Fintech Mercury adds personal banking service offering
Mercury has launched a personal banking service designed to simplify and optimize the banking needs of startups. The San Francisco fintech said in a press release that Mercury Personal is designed for founders and investors based on feedback from clients. “By offering personal banking for founders and investors, we’re able to deepen our relationship with […]
Pathward in S.D. settling claims it illegally froze client accounts
Pathward Financial will pay about $700,000 in refunds and penalties to resolve claims by the New York Attorney General’s Office that the Sioux Falls, S.D., company illegally froze customer accounts and transferred funds debt collectors. New York Attorney General Letitia James’s office said in a press release that the $7.9 billion-asset Pathward cooperated with the […]
Plumas in Nev. used proceeds from sale-leaseback to unload securities
Plumas Bancorp in Reno, Nev., used proceeds from the sale-leaseback of branches to unload underwater securities during the first quarter. The $1.6 billion-asset company said in a press release that it sold $115 million in securities at a $19.8 million loss. Plumas said that, between December and late March, it bought $120 million of higher-yielding […]
Skyline Bankshares in Va. to buy Johnson County Bank in Tenn.
Skyline Bankshares in Independence, Va., has agreed to buy Johnson County Bank in Mountain City, Tenn. The $1 billion-asset Skyline will pay $25 million in cash for the $152 million-asset Johnson County Bank. The deal is expected to close in the second half of this year. “This strategic move is not only rooted in our […]
Foresight Financial in Ill. hires Illinois Bank CEO as its president
Foresight Financial Group in Winnebago, Ill., has hired a new president. The $1.6 billion-asset company said in a press release that Jeffrey Hultman had also become its chief banking officer. He will lead the revenue, sales, and service activities for Foresight and its banks. Hultman was CEO at Illinois Bank and Trust, a division of […]
OneUnited Bank moving headquarters out of Boston
OneUnited Bank is moving its headquarters out of Boston. The $756 million-asset Black-owned bank will relocate to Roxbury, Mass. “The move will bring us geographically closer to our customers, align our executive office better with our local branch, which is essential to help us create new products and services to meet the needs of low […]
Wintrust to buy Macatawa in Michigan for $510 million
Wintrust Financial in Rosemont, Ill., has agreed to buy Macatawa Bank in Holland, Mich. The $57 billion-asset Wintrust said in a press release that it will pay $510.3 million in stock for the $2.7 billion-asset Macatawa. The deal is expected to close in the second half of this year. Macatawa has 26 branches, $2.4 billion […]
BOM Bank to buy nine Texas branches from American State Bank
BOM Bank in Natchitoches, La., has agreed to buy nine Texas branches from American State Bank in Arp, Texas. The $1 billion-asset BOM Bank filed an application with the Federal Deposit Insurance Corp. on April 12 tied to the proposed acquisition. The sale is expected to close in the fourth quarter. The price wasn’t […]
Organizers of proposed blank-check company apply for deposit insurance
A New York group looking to form a blank-check company to buy failed banks has applied for deposit insurance. Organizers of Porticoes National Bank submitted an application with the Federal Deposit Insurance Corp. on April 9. The application wasn’t immediately available. The Office of the Comptroller of the Currency in December granted the proposed bank conditional […]
Bank of Springfield in Illinois selects insider as next CEO
Bank of Springfield in Illinois has a new CEO. The $1.6 billion-asset bank said in a press release that Jason Knoedler has succeeded Tom Marantz, who remains chairman of the bank and parent company Spring Bancorp. Knoedler has been a senior vice president and vice chairman since 2006, according to his LinkedIn profile. “Jason’s proven […]
New York Community loses 16 banker teams to competitors
At least 16 teams of bankers have left New York Community Bancorp to accept posts at Peapack-Gladstone Financial in Bedminster, N.J., and Dime Community Bancshares in Hauppauge, N.Y. Peapack said in a press release that it hired Andrew Corrado as president of Peapack Private’s commercial bank in New York City. He became Flagstar’s head of […]
Fintech Adro raises $1.5M in pre-seed funding
Adro, a New York fintech that aims to help international students access U.S. financial services, has raised $1.5 million pre-seed funding. The company said in a press release that the round was led by Era, with participation from Ex Nihilo Ventures and the Cornell Tech Syndicate. Adro said it will use the funds to add […]
Washington Trust reshuffles top management
Washington Trust Bank in Spokane has shuffled its leadership team. The $11.4 billion-asset bank said in a press release that Jack Heath had become its CEO, succeeding Peter Stanton, who remains executive chairman. Heath was president and chief operating officer. Kevin Blair succeeded Heath as president, while Jim Branson was named COO. Blair was chief […]
Georgia Bankers Association lines up next CEO
The Georgia Bankers Association will soon have a new CEO. The association said in a press release that Tripp Cofield will succeed the retiring Joe Brannen on July 15. Cofield is president and CEO of the association’s affiliates GBA Insurance Trust, Paragon Benefits and GBA Retirement Services. He will join the association’s board in conjunction […]
FineMark Holdings in Fla. raises $30M via private placement
FineMark Holdings in Fort Myers, Fla., raised $30 million through a private placement. The $4.1 billion-asset company sold common stock on March 29, according to data compiled by Performance Trust Capital Partners. Performance Trust had no additional details about the private placement.
