M&A

The Mississippi bank has agreed to buy First Florida Bancorp in Destin, Fla., as part of its plan to build a community bank stretching across the Gulf region.

Earnings at the Cincinnati company fell 25% from the same period last year, largely due to $109 million in expenses tied to its March acquisition of MB Financial.

Will the new commitment, which is 5% over what the banks have reinvested recently on their own, assuage advocacy groups' concerns about the merger?

The former mutual, which had faced pressure from an activist investor, agreed to be sold to Corporate America Family Credit Union.

The Connecticut company will add heft in its home state and Massachusetts when it buys the former mutual.