visimoney
TLDR:
– National Bankshares, based in Virginia, has agreed to acquire in-state peer Frontier Community Bank in a deal worth $17.1 million.
– Michigan-based Advia Credit Union has announced plans to acquire NorthSide Community Bank in Illinois, subject to regulatory and shareholder approval.
Virginia community bank, National Bankshares, has agreed to acquire Frontier Community Bank in a deal worth $17.1 million. The acquisition is expected to close in the second quarter of this year. National Bankshares will grow to around $1.7 billion in assets with the acquisition of Frontier, which has $154 million in assets. The deal will offer Frontier shareholders the opportunity to benefit from enhanced stock trading liquidity on the Nasdaq stock market. The acquisition allows Frontier to improve its products and services while maintaining its culture and values as a community bank.
Advia Credit Union, based in Kalamazoo, Michigan, has agreed to acquire NorthSide Community Bank in Gurnee, Illinois. Subject to regulatory and shareholder approval, the transaction is expected to close in the third quarter. Following the acquisition, Advia will have 32 branches across Michigan, Illinois, and Wisconsin, serving approximately 200,000 members. NorthSide Community Bank has four branches in Illinois. The deal allows Advia to strengthen its position in the region and continue to serve its members.
New York-based Valley National Bancorp has announced plans to sell its commercial premium finance lending business and a significant portion of its outstanding loan portfolio. The deal is expected to close in the first quarter and the buyer has not yet been identified. The business represents 0.55% of Valley National’s total loans outstanding and is worth $274.7 million. The loans within the portfolio that Valley National will retain are expected to run off at their normal maturity dates over the next 12 months.
Bank of America has cut more than 20 investment banking jobs in Hong Kong, including managing directors Sunil Khaitan and Winnie Ng. The bank has been cutting China-focused jobs for over a year as deal activity slows due to geopolitical and growth concerns. Bank of America asked around 40 bankers in Asia to seek jobs in other divisions last year to manage the decline and avoid layoffs.
Visa has formed a five-year strategic alliance with ServiceNow, a Californian-based firm, to simplify management of transaction disputes. The alliance will see the launch of ServiceNow Disputes Management, an AI-powered platform for resolving transaction disputes. The platform connects various systems necessary for handling disputes and improves speed and compliance for banks. The service will launch next month and aims to streamline the process for handling disputes involving accidental online purchases, fraudulent charges, and incorrect payments.
