Citizens Bancorp Investment has agreed to buy American Bancshares in a deal expected to close later this year.
Several big bank mergers fell apart after the coronavirus hit. But Bryan Jordan, First Horizon's CEO, said the pandemic validated plans to cut costs an invest more in digital upgrades.
The company paid Covenant Logistics Group about $14 million for $103 million in accounts receivable.
The New York-area companies' $489 million agreement runs counter to recent merger pacts built around branch cuts and more tech spending.
Heritage Trust Federal Credit Union will buy the bank's deposits and assume its liabilities.
The deal will create an $11 billion-asset banking company with operations in a number of markets around New York City.
Mesaba, which is also based in Minnesota, is the parent of American Bank of the North and Lake Bank.
Investar Holding said it no longer plans to buy Cheaha Financial in Alabama.
Southwest Bancshares in San Antonio will have assets of $1.5 billion when it absorbs two affiliated banking companies in nearby cities.
Bank consolidation has been stagnant since the pandemic hit, and the outlook for the rest of the year is bleak.
