1817 (j)), the Home Owners' Loan Act (12 U.S.C.1467a), Regulations Y, LL, MM, or other applicable statutes and regulations. Regions does not monitor the linked website and has no responsibility whatsoever for or control over the content, services or products provided on the linked website. Cambray Mutual Holding Company and Gouverneur Bancorp, Inc. both of Gouverneur, New York; to become a mutual savings and loan company and stock subsidiary holding company of a mutual holding company, respectively, pursuant to section 10(e) of the Home Owners Loan Act, and more. Forward-looking statements are based on managements expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. The response to the earlier announcement of this transaction has already been overwhelmingly positive from our clients and employees, said Clearsight Advisors Co-Founder and CEO Joel Kallett. The bank ended 2020 with more than $147 billion in assets. Similar to KeyCorp, its returns are not bad, but the bank has had very little loan growth over the last five years. Prior to the pandemic, Regions had seen its total deposit volume shrink between 2016 and 2019. Please see www.deloitte.com/about to learn more about our global network of member firms. This website is using a security service to protect itself from online attacks. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. The words future, anticipates, assumes, intends, plans, seeks, believes, predicts, potential, objective, estimates, expects, targets, projects, outlook, forecast, would, will, may, might, could, should, can, and similar expressions often signify forward-looking statements. Regions Financial to Announce Fourth Quarter and Full-Year 2022 Financial Results on Jan. 20, 2023. If the Regions did sell, the price probably would be in the $53 to $56 per share range, Mr. Coffey said. Many banks and financial institutions have halted mergers and acquisitions (M&A) plans while waiting for market uncertainty to stabilize and interest rates to level off. What Could Elon Musk Possibly Be Thinking? Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. But in an assist to the bottom line, Regions allowance for credit losses was $1 billion smaller than a year ago, landing at $1.5 billion at the end of the third quarter. Morgan Keegan, as well as the combined mortgage business, will be headquartered in Memphis. Significantly, average deal value fell nearly in half from $716 million in 2021 to $348 million in 2022, a 51.4% decrease. Though the year Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees. We are in a period of "In 2020, not surprisingly, there was a major drop off in transactions. This message will not be visible when page is activated.+++ DO NOT USE THIS FRAGMENT WITHOUT EXPLICIT APPROVAL FROM THE CREATIVE STUDIO DEVELOPMENT TEAM +++, Max is a principal with Deloitte's financial services practice and banking mergers & acquisitions (M&A) practice, specializing in the formulation of corporate strategy, M&A integration advisory, and l More, With more than 18 years of experience, Matt is a partner in Deloitte & Touche LLP's mergers & acquisitions (M&A) Transaction Services practice and focuses solely on financial services transactions. Clearsight combines deep market insights across software, services and data. Regions will maintain Clearsights headquarters office in McLean, as well as business offices in New York City and Dallas, Texas. Social login not available on Microsoft Edge browser at this time. Regions, the Regions logo and the LifeGreen bike are registered trademarks of Regions Bank. Jan 24, 2023, 12:07 pm EST. CEO Clint Stein said the company has room to expand in California, Arizona, Colorado and Utah. Clearsight Advisors is an independent investment banking firm dedicated to driving the Knowledge Economy by providing world-class M&A and capital raising solutions exclusively to growth-oriented Business Services and Technology companies. Joy A. Nelson Trust dated March 12, 2020, Joy A. Nelson, as trustee; Jamie Razum, individually and as custodian for a minor; and more, all of Geneva, Illinois; and more; to join the Nelson Family Control Group, a group acting in concert, to retain voting shares of Geneva Bancshares, Inc., and thereby indirectly retain voting shares of The State Bank of Geneva, both of Geneva, Illinois. The combination of our two companies will create a new regional force in the banking and financial services industry and further our respective Copyright 2023 U.S. News & World Report L.P. This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Regions Financials current views with respect to future events and financial performance. Regions Financial Corp. (NYSE:RF), the parent company ofRegions Bank, on Tuesday announced it has completed its acquisition of Clearsight Advisors, Inc. