FNCB Bancorp is to create a new wealth management brand following its planned acquisition of Chiaro Investment Services (CIS).
The bank’s investment subsidiary, FNCB Wealth Management Services, is to acquire the investment advisory firm run by James Chiaro and headquartered in Forty Fort, Pennsylvania. The combined company will then be rebranded as 1st Investment Services.
Chiaro will oversee the new business as chief investment services officer and executive vice president.
Gerard Champi, FNCB Bank president and CEO, said: “The combined experience of our team of advisors will benefit the organization and build on an exceptional legacy of service to our clients.”
Chiaro added: “The transaction combines the personalized financial planning and tailored investment strategies of CIS with the resources and extensive product set of FNCB Bank. I am excited about the unique opportunities this transaction will create for our clients, as well as our employees and business partners.”
Separately, Ohio-headquartered Civista Bancshares has bought leasing and financing specialist Vision Financial Group (VFG).
In a statement, Civista said the acquisition would expand its existing commercial lending facilities and was expected to “deliver strong financial results to its shareholders”.
Pittsburgh-based VFG had $89 million in total loan and lease assets as of June 30, 2022. It will retain its branding and all staff have continued in their positions, Civista said. The value of the cash-and-stock deal was not disclosed.
Dennis Shaffer, CEO and president of Civista, said: “VFG’s very strong market position in the equipment finance industry built upon their deep knowledge of specific strategically targeted industry sectors will provide Civista with many additional opportunities for growth.”
Bill Summers, VFG’s CEO, added: “With the additional resources and lower incremental funding costs provided by the bank, we will be poised to increase our activity with existing customers and build relationships with new customers, including some of the existing customers of Civista.”
The start of the fourth quarter of 2022 has also brought the successful closing of several M&A transactions.
Allegiance Bancshares and CBTX have completed their merger, creating Stellar Bank. The combined company will start using its new name at branch locations early next year once the full integration has been completed, the new company said in a statement.
Ohio’s Farmers & Merchants Bancorp has completed its acquisition of Peoples-Sidney Financial Corporation, growing its total deposits to $2.3 billion based on June 30, 2022, data. The deal was first announced in June.
National Bank Holdings Corporation (NBHC), based in Colorado, has finalized its acquisition of the Bank of Jackson Hole. NBHC has almost $10 billion in assets following the deal.
Finally, Mississippi-based BankFirst Capital Corporation has completed its acquisition of Tate Financial Corporation, the parent company of Sycamore Bank. The deal brings its total assets to $2.5 billion.