BCB Bancorp Inc. in Bayonne, N.J., said Tuesday that it has agreed to acquire Allegiance Community Bank in South Orange, N.J.
Each share of the $121.3 million-asset Allegiance will be exchanged for 0.35 share of BCB common stock. The deal would allow the $1.1 billion-asset BCB to expand into two new markets, the company said.
Two Allegiance representatives would join BCB's board. BCB said it expects to close the deal in the third quarter.
Economists say the U.S. economy is leaving 2024 healthy, with unemployment low, inflation manageable and growth robust. Unknown variables — including the depth and scope of President-elect Donald Trump's immigration and tariff policies — could change that course, but likely not until 2026.
Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.
The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans.
BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and more in this week's banking news roundup.
The Capital One-Discover merger, the war against Visa and Mastercards' swipe fees and budding payment technologies were most popular with American Banker readers in 2024.
Financial institutions that build a presence on the social media platform could gain a first-mover advantage and a communications channel with potential customers, experts say.
