The Federal Reserve finalized its analyses of four separate merger and acquisition proposals in the first half of March. Each notice of approval included a report detailing the central bank’s assessment of the institutions’ safety and soundness and commentary from interested parties.
Below is a roundup comprised of brief descriptions of each of the approved business agreements and links to more information:
Home BancShares merges with Mountain Commerce Bancorp
The Fed approved an application by Home BancShares, of Conway, Ark., to acquire and subsequently merge with Mountain Commerce Bancorp, Inc., of Knoxville, Tenn., on March 12. Through the merger agreement, Home BancShares will acquire the bank holding company’s $1.8 billion in assets and indirectly acquire Mountain Commerce Bank, which operates throughout Tennessee. Home BancShares has approximately $22.9 billion in consolidated assets and controls Centennial Bank, which operates in Alabama, Arkansas, Florida, New York and Texas. Read more about the Fed’s analysis of the merger and acquisition agreement, as well as commentary received from interested parties here.
Associated Banc-Corp acquires American National Corp.
Associated Banc-Corp, of Green Bay, Wis., received regulatory approval from the Fed on March 11 to acquire American National Corporation, thereby indirectly acquiring American National Bank. Both acquired entities are based in Omaha, Neb. Associated Banc-Corp holds approximately $45.2 billion in total assets and operates branch locations in Illinois, Minnesota, Missouri and Wisconsin. American National holds $5.3 billion and has a presence in Iowa, Minnesota and Nebraska. Read more about the Fed’s analysis of the merger and commentary received from interested parties here.
FirstSun merges with First Foundation
The Fed approved the merger of FirstSun Capital Bancorp, of Denver, Colo., and First Foundation Inc., of Irving, Texas, on March 11. Upon completion of the merger, FirstSun will indirectly acquire First Foundation Bank, of Irvine, Calif., per the terms of the deal. FirstSun holds approximately $7.1 billion in consolidated assets and controls Sunflower Bank, which operates in Arizona, California, Colorado, Kansas, New Mexico, Texas and Washington. First Foundation holds approximately $11.9 billion in total assets and is the 24th largest insured depository institution in California. Learn more about the Fed’s analysis of the merger and commentary received from interested parties here.
Citizens Bank & Trust acquired by CBA Banc-Corp.
The Fed issued a notice on March 9 announcing its approval of a request by CBS Banc-Corp., of Russellville, Ala., to acquire TAG Bancshares Inc., thereby indirectly acquiring Citizens Bank & Trust, Inc. Both the acquired institutions are based in Trenton, Ga. CBS holds consolidated assets totaling approximately $2.9 billion while TAG holds approximately $130.3 million. Learn more about the Fed’s analysis of the acquisition and commentary received from interested parties here.