The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

New York Community loses 16 banker teams to competitors

New York Community loses 16 banker teams to competitors

At least 16 teams of bankers have left New York Community Bancorp to accept posts at Peapack-Gladstone Financial in Bedminster, N.J., and Dime Community Bancshares in Hauppauge, N.Y. Peapack said in a press release that it hired Andrew Corrado as president of Peapack Private’s commercial bank in New York City. He became Flagstar’s head of commercial and private banking in the Northeast after New York Community bought the failed Signature

April 10, 2024
Fintech Adro raises $1.5M in pre-seed funding

Fintech Adro raises $1.5M in pre-seed funding

Adro, a New York fintech that aims to help international students access U.S. financial services, has raised $1.5 million pre-seed funding. The company said in a press release that the round was led by Era, with participation from Ex Nihilo Ventures and the Cornell Tech Syndicate. Adro said it will use the funds to add to its engineering team and accelerate its platform’s development. “Once in the U.S., internationals face

April 10, 2024
Washington Trust reshuffles top management

Washington Trust reshuffles top management

Washington Trust Bank in Spokane has shuffled its leadership team. The $11.4 billion-asset bank said in a press release that Jack Heath had become its CEO, succeeding Peter Stanton, who remains executive chairman. Heath was president and chief operating officer. Kevin Blair succeeded Heath as president, while Jim Branson was named COO. Blair was chief lending officer; Branson was chief banking officer. The bank has been run by the Stanton

April 9, 2024
Georgia Bankers Association lines up next CEO

Georgia Bankers Association lines up next CEO

The Georgia Bankers Association will soon have a new CEO. The association said in a press release that Tripp Cofield will succeed the retiring Joe Brannen on July 15. Cofield is president and CEO of the association’s affiliates GBA Insurance Trust, Paragon Benefits and GBA Retirement Services. He will join the association’s board in conjunction with his appointment. Cofield’s “thoughtful and intelligent approach to solving complex problems, complemented by his

April 8, 2024
FineMark Holdings in Fla. raises $30M via private placement

FineMark Holdings in Fla. raises $30M via private placement

FineMark Holdings in Fort Myers, Fla., raised $30 million through a private placement. The $4.1 billion-asset company sold common stock on March 29, according to data compiled by Performance Trust Capital Partners. Performance Trust had no additional details about the private placement.

April 8, 2024
Mode Eleven in Wyo. winding down BaaS ops after Fed order

Mode Eleven in Wyo. winding down BaaS ops after Fed order

Mode Eleven Bancorp in Hulett, Wyo., will voluntarily dismantle its Banking-as-a-Service platform after being hit with an enforcement action from the Federal Reserve. The parent of the $110 million-asset Summit National Bank entered into a cease-and-desist order with the Fed on March 28. The order barred the bank from engaging in "expansionary activities related to the fintech business strategy” without written Fed approval. Those activities include creating new subsidiaries, business

April 8, 2024
NYCB’s new CEO asks investors to back steps to complete recapitalization

NYCB’s new CEO asks investors to back steps to complete recapitalization

The new leader of New York Community Bancorp is making the case for shareholders to back steps needed to fully recapitalize the Hicksville company. Joseph Otting, a former Comptroller of the Currency, said in a regulatory filing that addressing the $114 billion-asset company’s issues will not occur overnight – but it is doable. “We understand that regaining your trust and confidence will take time and consistent results,” he said in

April 8, 2024
Blue Ridge in Va. raises $150M, reaffirms timeline for BaaS exit

Blue Ridge in Va. raises $150M, reaffirms timeline for BaaS exit

Blue Ridge Bankshares in Charlottesville, Va., has completed its capital raise led by Kenneth Lehman and Castle Creek Capital and confirmed that will fully exit its Banking-as-a-Service business by the end of this year. The $3.1 billion-asset company disclosed in a regulatory filing that it raised $150 million by selling common stock, convertible preferred stock, and warrants to buy preferred shares. Blue Ridge said it will use the proceeds to

April 5, 2024