trending Market Intelligence /marketintelligence/en/news-insights/trending/teaxjyb1lnkzkvyyr0shcg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Florida-based Drummond Banking acquiring Lake City bank

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

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Florida-based Drummond Banking acquiring Lake City bank

Chiefland, Fla.-based Drummond Banking Co. is acquiring Lake City, Fla.-based PSB BancGroup Inc.

The pricing terms of the deal were not disclosed but PSB BancGroup shareholders will receive cash in exchange for their shares.

SNL valuations for bank and thrift targets in the Southeast region between July 23, 2017, and July 23, 2018, averaged 157.92% of book, 166.96% of tangible book and had a median of 27.59x last-12-months earnings, on an aggregate basis.

The deal is expected to close in the first quarter of 2019. PSB BancGroup unit Peoples State Bank would merge into Drummond Community Bank.

Upon closing, the combined company will have more than $600 million in assets, more than $550 million in deposits and more than $340 million in loans. Consolidated capital and reserves will exceed $62 million. As of June 30, Drummond Community Bank had $518.4 million in assets, while Peoples State Bank had $86.9 million in assets.

With the addition of Peoples State Bank, Drummond Community Bank will operate 17 banking offices and two loan production offices.

SNL data shows that Drummond Banking will enter Columbia County, Fla., with two branches to be ranked fifth with a 7.04% share of $1.07 billion in total market deposits.

ProBank Austin served as financial adviser to Drummond Banking Co. with Managing Director Craig Mancinotti serving as lead adviser.

To create custom maps using S&P Global Market Intelligence tools, click here. SNL is owned by S&P Global Market Intelligence.

SNL Image