Synchrony buys consumer financing software firm Versatile Credit
Synchrony in Stamford, Conn., has acquired consumer financing software provider Versatile Credit. Synchrony said in a press release that Versatile Credit, based in Mechanicsburg, Pa., connects merchants, lenders, and consumers through point-of-sale solutions. The price wasn’t disclosed. “As a trusted partner to some of the country’s most respected brands, as well as hundreds of thousands […]
Connections Bank to buy Missouri branch from BTC Bank
Connections Bank in Platte City, Mo., has agreed to buy a branch in Columbia, Mo., from BTC Bank in Bethany, Mo. The $500.7 million-asset Connections did not disclose the price it will pay the $1.4 billion-asset BTC for the location. The deal is expected to close in the fourth quarter or early 2026. The branch […]
Dakota Credit Union Association’s CEO steps down
The leader of the Dakota Credit Union Association has stepped down after a decade of leading the trade group. The association said that Jeff Olson resigned as president and CEO, though no reason was given for his departure. George McDonald, the association’s chief officer of partnerships and engagement, was named interim president and CEO. McDonald […]
MVB Financial sells payments fintech Victor Technologies to Jack Henry
Jack Henry & Associates acquired Victor Technologies, an API-first provider of direct-to-core embedded payments solutions, from MVB Financial in Fairmont, W.Va. MVB, which had called the sale “Project Volt,” said in a press release that the sale should generate a $33 million pretax gain. Victor was created in 2021 and incubated within MVB. MVB said […]
FNB Bank in Kentucky splits CEO, president roles with promotions
FNB Bank in Mayfield, Ky., has a new leadership. The $721 million-asset bank said in a press release that Paul Scott had become its CEO and Lori Noel is now president. They succeeded Sally Hopkins, who retired but is the chairman. “It’s an honor to take on the leadership of an institution with such a […]
Prosperity strikes deal to buy Texas Partners Bank
Prosperity Bancshares in Houston has agreed to buy Southwest Bancshares in San Antonio, Texas. The $38.4 billion-asset Prosperity said in a press release that it will pay $268.9 million in stock for the $2.4 billion-asset parent of Texas Partners Bank. The deal, expected to close in the first quarter, priced Southwest at 153% of its […]
Citizens Savings in Tennessee looking for new CEO
Citizens Savings Bank and Trust in Nashville, Tenn., is looking for a new leader. The $185 million-asset bank said that Sergio Ora is stepping down as its CEO. Jim Schmitz, Citizens’ chairman, will serve as interim CEO while the board searches for a permanent replacement. Citizens is the nation’s oldest black-owned bank.
Brazil’s Nubank applies with OCC for national bank charter
Brazilian digital lender Nubank has applied with the Office of the Comptroller of the Currency for a national bank charter. Nubank said in a press release that the move would allow it to eventually offer deposit accounts, credit cards, loans and digital asset custody. “Today, our core focus remains on delivering growth in our existing […]
Harris stepping down as New York’s banking regulator
Adrienne Harris is stepping down as Superintendent of New York’s Department of Financial Services. Kaitlin Asrow was appointed acting superintendent, effective Oct. 18. Harris, who has held her role since August 2021, did not outline her future plans. “It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; […]
Fiserv to buy StoneCastle Cash Management
Fiserv in Milwaukee has lined up another acquisition. The company said in a press release that it will buy StoneCastle Cash Management, which enables more than 1,000 banks and credit unions to access stable, cost-efficient deposit funding. The deal is expected to close in the first quarter; the price wasn’t disclosed. The acquisition “is an […]
BayFirst in Fla. exiting SBA lending, selling portfolio to Banesco USA
BayFirst Financial in St. Petersburg, Fla., plans to get out of Small Business Administration lending. The $1.3 billion-asset company said in a press release that it will sell about $103 million of SBA 7(a) loan balances to the $5.2 billion-asset Banesco USA. The loans will be sold at 97% of their retained balances; Banesco USA […]
Stearns Bank in Minn. to buy One American Bank in South Dakota
Stearns Bank in St. Cloud, Minn., has agreed to buy One American Bank in Centreville, S.D. The deal was announced on LinkedIn by Performance Trust Capital Partners, which represented Stears Financial Services. The price wasn’t disclosed. Stearns has $3.5 billion of assets, while One American has $385.1 million of assets.
