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M&A
The COVID-19 pandemic is likely to set back merger and acquisition (M&A) plans in the US banking sector at least in the short term
Southern California Bancorp’s acquisition of CalWest Bank was postponed after shareholders initially rejected the proposal
Banks based in California, Michigan, Ohio, Louisiana and Florida have been added to the Nasdaq index of community institutions
Plus: Provident Bank merger with SB One Bank approved; shareholders approve Wayne Bank-USNY Bank merger; Charles Schwab buys USAA’s investment arm
The impact of the COVID-19 pandemic has heavily impacted the two banks’ plans to combine operations
Also, Cambridge Bank has received regulatory approvals for its delayed purchase of Wellesley Bank
The financial services company has backed the world’s largest asset manager for 25 years
Also: FireFly and TruStone credit unions plan merger; United Bank completes CresCom acquisition
Plus: Shareholders hold up California banks deal, MVB sells West Virginia branches, IBERIABANK-First Horizon merger approved, Northwest-MutualFirst merger completes
Select Bank & Trust adds branches from Entegra, First Citizens completes purchase of MidCoast, and Evans nears completion of FSB acquisition
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