FDIC approves another ILC application
Edward Jones has received regulatory approval to form Edward Jones Bank. The Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions signed off on the brokerage’s request for an industrial loan charter. Edward Jones Bank will allow the firm to expand its reserve line of credit portfolio nationwide. The bank will also take […]
Morgan Stanley aims to form national trust bank for crypto dealings
Morgan Stanley in New York has applied to the Office of the Comptroller of the Currency for a national trust bank charter. The investment bank has proposed forming Morgan Stanley Digital Trust to offer custody and related services for cryptocurrencies and other digital instruments. The trust bank is not seeking deposit insurance. The proposed trust bank would […]
BTC Bank parent to buy Tri-County Trust in Missouri
Bethany Bankshares in Bethany, Mo., has agreed to buy Bancshares of Glasgow in Glasgow, Mo. Bethany, the holding company of the $1.6 billion-asset BTC Bank, said in a press release that it expects to buy the parent of the $61.5 million-asset Tri-County Trust Co. in the second quarter. The price wasn’t disclosed. “We are excited […]
Metropolitan in New York to raise $200M via public offering
Metropolitan Bank Holding in New York plans to raise about $205 million by selling common stock. The company said in a press release that it will sell 2.1 million shares in a public offering at $85 each. Metropolitan could sell another 15% of its stock if there is enough demand. The company plans to use […]
Willamette Valley Bank in Ore. to exit residential mortgage lending
Willamette Valley Bank in Salem, Ore, will exit residential mortgage lending. The $452 million-asset bank said in a press release that it will stop making those loans on March 31. “The residential mortgage industry has undergone significant changes in recent years, including the growth of online and non‑bank lenders and a prolonged period of higher […]
Arrow Financial to buy Adirondack Bancorp in New York
Arrow Financial in Glens Falls, N.Y., has agreed to buy Adirondack Bancorp in Utica, N.Y. The $4.5 billion-asset Arrow said in a press release that it will pay $89.1 million in cash and stock for the $942 million-asset Adirondack. The deal, which is expected to close in the second quarter, priced Adirondack at 138.2% of […]
FS Bancorp in Washington to buy Pacific West Bancorp in Oregon
FS Bancorp in Mountlake Terrace, Wash., has agreed to buy Pacific West Bancorp in West Linn, Ore. The $3.2 billion-asset FS Bancorp said in a press release that it will pay $34.6 million in cash and stock for the $386 million-asset Pacific West. The deal, which is expected to close in the third quarter, priced […]
Marion County Bank in Iowa selects CFO as its next leader
Marion County Bank in Pella, Iowa, has a new leader. The $600 million-asset bank said in a press release that Klint Korver had succeeded Steve Kraayenbrink, who will retire at the end of March. Korver was the bank’s chief financial officer. “Klint is a proven leader with a clear vision for the future of Marion […]
Georgia Banking to buy Tandem Bank in Georgia
Georgia Banking in Atlanta has agreed to buy Tandem Bank in Tucker, Ga. The $2.7 billion-asset Georgia Banking said in a press release that it expects to buy the $304 million-asset Tandem in the second quarter. The price wasn’t disclosed. “We’re excited to welcome the Tandem team to Georgia Banking Company,” Bartow Morgan Jr., Georgia Banking’s […]
Eagle Rock Bank applies to buy Riverland Bank in Minnesota
Olmstead Holding in Rochester, Minn., has agreed to buy Riverland Bancorp. in Jordan, Minn. Olmstead, the holding company for the $272 million-asset Eagle Rock Bank, applied with the Federal Deposit Insurance Corp. on Feb. 24 to buy the parent of the $229 million-asset Riverland Bank. The price wasn’t disclosed.
