Iowa-based Central Bancshares is to expand its reach with the acquisition of Illlinois’s McLaughlin Holding Company, which owns SENB Bank.
The purchase will see SENB merge into Central’s wholly owned banking subsidiary CBI Bank & Trust, according to a statement from Central. The transaction is scheduled to complete in the third quarter of 2023.
SENB Bank will add approximately $337 million in assets to Central’s balance sheet, as well as six locations across Iowa, Illinois, and Wisconsin. This will bring the combined company’s total assets to more than $1.45 billion and grow its network to 23 locations.
Elsewhere, California’s Five Star Bancorp is growing its market presence with a new location in San Francisco. The bank plans to open a loan production office in the city’s financial district in the next few months, according to a press release.
The office will be led by DJ Kurtze, the bank’s regional president for the San Francisco Bay Area.
Meanwhile, California-headquartered Preferred Bank has opened a new branch in Houston, Texas. The location builds upon the bank’s first loan production office in the city, opened in 2021.
Li Yu, Preferred Bank’s chairman and CEO, explained that the move would boost its ability to serve loan clients as well as other businesses and individuals in Houston.
Elsewhere in Texas, the Bank of Texas has entered the San Antonio market with a new full-service banking location.
Bank of Texas — part of BOK Financial Corporation — has appointed Mark Johnson as chair of the San Antonio operation, with Parker Hensley joining as president.
Johnson has held senior roles with several Texas banks including Texas Commerce Bank, National Bancshares Corporation of Texas, and Texas Capital Bank. Hensley previously worked for Amegy Bank as team lead for commercial and corporate banking in San Antonio.
In Missouri, UMB Bank — owned by UMB Financial Corporation — is to acquire banking analytics company Hybarger & Associates.
Hybarger provides advice, analysis and strategies for banks covering interest rate risk, budgeting and forecasting, bond analytics, liquidity and capital analysis, CECL modeling, and board reporting.
The acquisition is expected to close in the second quarter of this year.
Meanwhile, Commerce Bank has completed the acquisition of municipal bond underwriting company LJ Hart & Company. Founding CEO and principal Larry J Hart will remain with the company along with all current staff members, Commerce said.
Finally, United Community Banks is close to completing its acquisition of First National Bank of South Miami after the transaction was given the green light by the Federal Deposit Insurance Corporation.
The deal has also been approved by South Carolina regulators and is due to be completed on July 1, 2023.