. Information about these participants may be found in the definitive proxy statement of QCR Holdings relating to its 2017 Annual Meeting of Stockholders filed with the SEC on April 3, 2017. This definitive proxy statement can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants will also be included in the proxy statement/prospectus regarding the proposed transaction when it becomes available.

CONTACT: Contact: Todd A. Gipple Executive Vice President Chief Operating Officer Chief Financial Officer (309) 743-7745
Categories: State

Federal Home Loan Bank of Atlanta Awards $20 Million for Affordable Housing Development

8 June 2017 - 1:55pm

ATLANTA, June 08, 2017 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (the Bank) announced today that it has awarded $20,361,018 million to assist in the funding of 54 affordable housing projects in 16 states and the District of Columbia as part of its 2017 Affordable Housing Program (AHP). The projects represent $466,988,450 in total housing development. For every $1 dollar in AHP funding, another $22 dollars of financing was leveraged under the FHLBank Atlanta 2017 AHP.

Local for-profit and nonprofit developers, in partnership with FHLBank Atlanta member financial institutions, will use $14.7 million of AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 2,215 affordable rental and homeownership units in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. Developers with projects in states outside of the Bank’s district, including, Arkansas, Connecticut, Kentucky, Louisiana, Maine, Michigan, Pennsylvania, Tennessee, and Wisconsin, will receive AHP funds totaling nearly $5.7 million to develop 893 housing units. For the complete list of winners, click here.

“The Affordable Housing Program helps pave the way for our members to work with developers and community groups to foster greater housing opportunities and economic development in the communities they serve,” said Robert Dozier, FHLBank Atlanta Executive Vice President and Chief Business Officer. “We are proud of the impact these funds have in helping low- and moderate-income families find affordable housing, and in building stronger local economies.”

FHLBank Atlanta awards AHP funds annually through a competitive application process. Since 1990, FHLBank Atlanta has awarded more than $914 million in AHP grants and provided more than 142,000 housing opportunities for moderate, low-, and very low-income households. Applications for the 2018 AHP funding round will be accepted beginning June 2018. Potential applicants must work with an FHLBank Atlanta member financial institution to complete the AHP Competitive program application. A list of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.

FHLBank Atlanta’s AHP awards range from $80,000 to $500,000 per project and will be made in the following states:

StateRental UnitsOwner UnitsAHP FundsTotal DevelopmentAlabama160--      $1,185,000$21,888,219District of Columbia64--$331,857$44,610,032Florida23740$1,912,251$21,599,506Georgia2568$2,080,000$45,346,737Maryland53--$500,000$10,595,088North Carolina703--$3,784,595$46,833,554South Carolina19310$650,000$28,101,856Virginia46427$4,264,149$99,013,557Out of District8894$5,653,166$148,999,901


About the Federal Home Loan Bank of Atlanta

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $5 billion in Affordable Housing Program funds, assisting more than 791,000 households.

For more information, visit our website at www.fhlbatl.com.

CONTACT: CONTACT: Peter E. Garuccio Federal Home Loan Bank of Atlanta pgaruccio@fhlbatl.com (404) 888.8143
Categories: State

Polish & Slavic Federal Credit Union Sponsors First Annual SSG Michael Ollis Memorial 5K Run

8 June 2017 - 12:05pm

STATEN ISLAND, N.Y., June 08, 2017 (GLOBE NEWSWIRE) -- Today, June 8, 2017, the SSG Michael Ollis Freedom Foundation proudly announced that the Polish & Slavic Federal Credit Union has signed-on as an official partner & sponsor of the 1st Annual SSG Michael Ollis Memorial 5K Run/Walk taking place this Sunday, June 11, 2017 in New Dorp, Staten Island, NY.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/52b0b90f-4ff4-49ad-be1b-92c25a85782d

“Ever since Michael's sacrificed to save his fellow serviceman, the outpouring of support and appreciation from the Republic of Poland, Polish-Americans, and the Polish & Slavic Federal Credit Union (PFSCU) has been overwhelming," said Robert and Linda Ollis, parents of fallen Army SSG Michael Ollis. As has been widely reported, SSG Michael Ollis heroically sacrificed his life to shield Polish Lt. Karol Cierpica from a suicide attack when their forward operating base (FOB) in Afghanistan was ambushed in a suicide attack in 2013. Since then, Karol, the Polish government and its representatives, the PSFCU, and countless members of the Polish-American community have worked hard to commemorate the memory and heroic sacrifice of SSG Ollis. In fact, the Polish Government posthumously awarded SSG Ollis the Army Gold Medal, Poland's highest honor for a foreign solider, and when the Lt. Cierpica's baby boy was born in 2015, they named him Michael in honor of SSG Ollis.

