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Truist Financial (TFC) Subsidiary to Buy Kensington Vanguard
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Truist Financial Corporation’s (TFC - Free Report) subsidiary, Truist Insurance Holdings, Inc., has inked an agreement to acquire Kensington Vanguard National Land Services. The deal is expected to close during the first quarter of 2022. Details of the transaction have not been disclosed yet.
Truist Insurance is the sixth-largest insurance brokerage firm in the United States. Kensington Vanguard, headquartered in New York, is a national title insurance agency and one of the largest independent service providers in the United States.
The transaction is expected to aid Truist Insurance in expanding its business in title insurance. The existing title operation of Trist Insurance is BridgeTrust Title, which will likely be integrated with Kensington Vanguard.
Kensington Vanguard’s expertise has made it an industry leader. It has grown drastically over the years through its strategic geographic footprints. The company’s valuable insight into the commercial and residential title sectors can enable Truist Insurance to provide title and real estate services to a larger market. “The combined business will be one of the largest full-service real estate service agencies in the U.S.", said John Howard, chairman and chief executive officer of Truist Insurance.
Over the years, Truist Financial has been strengthening its real estate services through strategic acquisitions. Its acquisitions reflect its solid balance-sheet position. Last year, TFC acquired Service Finance Company, LLC and Constellation Affiliated Partners. Earlier in 2020, the company had acquired Insurtech Wellington.
Over the past six months, shares of Truist Financial have rallied 13.6% compared with 7.2% growth of the industry.
Several companies from the finance sector are undertaking consolidation efforts to improve competencies in a bid to counter the low-interest-rate environment.
In a move to enhance mergers and acquisition advisory service competencies in the digital-infrastructure sector, Citizens Financial Group, Inc. (CFG - Free Report) announced a definitive agreement to acquire all assets of DH Capital LLC.
The move marks Citizens Financial’s third acquisition over the past few months to augment its corporate advisory team. In September 2021, CFG closed the buyout of Willamette Management Associates, while in November, it acquired JMP Group.
Velocity Financial, Inc. (VEL - Free Report) acquired a majority stake in Century Health & Housing Capital. Century, licensed Ginnie Mae issuer and servicer, offers government-insured Federal Housing Administration mortgage financing for multi-family housing, senior housing and long-term care/assisted living facilities.
The acquisition is expected to help Velocity Financial leverage Century’s well-established platform and diversify revenues with the addition of fee-based origination and servicing income. This, along with VEL’s national origination footprint, offers ample development scope for origination growth and the expansion of commercial mortgage product offerings.
RBB Bancorp (RBB - Free Report) entered a definitive agreement to buy Gateway Bank in a cash transaction valued at $22.9 million in a bid to penetrate the strategic San Francisco Bay Area. The buyout will expand RBB Bancorp’s physical presence in six of nine target markets of Gateway Bank and provide a profitable base to extend the advancement the latter has made in the Bay Area.
The deal is also in line with RBB Bancorp’s aim to establish its relationship-based banking model in the region for the community.
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Truist Financial (TFC) Subsidiary to Buy Kensington Vanguard
Truist Financial Corporation’s (TFC - Free Report) subsidiary, Truist Insurance Holdings, Inc., has inked an agreement to acquire Kensington Vanguard National Land Services. The deal is expected to close during the first quarter of 2022. Details of the transaction have not been disclosed yet.
Truist Insurance is the sixth-largest insurance brokerage firm in the United States. Kensington Vanguard, headquartered in New York, is a national title insurance agency and one of the largest independent service providers in the United States.
The transaction is expected to aid Truist Insurance in expanding its business in title insurance. The existing title operation of Trist Insurance is BridgeTrust Title, which will likely be integrated with Kensington Vanguard.
Kensington Vanguard’s expertise has made it an industry leader. It has grown drastically over the years through its strategic geographic footprints. The company’s valuable insight into the commercial and residential title sectors can enable Truist Insurance to provide title and real estate services to a larger market. “The combined business will be one of the largest full-service real estate service agencies in the U.S.", said John Howard, chairman and chief executive officer of Truist Insurance.
Over the years, Truist Financial has been strengthening its real estate services through strategic acquisitions. Its acquisitions reflect its solid balance-sheet position. Last year, TFC acquired Service Finance Company, LLC and Constellation Affiliated Partners. Earlier in 2020, the company had acquired Insurtech Wellington.
Over the past six months, shares of Truist Financial have rallied 13.6% compared with 7.2% growth of the industry.
Truist Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Growth Efforts by Other Firms
Several companies from the finance sector are undertaking consolidation efforts to improve competencies in a bid to counter the low-interest-rate environment.
In a move to enhance mergers and acquisition advisory service competencies in the digital-infrastructure sector, Citizens Financial Group, Inc. (CFG - Free Report) announced a definitive agreement to acquire all assets of DH Capital LLC.
The move marks Citizens Financial’s third acquisition over the past few months to augment its corporate advisory team. In September 2021, CFG closed the buyout of Willamette Management Associates, while in November, it acquired JMP Group.
Velocity Financial, Inc. (VEL - Free Report) acquired a majority stake in Century Health & Housing Capital. Century, licensed Ginnie Mae issuer and servicer, offers government-insured Federal Housing Administration mortgage financing for multi-family housing, senior housing and long-term care/assisted living facilities.
The acquisition is expected to help Velocity Financial leverage Century’s well-established platform and diversify revenues with the addition of fee-based origination and servicing income. This, along with VEL’s national origination footprint, offers ample development scope for origination growth and the expansion of commercial mortgage product offerings.
RBB Bancorp (RBB - Free Report) entered a definitive agreement to buy Gateway Bank in a cash transaction valued at $22.9 million in a bid to penetrate the strategic San Francisco Bay Area. The buyout will expand RBB Bancorp’s physical presence in six of nine target markets of Gateway Bank and provide a profitable base to extend the advancement the latter has made in the Bay Area.
The deal is also in line with RBB Bancorp’s aim to establish its relationship-based banking model in the region for the community.