The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Prosperity exec joins board of software firm inbanx

Prosperity exec joins board of software firm inbanx

Inbanx, an Austin, Texas, software company focused on digital payments and business budgeting, has added a banker to its board. Ken Burgess, a regional president at Prosperity Bank in Houston, announced his appointment on his LinkedIn page. Burgess was chairman and CEO of FirstCapital Bank of Texas when it sold to Prosperity earlier this year.

September 30, 2023
Shinhan Bank America pays fines for BSA violations

Shinhan Bank America pays fines for BSA violations

The Financial Crimes Enforcement Network assessed a $15 million civil money penalty against Shinhan Bank America in New York for willful violations of the Bank Secrecy Act. Fincen said in a press release that the $1.8 billion-asset bank’s payment will also cover a $5 million penalty from the Federal Deposit Insurance Corp. The New York Department of Financial Services also assessed a civil penalty of $10 million. Shinhan admitted to

September 30, 2023
Tompkins in NY repositions securities holdings

Tompkins in NY repositions securities holdings

Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss. The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%. Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield of 5.12%. Tompkins said the transaction should improve the interest income of its securities portfolio

September 29, 2023
Former CFPB director to lead Florida Bankers Association

Former CFPB director to lead Florida Bankers Association

The Florida Bankers Association has hired a former director of the Consumer Financial Protection Bureau as its new CEO. Alex Sanchez, who is retiring as the association’s leader, wrote in a LinkedIn post that Kathy Kraninger will be his successor. "The FBA team is a family," Sanchez wrote. "While this member of the family will soon be leaving them behind, they will continue in their dedication in serving our industry

September 29, 2023
RBB Bancorp, Gateway Bank terminate merger

RBB Bancorp, Gateway Bank terminate merger

RBB Bancorp in Los Angeles and Gateway Bank in Oakland, Calif., have terminated their planned merger.   The $4.1 billion-asset RBB agreed to buy the $185.6 million-asset Gateway in December 2021 for $22.9 million. The deal was meant to give RBB an entry point into the San Francisco market.   Since then, RBB has changed CEOs and made significant changes to its board and corporate governance structure.   Neither party

September 29, 2023
Univest in Pa. to combine chairman, CEO roles

Univest in Pa. to combine chairman, CEO roles

Univest Financial in Souderton, Pa., plans to combine its chairman and CEO positions. The $7.6 billion-asset company disclosed in a regulatory filing that Jeffrey Schweitzer, its president and CEO, will become its chairman on Jan. 1. He is currently vice chairman. Schweitzer, who joined Univest in 2007, has led the company since January 2014. The board, which said it reviews its leadership structure annually, said that Joseph Beebe would become

September 28, 2023
Touchstone in Va. eliminates jobs in cost-cutting effort

Touchstone in Va. eliminates jobs in cost-cutting effort

Touchstone Bankshares in Prince George, Va., laid off an undisclosed number of employees. The parent of the $644 million-asset bank said the job cuts should lower annual expenses by roughly $1 million. The restructuring is expected to lower third-quarter earnings by about $200,000; savings should kick in the following quarter. "We are continuing to implement a long-standing strategic initiative to streamline the bank for enhanced efficiency and profitability," James Black,

September 28, 2023
Fed looks inward in review of Silicon Valley Bank failure

Fed looks inward in review of Silicon Valley Bank failure

Federal Reserve examiners should have stepped up their oversight of Silicon Valley Bank prior to its March failure, according to the central bank’s post-mortem of the California bank’s collapse. The “supervisory approach for SVB did not evolve with SVB’s growth and increased complexity,” the Fed’s Office of the Inspector General said in its report. Examiner resources were “insufficient … and examiners lacked the requisite expertise for supervising a large, complex

September 28, 2023