“The Polish & Slavic Federal Credit Union (PSFCU) is proud to provide financial support for the First Annual SSG Michael Ollis Memorial 5K Run/Walk.  Since 2015 PSFCU have been actively supporting Linda and Bob Ollis. We are honored to be part of this event. Polish-Americans from the whole New York metropolitan area admire the fallen hero and actively support celebrating Michael’s noble posture.  He heroically gave his life in Afghanistan to save his Polish brother in arms Lieutenant Karol Cierpica.  We are thankful for heroes like him," says Agnieszka Chwatko, PSFCU Staten Island Branch Manager.

The 1st Annual SSG Michael Ollis Memorial 5K Run/Walk will take place this Sunday, June 11, 2017, with the opening ceremony beginning at 8:30 AM and the race kicking off at 9:00 AM. A street festival and celebration will take place on New Dorp Lane after the race from 10:30 AM to 12 PM. Those interested in signing up can register at OllisRace.Eventbrite.com until 12 AM tonight, Thursday June 8, and can e-mail OllisRace@gmail.com with questions. The entry fee is $35.00 per person, and over 500 participants have already signed up for the race as of June 7. The SSG Michael Ollis Freedom Foundation is actively seeking additional race volunteers, who should e-mail OllisRace@gmail.com with their contact information.

CONTACT: CONTACTS: SSG Michael Ollis Freedom Foundation - Nick Iacono, Race Planning Director, phone: (718) 887-6522, e-mail: Iacono.Nicholas@gmail.com  The Polish & Slavic Federal Credit Union - Pawel Burdzy, Polish & Slavic Federal Credit Union, Public Relations Manager, phone: (973) 349 7088, e-mail: pburdzy@psfcu.net 
Categories: State

Bridge Bank and ORIX Growth Capital Finance Provide New Credit Facility to Revolution Foods

8 June 2017 - 5:00am

SAN JOSE, Calif., June 08, 2017 (GLOBE NEWSWIRE) -- Bridge Bank and ORIX Growth Capital (“ORIX”) today announced that the firms have provided Revolution Foods with a revised accounts receivable line of credit facility from Bridge Bank alongside a venture term loan shared by Bridge Bank and ORIX.  Revolution Foods is a leading provider of healthy and affordable meals to millions of students and families across America. The line of credit will be used to support general working capital requirements, while the term loan will be used to help refinance existing debt and provide long-term growth capital for the company to invest in its consumer packaged goods business and manufacturing plant expansion. 

“Bridge Bank and Revolution Foods first worked together in 2010 and we are proud to be part of their continuing story,” said Mike Lederman, senior vice president with Bridge Bank. “We have provided the Company with a variety of banking services and credit facilities over the years, and are pleased to join with ORIX on this recent financing to further extend and support the relationship. We value our long-term relationship and appreciate the opportunity to work with a company that carries such strong values and helps children and families across the country,” Lederman added.

“Revolution Foods has successfully achieved a unique scale and market leading position within the healthy school meals segment,” said Joel Gragg, Managing Director at ORIX Growth Capital.  “They are the recognized healthy brand and partner of choice for schools and students across the United States.”

“Bridge Bank has been a critical resource in supporting the growth and impact of Revolution Foods. With Bridge Bank and ORIX's new financing, we will continue to expand our platform to become the leading provider of healthy family meals across the nation,” said Kristin Richmond, CEO and cofounder of Revolution Foods.

About Revolution Foods
Revolution Foods believes that proper nutrition is a cornerstone of providing youth the nourishment they need to lead successful lives. With this belief in mind, the company started in 2006 as a provider of nutritious, affordable school lunches to students and now serves over 2 million schools meals every week in 14 states. Based on requests to be able to take meals home from school and coupled with requests for their products from grocery retailers, Revolution Foods services now include retail consumer-packaged products available at thousands of stores across the United States.

The company has built on its purpose-driven roots by putting one percent of all its sales from its consumer packaged food items into a grant fund that goes to schools in need.

About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation.  One of the country’s top-performing banking companies, Western Alliance ranks #4 on the Forbes 2017 “Best Banks in America” list.  For more information, visit bridgebank.com.

