The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

IF Bancorp shareholders back nonbinding resolution to sell company

IF Bancorp shareholders back nonbinding resolution to sell company

Shareholders of IF Bancorp backed a nonbinding proposal calling for the sale of the Watseka, Ill., company. The $893 million-asset company disclosed in a regulatory filing that more than 1.4 million shares voted in favor of the proposal at its annual meeting, while 969,000 shares objected. About 55,000 shares abstained. Separately, the company said that Walter Hasselbring, III, its president and CEO, was named chairman. He succeeded Gary Martin, who

November 27, 2024
Horizon in Ind. ends talks to sell mortgage warehouse business

Horizon in Ind. ends talks to sell mortgage warehouse business

Horizon Bancorp in Michigan City, Ind., disclosed that a plan to sell its mortgage warehouse business has fallen through. The $7.9 billion-asset company signed a nonbinding letter of intent in October to sell the business to an unidentified buyer. The plan was disclosed when Horizon reported its third-quarter results. The sale was expected to generate a gain-on-sale but would have been neutral to net income. It was not expected to

November 25, 2024
Old National to buy Bremer Financial in Minnesota for $1.4 billion

Old National to buy Bremer Financial in Minnesota for $1.4 billion

Old National Bancorp in Evansville, Ind., has agreed to buy Bremer Financial in St. Paul, Minn. The $54 billion-asset Old National said in a press release that it will pay $1.4 billion in cash and stock for the $16.2 billion-asset Bremer. The deal, which is expected to close in the middle of 2025, priced Bremer at 100% of its tangible book value. Old National plans to raise $400 million in

November 25, 2024
Island FCU in New York removes ‘interim’ from CEO’s title

Island FCU in New York removes ‘interim’ from CEO’s title

Island Federal Credit Union in Hauppauge, N.Y., has added some permanency to its leadership. The credit union said in a press release that Craig Booth had become its president and CEO. Booth, who had been interim president and CEO, was the credit union's chief operating officer. Booth “brings a wealth of experience, leadership, and dedication to his new role,” John Adragna, the credit union's chairman, said in the release. "His

November 22, 2024
First Foundation hires former TCF executive as its new CEO

First Foundation hires former TCF executive as its new CEO

Scott Kavanaugh is retiring as CEO of First Foundation in Dallas. The $13.6 billion-asset company said in a press release that Thomas Shafer had become its CEO and had also succeeded Kavanaugh as the CEO of First Foundation Bank.  Shafer also joined the company's board. Shafer was CEO of TCF National Bank and vice chairman of TCF Financial when it was sold to Huntington Bancshare in June 2021. He retired

November 22, 2024
Union in Vermont implements 20-year term limits for directors

Union in Vermont implements 20-year term limits for directors

Union Bankshares in Morrisville, Vt., has implemented a 20-year term limit for its directors. The $1.5 billion-asset company disclosed in a regulatory filing that its board changed its bylaws to add the term limit. Union already has a mandatory retirement age of 72 years. The amendment took effect on Nov. 20. The board also granted exemptions to two directors who would otherwise surpass the 20-year limit prior to turning 72.

November 21, 2024
Former Heartland Tri-State CEO barred from banking industry

Former Heartland Tri-State CEO barred from banking industry

The Federal Reserve has barred the former CEO of the failed Heartland Tri-State Bank from future participation in the banking industry. The Fed's announcement comes three months after Shan Hanes was sentenced to more than 24 years in prison after pleading guilty in May to a count of embezzlement by a bank officer. Hanes had been accused of embezzling $47.1 million for personal cryptocurrency purchases, executing 10 wire transfers between May and

November 21, 2024
Clear Fork in Texas flagged again for 3rd-party payment processor oversight

Clear Fork in Texas flagged again for 3rd-party payment processor oversight

The Office of the Comptroller of the Currency has issued a cease-and-desist order to Clear Fork Bank in Albany, Texas, for unsafe or unsound practices tied to its Bank Secrecy Act and anti-money laundering compliance. The OCC said in its C&D order, which supersedes a February 2021 formal agreement, that the $825 million-asset bank failed to correct previously reported BSA problems. The formal agreement was terminated. The order stated that

November 21, 2024