Orchard Platform Markets, a provider of lending data and services backed by the former heads of Citigroup and Morgan Stanley, is set to be acquired by small-business lending platform Kabbage, said people familiar with the deal.
The country's six largest lenders are approaching their strongest capital position since 2013, leaving them with enough resources to pursue acquisitions, buy back shares or build from within. That has the chiefs of Canada's big banks weighing options.
Beach Community Bank in Fort Walton Beach will be sold for $100 million once its holding company goes through bankruptcy, according to a local news report citing the bank.
Following its acquisition last November of Capital Bank in North Carolina, First Horizon will fund mortgage and small-business lending in low-income areas of the Southeast and expand its vendor relationships with minority-owned firms.
Four banks have agreed to be sold to credit unions this year. Expect more deals between the longtime nemeses because the smallest banks are of less interest to other banks than they used to be, and some credit unions are in growth mode.
While industry consolidation picked up in 2017, certain regions did better than others, with strong volume and improved pricing. Here’s a look at each region.
