The best way to understand what is happening in your market is to do what Alabama Community Bankers excel at every day…understanding your clients and their financial needs. That said, having reliable, timely economic data applicable to your community is a great way to compliment your existing market knowledge to help your bank develop strategies… Read More >
News & Insights
Birmingham Area Economic Report, Q4 2019
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report with a more in-depth look at the statistics. The charts below show a snapshot of… Read More >
The Bank Shot – July 2020
In This Issue In “YTD 2020 Bank Valuations” we review YTD Regional and Community Bank deal valuations. In “YTD 2020 Bank M&A Scorecard” we review YTD Community Bank M&A transactions. In “M&A Strategies During the COVID-19 Pandemic” we discuss our thoughts on appropriate M&A strategies given the impact of COVID on the economy. In “Porter… Read More >
PW&Co Advises Birmingham Airport Authority on $102,130,000 Refunding
Porter White & Company (“PW&Co”), a Birmingham-based municipal advisor, is pleased to announce that it served as the municipal advisor to the Birmingham Airport Authority (the “Authority”) on the issuance of $102,130,000 Airport Revenue Bonds, Series 2020, dated July 9, 2020. PW&Co served as the initial financial advisor to the Authority in connection with its… Read More >
Reflections on Markets During the Pandemic – 2Q 2020
While following events closely during the second quarter of 2020 when our society shut down for almost a month and then started reopening, a few important investment themes emerged. I. S&P 500 Recovered but Rates Stayed Low. While the equity markets substantially recovered during the second quarter, and the S&P briefly traded in positive territory… Read More >
Merger of BankFirst Capital Corporation and Traders & Farmers Bancshares Completed
On July 1, 2020 BankFirst Capital Corporation of Macon, MS and Traders & Farmers Bancshares, Inc. of Haleyville, AL announced the closing of their merger which combines two well-respected banking franchises and creates a $1.8 billion institution operating across Alabama and Mississippi. The deal consideration is a mix of cash and common stock from BankFirst…. Read More >
What’s It Worth, Spring 2020
During the first quarter of 2020, buyers and sellers experienced at least two strong months of deal volume before COVID-19 dramatically slowed down M&A activity in March. Investors’ views of certain industries and sectors have changed significantly since January, and they will continue to change and develop until we have a better understanding of the… Read More >
The SECURE Act
The SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement) is a wide-ranging act, spanning nearly 40 provisions It is the most comprehensive retirement savings package to become law since the Pension Protection Act of 2006, and seeks to improve access to employer sponsored retirement savings plans, increase savings levels within plans, streamline… Read More >
PW&Co Advises on Acquisition of a Real Estate Agency
PW&Co served as the buy-side advisor in the acquisition of a real estate agency (“the Target”) by a credit union service organization (“CUSO”). PW&Co’s investment banking team was led by Michael Stone with support from Kip Porter. The CUSO was interested in acquiring the Target to expand its real estate related business lines and provide… Read More >
Considering Employer Match Suspension
As businesses reopen and employees return to work, employers are wrestling with how to handle cash flow in unprecedented circumstances. If you are considering suspending the employer match in your company’s retirement plan, you are not alone. Can you suspend a match? Yes. But that decision should not be made lightly. The Plan Sponsor Council… Read More >
M&A Strategies During the COVID-19 Pandemic
Overview Porter White & Company (“PW&Co”) reviewed almost 4,000 community bank M&A transactions since 2001 to ascertain the impact, by county, of county economic standing (as measured by GDP) on deal activity and transaction pricing. We believe this analysis may be useful as Alabama banks work through the economic impact of the COVID-19 pandemic. A… Read More >
COVID-19 Impact on Valuation – When was it known or knowable?
During the past few weeks, business owners have been thrust into a new normal and forced to evaluate the potential short-term and long-term implications of COVID-19 on their businesses, employees, and families. One word that I have heard in almost every conversation with business owners and investors over the past month is “uncertainty”. In the… Read More >
Birmingham Area Economic Report, Q3 2019
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report with a more in-depth look at the statistics. The charts below show a snapshot of… Read More >
The Importance of an Investment Policy Statement
I. Overview A written investment policy statement (IPS) provides guidelines and directions for the conscientious fiduciary. The Employee Retirement Income Security Act (ERISA) does not include a specific requirement that plans have a written IPS. The concept of a documented IPS comes from the fiduciary duty of prudence established under both ERISA and the common… Read More >
Making the Most of Year-End Giving
As the year comes to a close, you may be thinking of making financial gifts in addition to trying to buy a relevant gift for the picky tween in your life. Here are a few guidelines for both charitable gifts and gifts to friends and family. I. Charitable Gifts With the passage of the Tax… Read More >
First Southern State-Vantage Merger Complete
On October 31, 2019 First Bancshares of Stevenson, Inc. of Stevenson, AL (“FBS”) and Vantage Bancshares, Inc. of Albertville, AL announced the closing of their merger which combines two well-respected banking franchises and creates a $525 million institution. The company operates 10 locations as First Southern State Bank (subsidiary of FBS) in four northeast Alabama… Read More >
River Bank-Trinity Bank Merger Complete
On October 31, 2019 River Financial Corporation of Prattville, AL and Trinity Bancorp, Inc. of Dothan, AL announced the closing of their merger which combines two well-respected banking franchises and creates a $1.30 billion institution operating in three of Alabama’s four largest markets. The deal consideration was a mix of cash and River common stock…. Read More >
Birmingham Area Economic Report, Q2 2019
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report with a more in-depth look at the statistics. The charts below show a snapshot of… Read More >
