BancPlus completes State Capital acquisition, expanding Southeast footprint

BancPlus Corporation, the parent company of BankPlus, announced it has completed the acquisition of State Capital Corp., the parent company of State Bank & Trust Company, and so the merger of State Bank’s operations into BankPlus effective April 1, 2020.

The addition of State Bank expands the BancPlus presence throughout Mississippi, creating the sixth-largest bank by deposits in the state, the Ridgeland, Miss., based company said in a release. It also expands the company’s presence as a Southeastern regional bank, with 80 branches located throughout Alabama, Mississippi and Louisiana.

As of December 31, 2019, their combined assets totaled approximately $4.1 billion, of which $3.6 billion were in deposits and $3 billion in gross loans.

In addition, the new company announced changes in its leadership. Kirk A. Graves, Chief Executive Officer of State Bank, joins the company as Senior Executive Vice President & Chief Operating Officer of BankPlus. Michael Brumfield is EVP & Regional Executive for Louisiana, and Owen Carty will serve as EVP & Regional Executive for South Mississippi and Alabama.

“This merger represents two of Mississippi’s oldest banks coming together with a shared banking philosophy, developed over generations of serving communities and businesses,” said William A. Ray, President and CEO of BankPlus.

Founded in 1909, BankPlus had $3 billion in total assets, $2.6 billion in deposits and $2.1 billion in gross loans prior to the acquisition of State Bank & Trust Company.

The company said it anticipates the conversion of all State Bank accounts will occur the weekend of June 12, 2020. Once all business operations merge, the company said, “State Bank customers will have access to new technology and banking services including wealth management and full-service mortgage resources.”

Regions Bank completes Ascentium Capital acquisition, announces virtual shareholders’ meeting

Technology and digital activity is driving business and operations decisions and at many banks. Regions Financial Corporation of Birmingham, Ala., announced it has completed the acquisition of Ascentium Capital, an independent equipment finance, fintech lender serving small businesses.

“The strong combined team from Regions and Ascentium is committed to providing capital, flexibility and financial guidance to support and strengthen the small businesses that are so crucial to the economic health of the communities we serve,” said Ronnie Smith, senior executive vice president and head of the Regions Corporate Banking Group in a release.

Ascentium provides financing of essential-use equipment for small business customers, including small banks, through a technology-enabled model that delivers same-day credit decisions and funding, Regions said.

Ascentium’s “seasoned management team,” and the strong performance its proprietary underwriting technology platform since its inception, were quoted as the reasons why Regions decided to acquire the fintech.

With $126 billion in assets, Regions operates across the South, Midwest and Texas, and through its subsidiary, Regions Bank, which manages approximately 1,400 banking offices.

In other technology related news, Regions announced its 2020 annual meeting of shareholders later in April, moved from an in-person meeting to a virtual-only format due to the COVID-19 pandemic.

The company provided a link and urged shareholders to use it “to vote shares and submit a question in advance of the virtual meeting,” according to a release, and requested they read Regions’ Rules of Conduct section on the Proxy Vote and Virtual Shareholder Meeting websites, “described in the proxy materials for the annual meeting.”

FirstClose Announces Integration with Calyx’s Point LOS

FirstClose, a national mortgage lending technology provider based in Ustin, Texas, has integrated FirstClose ONE into the Calyx Point platform enabling users to order credit score, property valuation, title, tax, flood, closing and recording reports – directly from the Calyx user interface.

Calyx users will have access to the FirstClose SMART Select, an artificial intelligence tool to select the best title vendor within a financial institution’s unique lending footprint. Lenders can simplify vendor management by consolidating vendors and products on one platform.

FirstClose is a Software-as-a-Service company that specializes in property and borrower data intelligence. Its loan origination software features home equity and refinancing tools that process mortgage data from loan application to servicing. The technology integration helps Calyx users to expedite loan data processing and reduce costs. 

Calyx was looking for a settlement services provider, but FirstClose offers much more, said Thomas Hennen, director of strategic partnerships at Calyx. “Their intelligence logic and other technologies made this decision an easy one.” 

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