Idaho Bankers Association hires new CEO
The Idaho Bankers Association has a new leader. The association announced on LinkedIn that Stacey Satterlee had become its president and CEO. Satterlee, who previously served as the executive director of the Idaho Grain Producers Association, succeeded Trent Wright, who left to become director of government relations at Umpqua Bank.
Wisconsin Credit Union League selects insider as next CEO
The Wisconsin Credit Union League has its next president and CEO lined up. The association said in a press release that Sarah Wainscott was selected to succeed Brett Thompson, who is retiring after leading the group for 23 years. Wainscott was the league’s senior vice president of advocacy. “Brett’s steadfast leadership has built a solid […]
FDIC gives conditional approval to proposed California de novo
Organizers of a proposed community bank in California have received conditional approval from the Federal Deposit Insurance Corp. The proposed Altos Bank in Los Altos, which plans to focus on small businesses, must raise $25 million before opening. Tom Vertin is set to become the bank’s CEO. He was president and CEO of Golden State […]
Primis in Va. restating more financial results to address ‘material weakness’
Primis Financial in McLean, Va., plans to restate more financial results to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that its financial statements for 2022 “should no longer be relied upon” due to errors in the methodology used to account for consumer loans originated and serviced through an unidentified third […]
Mountain America CU to sell Albuquerque, N.M., branches
Mountain America Credit Union in Sandy, Utah, has agreed to sell its branches in Albuquerque, N.M., to Sandia Laboratory Federal Credit Union in Albuquerque. The $19.6 billion-asset Mountain America said it is selling two branches to the $4.1 billion-asset Sandia Laboratory FCU. The financial details of the deal, which is expected to close in the […]
Loan servicer Navient agrees to ban from most federal student lending
Navient, a loan servicing company based in Delaware, will pay $120 million in fines and be prohibited from most of the federal student loan market following a settlement with the Consumer Financial Protection Bureau. Navient will no longer offer servicing services under the Direct Loan program and it was barred from servicing or buying most loans […]
Group led by Al Landon makes unsolicited bid for Territorial Bancorp
A group represented by veteran banker Allan Landon made an unsolicited bid to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope Bancorp in Los Angeles agreed in April to buy the $2.2 billion-asset Territorial for $78.6 million in a deal that is expected to close by the end of this year. Territorial disclosed in […]
Wells Fargo dealt formal agreement for AML deficiencies
Wells Fargo is operating under a formal agreement with the Office of the Comptroller of the Currency that requires the San Francisco company to enhance its anti-money laundering and sanctions risk management practices. The $1.9 trillion-asset Wells disclosed that it will also need to obtain OCC acceptance of its program. The company must give the […]
Fieldpoint in Conn. operating under written agreement with regulators
Fieldpoint Private Bank & Trust agreed to a written agreement with regulators that requires the Greenwich, Conn., bank to improve in areas such as funding, liquidity, budgeting and strategic planning. The $1.4 billion-asset bank, under the agreement with the Federal Reserve Bank of New York and the Connecticut Department of Banking, agreed to add and […]
Capitol National Bank in Michigan hires insider as president
Capitol National Bank in Lansing, Mich., has a new president. The $192.5 million-asset bank said in a press release that Joseph Campbell now has the role. Campbell, who joined the bank in 2020 as vice president of commercial lending, succeeded the retiring Ed Harden. Campbell “is a natural to fill this role,” Cristin Reid, the […]
TD Bank to pay $28M to address CFPB claims tied to customer data
TD Bank was ordered by the Consumer Financial Protection Bureau to pay $28 million for sharing inaccurate customer data with credit reporting agencies. The CFPB also cited the Canadian bank for failing to investigate customer disputes, a move that could have impacted their ability to access credit. The amount includes about $7.8 million in redress […]
Warsaw Federal in Ohio raises $5 million as it looks to become an MDI
Warsaw Federal Savings & Loan in Cincinnati raised $5 million as part of a plan to become a minority depository institution. The $105 million-asset mutual said in a press release that it sold 8% non-cumulative additional Tier 1 capital instruments to investors. Warsaw Federal plans to use the net proceeds to provide “focused financial services, tools […]
1st Federal in South Carolina completes sale-leaseback transaction
MountainSeed Real Estate Services entered into a sale-leaseback transaction with 1st Federal Savings Bank of SC in Walterboro. The $164 million-asset 1st Federal sold properties that included its headquarters to MountainSeed for an undisclosed amount. The bank will lease the properties for an initial 15-year term with an option for another 15 years. “We are […]
National Bank in Denver shuffles execs with new president, CFO
National Bank Holdings in Denver has a new president. The $9.97 billion-asset company said in a press release that Aldis Birkans had succeeded Tim Laney, who remains chairman and CEO. Birkans, who will have oversight of the company’s business lines, was chief financial officer. Nicole Van Denabeele, who had been chief accounting officer, was named […]
Camden National in Maine to buy Northway Financial in N.H.