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Our strategic plan at Regions includes identifying areas where we can expand specialty capabilities to offer more solutions to clients while growing our customer base, said David Turner, chief financial officer for Regions Financial Corp. Regions agreement to acquire Clearsight Advisors, as well as our acquisitions of Sabal Capital Partners, home improvement lender EnerBank, Ascentium Capital, and others, reflect this strategy in action. Regions Financial Corp. announced an agreement to acquire Clearsight Advisors, Inc., a leading-edge mergers and acquisitions firm. The acquisition represents another avenue for the bank to broaden its specialty capabilities for existing technology sector clients while reaching new clients that can leverage Regions experience and resources to help them reach their financial objectives. Practices, Structure and Share Data for the U.S. Offices of Foreign Together, Clearsight and Regions are now even better positioned to extend our leadership position advising premier knowledge economy growth companies.. Dana Nolan Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Live market coverage co-anchored from Hong Kong and New York. 2023 banking and capital markets M&A outlook, +++ DO NOT USE THIS FRAGMENT WITHOUT EXPLICIT APPROVAL FROM THE CREATIVE STUDIO DEVELOPMENT TEAM +++, Telecommunications, Media & Entertainment, M&A Hot Takes series: M&A insights, strategies, and trends. The $156.1 billion-asset company completed its purchase of home-improvement lender Enerbank USA earlier this month, adding about $3.1 billion in loans. Investments, Annuities, and Insurance Products, 2021 Supplemental Proxy Materials (March 31, 2021), Regions Financial to Announce Fourth Quarter and Full-Year 2022 Financial Results on Jan. 20, 2023 - PDF, opens in a new window, Regions Bank Increases its Prime Lending Rate - PDF, opens in a new window, Regions Bank Announces Creation of Franchise Lending Team - PDF, opens in a new window, Simpler Payments. Over the last decade, Clearsight has built a solid reputation as a comprehensive M&A firm serving business clients in the high-growth global knowledge economy. On the Go. Terms of the acquisition were not disclosed. PCBB does not endorse the companies, services, or products referenced and is not responsible for the content, links, privacy or security policies of these third parties. Business sectors served by Clearsight include the technology, professional services, data and information services, and digital and technology-enabled services industries. The US economic recovery following the 2007 to 2009 recession proved much longer and stronger than the downturn had been. Ma More, Jason, a partner with Deloitte & Touche LLP, is the East region managing partner of Merger & Acquisition Transaction Services practice and Deloittes National M&A Industry leader for Financial Service More, Insights on key regulatory developments and trends, Hot topics in the evolving world of mergers and acquisitions. Your IP: You should consult privacy disclosures at the linked website for further information. CEO Clint Stein said the company has room to expand in California, Arizona, Colorado and Utah. The LifeGreen color is a trademark of Regions Bank. Our cultures and approach to teamwork directly complement each other, and we look forward to welcoming the team from Clearsight and combining our strengths to deliver strategic solutions for technology industry clients. The next-largest deal, Provident Financial Services, Inc.s purchase of Lakeland Bancorp, Inc., was for $1.3 billion. Regions reports third quarter 2022 earnings of $404 million, earnings per diluted share of $0.43 Download Strong Revenue. Disciplined Expense Management. Regions reports third quarter 2022 earnings of $404 million, earnings per diluted share of $0.43 - PDF, opens in a new window Rebuilding. Recovering. Together. The privacy policies and security at the linked website may differ from Regions privacy and security policies and procedures. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. Acquisition to further expand Regions specialty capabilities and M&A advisory services. 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Bernard Bennett Banks, Evanston, Illinois, as trustee of a to-be-formed voting trust, Miami, Florida, for the benefit of Stephen Calk, Miami, Florida; to acquire voting shares of National Bancorp Holdings, Inc., and thereby indirectly acquire voting shares of The Federal Savings Bank, both of Chicago, Illinois. One of the challenges for executives this year will be to manage the current economic slowdown while positioning their businesses to thrivein the future. With the current bank merger activity, many banks and credit unions are looking to grow through acquisition often need partners that can ensure the back-office services are reliable and maintained, while the institution continues to grow. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. New York, New York 10019-6150 . We have found the ideal partner in Regions Bank to help us enhance our client solutions while also building on the culture and team dynamic that have been a hallmark of Clearsight since its founding.. Regions Bank Launches Business Travel Solution for Corporate Banking Clients - PDF, opens in a new window, Regions Next Step Survey Finds Many Americans Arent Prepared for Medical Expenses - PDF, opens in a new window, Regions Bank Launches Multi-Assets Solutions Group, Combining Investment Research Strengths of Regions and Highland Associates - PDF, opens in a new window, Regions Bank Introduces Tuition-Free Education Benefits to All Associates through Guild - PDF, opens in a new window, Regions Bank Named Military Friendly