Richard Herrington's buyout pitch to smaller banks is to offer them a way to survive and keep their local brands.
MVB in West Virginia will gain a 47% stake in the partnership in exchange for contributing its mortgage unit's assets to the new company.
The San Diego bank is struggling to renegotiate a partnership with the tax preparation firm to address caps on interchange fees.
The company agreed to buy Advantage Community Bancshares weeks after announcing a deal for Commerce Financial.
The Minnesota bank is locked a bitter legal battle to preserve its independence. Its foe? The charitable organization set up by its founder.
Credit unions could be feeling some of the heat from critics of their bank takeovers, or simply gearing up for another round of activity.
The companies spent much of the past decade completing smaller deals that created complementary footprints in the Southeast.
Lineage Financial Network, led by former Franklin Financial CEO Richard Herrington, plans to acquire Sumner Bank and Citizens Bank.
The debate centers on whether guidance on credit union-bank mergers is necessary.
Though the agency plans to give more credit unions authority to issue subordinated debt, limited investor appetite and other factors could hamper activity.
