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The long-delayed approval of the merger of M&T and Hudson City should have been a bright spot in postcrisis M&A, but a small footnote from the Fed quickly reminded bankers that dealmaking will remain a demanding process.
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The Illinois company has lined up two small acquisitions near Chicago to surpass $10 billion in assets, a mark that brings added regulatory oversight. As a result, analysts expect First Midwest to string together more deals in 2016 to increase revenue and improve efficiency.
November 12
American Banker's
With 2015 drawing to a close, we felt obligated to assess how our picks from a year ago fared. By and large the chief executives that we singled out made headlines. Michael Scudder at First Midwest Bancorp announced two M&A deals, while John Poelker set in motion the breakup of the troubled CertusBank.
Other members of our 2015 watch list held an initial public offering, artfully resolved an enforcement action or diversified into some fee-based, nonbank services.
Overall, they showed just how important it is for bankers to keep finding ways to expand in an environment of complex regulation and historically low interest rates. A lot can change in a short time, though, for these executives and the five CEOs we have selected for our 2016 list (more on those in the days ahead).
For now, here is a recap of how our 2015 bankers performed in the last year.
Jack Kopnisky, Sterling Bancorp
Jack Kopnisky, the CEO of Sterling Bancorp,
The $539 million acquisition, which closed in June, still ranks in banking's
Sterling got ahead of the consolidation game in New York. In October, New York Community Bancorp agreed to buy Astoria Financial, while First Niagara Financial Group agreed to sell itself to KeyCorp.
Kopnisky has continued to make acquisitions, though he focused on buying add-on operations this year.
Sterling in March
George Martinez, Allegiance Bancshares
George Martinez, the CEO of Allegiance Bancshares, was
There had been concerns that falling oil prices would compel Martinez to delay the IPO, which his company, founded in 2007, had contemplated for more than two years. As analysts often point out, however, energy loans make up just 2.4% of the Houston company's total loan portfolio.
Though Martinez seems content with organic growth, he has shown an inclination for M&A. Allegiance
John Poelker, CertusBank
John Poelker abruptly left CertusBank in May
Certus hired Poelker, an experienced bank consultant who had previously wound down several troubled Georgia companies, as its CEO
Poelker had crafted a turnaround plan that involved closing or selling branches, selling off side businesses and cutting staff to lower expenses. Certus agreed to
Those moves still did not stop the bleeding; Certus lost $21 million in the first half of 2015 after losing $166 million in the three previous years. By June, the $1.4 billion-asset Certus had agreed to
Dan Rollins, BancorpSouth
A year ago, Dan Rollins, BancorpSouth's CEO, was determined to
The
For some industry observers, the order also put a damper on midcap-bank M&A.
Kudos to Rollins, though.
BancorpSouth was
Rollins still has more work ahead of him. BancorpSouth has yet to complete its planned acquisitions of Ouachita Bancshares in Monroe, La., and Central Community Corp. in Temple, Texas, though the company
Michael Scudder, First Midwest Bancorp
First Midwest is all but assured to cross over $10 billion in assets next year, which brings with it heavier regulatory requirements.
The $9.9 billion-asset company is just a few loans away from reaching a size where it faces mandatory stress-testing and caps on interchange fees. There was a belief by some that Michael Scudder, the Itasca, Ill., company's CEO, could follow the lead of other banks and
Instead, First Midwest has strung together a number of smaller deals. It
"I'm not very good at running backwards," Scudder told American Banker in November, explaining his reasoning for not waiting for a big deal. "We are going to continue to drive forward.