UCSB Financial in Miami sells lower-yielding securities at loss
USCB Financial Holdings in Miami is the latest bank to unload underperforming securities. The company said in a press release that it sold $44.6 million in lower-yielding securities, representing 12.6% of its portfolio, at an after-tax loss of $5.6 million. The plan is to reinvest the proceeds in higher-yielding securities. It should take the company […]
Activist HoldCo pressures KeyCorp to remove its CEO
HoldCo Asset Management, which is pressuring several regional banks, is now urging KeyCorp in Cleveland to oust Chairman and CEO Chris Gorman. The activist investor, which owns about 0.7% of Key’s stock, said in a board presentation made publicly available that it also wants the company to adopt a “no acquisitions” policy and direct all […]
Webster in Connecticut buys savings account provider SecureSave
Webster Financial in Stamford, Conn., has acquired a provider of employer-sponsored emergency savings accounts. The $80 billion-asset company said in a press release that its HSA Bank division bought SecureSave. The price wasn’t disclosed. The acquisition “continues our commitment to deepening our expertise and capabilities in our Healthcare Financial Services segment,” Luis Massiani, Webster Bank’s […]
Group aims to form Private Bank & Trust in Georgia
Another new bank is being planned in Georgia. Seven organizers have applied with the Federal Deposit Insurance Corp. to create Private Bank & Trust in Gainesville. The application wasn’t immediately available. The group’s members, based on a legal notice, are Brian Daniel, Greg Barrett, William Bagwell Jr., Ashton Lewis, Brian Rochester, Wendell Starke and Bo […]
Former CEO faces charges tied to Oklahoma bank’s 2024 failure
The former president and CEO of First National Bank of Lindsay faces 18 charges tied to the Oklahoma bank’s October 2024 failure. Danny Seibel was indicted for bank fraud, making false entries in the books and records of a financial institution, obstructing an exam, and failing to implement an anti-money laundering program. The Office of […]
ACNB in Pennsylvania sells underperforming securities
ACNB Corp. in Gettysburg, Pa., repositioned its securities portfolio. The company disclosed in a press release that it sold roughly $74.6 million of lower-yielding securities at an after-tax loss of about $2.8 million. Net proceeds of $71.1 million were used to buy higher-yielding securities, including agency multifamily securities, agency collateralized mortgage obligation securities and agency […]
Denali State Bank in Alaska sets stage for next CEO
Denali State Bank in Fairbanks, Alaska, is set to have a new leader. Steve Lundgren is retiring as the bank’s president and CEO after leading it for the past 13 years. Ryan Strong, who was the chief banking officer at First National Bank of Alaska, succeeded Lundgren.
SoFi aims to raise $1.5 billion via public offering
SoFi Technologies in San Francisco plans to raise $1.5 billion through a public offering. The lending fintech said in a press release that it will let underwriters sell an additional 15% of shares if there is enough demand, which would boost the offering’s proceeds by $225 million. SoFi plan to use the proceeds for general […]
Fintech Kobalt Labs raises $11 million Series A funding round
Kobalt Labs has raised $11 million in a Series A funding round. The fintech, which uses AI to automate and strengthen risk and compliance workflows at financial institutions, said in an announcement that the funding round was led by Ali Rowghani at First Harmonic. Alloy Labs and Y Combinator also participated in the round.
