Entegra Financial, which had agreed to sell to SmartFinancial, is now selling to First Citizens, which offered more money and will pay a breakup fee for the initial deal.
The Fed wants to make it easier for investors to own big stakes in banks without triggering oversight; Shelley O’Connor has been named head of the firm's two regulated bank entities.
Now that the Cincinnati company recently completed its first bank acquisition in over a decade, CEO Greg Carmichael is pushing ahead on tech hires and expansion outside its Midwestern core.
The Dallas company finally made the move that had long been expected: Curtis Farmer succeeds Ralph Babb as chief executive. However, Farmer will still report to Babb, who stays on as executive chairman.
In separate letters to President Trump and the head of the FDIC, the Senate Democrat said the merger cannot be approved until all five seats of the agency's board of directors are filled.
The Fed board unveiled a proposal Tuesday to standardize how investors owning less than one-quarter of a bank can determine who holds a "controlling" stake and therefore must register as a bank holding company.
Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated.
