The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Idaho Bankers Association hires new CEO

Idaho Bankers Association hires new CEO

The Idaho Bankers Association has a new leader. The association announced on LinkedIn that Stacey Satterlee had become its president and CEO. Satterlee, who previously served as the executive director of the Idaho Grain Producers Association, succeeded Trent Wright, who left to become director of government relations at Umpqua Bank.

September 13, 2024
Wisconsin Credit Union League selects insider as next CEO

Wisconsin Credit Union League selects insider as next CEO

The Wisconsin Credit Union League has its next president and CEO lined up. The association said in a press release that Sarah Wainscott was selected to succeed Brett Thompson, who is retiring after leading the group for 23 years. Wainscott was the league’s senior vice president of advocacy. “Brett’s steadfast leadership has built a solid foundation of advocacy, collaboration and unity for Wisconsin’s credit unions and our members,” Christine Moczynski,

September 13, 2024
FDIC gives conditional approval to proposed California de novo

FDIC gives conditional approval to proposed California de novo

Organizers of a proposed community bank in California have received conditional approval from the Federal Deposit Insurance Corp. The proposed Altos Bank in Los Altos, which plans to focus on small businesses, must raise $25 million before opening. Tom Vertin is set to become the bank’s CEO. He was president and CEO of Golden State Bank. The FDIC has granted conditional approval to eight proposed banks in 2024. Four States

September 13, 2024
Primis in Va. restating more financial results to address ‘material weakness’

Primis in Va. restating more financial results to address ‘material weakness’

Primis Financial in McLean, Va., plans to restate more financial results to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that its financial statements for 2022 “should no longer be relied upon” due to errors in the methodology used to account for consumer loans originated and serviced through an unidentified third party. The bank funded the loans. Primis, which identified a “material weakness” in its internal

September 13, 2024
Mountain America CU to sell Albuquerque, N.M., branches

Mountain America CU to sell Albuquerque, N.M., branches

Mountain America Credit Union in Sandy, Utah, has agreed to sell its branches in Albuquerque, N.M., to Sandia Laboratory Federal Credit Union in Albuquerque. The $19.6 billion-asset Mountain America said it is selling two branches to the $4.1 billion-asset Sandia Laboratory FCU. The financial details of the deal, which is expected to close in the next few months, were not disclosed. “Our primary objective was to find a partner as

September 13, 2024
Loan servicer Navient agrees to ban from most federal student lending

Loan servicer Navient agrees to ban from most federal student lending

Navient, a loan servicing company based in Delaware, will pay $120 million in fines and be prohibited from most of the federal student loan market following a settlement with the Consumer Financial Protection Bureau. Navient will no longer offer servicing services under the Direct Loan program and it was barred from servicing or buying most loans from the Federal Family Education Lending Program. The company agreed to pay the CFPB a

September 13, 2024
Group led by Al Landon makes unsolicited bid for Territorial Bancorp

Group led by Al Landon makes unsolicited bid for Territorial Bancorp

A group represented by veteran banker Allan Landon made an unsolicited bid to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope Bancorp in Los Angeles agreed in April to buy the $2.2 billion-asset Territorial for $78.6 million in a deal that is expected to close by the end of this year. Territorial disclosed in a recent regulatory filing that it has been getting overtures from an investor group represented

September 12, 2024
Wells Fargo dealt formal agreement for AML deficiencies

Wells Fargo dealt formal agreement for AML deficiencies

Wells Fargo is operating under a formal agreement with the Office of the Comptroller of the Currency that requires the San Francisco company to enhance its anti-money laundering and sanctions risk management practices. The $1.9 trillion-asset Wells disclosed that it will also need to obtain OCC acceptance of its program. The company must give the OCC notice before expanding certain related offerings. Wells has about two months to submit a

September 12, 2024