Ameri Financial Group is purchasing the Lake Area Bank offices in Lindstrom and Forest Lake and will merge them into its subsidiary, First Resource Bank. Lake Area Bank’s other offices are not part of the deal. [Continue]
Community banker views of future business conditions plummeted in the second quarter due to concerns over monetary policy, business conditions and regulations, according to the Conference of State Bank Supervisors’ quarterly Community Bank Sentiment Index. The index fell 13 points to 84, its lowest reading since the readings began in 2019. Any reading above 100 … Read more
Horicon, Wis.-based Horicon Bank and Grafton, Wis.-based Cornerstone Community Bank are merging to create a $1.5 billion financial institution. Frederick Schwertfeger, CEO of the $1.2 billion Horicon Bank, said the merger benefits both Cornerstone customers and the bank’s local communities. “We are blessed to find such a complementary partner,” he said of Cornerstone Community Bank. … Read more
Evansville, Ind.-based Fidelity Federal Bancorp is acquiring the stock of Kirksville, Mo.-based Rockhold Bancorp. Under the deal announced July 7, Rockhold’s subsidiary, Bank of Kirksville, will merge into Fidelity and its subsidiary, the $3.3 billion, Evansville, Ind.-based United Fidelity Bank. The combined bank will have approximately $4.6 billion in assets. The transaction is expected to … Read more
Small business lending remains stable despite pandemic-era challenges, according to the Consumer Bankers Association and Small Business Financial Exchange’s first quarter lending trends report. “Delinquency continues to trend lower than normal with funding sources such as PPP still having a moderating effect,” states the July 6 report. “In addition, higher than normal new account growth … Read more
Lincoln, Neb.-based Pinnacle Bank is acquiring the $630 million Crockett National Bank, San Antonio. Crockett National has five branches in Texas, including San Angelo and Ozona; and LPOs in San Antonio and New Braunfels. The $7.6 billion Pinnacle Bank has branches in seven states, including Nebraska, Colorado, Missouri, New Mexico, Texas, Arizona and Wyoming. The … Read more
New orders for manufactured durable goods increased by nearly $2 billion or 0.7 percent to $267 billion in May, according to the U.S. Census Bureau, signaling strong consumer demand for products such as household appliances even as warnings of an economic downturn remain. The increase, the seventh in the last eight months, was a steeper … Read more
Manufacturing growth slowed in June across the Midwest as the majority of supply chain managers predicted a recession would occur in the next 12 months, according to Creighton University’s Mid-America Index. Creighton’s business conditions index fell to its lowest level since the start of the pandemic. Nearly 69 percent of supply managers expected a recession … Read more
Manhattan, Kan.-based Landmark Bancorp is buying Freedom Bancshares and its subsidiary bank for just over $33 million. [Continue]
The FDIC plans to increase deposit insurance assessment rates by 2 basis points by Jan. 1. [Continue]