BancorpSouth to acquire National United Bancshares, Inc.
BancorpSouth Bank has signed a definitive merger agreement with National United Bancshares, Inc., the parent company of National United – which implies National United will merge with and into BancorpSouth, headquartered in Tupelo, Mississippi.
Founded in 1889 in Gatesville, Texas, National United operates six full-service banking offices in the Killeen-Temple, Waco, and Austin-Round Rock-Georgetown, Texas metropolitan statistical areas.
As of September 30, 2020 National United reported total assets of $748.6 million, total loans of $450.6 million and total deposits of $672.5 million, on a consolidated basis.
BancorpSouth Bank has approximately $24 billion in assets and operates 310 full-service branch locations and additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.
Under the terms of the agreement, BancorpSouth will issue 3,110,000 shares of common stock, and will provide $33.25 million in cash, for all outstanding shares of National United Bancshares, Inc. capital stock, (subject to certain conditions and potential adjustments), the firms noted in a joint statement.
“We’re excited to announce this agreement we began exploring before the COVID-19 pandemic,” said Dan Rollins, chairman and CEO of BancorpSouth. “It was important for both of our companies to take time to understand and evaluate the potential impact the pandemic would have on the potential merger,” which creates an excellent opportunity to broaden our Central Texas presence and continue to expand in key markets.
“We are enthusiastic about joining the BancorpSouth team. This partnership will offer our customers a broader array of products and services across a larger footprint,” said Eugene Worthington, president and CEO of National United, who upon completion of the merger will serve as BancorpSouth’s Area Chairman.
The boards of directors of both companies unanimously approved the merger – expected to close during the first half of 2021, pending customary approvals from regulators, National United shareholders and other closing conditions.
Additional information about the merger is available on BancorpSouth’s investor page.
“National United is a trusted financial institution that has been serving its community for more than 125 years, and its culture and mission are similar to ours. We look forward to welcoming our new customers and teammates pending the completion of this merger,” said Rollins.
Flagstar names MortgageTech Accelerator program winners
Flagstar Bank, the sixth largest bank mortgage originator in the country, announced three startups, Home Lending Pal, Stavvy and RealKey have been selected to participate in the three-month, Flagstar MortgageTech Accelerator program, which wraps up on Feb. 4, 2021.
Home Lending Pal (Miami, Fla.) uses chatbots, machine learning, and blockchain technology to help first-time buyers starting with the property search and through closing. Its business model atypically connects potential buyers to trusted digital sources that validate underwriting information earlier in the process.
Stavvy (Boston, Mass.) is a venture capital backed fintech that designs residential mortgage lending platforms focused on data security, real estate transaction transparency and eliminating fragmentation during the lending process and loan life cycle.
RealKey (San Francisco, Cal.) provides digital mortgage software that enables bank and non-bank mortgage loan originators to streamline the mortgage processing experience for borrowers by automating the document collection, verification, and review process; and ensures all parties involved can easily exchange information and communicate using a centralized system.
This is only the second cohort of winners. Launched in 2019, the program is the first and only mortgage niche, accelerator program in the United States, according to Flagstar. Its ultimate goal is to speed up the growth and/or time to market for startup companies.
Created for mortgage startups actively working on “technological breakthroughs in all facets of the mortgage business,” the program’s selection criteria, also includes the company evolution trajectory and future growth potential.
Each of these three impressive, high-quality fintech startups “receives a curated acceleration roadmap, which we help facilitate and support during this important growth phase,” said Erin Hennessy, director of digital strategies for Flagstar Bank and leader of the accelerator program.
Participants benefit from access to: Mentors with deep industry and technical experience; bespoken program design based on current and immediate needs; ability to test the product/solution in a real-world controlled environment; network of potential customers and investors.
“With the pandemic accelerating innovation in the mortgage industry, the timing could not be better for a program that introduces new paradigms and tech solutions for old processes,” said Courtney Thompson, head of default mortgage at Flagstar and sponsor of the accelerator program. “The outcomes of this program make our industry stronger and position Flagstar to continue to provide technology-enabled products to our customers.”
Catherine Burke joins Black Knight board of directors
Award-winning real estate and mortgage finance software, data and analytics fintech, Black Knight, Inc. has elected Catherine (Katie) L. Burke to serve on the company’s board of directors, to contribute her strategic communications insight and executive leadership expertise.
Burke has been the chief strategy officer at global communications firm Daniel J. Edelman Holdings, Inc. (Edelman) since January 2019. She also serves as the head of practices, sectors and intellectual property at Edelman and is a member of Edelman’s executive and operations committees.
“Black Knight is a company that continually demonstrates its commitment to providing innovative solutions,” said Burke. “I look forward to joining the Board of Directors of a company with such a strong focus on transforming the industry and delighting its clients.”
Since joining Edelman in 2008, Burke has held a variety of executive roles at the firm. Previously she served as executive vice president for marketing and communications at Nielsen Holdings plc, a global measurement and data analytics company. Earlier in her career, Burke held various senior communications roles on national and statewide political campaigns.
Burke earned a Masters in Public Policy from the London School of Economics and graduated from Skidmore College. She also holds a certificate in financial accounting from Harvard Business School online.
She also serves on the board of directors of NCR Corporation, the board of trustees for Sacred Heart University. and is vice president of the Jackson Hole Children’s Museum Board of Directors in Wyoming.
“We are extremely proud to have Katie serving on the Black Knight Board of Directors,” said Bill Foley, chairman of Black Knight. “She has a wealth of expertise and experience that will provide valuable insight and direction to Black Knight.”