About ORIX Growth Capital
ORIX Growth Capital specializes in designing highly customized financing solutions for high-growth companies with investments starting around $5 million and growing to $50 million. The team has committed over $1.4 billion to more than 125 companies. ORIX Growth Capital is a business unit of ORIX USA, a Dallas-based financial services firm known for providing innovative capital solutions that clients need to propel their business to the next level. With more than 600 employees spanning 20 offices across the U.S. and Brazil, ORIX USA and its family of companies hold $6 billion of assets and manage an additional $29 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX Growth Capital, visit www.ORIX.com/growth-capital.

CONTACT: Media Contact for Bridge Bank Ryan Barringer Senior Vice President Division Marketing Director 408.556.8677  ryan.barringer@bridgebank.com
Categories: State

Centrue Financial Corporation Announces Shareholder Approval for Merger

7 June 2017 - 3:30pm

OTTAWA, Ill., June 07, 2017 (GLOBE NEWSWIRE) -- Centrue Financial Corporation (NASDAQ:CFCB) (“Centrue”) today announced that Centrue’s shareholders voted in favor of the approval of the merger agreement between Centrue and Midland States Bancorp, Inc. (NASDAQ:MSBI) (“Midland”). Under the merger agreement, and subject to the satisfactory of customary closing conditions, Centrue will merge into Midland, with Midland as the surviving corporation.   

About Centrue Financial Corporation

Centrue Financial Corporation is a regional financial services company headquartered in Ottawa, Illinois and devotes special attention to personal service. Centrue serves a market area which extends from the far western and southern suburbs of the Chicago metropolitan area across Central Illinois and metropolitan St. Louis.  Further information about Centrue is available at its website at http://www.centrue.com.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. Midland had assets of approximately $3.4 billion, and its Midland Wealth Management Group had assets under administration of approximately $1.9 billion as of March 31, 2017.  Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. Midland has more than 80 locations across the United States. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.

Additional Information

This communication is being made in respect of the merger involving Midland and Centrue. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Midland has filed a registration statement on Form S-4 with the SEC in connection with the proposed transaction. Shareholders are advised to read the joint proxy statement/prospectus because it contains important information about Midland, Centrue and the proposed transaction. This document and other documents relating to the merger filed by Midland and Centrue can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing Midland’s website at www.midlandsb.com under “Investors” and then under the “SEC Filings” tab. Alternatively, these documents may be obtained free of charge from Midland upon written request to Midland States Bancorp, Inc., Corporate Secretary, 1201 Network Centre Drive, Effingham, Illinois, 62401 or by calling (217) 342-7321 or emailing corpsec@midlandsb.com, or from Centrue, upon written request to Centrue Financial Corporation, Investor Relations, 122 West Madison Street, Ottawa, Illinois 61350 or by calling (815) 431-8400 or emailing investor.relations@centrue.com.

CONTACT: CONTACTS: For Midland: Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321 For Centrue: Daniel R. Kadolph, Chief Financial Officer, at daniel.kadolph@centrue.com or (815) 431-2838
Categories: State

BCB Bancorp, Inc. to acquire IA Bancorp, Inc.

7 June 2017 - 3:05pm

BAYONNE, N.J., June 07, 2017 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company” or “BCB”), Bayonne, NJ (NASDAQ:BCBP – News), the holding company for BCB Community Bank, has announced it has entered into a definitive merger agreement (the "Merger Agreement"), with IA Bancorp, Inc. (“IAB”), pursuant to which the Company will acquire IAB and its wholly owned subsidiary, Indus-American Bank.  Upon consummation of the merger, Indus-American Bank will merge with BCB Community Bank and will operate as a division of BCB Community Bank.  Following the closing of the merger, BCB will form an advisory board which will consist of current members of the IAB board of directors and other prominent community members.

Indus-American Bank, which has its headquarters in Edison, New Jersey, operates full-service branches in Edison, Jersey City, Parsippany and Plainsboro, New Jersey, and Hicksville, New York. Indus-American Bank was founded primarily to meet the banking needs of the South Asian-American community. Indus-American Bank specializes in core business banking products for small- to medium-sized companies, with an emphasis on real estate-based lending.

Mark D. Hogan, Chairman of the Board of Directors of the Company, stated, "We are extremely excited and pleased to welcome Indus-American customers and employees to BCB. Our partnership with Indus-American is consistent with BCB's strategic plan of executing smart growth via expansions and organic branching. This transaction will allow the combined entities to further develop our existing markets in Jersey City and Edison, and will provide further opportunities in Parsippany, Plainsboro and Hicksville, New York, three new, attractive markets for BCB.”