Heritage Financial to buy Kitsap Bank in Washington
Heritage Financial in Olympia, Wash., has agreed to buy Olympic Bancorp in Port Orchard, Wash. The $7.1 billion-asset Heritage said in a press release that it will pay $176.6 million in stock for the parent of the $1.7 billion-asset Kitsap Bank. The deal is expected to close in the first quarter. Kitsap has 17 branches, […]
Fiserv buys operational advisory firm Smith Consulting Group
Fiserv in Milwaukee bought Smith Consulting Group. Fiserv did not disclose what it paid for SCG, an operational consulting service for small banks and credit unions. “This acquisition enhances our ability to deliver strategic value to our customers by embedding deeper expertise directly into our service model,” Andrew Gelb, Fiserv’s head of financial solutions, said […]
New Jersey group gets conditional FDIC approval to open bank
Organizers of a proposed de novo bank in New Jersey have received conditional approval from the Federal Deposit Insurance Corp. The group behind the planned Liberty Bank of New Jersey in Short Hills must raise $40 million before opening, according to the FDIC’s order. Organizers applied to the FDIC and the New Jersey Department of […]
First Merchants to buy First Savings Financial in Indiana
First Merchants in Muncie, Ind., has agreed to buy First Savings Financial Group in Jeffersonville, Ind. The $18.6 billion-asset First Merchants said in a press release that it will pay $241.3 million in stock for the $2.4 billion-asset First Savings. The deal, which is expected to close in the first quarter, priced First Savings at […]
Copper State CU in Phoenix brings in $17M from sale-leaseback deal
Copper State Credit Union in Phoenix entered into a sale-leaseback transaction for four of its branches. MountainSeed Real Estate said in a press release that it paid $17 million for the locations. Copper State entered into a 15-year lease agreement for the properties, with renewal options. “This strategic transaction unlocks capital that will fuel our […]
Capital One to cut nearly 400 Discover jobs
Capital One Financial in McLean, Va., plans to cut nearly 400 Discover jobs. Capital One said in a Sept. 15 WARN Notice that it plans to eliminate 382 positions over time. The first cuts, involving 366 positions, will take place on Nov. 17, and the last cuts will take place in early March. About 200 […]
FIS buys loan origination software firm Amount
FIS in Jacksonville, Fla., has acquired Amount, a Chicago fintech that provides deposit and loan origination software. FIS said in a press release that Amount’s solutions simplify the online account opening experience for banks, lenders and credit unions. The price wasn’t disclosed. “After years of successful partnership, we are thrilled to welcome Amount’s talented team […]
WaFd in Seattle freed from CFPB consent orders
WaFd in Seattle has been freed from two consent orders from the Consumer Financial Protection Bureau. The company disclosed in a regulatory filing that its Washington Federal Bank has been released from two orders, issued in October 2013 and October 2020. The orders were tied to the bank’s Home Mortgage Disclosure Act program.
Mid Penn agrees to buy 1st Colonial in New Jersey
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy 1st Colonial Bancorp in Mount Laurel, N.J. The $6.4 billion-asset Mid Penn said in a press release that it will pay $101 million in cash and stock for the $877 million-asset 1st Colonial. The deal, which is expected to close in the first or second […]
CFPB lifts consent orders against Apple, U.S. Bancorp
The Consumer Financial Protection Bureau terminated consent orders against Apple and U.S. Bancorp ahead of schedule. The CFPB terminated an October 2024 consent order with Apple that had alleged that the tech giant failed to send thousands of Apple Card consumer disputes to partner bank Goldman Sachs. The bureau said that Apple had paid its […]
Ballston Spa Bancorp to buy NBC Bancorp in New York
Ballston Spa Bancorp in Ballston Spa, N.Y., has agreed to buy NBC Bancorp in Coxsackie, N.Y. The $912 million-asset Ballston Spa said in a press release that it will pay $26 million in stock for the $400 million-asset NBC. The deal is expected to close in the second quarter. John Balli, NBC’s president and CEO, […]
Prospect Bank in Illinois taps insider as new CEO
Prospect Bank in Paris, Ill., has a new CEO. The $698.1 million-asset Prospect said in a press release that Eric Volkmann also became its chairman. Jenelle Adams will succeed Volkmann as president on Jan. 1. She is an executive vice president at the bank.
Cooperative Bank of Cape Cod in Mass. opts for shorter name
Cooperative Bank of Cape Cod in Yarmouth Port, Mass., shortened its name. The $1.6 billion-asset bank rebranded as Cape & Coast Bank. “As Cape Cod has evolved, so too has the bank, adapting to meet the needs of all who live, work, and love this place,” Lisa Oliver, the bank’s chair, president and CEO, said […]