Crypto.com is latest digital assets firm to pursue national trust bank charter
Crypto.com is the latest digital assets company to apply for a national trust bank charter with the Office of the Comptroller of the Currency. Crypto.com said in a press release that it is pursuing the charter to advance its custody technology and related customer offerings, including custody and staking of assets across blockchains and digital […]
Evolve Bank in Arkansas fires CEO after arrest
Evolve Bank & Trust in West Memphis, Ark., fired CEO Bob Hartheimer after he was arrested on two child pornography-related charges. The bank said in a statement that Mark Mosteller, its president and chief financial officer, and Joelle Weltzin, its general counsel, will oversee operations and strategic direction. They had those roles before Hartheimer was […]
Paulson Capital buys community banking specialist JWTT
Paulson Capital Holding in Portland, Ore., bought JWTT, an investment bank and broker-dealer that specializes in the community banking sector. JWTT has more than $470 million in customer assets. The price wasn’t disclosed. “We are pleased to announce the acquisition of JWTT … and look forward to committing resources to building on the expertise of […]
Avidbank, CB Financial, 1st Source purge underwater securities
A trio of banking companies disclosed securities sales. Avidbank Holdings in San Jose, Calif., said that a securities sale contributed to its $37.7 million third-quarter loss. The $2.4 billion-asset company sold $274.7 million of securities at a $62.4 million loss. The company purchased $163.2 million in higher-yielding securities and paid off short-term borrowings using proceeds from […]
Metropolitan in N.Y. dealing with out-of-market multifamily loan
Metropolitan Bank Holding in New York reported lower quarterly profit that reflected costs tied to an out-of-market commercial real estate loan. The $8.2 billion-asset company said in a press release that its third-quarter profit fell by 42% from a year earlier, to $7.1 million. The quarter included a $23.9 million loan-loss provision that included $18.7 […]
Origin in La. reports lower profit due to TriColor exposure
Origin Bancorp in Ruston, La., reported significantly lower quarterly earnings due to its exposure to TriColor Holdings. The $9.8 billion-asset company said in a press release that its third-quarter profit fell 54% from a year earlier, to $8.6 milli0n. The quarter included a $36.8 million loan-loss provision that “was primarily related to the suspected borrower […]
Nicolet to buy MidWestOne in Iowa for $864 million
Nicolet Bankshares in Green Bay, Wis., has agreed to buy MidWestOne Financial Group in Iowa City. The $9.5 billion-asset Nicolet said in a press release that it will pay $864 million in stock for the $6.2 billion-asset MidWestOne. The deal, which is expected to close in the first half of next year, priced MidWestOne at […]
BankIn Minnesota taps veteran banker as new leader
BankIn Minnesota in Bloomington, Minn., has a new leader. The association said in a press release that Rich Jones had become its president and CEO. Jones, who was president and CEO of Randall State Bank, succeeded Jim Amundson, who become president and CEO of United Bankers’ Bank. Randall State is selling to Security State Agency in […]
Third Coast to buy Keystone Bancshares in Texas
Third Coast Bancshares in Houston has agreed to buy Keystone Bancshares in Austin, Texas. The $5.2 billion-asset Third Coast said in a press release that it will pay $123 million in cash and stock for the $1.1 billion-asset Keystone. The deal, which is expected to close in the first quarter, priced Keystone at 123% of […]
Citigroup consolidates CEO, chair roles
Jane Fraser is now the chair of CItigroup in New York. The company said in a press release that Fraser, who has been CEO since 2021, had succeeded John Dugan, who had been chair since 2019. Dugan is now the lead independent director. The board granted Fraser a one-time equity award, consisting of restricted stock […]
SmartFinancial in Tenn. uses agency sale to offset securities losses
SmartFinancial in Knoxville, Tenn., reported higher quarterly profit after selling its insurance business and purging underwater securities. The $5.8 billion-asset company said in a press release that its third-quarter earnings rose by 51% from a year earlier, to $13.7 million. SmartFinancial recorded a $4 million pretax gain tied to selling SBK Insurance. That gain offset […]
Farmers National to buy Middlefield Banc Corp. in Ohio
Farmers National Banc Corp. in Canfield, Ohio, has agreed to buy Middlefield Banc Corp. in Middlefield, Ohio. The $5.4 billion-asset Farmers said in a press release that it will pay $299 million in stock for the $2 billion-asset Middlefield. The deal, which is expected to close in the first quarter, priced Middlefield at 163.5% of […]
Bank of Burlington in Vermont rebrands as The Business Bank
