MERGERS & ACQUISITIONS
JA Mitsui Leasing to Acquire Independent Lessor First Financial
Independent equipment lessor First Financial Corporate Services signed a definitive acquisition agreement with JA Mitsui Leasing, under which JA Mitsui’s American subsidiary will acquire 100% of First Financial and the majority of its holdings.
JA Mitsui Group (JAMG) is expanding operations in North America and will combine FFCSI’s infrastructure, expertise, and people with JAMG’s financial strength and customer network to expand leasing services offered in North America.
Established in 2000, First Financial helps customers acquire new technologies in three key markets: healthcare, warehouse automation, and information technology.
“Over the years, our dedication to these core markets has proven that we have the knowledge needed to provide our customers with creative solutions while evolving in these dynamic markets,” said Tom Slevin, First Financial co-founder and co-president. “Our new relationship with JA Mitsui will provide tremendous opportunities for us to expand our presence while exploring new opportunities to reach a broader customer base.”
Richard Stebbins, First Financial’s other co-founder and co-president, added, “We are very pleased to join the JA Mitsui leasing family and serve as the cornerstone of their growth strategy throughout the U.S. and Canada. Upon completion of the acquisition, our current management and team will remain in place, and the company will continue to use the First Financial Corporate Services brand we have built. Our customers, vendors, and partners will continue to receive the same outstanding service and support that have been the building blocks of First Financial for almost 20 years.”
CrestMount Advisors served as financial advisor to First Financial on the transaction.
Wintrust Financial Completes Acquisition of Oak Bank
Wintrust Financial completed its acquisition of Rush-Oak, the parent company of Oak Bank. Established in 1970 and operating a banking location in the Gold Coast neighborhood of Chicago, Oak Bank had approximately $201 million in assets, approximately $141 million in loans, and approximately $163 million in deposits as of March 31, 2019.
BB&T and SunTrust Merger Will Create Truist
BB&T and SunTrust Banks will create Truist, the newly announced name for the combined company to be created through their merger of equals. Truist will be the sixth-largest U.S.-based bank holding company, serving more than 10 million households across the country.
Liberty Capital Group Acquires ID Global
Liberty Capital Group acquired Internet of Things innovator ID Global through equity purchase. The two companies are expecting to leverage the vision and knowledge within the new group to build the skill platform necessary to lead the emerging fragmented smart city 4.0.
Chemical Financial & TCF Financial Shareholders Approve Merger
The respective shareholders of Chemical Financial and TCF Financial each approved the proposed merger of equals in which TCF will merge into Chemical. The combined holding company and bank will be headquartered in Detroit, Michigan and operate under the TCF name and brand following the closing of the transaction.
Regions Bank to Acquire Highland Associates
Regions Bank reached an agreement to acquire Highland Associates, an institutional investment firm that provides objective, research-driven investment counsel to not-for-profit healthcare entities and mission-based organizations. Highland advises clients throughout the United States.
Columbia Financial to Acquire Stewardship Financial
Columbia Financial, the holding company for Columbia Bank, and Stewardship Financial, the holding company for Atlantic Stewardship Bank, signed a definitive merger agreement in a transaction valued at approximately $137 million.
First Midwest Bancorp Completes Bridgeview Bank Acquisition
First Midwest Bancorp completed its acquisition of Bridgeview Bank. First Midwest announced this transaction on December 6, 2018. At the closing of the transaction, Bridgeview Bank had approximately $1.1 billion in total assets, $755 million in loans, and $1 billion in deposits, of which 71% were core deposits.
Pioneer Railcorp to be Acquired by BRX Transportation
Pioneer Railcorp, a railroad holding company that owns short-line railroads and several other railroad-related businesses, and BRX Transportation Holdings, an entity formed by Brookhaven Rail Partners and Related Infrastructure, announced entry into a definitive merger agreement under which BRX will acquire Pioneer for $18.81 per share in cash.
Gizzard Joins CIT Government Services Business as Managing Director
Leslie Grizzard joined CIT Group in Washington, D.C. as managing director of the Aerospace, Defense & Government Services business. In this position, Grizzard will have responsibility for leading CIT’s lending activity to serve the multibillion-dollar government contractor industry.
WSFS Completes Sale of Five NJ-Based Beneficial Offices to The Bank of Princeton
WSFS Financial completed the sale of five Beneficial Bank retail banking offices in New Jersey with approximately $180 million in deposits to The Bank of Princeton, a New Jersey-based financial institution. The sale included five Beneficial retail banking offices in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville, all in New Jersey.
Transco Railway Products Joins Marmon Rail & Leasing
Marmon Holdings acquired Transco Railway Products, a railcar repair business with operations across the Northern U.S., from Transco Inc. Transco Railway Products provides railroad tank car and freight car repair and maintenance, auto-rack certification and hopper car cleaning at seven repair shops located in the Great Lakes region, Iowa and Montana.