National Bank of Blacksburg in Virginia names next CEO
National Bank of Blacksburg in Virginia will soon have a new CEO. The $1.8 billion-asset unit of National Bankshares said in a press release that Lara Ramsey will also become its president on July 1. Ramsey, who is chief operating officer, will succeed F. Brad Denardo, who remains chairman.
ACH innovator GrailPay raises $6.7M in latest funding round
GrailPay, a risk and data platform for bank payments, raised $6.7 million in funding. The fintech said in a press release that the funding round was led by Construct Capital and included Commerce Ventures, Broadhaven Ventures, Soma Capital, and Grasshopper Bank. The company’s initial funding round was led by Noemis Ventures. GrailPay is pioneering a […]
Farmers State applies to buy Republic Banking Co. in Ohio
FSB Financial in New Madison, Ohio, has applied to buy Republic Banking Co. in Republic, Ohio. FSB, the parent of the $246 million-asset Farmers State Bank, applied with the Federal Deposit Insurance Corp. on June 11 to buy the $60 million-asset Republic Bank. The deal is expected to close in the third quarter; the price […]
Ken Moelis to step down as CEO of eponymous investment bank
Ken Moelis is stepping down as CEO of the investment bank he co-founded. Moelis & Co. in New York said in a press release that Moelis, who has led the firm since 2007, will step down and become executive chairman on Oct. 1. Navid Mahmoodzadegan, the firm’s co-founder and co-president, will become the CEO and […]
Newburyport Bank in Mass. lines up new president
Newburyport Bank in Newburyport, Mass., has a new president. The $1.6 billion-asset mutual said in a press release that Jim McCarthy will also become its chief operating officer on June 28. McCarthy, a member of the bank’s board, was chairman, president, and CEO of First Ipswich Bank “Jim is a seasoned and respected leader who […]
CoastalSouth in S.C. plans stock offering
CoastalSouth Bancshares in Hilton Head, S.C., is planning to sell common stock. The $2.2 billion-asset company’s registration statement will also allow certain shareholders to sell shares. The number of shares and pricing were not included. CoastalSouth said that proceeds from the shares it sells will be used for working capital and general corporate purposes that […]
Main Street Financial in Ohio parts ways with CEO
Main Street Financial in Wooster, Ohio, has parted ways with its CEO. The $1.4 billion-asset company said in a press release that it terminated the employment of Jay VanSickle II without cause, effective June 3. VanSickle was also removed from the company’s board. Mark Witmer, the company’s executive chairman, was named president and CEO. VanSickle […]
Commerce Bancorp to buy Holmes County Bank in Mississippi
Commerce Bancorp in Greenwood, Miss., has applied to buy Holmes County Corp. in Lexington, Miss. The parent of the $983 million-asset Bank of Commerce applied with the Federal Deposit Insurance Corp. on June 5 to acquire the $154 million-asset Holmes County Bank. The deal is expected to close in the fourth quarter. The price wasn’t […]
AI loan intelligence platform Parlay Finance raises $2 million
Parlay Finance, an AI-powered loan intelligence system, raised $2 million in a seed funding round. The round was led by JAM FINTOP. Parlay will use the proceeds to continue scaling its technology nationwide. The platform’s capabilities include digital customer onboarding, information verification, and an AI-powered decision management system to streamline processes for Small Business Administration […]
Teton Capital reportedly pressing Atlantic Union to find efficiencies
Teton Capital, an investment firm led by David Sokol, is reportedly pushing for changes at Atlantic Union Bankshares in Richmond, Va. Teton bought an undisclosed stake in the company, though it is below the 5% that would trigger a regulatory filing, according to Bloomberg. The investment firm is reportedly pressing Atlantic Union, which just bought […]
Fiserv buying out partner in Irish joint venture AIB Merchant Services
Fiserv is planning to buy out the joint venture partner behind AIB Merchant Services. Fiserv said in a press release that it agreed to buy the 49.9% stake in AIBMS that it doesn’t already own from AIB Group. The joint venture was created in 2007 in Ireland. The price wasn’t disclosed. “We have enjoyed a […]
Capital One CEO to receive $30M award for closing Discover deal
Capital One Chairman and CEO Richard Fairbank will receive a one-time award worth about $30 million in connection with the McLean, Va., company’s purchase of Discover Financial Services. Capital One’s compensation committee granted Fairbank 153,351 restricted stock units that should vest in five years. The settlement will be evenly split between cash and stock based […]
NB Bancorp to buy Provident in Mass. for $212 million
