The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Sallie Krawcheck steps down as Ellevest CEO to address health issue

Sallie Krawcheck steps down as Ellevest CEO to address health issue

Sallie Krawcheck is stepping down as CEO of Ellevest to address a health problem. Krawcheck, a banking veteran who had key leadership roles at Citigroup and Merrill Lynch, wrote in a note that she will remain on the asset manager's board. Sylvia Kwan, Ellevest's chief investment officer, and Connie Hsiung, the chief financial officer and chief operating officer, were named co-CEOs. "While I pass the torch to the next generation

December 10, 2024
Old National playing lead role in effort to form Indianapolis de novo bank

Old National playing lead role in effort to form Indianapolis de novo bank

Old National Bancorp in Evansville, Ind., is playing a leading role in an effort to form a de novo bank in Indianapolis. Old National is part of a group organizing the proposed Generations Community Bank, which plans to become a minority depository institution and a community development financial institution. Old National is paying for the planned bank's organizational expenses. Generations' top executives are currently on Old National's payroll. "The employment

December 10, 2024
Patriot National in Connectires hires firm to explore strategic options

Patriot National in Connectires hires firm to explore strategic options

Patriot National Bancorp in Stamford, Conn., is exploring strategic initiatives, including its possible sale. The $974.1 million-asset company disclosed in a regulatory filing that it has hired Performance Trust Capital Partners to also help it explore capital markets ... with the goal of maximizing shareholder value." The review could lead to a capital raise, strategic partnership or a merger. Patriot said in the filing that it has been seeking "targeted

December 10, 2024
First Hawaiian restructures securities portfolio

First Hawaiian restructures securities portfolio

First Hawaiian in Honolulu restructured its securities portfolio. The company said in a press release that it sold $293 million of lower-yielding available-for-sale debt securities at an after-tax loss of $19.7 million. Proceeds were reinvested in $293 million of higher-yielding debt securities. The transaction should increase net interest income by about $8.6 million and expand the net interest margin by about 4 basis points in 2025. First Hawaiian said it

December 10, 2024
Carter Bankshares to buy N.C. deposits from First Reliance

Carter Bankshares to buy N.C. deposits from First Reliance

Carter Bankshares in Martinsville, Va., has agreed to buy deposits in North Carolina from First Reliance Bancshares in Florence, S.C. The $4.6 billion-asset Carter said in a press release that the deal includes deposits at branches in Mooresville and Winst0n-Salem. It will also buy the Winston-Salem branch. Carter will pay a 4.6% deposit premium on the average closing balance of the sum of noninterest and interest-bearing transaction accounts, savings and

December 10, 2024
Central Ohio Bancorp raises $1.1M by selling common stock

Central Ohio Bancorp raises $1.1M by selling common stock

Central Ohio Bancorp in Waverly has raised capital. The parent of the $229 million-asset First National Bank of Waverly brought in $1.1 million by selling common stock, according to data compiled by Performance Trust Capital Partners. The data did not detail the pricing, shares sold, or investors.

December 9, 2024
Northeast Bank in Maine raising $75M with at-the-market offering

Northeast Bank in Maine raising $75M with at-the-market offering

Northeast Bank in Portland, Maine, is raising $75 million by selling common stock. The $3.9 billion-asset bank said in a press release that it is conducting an at-the-marketing offering through Piper Sandler and Keefe, Bruyette & Woods. Northeast said it plans to use the net proceeds for general corporate purposes, including support of additional growth.

December 9, 2024
Independent, Enterprise in Massachusetts unveil $562M merger

Independent, Enterprise in Massachusetts unveil $562M merger

Independent Bank Corp. in Rockland, Mass., has agreed to buy Enterprise Bancorp in Lowell, Mass. The $20 billion-asset Independent said in a press release that it will pay $562 million in cash and stock for the $4.7 billion-asset Enterprise. The deal, which is expected to close in the second half of 2025, priced Enterprise at 155% of its tangible book value. Independent plans to raise about $250 million by issuing

December 9, 2024