Neobank Dakota applies for national trust bank charter
Dakota, a neobank that issued an enterprise stablecoin offering earlier this year, has applied for a national trust bank charter. The company, which already operates as a registered money services business, said in a press release that the new charter would position it “as a federally regulated provider of digital asset custody, stablecoin issuance, and […]
BCB in New Jersey reports big loss and cleanup begins
BCB Bancorp in Bayonne, N.J., reported a $14.8 million second-quarter loss. The $3.1 billion-asset company, which just hired turnaround expert Tom O’Brien as its CEO, said the loss reflected a $19 million loan-loss provision, a $5.3 million goodwill impairment, and a $2.6 million loss tied to a nonaccrual construction loan moved to held-for-sale. BCB said […]
Illinois Bankers Association looks outward for new leader
The Illinois Bankers Association has a new leader. The association said that David Boulay had become its president and CEO. Boulay was president of IMEC Illinois.
Fintech Chime cutting staff by 10%
Chime plans to cut a tenth of its workforce, or roughly 150 people. The fintech is looking to capitalize on increased use of artificial intelligence to innovate and become more efficient. “The world is changing quickly and this means we need to keep evolving too,” CEO Chris Britt wrote in a company memo. “To continue […]
Peoples Bancshares of TN to buy First Peoples in Tennessee
Peoples Bancshares of TN in Madisonville, Tenn., has agreed to buy First Peoples Bancorp in Jefferson City, Tenn. Peoples Bancshares said in a press release that it will have $650 million of assets after it buys the parent of First Peoples Bank of Tennessee in a deal expected to close late this year or early […]
Coastal in Wash. reports 2Q loss, end of talks to buy Evolve assets
Coastal Financial in Everett, Wash., reported a quarterly loss and disclosed that it is no longer in talks to buy deposits and assets from Evolve Bank & Trust in West Memphis, Ark. The $5.5 billion-asset company said in a press release that it lost $42.1 million in the second quarter, largely reflecting a $68.8 million […]
Linker Finance raises $5 million in seed round
Linker Finance raised $5 million in its latest seed round. The company, which helps banks figure out digital banking, has raised a total of $8.7 million. “Since our initial investment, Linker has continued to execute. The company is now live with 10+ community banks across multiple core banking platforms, helping financial institutions launch modern digital […]
BoA to buy U.K. information security specialist
Bank of America in Charlotte, N.C., agreed to buy U.K. information security specialist M D SecMDSec Consulting. The deal is expected to close in the fourth quarter. The price wasn’t disclosed. M D SecMDSec provides deeply technical information security-related consultancy services. “We have long admired the exceptional ability of the M D SecMDSec team and are delighted […]
Century in N.M. replaces CEO as it deals with unsolicited takeover attempt
Century Bank in Santa Fe, N.M., which is facing a hostile takeover, has replaced its CEO. The $1.4 billion-asset bank confirmed that Max Myers, its vice chairman, became interim president and CEO on July 24. He replaced John Brichetto. Bank7 in Oklahoma City said in early July that it had agreed to buy a 71% stake […]
Alma Bank to buy American Community Bank in N.Y. bank merger
Alma Bank in Long Island City, N.Y., has agreed to buy American Community Bancorp in Glen Cove, N.Y. The $1.6 billion-asset Alma said in a press release that it plans to purchase the parent of the $300 million-asset American Community Bank in the first quarter. The price wasn’t disclosed. “This partnership is grounded in a […]
B2 Bank moves headquarters from Minnesota to Utah
B2 Bank has moved its headquarters to Utah. The bank said in a press release that it relocated from Mountain Iron, Minn., to Holladay, Utah. The move positions B2 Bank in a fast-growing fintech corridor, expanding access to talent and supporting its long-term strategic goals. “Relocating our headquarters to Holladay is a defining step in […]
Community State Bank in Pa. tabs insider as next CEO
Community State Bank in Orbisonia, Pa., has a new leader. The $400 million-asset bank said in a press release that Nicole Wilson had become its CEO. Wilson, who remains president, succeeded Michael Bibak, who retired. “From the outset, the timing of Mike’s departure was intentionally flexible, allowing it to be guided by the progress of […]
Pioneer in New York launches college advising division after acquisition
Pioneer Bancorp in Albany, N.Y., has acquired The College Advisor of New York, a firm that helps families navigate the college search and admissions process. The College Advisor of New York provides personalized guidance, hands‑on support, and assistance identifying colleges that are the right academic, personal, and financial fit. The price wasn’t disclosed. Dean Skarlis, […]
Banc of California posts big loss following balance sheet moves
Banc of California in Los Angeles reported a staggering $251.3 million loss after repositioning its balance sheet. The $34.3 billion-asset company said in a press release that it sold $2.3 billion of lower-yielding securities and began the process of selling $827 million of commercial real estate and multifamily construction loans. The company also retired $385 […]
National Bank of Indianapolis sets calendar for CEO succession
National Bank of Indianapolis is priming CEO succession. The $3.1 billion-asset bank said that Doug Talley will become its president on Aug. 3. Talley, who succeeded Mark Bruin, is also expected to become CEO when Bruin retires early next year. Talley is chief banking officer and chief lending officer.