Republic in Ky. sells bank finance division for $6M pretax gain
Republic Bancorp in Louisville, Ky. sold its Republic Bank Finance division to CAN Capital Merchant Services. The company disclosed in a regulatory filing that the sale, first announced in December, included $81 million of loans and about $1 million of related liabilities. Republic will record a $6 million pretax gain, net of broker commissions. Republic […]
Bank of Marin in Calif. to restate results to fix reciprocal deposit error
Bank of Marin Bancorp in Novato, Calif., will restate financial statements for 2023 and 2024, as well as multiple interim periods in 2024 and 2025, to address an issue tied to classifying reciprocal deposits. The company disclosed in a regulatory filing that errors were identified during an annual review process tied to preparing the 2025 […]
Organizers planning New South Bank in Florida
A group is looking to open a bank in Tampa, Fla. Organizers of the proposed New South Bank said in a LinkedIn post that they aim to serve small businesses across Florida. “Our formation is based on a clear observation: many owner-operated and closely held companies want direct access to experienced bankers, informed guidance on […]
Port Washington State Bank in Wis. hands reins to fifth-gen leader
Port Washington State Bank in Wisconsin has a new CEO with a familiar last name. The $1 billion-asset bank said in a press release that James Schowalter had succeeded his father, Steven Schowalter, as its leader. The younger Schowalter, who remains president, is the fifth generation of his family to lead the bank. Steve Schowalter […]
Blank check company among bidders for failed Chicago bank
A blank-check company formed to buy failed banks was among the bidders for Metropolitan Capital Bank & Trust in Chicago, which was closed last month. Porticoes National Bank, formed in 2023, was one of six entities that bid on Metropolitan. First Independence Bank in Detroit would end up buying $212 million in deposits and $251 […]
Dime in N.Y. plans to rebrand as Dime Commercial Bank
Dime Community Bancshares in Hauppauge, NY., is planning a name change. The $15 billion-asset company said in a press release that it plans to rebrand as Dime Commercial Bancshares. Its bank would become Dime Commercial Bank. The changes, which require shareholder approval, are expected to happen soon after the May 28 annual meeting.
Stablecoin fintech Payoneer applies for national trust bank charter
Payoneer has applied with the Office of the Comptroller of the Currency for a national trust bank charter. The fintech said in a press release that the proposed PAYO Digital Bank would support stablecoin-enabled infrastructure for global businesses. “Payoneer is at the forefront of cross-border payments, and we believe stablecoins will play a meaningful role […]
First Federal Bank of Wisconsin looks inward for new CEO
First Federal Bank of Wisconsin in Waukesha has a new CEO. The bank said in a press release that Steve Wierschem had succeeded Edward Schaefer, who remains chairman. Schaefer also remains president and CEO of the holding company, FFBW Inc. Wierschem, who was chief financial officer, will remain president. “Steve continues to perform at a […]
1st Source chairman discloses cancer battle
The recently retired CEO of 1st Source in South Bend, Ind., disclosed his battle with bladder cancer. Chris Murphy, who also stepped down as president in October, wrote in a letter to shareholders that he was first diagnosed two years ago. While the cancer had been in remission, he wrote that it had returned and […]
Crypto.com gains conditional OCC approval for national trust bank
Crypto.com has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). The crypto exchange, which applied in October, said in a press release that its planned bank would operate as a custodian for digital asset treasuries and exchange-traded funds, among other things. “This conditional approval […]
Texas Gulf Bancshires hires Prosperity exec as new bank CEO
Texas Gulf Bancshares in Houston has a new bank CEO. The $695 million-asset company said in a press release that Steve Thompson has also become president of Texas Gulf Bank. Thompson, who was Houston area president at Prosperity Bank, also joined the boards of the company and the bank. “Following a thorough and deliberate search […]
OptimumBank in Fla. forms unit to focus on HUD, FHA lending
OptimumBank Holdings in Fort Lauderdale, Fla., formed a new unit to support new HUD and FHA lending initiatives. OptimumFunding is expected to expand the company’s commercial real estate lending capabilities by offering bridge-to-HUD financing, FHA- and HUD-insured loan origination, and servicing and relationship management. In connection with the effort, OptimumBank will upstream a dividend to […]
M&T Bank in N.Y. faces exposure to Tricolor Holdings issues
M&T Bank in Buffalo, N.Y., warned that it could have some losses tied to the bankruptcy of Tricolor Holdings. The company disclosed in a regulatory filing that unit Wilmington Trust could take a hit tied to litigation stemming from the bankruptcy and alleged fraud at Tricolor. M&T said it is unable to estimate its financial […]
Stilwell Group begins proxy battle with Lake Shore Bancorp in N.Y.
Activist investor Stilwell Group has escalated its involvement at Lake Shore Bancorp, disclosing plans to nominate an individual to challenge for a board seat at the Dunkirk, N.Y., company. The investor, who owns about 9.9% of Lake Shore’s outstanding shares, said in a regulatory filing that it plans to nominate Timothy Andruschat to join the […]
Kentucky First freed from OCC written agreement
Kentucky First Federal Bancorp in Frankfort has been freed from an enforcement action. The company said in a press release that the Office of the Comptroller of the Currency released its bank from a August 2024 formal written agreement. With the termination of the agreement, the bank is no longer considered in “troubled condition.” “We […]