Bank of Burlington in Vermont has rebranded as The Business Bank. The bank said the new name “reflects the success” of its business model and a “clear focus to serve business customers, while continuing to grow across Vermont and expanding into New Hampshire and Massachusetts.” “Change is crucial and inevitable,” Geoffrey Hesslink, the bank’s chairman […]
Allied Solutions, ABA invest in fintech PortX
Allied Solutions and the American Bankers Association have invested in PortX, an AI-powered integration and data platform. The size of the investments wasn’t disclosed. “At Allied, we are committed to equipping our clients with the most innovative and future-proofed solutions on the market,” Pete Hilger, Allied Solutions’ CEO, said in a press release. “Our investment […]
HBT Financial to buy CNB Bank Shares in Illinois
HBT Financial in Bloomington, Ill., has agreed to buy CNB Bank Shares in Carlinville, Ill. The $5 billion-asset HBT said in a press release that it will pay $170.2 million in cash and stock for the $1.8 billion-asset CNB. The deal is expected to close in the first quarter. CNB Bank has $1.3 billion of […]
Higher provision reins in profit at Washington Trust in Rhode Island
Washington Trust Bancorp in Westerly, R.I., reported lower quarterly profit after addressing two problematic loans. The $6.7 billion-asset company said in a press release that its third-quarter earnings fell by 1.2% from a year earlier, to $10.8 million. The quarter included a $7 million loan-loss provision that reflected $11.3 million in chargeoffs tied to a […]
Broadway in Calif. to record goodwill impairment charge, restate past results
Broadway Financial in Los Angeles warned that it will record a $25.9 million goodwill impairment charge. The company also disclosed that it will restate its financial statements for 2023, 2024 and the first quarter of 2025 due to “an error related to certain loan participation agreements.” Broadway said the goodwill impairment charge, which followed its […]
Cornerstone Capital to buy Peoples Bancorp in Texas
Cornerstone Capital Bancorp in Houston has agreed to buy Peoples Bancorp in Lubbock, Texas. The companies expect to close the deal in the first quarter. The price wasn’t disclosed. Cornerstone would have $3.1 billion of assets after completing the acquisition. Larry Allen, Peoples’ chairman and CEO, will join Cornerstone’s board and serve as area chairman […]
U.S. Bancorp creates digital assets and money movement division
U.S. Bancorp in Minneapolis has formed a digital assets and money movement division. The company, which recently returned to offering crypto custody services for institutional investment managers, said that Jamie Walker will lead the division. Walker will remain head of merchant payment services and CEO of Elevon, until a successor is named.
First Interstate in Montana to sell Nebraska branches to Security First
First Interstate BancSystem in Billings, Mont., continues to shrink its footprint. The $27.6 billion-asset company said in a press release that it will sell 11 Nebraska locations to Stockmens Financial in Rapid City, S.D. The deal includes $280 million in deposits and $70 million of loans. The deal is expected to close in early 2026. […]
Western Alliance in Phoenix files lawsuit claiming fraud tied to CRE loans
Western Alliance Bancorp. in Phoenix is the latest regional bank to disclose an issue tied to alleged borrower fraud. The company disclosed in a regulatory filing that it has a note finance revolving credit facility to Cantor Group V LLC secured by pledged commercial real estate loans and cash proceeds. In August, Western Alliance filed […]
Zions in Utah charged off $50M tied to C&I loans
Zions Bancorp. in Salt Lake City warned that exposure to a pair of borrowers will lead it to boost reserves for problematic loans. The company disclosed in a regulatory filing that it recorded a $60 million loan-loss provision and charged off $50 million in the third quarter tied to two commercial-and-industrial loans. The decision came […]
First Citizens to buy 136 branches from BMO Bank
First Citizens BancShares in Raleigh, N.C., has agreed to buy 138 branches from BMO Bank in Canada. First Citizens said in a press release that the deal includes $5.7 billion of deposits and $1.1 billion of loans. Most of the branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho. The […]
Fountain Trust parent to buy Gifford State Bank in Illinois
Piper Holdings in Covington, Ind., has agreed to buy Gifford Bancorp in Gifford, Ill. Piper, the parent of the $669.5 million-asset Fountain Trust Co., did not disclose how much it will pay for the holding company of the $188.5 million-asset Gifford State Bank. The deal is expected to close in the first quarter. The merger […]
Investor group agrees to buy Uinta Bank in Wyoming
Integra BG, a group formed earlier this year, agreed to buy Uinta Bank in Mountain View, Wyo. Integra BG did not disclose in its LinkedIn post what it plans to pay for the $208 million-asset Uinta. The plan is to rebrand Uinta as Tanager Bank. Integra also plans to conduct a private capital raise and […]