First National of Nebraska is set to buy broker-dealer firm Northland Capital Holdings, the banking and financial services company announced last week.
Northland Capital Holdings’ subsidiary Northland Securities will be added to First Nebraska’s affiliates. The Minnesota-based company is a capital markets firm with approximately 170 staff operating in seven states.
Northland is a “leading underwriter of tax-exempt bonds in the Midwest”, according to a statement about the deal from First National. It works with corporate, government, and non-profit clients to help them access capital markets.
“The acquisition by First National of Nebraska will make Northland an even stronger full-service broker-dealer,” said Randy Nitzsche, president and CEO of Northland. “By combining our expertise with the capital and resources that a $30 billion privately-held bank offers, we create more opportunities for our customers and theirs, as well as our employees.”
Subject to regulatory approval, the deal is expected to be completed in the first quarter of this year.
Separately, Mississippi-based Renasant Corporation, parent to Renasant Bank, announced at the end of last year that it had bought commercial financing specialist Republic Business Credit (RBC).
RBC has become a subsidiary of Renasant Bank and its leadership team — including co-founder and CEO Stewart Chesters — is to remain in place.
RBC, also known as Continental Republic Capital, provides factoring and asset-based lending options to borrowers across the US.
Meanwhile, Massachusetts’ Brookline Bancorp has completed its $313 million acquisition of New York-based PCSB Financial Corporation. The deal means PCSB’s subsidiary, PCSB Bank, now operates as a subsidiary of Brookline.
PCSB’s chief lending officer Michael Goldrick has become president and CEO of PCSB Bank. Willard Hill, Jr has joined Brookline’s board of directors having previously been on PCSB’s board.
Finally, United Community Banks (UCB) has completed its $272 million merger with Alabama-based Progress Financial Corporation.
Progress’s subsidiary, Progress Bank and Trust, has been merged into United Community Bank, UCB’s subsidiary, and will operate under the United Community Bank brand.
The deal adds 14 branches to UCB’s network, including sites in Alabama and the Florida Panhandle. It also adds $1.7 billion in assets, total loans of $1.4 billion, and total deposits of $1.5 billion to UCB’s balance sheet.