Alerus to go public
North Dakota’s Alerus Financial plans to launch an IPO later this year, potentially raising $75 million based on the registration fee. [Continue]
New Carlisle Federal gets new location, new name
While New Carlisle Federal Savings Bank remains headquartered in the same town after 136 years, the Ohio bank decided it was time to freshen things up. On August 12, the New Carlisle-based bank broke ground for its fourth location, this one in Springfield, Ohio, a community of about 60,000 — its first branch in almost two decades. [Continue]
Heartland buys QCR’s Rockford Bank & Trust
Rockford-based Illinois Bank & Trust, a subsidiary of Iowa’s Heartland Financial USA, has agreed to acquire the assets and deposits of Rockford Bank & Trust, subsidiary of QCR Holdings, Moline, Ill., for $59.2 million. [Continue]
Mutual of Omaha bought by CIT Group
CIT Group’s banking subsidiary, CIT Bank, N.A., is acquiring Mutual of Omaha Bank for $1 billion, mostly in cash and up to $150 million of CIT common stock. [Continue]
Eagle Bancorp to buy Western Holding Company of Wolf Point
Helena, Mont.-based Eagle Bancorp is buying Western Holding Company of Wolf Point, Mont., in a half-and-half cash and stock deal worth $13 million. [Continue]
Fed to develop faster payments infrastructure
Ending years of will-they-or-won’t-they speculation, particularly from smaller banks, the Federal Reserve announced on Monday, Aug. 5, that it will begin developing a faster payments system. Dubbed FedNow, the project is expected to be completed in 2023 or 2024. [Continue]
Ames National to acquire Creston bank
Iowa State Savings Bank will be sold to Ames National Corp later this year through a stock purchase agreement. [Continue]
First Option buying Pony Express
First Option Bank in Osawatomie, Kan., has inked a deal to acquire Pony Express Community Bank in St. Joseph, Mo. [Continue]
Indiana CU makes bank buy
Three Rivers Federal Credit Union has agreed to purchase West End Bank, Richmond, Ind., the latest in a string of CU acquisitions of banks. [Continue]
Community bank-focused P2P app launched
ExcheQ, the peer-to-peer payment app developed by Twin Cities-based North American Banking Company, launched August 1. The app, which had been under development for several years, got a significant boost in February when North American teamed with United Bankers’ Bank, Bloomington, Minn., to offer ExcheQ to UBB clients. ExcheQ LLC., is jointly owned by NABC, … Read more