Camden National in Camden, Maine, has agreed to buy Northway Financial in North Conway, N.H. The $5.7 billion-asset Camden National said in a press release that it will pay $86.6 million in stock for the parent of the $1.3 billion-asset Northway Bank. The deal, which is expected to close in the first quarter, priced Northway […]
Huntington planning push into Carolinas, corporate mortgage finance
Huntington Bancshares in Columbus, Ohio, is planning a major push into the Carolinas and into corporate mortgage finance. The $196 billion-asset company said in a press release that it plans to hire 350 people and open 55 branches in North and South Carolina over the next five years. Separately, the company said recent hire Ken Logan […]
Banking vet Lagomarsino named president of First Foundation in Texas
Simone Lagomarsino is taking on even more responsibility at First Foundation in Dallas. The $13.6 billion-asset company disclosed in a press release that Lagomarsino had become its president, succeeding Scott Kavanaugh. She had already been named the bank’s president as part of a recent capital raise. Kavanaugh remains the company’s CEO. First Foundation raised $228 […]
NBT Bancorp to buy Evans Bancorp in New York for $236 million
NBT Bancorp in Norwich, N.Y., has agreed to buy Evans Bancorp in Williamsville, N.Y. The $13.5 billion-asset NBT said in a press release that it will pay $236 million in stock for the $2.3 billion-asset Evans. The deal is expected to close in the second quarter. “We are confident [the acquisition] is a high-quality and […]
KeyCorp sells low-yielding securities at $700M loss
KeyCorp in Cleveland repositioned its balance sheet. The company, which recently agreed to sell a big stake in itself to Scotiabank, sold $7 billion of low-yielding securities at an after-tax loss of $700 million. The securities that were sold had a weighted average book yield of about 2.3% and an average duration of roughly six […]
Customers in Pa. replaces chief risk officer with Capital One executive
Customers Bancorp in West Reading, Pa., which was recently hit with an enforcement action, has a new chief risk officer. The $21 billion asset company said in a press release that Nick Robinson had taken over the role at its bank. It also created the new position of chief banking officer, which was filled by […]
Texas Capital to report 3Q loss following securities sales
Texas Capital Bancshares in Dallas continues to reshape its balance sheet. The $29.9 billion-asset company said in a press release that it bought a $400 million portfolio of committed exposure to the healthcare sector and sold $1.2 billion of securities at a $139 million after-tax loss. Texas Capital said it expects to report a net […]
QCR in Illinois to discontinue its equipment finance business
QCR Holdings in Moline, Ill., will stop offering new loans and leases through its equipment finance business. The $8.9 billion-asset company said in a press release that m2 Equipment Finance will continue to service its existing $360 million portfolio with a reduced staff. The majority of the portfolio should amortize over the next three years. QCR […]
Builtwell Bancorp in Tenn. to buy Bank of Cleveland parent
Builtwell Bancorp in Chattanooga, Tenn., has agreed to buy Bradley County Financial in Cleveland, Tenn. The $1.8 billion-asset parent of Builtwell Bank said in a press release that it plans to buy the holding company for the $352 million-asset Bank of Cleveland in the first quarter. The price wasn’t disclosed. Bank of Cleveland has four […]
ConnectOne to cross $10B of assets with First of Long Island deal
ConnectOne Bancorp in Englewood Cliffs, N.J., has agreed to buy The First of Long Island in Melville, N.Y. The $9.7 billion-asset ConnectOne said in a press release that it will pay $284 million in stock for the $4.2 billion-asset First of Long Island. The deal is expected to close in mid-2025. As part of the […]
REV FCU to buy First Neighborhood Bank in West Virginia
REV Federal Credit Union in Summerville, S.C., has agreed to buy First Neighborhood Bank in Spencer, W.Va. The $1.1 billion-asset credit union did not disclose the price it will pay for the $149 million-asset bank. “Our mission is growth with purpose,” Jason Lee, the credit union’s president and CEO, said in a press release. “This […]