Sterling to Acquire Woodforest ABL & Equipment Finance Businesses


Sterling National Bank agreed to acquire the asset-based and equipment finance lending businesses of Woodforest National Bank.

The acquisition will add significant origination capabilities in the Midwest and Southwest regions to Sterling’s established national commercial lending platform and include a direct lending equipment finance sales and originations team. 

Jack Kopnisky, Sterling president and CEO, said, “The acquisition of this business is consistent with our strategy of accelerating the transition of our balance sheet to a more diversified and higher-yielding commercial loan mix and will augment strong organic origination volumes that we anticipate in our commercial businesses in 2019. We look forward to welcoming our new colleagues and customers to Sterling.”

“Delivering excellent service and financing flexibility to our national Commercial Finance clients is our primary goal,” said Thomas X. Geisel, president of Corporate Banking at Sterling National Bank. “This acquisition further strengthens our asset-based and equipment finance platforms, enhances our current footprint and expands our geographic reach.”

The transaction consideration will be paid in cash and will result in an increase of approximately $3 million in annual operating expenses. 

BB&T, SunTrust to Merge in $66B Deal


SunTrust Bank and BB&T agreed to combine  in an all-stock merger of equals in a deal valued at approximately $66 billion. The combined company will be the sixth-largest U.S. bank based on assets and deposits.


The combined company will operate under a new name and brand, which will be determined prior to closing. The combined company’s board of directors and management team will be evenly split between the two institutions. A new corporate headquarters will be established in Charlotte, NC.

“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” said BB&T Chairman and CEO Kelly S. King. “Together with our new SunTrust teammates, we’re going to bring the best of both companies forward to serve our clients and communities.”

King will serve as chairman and CEO of the combined company and its bank subsidiary until September 12, 2021, after which time he will serve as executive chairman of both entities until March 12, 2022. King will continue to serve on the board of directors of the combined company until the end of 2023.

Current SunTrust Chairman and CEO William H. Rogers, Jr., will serve as president and chief operating officer of both entities until King’s transition to chairman, at which time he will succeed King as CEO.



MUFG to Acquire Supply Chain Finance Platform from GE Capital

MUFG Union Bank will acquire GE Capital’s supply chain finance platform Trade Payable Services which supports relationships with GE suppliers worldwide. Following the close of the proposed transaction, MUFG will assume management control of the systems and processes supporting the supply chain finance activities for GE.

PNC Bank to Acquire Ambassador Financial Group

PNC Bank signed a definitive agreement to acquire Ambassador Financial Group, a provider of balance sheet management, investment banking and capital markets services to banks, insurance companies and other financial institutions. Upon the closing of the transaction, AFG will become a subsidiary of PNC.

First Citizens Bank to Acquire First South Bancorp

First Citizens Bank & Trust Company and First South Bancorp signed a definitive merger agreement in which First South will be merged with and into First Citizens Bank in a transaction valued at approximately $37.5 million. Closing is expected for the second quarter of 2019.

Cadence Bank Completes Merger with State Bank and Trust

Cadence Bancorporation and its subsidiary, Cadence Bank, completed its merger with State Bank Financial and its wholly owned subsidiary, State Bank and Trust Company. Upon systems conversion, the new subsidiary will operate as Cadence Bank across its entire footprint covering Texas, Georgia, Florida, Alabama, Mississippi and Tennessee.

United Community Banks to Acquire First Madison Bank & Trust

United Community Banks agreed to acquire First Madison Bank & Trust in a $52 million all-cash transaction. First Madison will subsequently merge with and into United. Both board of directors unanimously approved the merger. Closing is expected for the second quarter of 2019.