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The U.S. banking industry's second-quarter earnings season kicked off yesterday with Bank of the Ozarks reporting a year-over-year increase in net income. Today, Commerce Bancshares Inc. reported second-quarter net income available to common shareholders of $108.1 million, up from the year-ago period's $76.7 million. The bank, meanwhile, sold $25.9 million of auto loans to another financial institution during the second quarter, which led to a decline in its consumer auto loan portfolio.
Greater Hudson Bank will merge into ConnectOne Bancorp Inc. in an all-stock transaction currently valued at $76.3 million.
West Virginia-based City Holding Co. is acquiring two banks in Kentucky -- Poage Bankshares Inc. and Farmers Deposit Bancorp Inc. The acquisition of Poage Bankshares has an aggregate deal value of $93.5 million, and a per-share value of $26.27. Upon deal completion, Farmers Deposit shareholders will receive $24.9 million in cash for all outstanding common shares.
In Texas, Inter National Bank and Vantage Bank Texas agreed to merge. The combined bank will have approximately $1.5 billion in net loans outstanding, $1.9 billion in total assets and $1.6 billion in deposits.
In Washington, D.C., a group of organizers is seeking to form a minority deposit institution named Moxy Bank, American Banker reports. The group has filed an application with the...