Increase Bank launches after Darragh Buckley buys small bank
Fintech founder Darragh Buckley has officially taken over a bank. Buckley, who created Increase, a customer-facing API company, announced the creation of Increase Bank after buying Twin City Bancorp in Longview, Wash. “This is the bank for ambitious technology companies,” Buckley said in a LinkedIn post. “You’re obsessed with building the best possible product for your customers; […]
CUSO InvestFi raises $20 million in latest funding round
InvestiFi has raised $20 million to accelerate its embedded investing platform for banks and credit unions. The CUSO said in a press release that the funding round was led by Vibe Credit Union, with participation from BankTech Ventures, Navari, and several credit unions. InvestiFi has grown from four clients in 2024 to more than 60 […]
Blue Ridge in Va. reports loss after issues with government-backed loans
Blue Ridge Bankshares in Charlottesville, Va., slipped back into the red after a problematic loan came to light. The $2.3 billion-asset company said in a press release that it lost $200,000 in the second quarter, reversing an $800,000 profit from a quarter earlier. The net loss included an after-tax $2.1 million loan-loss provision. Blue Ridge […]
Unison Bank in N.D. promoting market leader to become CEO in 2027
Unison Bank in Jamestown, N.D., will have a new leader in a year. The $596 million-asset bank, which largely operates in Arizona, shared on LinkedIn that Christofer Yacoub had become its president and will succeed the retiring Kelly Rachel as CEO in July 2027. “Chris brings a strategic vision, a deep commitment to community banking, […]
Summit State in Calif. posts 2Q loss as it tackles credit issues
Summit State Bank in Santa Rosa, Calif., reported a net loss in the second quarter as it tried to address higher-risk credits. The $960 million-asset bank lost $1.3 million, compared to a $2.4 million gain a year earlier. The recent quarter included a $5.9 million loan-loss provision. The bank said it recognized “significant chargeoffs” and […]
Bangor Savings Bank in Maine taps insider as next CEO
Bangor Savings Bank in Maine is close to having a new leader. The bank said in a press release that Lannie Moffatt will become president and CEO at the end of this summer. Moffatt, the bank’s chief operating officer, will succeed Bob Montgomery-Rice, who is retiring.
OCC rejects Wise’s national trust bank charter application
U.K. fintech Wise is headed back to the drawing board in its effort to form a U.S. national trust bank. The Office of the Comptroller of the Currency denied the company’s application. Stephen Lybarger, the OCC’s senior deputy comptroller for chartering, organization and structure, said in a letter that the application “presents significant supervisory and […]
Flex files for Utah industrial loan charter
Flexible Finance, which operates as Flex, has applied for a Utah industrial loan charter. The New York fintech said in a press release that it plans to form Flex Bank in Nehi. The proposed bank would give Flex an FDIC-insured institution to support its products and services as it continues to scale. Since 2019, Flex […]
Aspira Bank organizers outline a resolution-driven path to California charter
A private investor group is seeking regulatory approval for a shell charter that would be activated only if it wins an FDIC-assisted acquisition of a troubled California commercial bank. Aspira Bank is not being proposed as a traditional de novo. The organizers are pursuing a more opportunistic and considerably more complex strategy: obtain conditional approval for […]
Fintech Albert seeking bank charter in Utah
Albert, a fintech that offers instant lines of credit, is seeking a bank charter. The company applied with the Federal Deposit Insurance Corp. to form Albert Bank, which would be based in Salt Lake City. Albert currently offers credit lines and certain instant loans through FinWise Bank.