Employer and Military Spouse Friendly Employer - PDF, opens in a new window, Expanding Financial Inclusion: Regions Bank Announces ATM Agreement with Community Development Financial Institutions - PDF, opens in a new window, Regions Financial Scheduled to Participate in Goldman Sachs U.S. Financial Services Conference - PDF, opens in a new window, Regions Financial to Announce Fourth Quarter and Full-Year 2022 Financial Results on Jan. 20, 2023, Regions Bank Increases its Prime Lending Rate, Regions Bank Announces Creation of Franchise Lending Team, Simpler Payments. On the Go. The words future, anticipates, assumes, intends, plans, seeks, believes, predicts, potential, objective, estimates, expects, targets, projects, outlook, forecast, would, will, may, might, could, should, can, and similar expressions often signify forward-looking statements. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Regions acquisition of Clearsight Advisors formally closed on Dec. 31, 2021. Bet-the-Company Litigation, Commercial Litigation, Corporate Law, Health Care Law, International Arbitration - Commercial, Litigation - Banking and Finance Ekwan E. Rhow is a name principal at Bird Marella. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. U.S. Bancorps acquisition of MUFG Union Bank, N.A. As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting. 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The LifeGreen color is a trademark of Regions Bank. Even so, more can be done. 205-264-4551, Investor Relations Contact: Further, the acquisition is the latest example of Regions building additional revenue diversification by delivering more high-value, fee-based financial services and originations. Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. To be prepared, thats not a time to start from scratch, so you might want to at least sketch out a mergers and acquisitions strategy at some point. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. Please try again later. View the full release here: https://www.businesswire.com/news/home/20220104005197/en/, The acquisition expands Regions mergers-and-acquisitions advisory capabilities into the technology industry. We've encountered an error while sending your message. The agreement to acquire Clearsight Advisors follows the recent completion of Regions acquisition of Sabal Capital Partners, LLC, a diversified financial services firm that serves clients in the small-balance commercial real estate market. All Rights Reserved. Jeremy D. King Overnight on Wall Street is daytime in Asia. 205-264-7040, Regions News Online: regions.doingmoretoday.com Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Your bank may not be thinking merger and acquisitions, but it could be in your near future. View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005197/en/, Media Contact: Regions Financial, which has made two deals to buy nonbanks in recent months, is on the lookout for more such acquisitions as it seeks to diversify its revenues. Exceptional organizations are led by a purpose. See how we connect, collaborate, and drive impact across various locations. The small businesses said in a lawsuit that the bank used "misleading marketing and business practices" to rake in processing fees from oversized Paycheck Protection Program loans. In connection with this application, BAWAG Group BIRMINGHAM, Ala.--(BUSINESS WIRE)--Regions Financial Corp. (NYSE:RF), the parent company of Regions Bank, on Friday announced it has entered into a definitive agreement to acquire Clearsight Advisors, Inc., a leading-edge mergers and acquisitions firm serving clients in the technology, professional services, data and information services, and digital and technology-enabled services industries. The acquisition of Clearsight builds further revenue diversification for Regions Bank and follows Regions recent acquisition of Sabal Capital Partners, LLC. Most megadeals closed in 2022 had been announced in 2021 but underwent regulatory scrutiny that in some cases stretched more than 14 months. Large banks have eyed Regions primary market in the Southeast, but Regions has no intention to sell, either, according to Turner. Regions Bank Sabal Capital Partners is also being incorporated into Regions Capital Markets division. And more. That may soon change, starting potentially with Eastern Banks $642 million acquisition of rival Century Bank announced late Wednesday. Services, Sponsorship for Priority Telecommunication Services, Supervision & Oversight of Financial Market WebBanks with Successful M&A Plans Need a Partner to Grow With With the current bank merger activity, many banks and credit unions are looking to grow through acquisition Toronto-Dominion Bank (TD) purchased First Horizon Corp. for $13.7 billion, and Royal Bank of Canada bought Hong Kong and Shanghai Banking Corp.s (HSBC) Canadian operations for $13.5 billion. Mergers-And-Acquisitions advisory capabilities into the technology industry services industries from Regions privacy and security policies security... Microsoft Edge browser at this time 31, 2021 registered trademarks of Regions Bank, Inc., was $! Its purchase of Lakeland Bancorp, Inc., a leading-edge mergers and acquisitions, but the has... 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