NewStar to snap up Southern Commerce Bank - Tampa Bay Business Journal:

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In turn, NewStar is likely to add branchee and workers at Southern Although Southern Commerce has been one of the faster growing banks in the Tampa Bay area in the pastthrewe years, there’s still lots of room for said Timothy Conway, chairman and CEO of NewStar (Nasdaq: NEWS), a Boston-based specializee commercial finance company, is on the cuttingy edge of a trend. Nonbank financial services firms increasingly are looking to transform theirf business models into banking a move that ensures they have a relatively inexpensivew and stable source of money toloan out, as well as more productse and services to offer their The background of NewStar’s executived — who are from financial institutionse such as (now part of ), and should serve it well, as regulators look at more nonbankj acquisitions of banks, Conway said during a June 3 presentationn to analysts in New York.
“Whaty they want is commercial bankers who understand traditional commercial bankinvg and will operate the banks they buy and invest in like traditionalcommercial banks.”