K3

KBRA Affirms Ratings for Banc of California, Inc. and Withdraws Ratings for PacWest Bancorp

Retrieved on: 
Thursday, December 7, 2023

These ratings actions, which include the resolution of the Watch Developing status for both Pacwest Bancorp and Pacific Western Bank, coincide with the completion of the merger between BANC and PACW.

Key Points: 
  • These ratings actions, which include the resolution of the Watch Developing status for both Pacwest Bancorp and Pacific Western Bank, coincide with the completion of the merger between BANC and PACW.
  • merged into Pacific Western Bank (“PWB”), with the surviving entities operating under the Banc of California name and brand.
  • KBRA considers the merger to be a strategically favorable one by creating a leading California focused commercial banking institution.
  • The Stable Outlook is reflective of KBRA’s view that a change to the long term ratings of BANC is unlikely over the near term.

KBRA Releases Surveillance Report for Dime Community Bancshares, Inc.

Retrieved on: 
Wednesday, September 6, 2023

On June 20, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Hauppauge, New York-based Dime Community Bancshares, Inc. (NASDAQ: DCOM) ("Dime" or "the company").

Key Points: 
  • On June 20, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Hauppauge, New York-based Dime Community Bancshares, Inc. (NASDAQ: DCOM) ("Dime" or "the company").
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for lead subsidiary, Dime Community Bank.
  • The Outlook for all long-term ratings was revised to Stable from Positive.
  • Click here to view the report.

KBRA Releases Surveillance Report for Bridgewater Bancshares, Inc.

Retrieved on: 
Tuesday, August 29, 2023

On August 10, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred shares rating of BB+, and the short-term debt rating of K3 for St. Louis Park, Minnesota-based Bridgewater Bancshares, Inc. (NASDAQ: BWB) (“Bridgewater” or “the company”).

Key Points: 
  • On August 10, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred shares rating of BB+, and the short-term debt rating of K3 for St. Louis Park, Minnesota-based Bridgewater Bancshares, Inc. (NASDAQ: BWB) (“Bridgewater” or “the company”).
  • KBRA also affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating BBB, and the short-term deposit and debt ratings of K2 for Bridgewater Bank, the main subsidiary.
  • The Outlook for all long-term ratings was revised to Negative from Stable.
  • Click here to view the report.

KBRA Releases Surveillance Report for The Bancorp, Inc.

Retrieved on: 
Friday, August 25, 2023

On August 4, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Wilmington, Delaware based The Bancorp, Inc. (NASDAQ: TBBK) (“the company”).

Key Points: 
  • On August 4, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Wilmington, Delaware based The Bancorp, Inc. (NASDAQ: TBBK) (“the company”).
  • Additionally, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for the lead subsidiary, The Bancorp Bank, National Association.
  • The Outlook for all long-term ratings is Positive.
  • Click here to view the report.

KBRA Releases Surveillance Report for Five Star Bancorp

Retrieved on: 
Friday, August 25, 2023

On July 26, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Rancho Cordova, CA-based Five Star Bancorp (NASDAQ: FSBC) (“the company”).

Key Points: 
  • On July 26, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Rancho Cordova, CA-based Five Star Bancorp (NASDAQ: FSBC) (“the company”).
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for Five Star Bank, the main subsidiary.
  • The Outlook for all long-term ratings is Stable.
  • Click here to view the report.

KBRA Releases Surveillance Report for MidWestOne Financial Group, Inc.

Retrieved on: 
Monday, August 21, 2023

On June 22, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (“MidWestOne” or “the company”).

Key Points: 
  • On June 22, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (“MidWestOne” or “the company”).
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for lead subsidiary, MidWestOne Bank.
  • The Outlook for all long-term ratings was revised to Negative from Stable.
  • Click here to view the report.

KBRA Releases Surveillance Report for ConnectOne Bancorp, Inc.

Retrieved on: 
Wednesday, August 16, 2023

On July 28, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Englewood Cliffs, New Jersey-based ConnectOne Bancorp, Inc. (NASDAQ: CNOB) ("ConnectOne" or "the company").

Key Points: 
  • On July 28, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Englewood Cliffs, New Jersey-based ConnectOne Bancorp, Inc. (NASDAQ: CNOB) ("ConnectOne" or "the company").
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for lead subsidiary, ConnectOne Bank.
  • The Outlook for all long-term ratings is Stable.
  • Click here to view the report.

KBRA Releases Surveillance Report for Old Second Bancorp, Inc.

Retrieved on: 
Tuesday, August 15, 2023

On July 27, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Aurora, Illinois based Old Second Bancorp, Inc. (NASDAQ: OSBC) (“the company”).

Key Points: 
  • On July 27, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Aurora, Illinois based Old Second Bancorp, Inc. (NASDAQ: OSBC) (“the company”).
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, Old Second National Bank.
  • The Outlook for all long-term ratings is Stable.
  • Click here to view the report.

KBRA Releases Surveillance Report for CNB Financial Corporation

Retrieved on: 
Friday, August 11, 2023

On July 21, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Clearfield, Pennsylvania-based CNB Financial Corporation (NASDAQ: CCNE) (“the company”).

Key Points: 
  • On July 21, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Clearfield, Pennsylvania-based CNB Financial Corporation (NASDAQ: CCNE) (“the company”).
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, CNB Bank.
  • The Outlook for all longterm ratings is Stable.
  • Click here to view the report.

KBRA Releases Surveillance Report for Fidelity Financial Corporation

Retrieved on: 
Monday, August 7, 2023

On July 28, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Wichita, Kansas-based Fidelity Financial Corporation ("FFC", "Fidelity" or “the company”).

Key Points: 
  • On July 28, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Wichita, Kansas-based Fidelity Financial Corporation ("FFC", "Fidelity" or “the company”).
  • In addition, KBRA affirmed the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its subsidiary, Fidelity Bank, National Association (“the bank”).
  • The Outlook for all long-term ratings is Stable.
  • Click here to view the report.