“The fact that 75 percent of our membership, representing 82 percent of the votable shares of Seattle Bank stock, participated in the voting process speaks to the important role your cooperative plays for your businesses, your customers, and your communities—and the potential for this combination to deliver greater value to you over the long term,” Michael Wilson, FHLB Seattle president, said in a release announcing the vote.
Members of the the Federal Home Loan Bank of Des Moines and the Federal Home Loan Bank of Seattle today overwhelmingly ratified a merger agreement that was approved in September 2014 by their boards of directors. The merger is expected to close once the the agreement receives final approval from the Federal Housing Finance Agency, which also must accept the continuing bank's organization certificate. The combined bank will be based in Des Moines, with a western regional office in Seattle.
“The fact that 75 percent of our membership, representing 82 percent of the votable shares of Seattle Bank stock, participated in the voting process speaks to the important role your cooperative plays for your businesses, your customers, and your communities—and the potential for this combination to deliver greater value to you over the long term,” Michael Wilson, FHLB Seattle president, said in a release announcing the vote. Midwest merger and acquisition activity in the past quarter continues to reflect a strong deal-making environment, according to the latest analysis by Bridgepoint Merchant Banking. The Bridgepoint Midwest M&A Index rose substantially to 103.3 to end the fourth quarter of 2014. On a year-over-year basis, the index decreased 13.0 percent from the year-ago quarter. The strength of the index in the latest quarter indicates that Midwest M&A activity remains at healthy levels. The number of merger/acquisition transactions involving Midwest companies increased to 175 deals in the fourth quarter, compared with 159 transactions in the third quarter. Transactions with Midwest companies as acquisition targets increased by nearly 39 percent to 161 in the fourth quarter, "which reiterates the strong buyer appetite for Midwest companies," the report said. The report tracks selected merger and acquisition transactions in Iowa, Kansas, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. ![]()
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