S&P Global Market Intelligence presents a periodic summary of potential deal activity in the financial sector, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.
Banking
* Rangeley Capital LLC joined Driver Management Company LLC in calling for a sale of Oakland, Md.-based First United Corp. Driver recently said it would nominate three directors at the bank's next annual meeting if the current board "continues prioritizing self-preservation over shareholder value." Rangeley called on the board to release a proposal on how it can deliver value as a stand-alone company and commit to running a sale process in tandem.
* Green Bay, Wis.-based Associated Banc-Corp is looking for targets to acquire, CEO Philip Flynn said at a recent conference. He noted many of the 750 banks in the company's three-state footprint are under pressure to gain efficiencies.
* Richmond, Va.-based Atlantic Union Bankshares Corp. is also open to bank deals, with an executive noting at the same conference that the company wants to deploy excess capital in share repurchases or in acquisitions.
* Minneapolis-based U.S. Bancorp's strong stock price means a lot of accretive deals can be made, CEO Andrew Cecere said in a presentation. Financially beneficial deal terms are not the bank's only requirement, Cecere said, adding that U.S. Bancorp would only consider whole-bank deals also offering significant strategic value.
* Buffalo, N.Y.-based M&T Bank Corp. is open to a merger of equals, Executive Vice President and CFO Darren King said, noting that the company does not need acquisitions to grow, and it can wait for the right opportunity.
* Organizers of Community Bank of the Carolinas, which withdrew the proposed bank's de novo applications, signed a letter of intent to buy a community bank with assets of about $100 million, the Winston-Salem (N.C.) Journal reported.
* Champaign, Ill.-based First Busey Corp. is looking to buy another bank in the future as it seeks to surpass the $10 billion asset threshold. The bank is "various stages of relationship building with different organizations" across a number of Midwest markets, Busey Bank President and CEO Robin Elliott said at a conference.
* New York-based Amalgamated Bank is open to making another bank deal after its 2017 deal with New Resource Bancorp. President and CEO Keith Mestrich specifically named Boston, Los Angeles and Chicago as potential growth opportunities.
Financial Services
* Goldman Sachs Group Inc. is reportedly looking to buy digital lender GreenSky Inc., according to The Wall Street Journal. GreenSky announced in its second-quarter earnings release that it would begin exploring strategic alternatives.
* Dyal Capital Partners is close to acquiring a minority stake in investment manager I Squared Capital, sources told Bloomberg News.
* Morgan Stanley would prefer to deploy capital to make acquisitions instead of buying back shares, CFO Jonathan Pruzan said.
* Euromoney Institutional Investor PLC will conduct a strategic review of its asset management businesses, which include BCA Research, Ned Davis Research and Institutional Investor.
Insurance
* Several companies are interested in buying Aviva PLC's Singapore and Vietnam businesses, sources told Reuters. These companies include Allianz Group, Nippon Life Insurance Co., MS&AD Insurance Group Holdings Inc. and Sun Life Financial Inc.
* Warburg Pincus LLC could buy a 20.5% stake in IndiaFirst Life Insurance Co. Ltd. from Andhra Bank, The Economic Times reported.
* Fidelity National Financial Inc. could make smaller deals, increase dividends and repurchase stock following its terminated agreement to buy Stewart Information Services Corp.

