Financial reporting fintech InScope raises $4.3M in seed round

InScope, an automated financial reporting fintech, has raised $4.3 million in a seed capital round. The round was led by Lightspeed Venture Partners with participation from a individual investors such Vipul Ved Prakash, founder and CEO of Together AI; Jake Heller, founder and CEO of Casetext; Debbie Clifford, CFO at Autodesk); Justin Coulombe, CFO at […]

First Hope in N.J. keeps it in the family with latest CEO hire

First Hope Bank in Hope, N.J., has a new CEO. The $629 million-asset bank said in a press release that Daniel Beatty has also become its president. He succeeded Donald Somma, who had led the bank since 2016. Beatty, who represents the fourth generation of the bank’s founding family, previously served as a senior executive vice […]

Dallas Capital Bank promotes insider as next president

Dallas Capital Bank has a new president. The $1.1 billion-asset bank said in a press release that Jason Matthews, its chief banking officer, had taken on the additional role. Matthews, who joined the bank in 2015, succeeded Doug Hutt, who remains chairman and CEO. Matthews “has been a key contributor to the overall growth of […]

Bank of New Glarus in Wisconsin buys First National Bank at Darlington

The Bank of New Glarus in Wisconsin has acquired First National Bank at Darlington in Wisconsin. The $492 million-asset Bank of New Glarus said in a press release that it bought the $194.2 million-asset First National on May 31. The price wasn’t disclosed. “We are extremely proud to have acquired First National Bank at Darlington,” […]

Bank of New York Mellon to shorten its brand name to BNY

Bank of New York Mellon is embracing a shorter brand name. The $435 billion-asset company plans to rebrand as BNY, according to a memo obtained by Reuters. The move will include a new logo and signage. The company, which will retain its full name legally, had previously abbreviated its brand to BNY Mellon.

Provident in N.J. closing 22 branches following Lakeland purchase

Provident Financial Services in Iselin, N.J., will close nearly 15% of its branches following its purchase of Lakeland Bancorp in Oak Ridge, N.J. The $24.5 billion-asset Provident, which bought Lakeland in May for $1.3 billion, disclosed on its website that it will close 22 locations on Aug. 29. The closures reflect “overlap” in the combined […]

Proposed Four States Bank in Mo. receives regulatory approval

The proposed Four States Bank in Carthage, Mo., has received regulatory approval. Jeffrey Williams, the proposed bank’s president and CEO, disclosed the approvals in a LinkedIn post. He added that organizers are working towards opening branches in Carthage and Joplin, Mo., later this summer. The group applied in December with the Federal Deposit Insurance Corp., […]

Canada’s VersaBank gets Fed approval to buy Stearns Bank in Minnesota

VersaBank in Ontario, Canada, has received Federal Reserve approval to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business.  “Applicants have conducted comprehensive due diligence and are devoting sufficient financial and other […]

Enterprise in Mass. selects insider as new CEO

Enterprise Bancorp in Lowell, Mass., has a new leader. The $4.6 billion-asset company said in a press release that Steven Larochelle had become its CEO. Larochelle, who had been chief banking officer, succeeded Jack Clancy, who retired. Clancy, who had been CEO since 2007, was named an honorary director and will serve as an executive […]

Proposed Fortuna Bank to close capital raise as opening nears

Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, are close to opening. The group behind the effort said in a LinkedIn post that it will formally close the capital raise on June 30. Fortuna Bank received conditional approval from the Federal Deposit Insurance Corp. in February. The agency required organizers to raise $20 […]

Fintech Torpago raises $10M in Series B funding round

Torpago, a commercial credit card and spend management provider, raised $10 million in a Series B funding round. The San Mateo, Calif., company said in a press release that the round was co-led by Priority Tech Ventures and EJF Ventures, with participation from BankTech Ventures and others. The investment will help Torpago serve demand for […]

R Bank in Texas hires VeraBank CFO as its new leader

R Bank in Round Rock, Texas, has a new leader. The $1 billion-asset bank said in a press release that Todd Engemoen had become its president and CEO. He succeeded Steve Stapp, who retired after leading the bank for 16 years. Engemoen was chief financial officer at VeraBank, according to his LinkedIn profile. Engemoen’s “depth […]

First State Bank in Iowa buying branch from Capra Bank

First State Bank in Lynnville, Iowa, has agreed to buy a branch from Capra Bank in Dubuque, Iowa. The $331 million-asset First State applied with the Federal Deposit Insurance Corp. to assume certain liabilities and assets tied to a branch in Montezuma, Iowa. Pricing wasn’t disclosed. The branch had $48.8 million of deposits in mid-2023.