NB Bancorp in Needham, Mass., has agreed to buy Provident Bancorp in Amesbury, Mass. The $5.5 billion-asset company said in a press release that it will pay $211.8 million in cash and stock for the $1.6 billion-asset Provident. The deal, which is expected to close in the fourth quarter, priced Provident at 93% of its […]
Group applies to form de novo Georgia Skyline Bank
A group has applied to open a new bank in Georgia. Organizers of the proposed Georgia Skyline Bank in Roswell applied to the Federal Deposit Insurance Corp. on June 4. The application wasn’t immediately available. Ryan Floyd would be the proposed bank’s president and CEO. He was a senior vice president at The Piedmont Bank. […]
Fifth District Bancorp in La. taps interim leader after CEO’s sudden death
Fifth District Bancorp in New Orleans appointed an interim CEO after the death of its leader. The $531.1 million-asset company disclosed in a regulatory filing that Amie Lyons will also serve as interim president. Lyons is the company’s senior vice president of administration and operations. Brian North died suddenly on Monday. Fifth District said it […]
JPMorgan Chase gives Marianne Lake more responsibilities
JPMorgan Chase in New York is giving more responsibility to Marianne Lake, seen as a potential successor to CEO Jamie Dimon. Dimon, along with President Daniel Pinto, wrote in a memo to employees that Lake, CEO of consumer and community banking, will take over leadership of international consumer banking and the bank’s strategic growth office. […]
Pulaski Savings failed after years of issues, $21M of unaccounted for deposits
The collapse of Pulaski Savings Bank of Chicago is now the subject of an in-depth review by the FDIC’s Office of Inspector General, reflecting the exceptional loss to the Deposit Insurance Fund (DIF) and the alarming discovery that nearly $21 million in deposits were never recorded in the bank’s core system. The state-chartered mutual savings […]
Orange County Bancorp in NY planning public offering
Orange County Bancorp in Middletown, N.Y., plans to raise $37.5 million through a public offering. The $2.6 billion-asset company disclosed in a regulatory filing that it plans to sell 1.7 million shares of common stock. It could sell another 258,000 shares if there is enough demand. The company plans to use the net proceeds for […]
Patriot National in Conn. to raise $10.5 million by selling stock
Patriot National Bancorp in Stamford, Conn., plans to raise $10.7 million by selling stock. The $974 million-asset company disclosed in a regulatory filing that it will sell about 8.5 million shares directly to investors at $1.25 each. The company plans to use the proceeds for general corporate purposes, which may include capital expenditures, working capital, […]
North Shore Bank in Mass. taps insider as new CEO
North Shore Bank in Peabody, Mass., has a new leader. The $3 billion-asset bank said in a LinkedIn post that Mike Wheeler had taken on the new role. Wheeler was the bank’s president and chief operating officer.
Fed frees Wells Fargo from longstanding asset cap
Wells Fargo in San Francisco has been released from the Federal Reserve’s asset cap. The Fed said that the $1.9 trillion-asset company is no longer subject to the asset growth restriction from a 2018 enforcement action. The Fed determined that Wells Fargo had met all the conditions required by the enforcement action. Under the 2018 […]
Farmers State Bank of Oakley, Kansas, to buy Kaw Valley State Bank
Farmers State Bank of Oakley, Kansas, has applied to buy Kaw Valley State Bank in Eudora, Kan. The $300.8 million-asset Farmers State applied with the Federal Deposit Insurance Corp. on May 30 to buy the $73 million-asset Kaw Valley. The price hasn’t been disclosed. The deal is expected to close in the next three or […]
Chime could raise nearly $1 billion from its IPO
Chime Financial is shedding more light on the size of its highly anticipated initial public offering. The fintech, in an amended registration statement, included the calculation of filing fees tied to the IPO. Chime said it could sell up to 36.8 million shares of stock at $26 each, with the potential to raise $956.8 million. […]
Capital City Bank Group in Florida promotes insider as bank president
Capital City Bank Group in Tallahassee, Fla., has a new bank president. The $4.5 billion-asset company said in a press release that Bethany Corum will take on the role on July 1. Corum, who was chief operating officer, will succeed Tom Barron, who was named president of Capital City Bank Group and bank chairman. William […]
Southern Bancorp in Ark. to buy Ozarks Heritage in Mo. in CDFI merger
Southern Bancorp in Little Rock, Ark., has agreed to buy Ozarks Heritage Financial in Springfield, Mo., in a deal that would combine community development financial institutions. The $2.8 billion-asset Southern Bancorp said in a press release that it plans to acquire the parent of the $1.9 billion-asset Legacy Bank and Trust in the fourth quarter. […]