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Banks kick off 2021 with a host of deals

A swathe of U.S. banks started the new year with a raft of acquisitions and partnerships

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  • Written by  Banking Exchange staff
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Banks kick off 2021 with a host of deals

Georgia-based SouthCrest Bank, Associated Banc-Corp and the retail banking arm of U.S. Bancorp were among those making announcements in the early days of 2021.

SouthCrest Bank announced a deal to buy the Thomaston, GA, branch of Colony Bank, while U.S. Bank announced the acquisition of the debt servicing and securities custody services portfolio of MUFG Union Bank, NA. The cost of both transactions were not disclosed.

The SouthCrest deal includes all of the deposits within the branch and a select number of loans.

Bank chief executive Brian Schmitt thanked the staff members of Colony who decided to move across as part of the deal.

The U.S. Bank deal, by comparison, is considerably larger. The bank will acquire approximately 600 client relationships and $320 billion in assets under custody and administration and is expected to close in the first quarter of 2021, subject to regulatory approval.

Gunjan Kedia, vice chair of US Bank wealth management and investment services, said the deal is a great fit the bank.

“We are thrilled to have the opportunity to increase our presence on the West Coast and solidify our position as a leading provider of corporate trust, institutional trust and fund custody services,” he explained.

“US Bank is known for working with clients one-on-one to understand their unique requirements and deliver customized, proactive solutions that help them meet their objectives.”

Elsewhere, Associated Banc-Corp entered into an agreement to sell its wealth management subsidiary Whitnell & Co to Rockefeller Capital Management. Details of the transaction, expected to close in March of 2021, were not disclosed.

Associated Bank, NA, is to become a Midwest mortgage lending referral partner and Associated Trust Company will become one of Rockefeller's third-party trust solutions providers.

Whitnell is a wealth management and multi-family office services firm based in Oak Brook, Illinois with $1.4 billion of client assets under management.

Both parties plan to collaborate on introducing select lending and asset management solutions to their respective clients.

“Our organizations possess a shared appreciation of the needs and goals of our clients,” said Philip Flynn, president and chief executive of Associated Banc-Corp.

“This partnership positions us to leverage our core capabilities through Rockefeller's network of clients and relationships."

New York-based Rockefeller has 19 offices in 14 states and is responsible for in excess of $69 billion in client assets.

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