S&P Global Market Intelligence presents a periodic summary of potential deal activity in the financial sector, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.
* Baltimore-based BV Financial Inc. (MHC) will continue to eye deals and would be interested in a merger with another mutual institution, similar to its Kopernik deal, so it can raise capital for more acquisitions.
* Seacoast Banking Corp. of Florida is open to a potential sale, though management sees value in remaining independent. The bank also has interest in an acquisition but would likely wait for the pandemic-related economic condition to become more stable. Management said the bank’s minimal exposure to commercial real estate puts it in a good position for M&A.
* Ontario, Ore.-based Malheur FCU and Medford, Ore.-based Rogue CU have adopted a “letter of intent to merge” and are currently in the due diligence process, according to a post on Rogue CU’s website. Once that process is completed, the credit unions will have to mutually agree to continue the merger. As of March 31, Rogue CU had total assets of $1.78 billion and Malheur FCU had total assets of $155.8 million, according to S&P Global Market Intelligence data.
* Heartland Financial USA Inc. is open to more M&A to achieve its goal of getting all its banks over $1 billion in assets, but any deals will likely be announced in 2021 as it will focus on completing two pending transactions this year.
* U.S. Bancorp would be interested in pursuing a deal if the right opportunity came up, but it would have to be significant enough to change the Minneapolis-based bank’s direction and fit into its risk dynamics and capabilities.
* PNC Financial Services Group Inc. is looking to use its capital stockpile obtained from divesting its stake in BlackRock Inc., to acquire a bank concentrated in real estate and commercial-and-industrial to accelerate its goals on a national basis and expand its geographic footprint. The Pittsburgh-based bank will patiently look for the right fit, management said.
* Charlotte, N.C.-based Truist Financial Corp. sees many opportunities to grow multiple business areas and is specifically open to expansion through acquisition in the insurance business.
* Wirecard AG’s Pennsylvania-based separate legal unit, Wirecard North America Inc., is seeking to be acquired through a potential deal. Wirecard North America, formerly known as the Citi Prepaid Card Services business, was acquired by Wirecard in 2016.
* Italy-based insurance company Generali has shown interest in the potential acquisition of the Boston-based asset management firm BrightSphere Investment Group Inc., though it is uncertain whether the Italian insurer can meet the valuation expectation set by…