Youth banking CUSO Nuuvia raises $4 million
Nuuvia, a credit union service organization (CUSO) that is building a youth banking and intelligent lifecycle banking platform, raised $4 million. VyStar Credit Union and Desert Financial Credit Union were the investors; each will appoint representatives to the CUSO’s board and product technology and innovation council. “Creating meaningful partnerships with institutions like VyStar Credit Union […]
Delfi, CFO Consulting Partners program to address balance sheet oversight
Delfi, an AI-native risk management platform, and CFO Consulting Partners, a firm of former finance executives, have launched an offering to help banks and credit unions improve balance-sheet discipline. The partnership reflects a growing industry trend, where institutions are seeking faster, clearer analytics paired with experienced guidance. The partnership combines Delfi’s real-time analytics platform with […]
Former Signature execs open blockchain-based bank for instant payments
A group of former Signature Bank executives has launched a blockchain-based bank to offer instant payments. Scott Shay, Signature’s former chairman, is one of the founders of N3XT, along with Jeffrey Wallis, who was the New York bank’s director of digital asset and Web3 strategy. The other founders are Aurélien Bonnel and Kyle O’Donnell. Wallis […]
FirstSun, Castle Creek strike board representation agreement
FirstSun Capital Bancorp plans to add a representative from Castle Creek Capital Partners to its board after the investment group bought stock from another one of the Denver company’s investors. Castle Creek said in a press release that it purchased $40 million of FirstSun common stock, adding that it now has a 4% stake in […]
South Plains to buy Bank of Houston in $106M deal
South Plains Financial in Lubbock, Texas, has agreed to buy BOH Holdings in Houston. The $4.8 billion-asset South Plains said in a press release that it will pay $105.9 million in stock for the parent of the $772 million-asset Bank of Houston. The deal, which is expected to close in the second quarter, priced BOH […]
Midland States in Ill. sells equipment finance book for $502 million
Midland States Bancorp in Effingham, Ill., has sold substantially all of its equipment finance portfolio to an affiliate of North Mill Equipment Finance. The $6.9 billion-asset Midland States said in a press release that NMEF paid $502 million in cash for the portfolio, which included about $599 million in loans and leases and $21 million […]
Associated to buy American National Bank in Nebraska
Associated Banc-Corp in Green Bay, Wis., has agreed to buy American National in Omaha, Neb. The $44 billion-asset Associated said in a press release that it will pay $604 million in stock for the $5.3 billion-asset parent of American National Bank. The deal, which is expected to close in the second quarter, priced American National […]
Boston Trust gets closer to becoming a national trust bank
Boston Trust Walden Co. in Boston has received conditional approval from the Office of the Comptroller of the Currency to convert from a state-chartered bank to a national trust bank. The company, which manages about $16 billion of assets, will become Boston Trust Walden NA on Jan. 1. The board chose to obtain a national […]
Fintech MoneyLion settles CFPB litigation for $1.8 million
MoneyLion agreed to pay nearly $1.8 million to resolve a lawsuit from the Consumer Financial Protection Bureau. The CFPB had alleged that the fintech charged more than the maximum 36% interest rate allowed by the Military Lending Act on loans to service members. MoneyLion, as part of the settlement, is prohibited from extending consumer credit […]
Plumas in Nevada enters sale-leaseback deal for two Calif. office buildings
Plumas Bancorp in Reno, Nev., entered into a sale-leaseback transaction for two administrative offices in Quincy, Calif. The company disclosed in a regulatory filing that it sold the buildings to BBS Branch III for nearly $5.6 million. The bank then agreed to lease the properties for 15 years, with three five-year renewal options. The initial […]
Fulton Financial to buy activist-challenged Blue Foundry in New Jersey
Fulton Financial in Lancaster, Pa., has agreed to buy Blue Foundry Bancorp in Rutherford, N.J. The $32 billion-asset Fulton said in a press release that it will pay $243 million in stock for the $2.2 billion-asset Blue Foundry. The deal, which is expected to close in the second quarter, priced Blue Foundry at 77% of […]
Green Dot to be split up with CommerceOne buying its bank
Green Dot in Provo, Utah, is splitting up to sell to CommerceOne Financial in Birmingham, Ala., and Smith Ventures. The fintech said in a press release that the $835 million-asset CommerceOne will buy its bank and related assets and emerge as a new publicly traded company. Smith Ventures will buy and privatize Green Dot’s nonbank […]
Investor sues Comerica, claiming “flawed” sale to Fifth Third
HoldCo Asset Management, a recent gadfly to a number of publicly traded banks, has alleged in a lawsuit Comerica’s directors breached their fiduciary duties to investors by rushing into a decision to sell the Dallas company to Fifth Third Bancorp in Cincinnati. The $78 billion-asset Comerica agreed last month to sell to the $210 billion-asset […]
CBB Bancorp in Los Angeles chooses insider as new CEO
CBB Bancorp in Los Angeles has a new CEO. The company said in a press release that Seungho Park had also become its president. Park, who was chief commercial banking officer, succeeded Richard Koh, who had led the company since April. Park “brings years of experience in the Korean American banking market, and he has […]
Bank of the Plains in Kansas sets stage for new leader
Bank of the Plains in Plains, Kan., will enter 2026 with a new CEO. The $440 million-asset bank said in a press release that Tina Call will succeed Gene Dikeman when he retires on Jan. 1. Dikeman will remain on the board. Call has been the bank’s president. “Under Gene’s leadership, Bank of the Plains […]
Dream First to buy Kansas branch from Bank of the Plains
Dream First Bank in Syracuse, Kan, has agreed to buy a branch from Bank of the Plains in Plains, Kan. The $921 million-asset Dream First said in a press release that it will buy a Lakin, Kan., location, from the $442 million-asset Bank of the Plains. The branch had $15.3 million of deposits on June […]