The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

MutualOne in Mass. taps insider as new CEO

MutualOne in Mass. taps insider as new CEO

MutualOne Bank in Framingham, Mass., has a new leader. The bank said in a press release that Kristin Carvalho had become its CEO. Carvalho, who was president and chief operating officer, succeeded Mark Haranas, who will remain chairman. Carvalho will remain president.

January 25, 2025
Fulton in Pennsylvania to close 15 branches

Fulton in Pennsylvania to close 15 branches

Fulton Financial in Lancaster, Pa., will close 15 branches in the coming months. Seven of the branches are in Pennsylvania, while the rest are out-of-state locations, a spokesman told WHTM. The first branches will close in mid-April. Fulton has more than 230 branches.

January 24, 2025
Midland States in Ill. posts loss due to purge of LendingPoint, Greensky loans

Midland States in Ill. posts loss due to purge of LendingPoint, Greensky loans

Midland States Bancorp in Effingham, Ill., reported a quarterly loss after stepping up efforts to distance itself from two lending arrangements. The $7.5 billion-asset company said in a press release that it lost $54.8 million in the fourth quarter. The loss included a $50.7 million loan-loss provision tied to the sale of its LendingPoint consumer loan portfolio and a plan to sell its Greensky portfolio. The company sold $87.1 million

January 23, 2025
Heritage Financial in Wash. sells more lower-yielding securities

Heritage Financial in Wash. sells more lower-yielding securities

Heritage Financial in Olympia, Wash., sold more securities and restructured its bank-owned life insurance in the fourth quarter. The $7.1 billion-asset company said in a press release that its quarterly profit still doubled that of a year earlier, totaling $11.9 million. Heritage sold $35.6 million of lower-yielding investment securities at a $3.9 million pretax loss. Proceeds were used to fund higher-yielding loan growth. (The company sold $78 million of investment

January 23, 2025
PNC president leaving to lead Fiserv

PNC president leaving to lead Fiserv

Fiserv has recruited the president at PNC Financial Services Group in Pittsburgh to become its next leader. PNC said in a press release that Michael Lyons is leaving to become president and CEO-elect at Fiserv. Lyons, who joined PNC in 2011, became president last year. "Mike has been with PNC for 13 years and has been instrumental in our growth and success," PNC Chairman and CEO William Demchak said in

January 23, 2025
Cadence to buy FCB Financial in Georgia for $104 million

Cadence to buy FCB Financial in Georgia for $104 million

Cadence Bank in Tupelo, Miss., has agreed to buy FCB Financial in Savannah, Ga. The $50 billion-asset Cadence said in a press release that it will pay $103.6 million in cash and stock for the parent of the $590 million-asset First Chatham Bank. The deal is expected to close in the third quarter. First Chatham has $329 million of loans and $510 million of deposits. "First Chatham Bank’s deep roots

January 22, 2025
Horizon in Ind. sells more securities, divests mortgage warehouse business

Horizon in Ind. sells more securities, divests mortgage warehouse business

Horizon Bancorp in Michigan City, Ind., reported a net loss in the fourth quarter after selling more underwater securities. The $7.8 billion-asset company said in a press release that it lost $10.9 million in the quarter. It sold $332 million of investment securities at a $39.1 million pretax loss. Horizon plans to repay about $200 million of FHLB maturities in March and April. The company said it should take less

January 22, 2025
Triumph in Texas forms data-driven segment after buying tech firm

Triumph in Texas forms data-driven segment after buying tech firm

Triumph Financial in Dallas created a new data-focused business segment after buying a technology company. The $5.9 billion-asset company bought Isometric Technologies, or ISO, during the fourth quarter for an undisclosed amount. ISO provides service and performance scoring and benchmarking capabilities to the freight industry. As a result, Triumph created a new "Intelligence" segment, transferring certain payments employees to the group. The company said it believes the base run-rate for

January 22, 2025