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5 banks set to cross $10B asset threshold

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

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Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


5 banks set to cross $10B asset threshold

While no U.S. banks or thrifts crossed the $10 billion mark in the fourth quarter of 2018, five are positioned to cross it as a result of pending or completed M&A activity since the end of the year.

The $10 billion mark remains a key threshold for banking institutions. After breaching $10 billion in assets at year-end, debit card interchange income can drop by half due to restrictions imposed by the Durbin Amendment, part of the landmark Dodd-Frank Act. Most institutions try to clear $10 billion by a wide margin to offset the lost revenue.

Three of the five banks have completed their respective acquisitions, while two remain pending. Most recently, Warren, Pa.-based Northwest Bancshares Inc. completed its acquisition of Marietta, Pa.-based Donegal Financial Services Corp. on March 8.

Wyomissing, Pa.-based Customers Bancorp Inc. dropped below $10 billion at the end of 2018 after being above the mark during the first three quarters of the year. During the fourth quarter, Customers reduced its cash and balances by $603.9 million and its total loans and leases by $212.7 million.

Earlier in the fourth quarter, Clearwater, Fla.-based Flagship Community Bank terminated its acquisition of BankMobile, a unit of Customers Bancorp, due to regulatory complications with the spinoff of BankMobile.

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