The total transaction value is approximately $20 million, including the assumption by BCB of approximately $7.5 million of IAB preferred stock, outstanding shares of IAB common stock of approximately 4.18 million and based on a 10-day volume weighted average price of BCB common stock. Under the terms of the Merger Agreement, which both boards of directors have approved, IAB shareholders shall be entitled to elect to receive either 0.189 shares of BCB common stock or $3.05 in cash for each share of IAB common stock, subject to an overall allocation of exchanged IAB shares into 80% BCB common stock and 20% cash. The closing and the systems’ conversion is anticipated to occur in the fourth quarter of 2017, subject to approval by IAB shareholders, regulatory approvals and other customary closing conditions.  On a pro forma basis, the transaction is expected to be accretive to the Company’s 2018 earnings by approximately 10% per share, with tangible book value per share dilution of approximately 1.3% and an earn-back period of approximately 1.2 years.

Anil Bansal, Chairman of the Board of Directors of IAB, said, "We believe our loyal Indus-American Bank customers and shareholders will greatly benefit from this merger. BCB is a true community bank, with a history of a very strong commitment to its customers and the communities it serves. This merger will bring expanded lending capacity, supplementary retail and business products and added capital, which should enable our combined organizations to better serve our customers, to continue growing in our marketplaces, and to further enhance shareholder value."

Thomas Coughlin, President and Chief Executive Officer of the Company and the Bank, added, "BCB is excited to be partnering with IAB and Indus-American Bank. Indus-American Bank’s branch locations complement BCB’s current locations. BCB will continue Indus-American Bank’s commitment of service to its customers and its communities. The existing Indus-American branches will operate and be known as “BCB-Indus-American Bank, a division of BCB Community Bank,” in recognition of the strong identity forged over the years by Indus-American Bank.”

The merger will add approximately $235 million to the Company’s asset base, based on IAB’s assets as of March 31, 2017. Following completion of the merger, the Company will have total assets of over $2 billion, based on IAB’s and BCB’s respective assets as of March 31, 2017.  

The merger is subject to customary closing conditions, including the receipt of regulatory approvals and IAB shareholder approval. The merger is expected to close in the fourth quarter of 2017.

FinPro Capital Advisors, Inc. acted as financial advisor to BCB Bancorp, Inc., and its legal counsel was Covington & Burling LLP.  Keefe, Bruyette & Woods, Inc. acted as financial advisor to IA Bancorp, Inc., and its legal counsel was Windels, Marx, Lane & Mittendorf, LLP.

About BCB Community Bank
BCB Community Bank operates 22 full-service branches in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Monroe Township, Rutherford, South Orange, Union and Woodbridge, New Jersey, and two branches in Staten Island, New York.

Forward-looking Statements and Associated Risk Factors
This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to factors previously disclosed in BCB’s reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this document, the following factors among others, could cause actual results to differ materially from forward-looking statements or historical performance: ability to obtain regulatory approvals and meet
other closing conditions to the merger, including approval by IAB shareholders on the expected terms and schedule; delay in closing the merger; difficulties and delays in integrating the IAB business or fully realizing cost savings and other benefits of the merger; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of BCB products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Important Additional Information and Where to Find It

In connection with the proposed merger, BCB will file with the SEC a Registration Statement on Form S-4 that will include a proxy statement of IAB and a prospectus of BCB, as well as other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. SHAREHOLDERS OF IAB ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY BCB, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

A free copy of the proxy statement/prospectus, as well as other filings containing information about BCB, may be obtained at the SEC's Internet site (http://www.sec.gov), when they are filed by BCB. You will also be able to obtain these documents, when they are filed, free of charge, from BCB at www.bcbcommunitybank.com under the heading "Investor Relations" and then under "SEC Filings." Copies of the proxy statement/prospectus can also be obtained, when it becomes available, free of charge, by directing a request to BCB Community Bank, 595 Avenue C, Bayonne, NJ 07002, Attention: Thomas Keating, Telephone: 201.823.0700 or to IA Bancorp, Inc., [Address], Attention: [Name], Telephone: [Number].

IAB and Indus-American Bank and their directors, executive officers and certain other members of their management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information concerning all of the participants in the solicitation will be included in the proxy statement/prospectus relating to the proposed transaction when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.

CONTACT: Contact: Thomas Keating, Senior Vice President and Chief Financial Officer of BCB Bancorp, Inc. – 201.823.0700 or Thomas Coughlin, President and Chief Executive Officer of BCB Bancorp, Inc. – 201.823.0700
Categories: State

About us | Advertise | Help | Privacy Policy | Subscriptions, RSS © 2009 The Progress News . All Rights Reserved .