Mode Eleven in Wyo. winding down BaaS ops after Fed order
Mode Eleven Bancorp in Hulett, Wyo., will voluntarily dismantle its Banking-as-a-Service platform after being hit with an enforcement action from the Federal Reserve. The parent of the $110 million-asset Summit National Bank entered into a cease-and-desist order with the Fed on March 28. The order barred the bank from engaging in “expansionary activities related to […]
NYCB’s new CEO asks investors to back steps to complete recapitalization
The new leader of New York Community Bancorp is making the case for shareholders to back steps needed to fully recapitalize the Hicksville company. Joseph Otting, a former Comptroller of the Currency, said in a regulatory filing that addressing the $114 billion-asset company’s issues will not occur overnight – but it is doable. “We understand […]
Blue Ridge in Va. raises $150M, reaffirms timeline for BaaS exit
Blue Ridge Bankshares in Charlottesville, Va., has completed its capital raise led by Kenneth Lehman and Castle Creek Capital and confirmed that will fully exit its Banking-as-a-Service business by the end of this year. The $3.1 billion-asset company disclosed in a regulatory filing that it raised $150 million by selling common stock, convertible preferred stock, […]
Michigan State FCU’s CUSO invests $6.2M in eight fintechs
Reseda Group, a wholly owned CUSO of Michigan State University Federal Credit Union in East Lansing, has invested $6.2 million in eight fintechs. The $7.6 billion-asset credit uni0on said in a press release that its CUSO made new investments CU Lift Fund, direct auto loan funding; CURevl, college planning and education finance; Debbie, personal financial […]
KeyCorp to invest $25M in pact with community advocacy group
KeyCorp and the National Community Reinvestment Coalition have reached an agreement to invest $25 million into minority and underserved markets. Jesse Van Tol, the NCRC’s CEO, made the announcement at the organization’s Just Economy conference, starting that the agreement resolves a dispute between the parties. The NCRC had raised concerns in the past about the […]
Fintech Brim Financial raises $85 million in funding
Brim Financial, a Toronto company that sells tech to help banks launch and manage credit card programs, has raised $85 million of Series C funding. The fintech, founded in 2017, said in a press release that the funding round was led by EDC Investments and included Vistara Growth, White Owl Group, Epic Venture and Zions […]
Climate First raising capital as end of de novo period nears
Climate First Bancorp in Orlando, Fla., is planning to raise more capital. The $600 million-asset company said in press release that it will run the capital raise through September. The bank, which opened in 2021 after raising $44 million, will shed its de novo status in June. The bank is looking to raise $100 million, […]
South Ottumwa Savings in Iowa selects insider as new president
South Ottumwa Savings Bank in Ottumwa, Iowa, has a new president. The $547 million-asset bank said that Natalie Bolin had taken over the position. She has been the bank’s senior vice president of operations and chief financial officer. “Natalie has played a crucial role in the success of South Ottumwa Savings Bank,” Teri Messerschmitt, the […]
Cadance Bank reshuffles executives ranks
Cadance Bank has shuffled several high-level executives. The $50 billion-asset bank said in a press release that Hank Holmes, its chief banking officer, is leaving to pursue opportunities tied to entrepreneurship, start-ups and building organizations. Holmes will serve as a special adviser to Billy Braddock, who succeeded him as chief banking officer, until June 30. […]
Union State Bank agrees to buy Exchange State Bank in Iowa
Union State Bank in Greenfield, Iowa, has agreed to buy Exchange State Bank in Adair, Iowa. The $96.5 million-asset Union State filed its application with Federal Deposit Insurance Corp. on March 29 to buy the $39 million-asset Exchange State. The deal is expected to close in the second quarter. The price wasn’t disclosed. “It was […]