Growth strategies

The New Jersey company added a representative of Blue Harbour Group in Connecticut to its board.

Creative growth strategies are helping banks with $10B to $50B of assets — including Webster and TCF — improve profitability. These ‘tweeners’ deal with tougher regulations than smaller competitors without the scale larger ones have to absorb the expense.

The Fed said it will conduct extensive reviews only of deals that create banks with assets of $100 billion, replacing the prior mark of $25 billion. The disclosure was included in the Fed's approval of People's United's purchase of Suffolk Bancorp.

First Busey will pay $133 million in cash and stock for Mid Illinois in a deal that should close later this year.

Farmers National will pay about $7.8 million in cash and stock for the $43.3 million-asset Monitor in a deal that should close in the second or third quarter.