Haven Savings in N.J. lines up next CEO, COO

Haven Savings Bank in Hoboken, N.J., will have new leadership next year. The $1.1 billion-asset bank said in a press release that Lisa Franconeri will become its president and CEO on Jan. 1. Franconeri, the bank’s CRA officer, will succeed the retiring John Wessling III. Wessling will remain chairman. The bank also said that Paul […]

Investor group completes purchase of two Texas banks

An investor group has completed its purchase of two banks in Texas. Patrons Holdings agreed last year to buy Eden Financial, the holding company for Texas Financial Bank and Amistad Bank.  Connor Price, Patrons’ president and CEO, confirmed in a LinkedIn post that the deal had recently closed. “This monumental achievement was made possible by […]

BankTech Ventures invests in three fintechs

BankTech Ventures in Sandy, Utah, has invested in three fintechs. The fund said in a press release that it had invested in Equabli, Filejet and Monit. The amount of the investments was not disclosed. Equabli mitigates customer delinquency and default with a suite of solutions that streamlines the payment, debt collection, and recovery process. Filejet […]

Otting named chairman of New York Community Bancorp

Joseph Otting has added another title at New York Community Bancorp in Hicksville. The $112.9 billion-asset company said in a press release that Otting had become its chairman. He had recently been named president and CEO after investors infused about $1 billion into the company. Alessandro. DiNello, who was chairman, will remain on the board […]

D.L. Evans to buy Idaho branch from First Interstate

D.L. Evans Bank in Burley, Idaho, has agreed to buy a branch in Ketchum, Idaho from First Interstate BancSystem in Billings, Mont. The $3.2 billion-asset D.L. Evans applied with the Federal Deposit Insurance Corp. to buy the branch, which had $21.5 million of deposits in mid-2023. The price wasn’t disclosed. The deal is expected to […]

ELGA Credit Union to buy Marine Bank in Florida

ELGA Credit Union in Grand Blanc, Mich., has agreed to buy Marine Bank & Trust in Vero Beach, Fla. The $1.5 billion-asset credit union said in a press release that it will pay $43.75 a share in cash for the $650 million-asset unit of Marine Bancorp of Florida. The deal is expected to close early […]

Seacoast in Fla. taps banking veteran to join its board

Seacoast Banking Corp. of Florida in Stuart added a banking veteran to its board. The $14.8 billion-asset company disclosed in a regulatory filing that Eddy Arriola became a director on June 4. He also joined the board of Seacoast National Bank. Arriola was a market executive at Seacoast after it bought Apollo Bancshares, where he […]

German American in Indiana sells insurance business

German American Bancorp in Jasper, Ind., has sold its insurance business. The $6.1 billion-asset company said in a press release that it sold the assets of German American Insurance to Hilb Group for $40 million in cash. The after-tax gain was $27 million. The sale “ensures the continued access to the best insurance products and […]

ICBA hires former MVB fintech banker to run payments services unit

The Independent Community Bankers of America tapped an industry veteran to lead its payments services subsidiary. The ICBA said in a press release that Jacob Eisen had become president and CEO of ICBA Payments. Eisen previously served as president of fintech banking at MVB Bank. Eisen’s “extensive experience and forward-thinking approach align perfectly with our […]

Affinity Bank in Ga. selling to Atlanta Postal Credit Union

Atlanta Postal Credit Union has agreed to buy Affinity Bank in Covington, Ga. The $2.5 billion-asset credit union said in a press release that it will pay $22.50 a share in cash for the $870 million-asset unit of Affinity Bancshares. The deal is expected to close in the fourth quarter or the first quarter of […]

Merrick Bank buys $500M of loan participations from GreenSky

Merrick Bank in South Jordan, Utah, bought about $500 million of home improvement loan participations from GreenSky Holdings. CardWorks, the parent company for the $6 billion-asset Merrick, said in a press release that it also entered into a forward flow agreement with GreenSky to buy more loan participations. The financial details weren’t disclosed. The deal […]

First National Bank & Trust of Okmulgee is now Patrons Bank

First National Bank & Trust of Okmulgee has rebranded as Patrons Bank. The bank said in a press release that the change will take place on June 1. “With many financial institutions having similar names, we’re rebranding to stand out and better reflect our commitment to the evolving needs of our customers and communities,” President […]