First Busey closes acquisition of Merchants and Manufacturers Bank; Stax co-founders launch a new credit-scoring tool; UMB's marketing chief takes on consumer banking; and more in the weekly banking news roundup.
First Busey closes acquisition of Merchants and Manufacturers Bank in Illinois
The $12.3 billion-asset parent of Busey Bank said the buyout of the $500 million-asset M&M Bank in Oakbrook Terrace, Illinois, would bolster its suburban Chicago footprint and help build out its commercial banking customer base and wealth management capabilities. M&M had five Illinois branches, including three in Joliet, one in Channahon and one in its hometown.
The combined franchise now has 62 branches, including 21 in central Illinois, 17 in suburban Chicago, 20 in the St. Louis metropolitan area, one in Indianapolis and three in southwest Florida. It has $8.1 billion of loans, $10.7 billion of deposits and $12.1 billion of wealth assets under its oversight. — Jim Dobbs
Financial Institutions in New York sells its insurance business
Payments fintech founders launch small-business credit-scoring tool
UMB Financial’s marketing chief takes on consumer banking role
JPMorgan China Securities chairman quits in another reshuffle
Pu, who is based in Shanghai, is the second top leader to leave the U.S. bank's operations in the country this year. He has been with the firm for close to a decade and oversaw the build-out of JPMorgan's investment bank and securities business in mainland China over the past seven years.
He will be replaced by Lu Fang, a former official at China's securities regulator who was appointed chief executive officer of JPMorgan Securities (China) in 2022.
Its changing of the guard in China comes as the world's second-largest economy is grappling with a growth slowdown, a deep housing downturn,and a slump in capital-markets fund-raising activities. —Cathy Chan, Bloomberg News
Rothschild dealmaker Steven Berger leaves for Raymond James
New York-based Berger, who will serve a period of gardening leave, will report to John Roddy, the bank's head of financial services investment banking, said one of the people, all of whom requested anonymity as the move is not yet public.
Berger, an asset management banker, has worked at Rothschild since 2019. Prior to that, he spent about nine years at Credit Suisse, his LinkedIn profile shows.
Representatives for Rothschild and Raymond James declined to comment.
At Rothschild, Berger advised on transactions including Varagon Capital Partners's sale of a controlling stake to Man Group Plc, CarVal's sale to AllianceBernstein, Abrdn's sale of its U.S. private markets business to HighVista Strategies and Abrdn's sale of its European private equity business to Patria Investments. — Gillian Tan, Bloomberg News