A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose.
Four months into the job, Charles Shaffer has struck a deal for Legacy Bank of Florida and is eyeing more acquisitions. His predecessor, Dennis Hudson III, built Seacoast with more than a dozen buyouts across the Sunshine State.
The $235 million acquisition will bring CEO Jared Wolff's company a trove of cheap deposits and the chance to slash costs without having to significantly change its business model.
The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.
By an overwhelming majority, the House approved a two-month extension of the Paycheck Protection Program, which still has almost $93 billion left to distribute.
DLP Bancshares, an affiliate of DLP Real Estate Capital, plans to use the acquisition to create a national platform for commercial real estate and warehouse loans.
