The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Republic First discloses bank president’s departure

Republic First discloses bank president’s departure

Republic First Bancorp in Philadelphia has parted ways with its bank president. The $5.6 billion-asset company disclosed in a regulatory filing that Andrew Logue also stepped down as its chief operating officer on Jan. 31. Republic First said that Tom Geisel, its president and CEO, had succeeded Logue as bank president. Logue had served as the bank’s president and chief operating officer since May 2020. Logue’s departure comes as Republic

February 6, 2023
BayFirst in Florida lines up CEO succession

BayFirst in Florida lines up CEO succession

BayFirst Financial in St. Petersburg, Fla., will have a new CEO in 2024. The $939 million-asset company said in a press release that Anthony Leo will retire at the end of this year, though he will remain a director and special counsel for strategic matters. Thomas Zernick will succeed Leo as CEO. Zernick, who became president in February 2022, previously served as president of the company’s CreditBench government-guaranteed lending division.

February 6, 2023
Clackamas FCU in Ore. rebrands as Embold

Clackamas FCU in Ore. rebrands as Embold

Clackamas Federal Credit Union in Oak Grove, Ore., has rebranded as Embold Credit Union. The $612 million-asset credit union said in a press release that the new name reflects its expansion into five neighboring counties in August 2021. Embold worked with Strum Agency to select the new name.

February 3, 2023
Comerica in Dallas forms national M&A advisory team

Comerica in Dallas forms national M&A advisory team

Comerica in Dallas has formed a national investment banking group within its Comerica Securities unit. The $85 billion-asset company said in a press release that the new team will offer M&A and private placement advisory services to its commercial and wealth management clients. Jack Maier, head of investment banking, will lead the group. “As a leading bank for business, we seek to provide our customers with a comprehensive suite of

February 3, 2023
Upstart laying off a fifth of its workforce

Upstart laying off a fifth of its workforce

Upstart Holdings in San Mateo, Calif., is the latest fintech to lay off a large percentage of its workforce. The company disclosed in a regulatory filing that it will cut 20% of its staff, or roughly 365 people, by March 31. The move is designed to reduce operating costs, streamline operations and return the company to profitability. Upstart said it expects to incur about $15 million of total charges tied

February 2, 2023
First Bank of Baldwin in Wisconsin rebrands

First Bank of Baldwin in Wisconsin rebrands

First Bank of Baldwin in Wisconsin has rebranded as Pillar Bank. The $244 million-asset bank made the announcement on its website. The new name reflects expansion into new markets, including a branch that will open in Chippewa Falls, Wis., on March 1. “We felt it was time to change our name to better reflect our growth within and beyond the Baldwin community,” the bank said.

February 2, 2023
Proposed Calif. bank gets conditional FDIC approval

Proposed Calif. bank gets conditional FDIC approval

The Federal Deposit Insurance Corp. has given conditional approval for organizers to form Icon Business Bank in Riverside, Calif. The FDIC said in its order that organizers must raise at least $22.7 million before they can open the proposed bank. Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form Icon, which would operate as a unit of Icon Bancorp. Icon would have branches in Riverside, Orange County,

February 2, 2023
Community Bank System in NY repositions its balance sheet

Community Bank System in NY repositions its balance sheet

Community Bank System in Syracuse, N.Y., has repositioned its securities portfolio.   The $15.8 billion-asset company said in a press release that it sold $786 million of debt securities at an after-tax loss of about $39.6 million.   Community Bank System said it used proceeds from the sale to pay off wholesale borrowings with a spread differential that was about 320 basis points higher than the securities it sold.  

February 1, 2023