IF Bancorp shareholders back nonbinding resolution to sell company
Shareholders of IF Bancorp backed a nonbinding proposal calling for the sale of the Watseka, Ill., company. The $893 million-asset company disclosed in a regulatory filing that more than 1.4 million shares voted in favor of the proposal at its annual meeting, while 969,000 shares objected. About 55,000 shares abstained. Separately, the company said that […]
Horizon in Ind. ends talks to sell mortgage warehouse business
Horizon Bancorp in Michigan City, Ind., disclosed that a plan to sell its mortgage warehouse business has fallen through. The $7.9 billion-asset company signed a nonbinding letter of intent in October to sell the business to an unidentified buyer. The plan was disclosed when Horizon reported its third-quarter results. The sale was expected to generate […]
Old National to buy Bremer Financial in Minnesota for $1.4 billion
Old National Bancorp in Evansville, Ind., has agreed to buy Bremer Financial in St. Paul, Minn. The $54 billion-asset Old National said in a press release that it will pay $1.4 billion in cash and stock for the $16.2 billion-asset Bremer. The deal, which is expected to close in the middle of 2025, priced Bremer […]
Island FCU in New York removes ‘interim’ from CEO’s title
Island Federal Credit Union in Hauppauge, N.Y., has added some permanency to its leadership. The credit union said in a press release that Craig Booth had become its president and CEO. Booth, who had been interim president and CEO, was the credit union’s chief operating officer. Booth “brings a wealth of experience, leadership, and dedication […]
First Foundation hires former TCF executive as its new CEO
Scott Kavanaugh is retiring as CEO of First Foundation in Dallas. The $13.6 billion-asset company said in a press release that Thomas Shafer had become its CEO and had also succeeded Kavanaugh as the CEO of First Foundation Bank. Shafer also joined the company’s board. Shafer was CEO of TCF National Bank and vice chairman […]
Union in Vermont implements 20-year term limits for directors
Union Bankshares in Morrisville, Vt., has implemented a 20-year term limit for its directors. The $1.5 billion-asset company disclosed in a regulatory filing that its board changed its bylaws to add the term limit. Union already has a mandatory retirement age of 72 years. The amendment took effect on Nov. 20. The board also granted […]
Former Heartland Tri-State CEO barred from banking industry
The Federal Reserve has barred the former CEO of the failed Heartland Tri-State Bank from future participation in the banking industry. The Fed’s announcement comes three months after Shan Hanes was sentenced to more than 24 years in prison after pleading guilty in May to a count of embezzlement by a bank officer. Hanes had been accused […]
Clear Fork in Texas flagged again for 3rd-party payment processor oversight
The Office of the Comptroller of the Currency has issued a cease-and-desist order to Clear Fork Bank in Albany, Texas, for unsafe or unsound practices tied to its Bank Secrecy Act and anti-money laundering compliance. The OCC said in its C&D order, which supersedes a February 2021 formal agreement, that the $825 million-asset bank failed […]
Clarion County Community Bank in Pa. hires new CEO
Clarion County Community Bank in Clarion, Pa., has new leadership. The $230 million-asset bank said that Travis Heiser had become its president and CEO. Heiser, who was CEO of Inner Lakes Federal Credit Union, succeeded James Kifer. Kifer had led the bank for 20 years. “It’s been incredibly rewarding to be in this role over […]
Capital City Bank in Fla. buying unowned stake in mortgage lender
Capital City Bank Group in Tallahassee, Fla., will take over full ownership of Capital City Home Loans. The $4.2 billion-asset Capital City, which already owns 51% of the mortgage lender, said it will buy the remaining 49% interest on Jan. 1. The purchase price will be based on the capital account balances of the mortgage […]
Bethpage FCU in NY to rebrand as FourLeaf Federal Credit Union
Bethpage Federal Credit Union in Bethpage, N.Y., is rebranding as FourLeaf Federal Credit Union. The $13.4 billion-asset credit union aid the change will occur in the first quarter. It will include a color update and a new logo. “As we navigate an ever-evolving landscape, we recognize the importance of adapting to meet the changing needs […]
Moody’s buys loan-origination platform Numerated
Moody’s in New York has acquired loan-origination platform Numerated Growth Technologies for an undisclosed amount. Moody’s said in a press release that the acquisition builds on a partnership announced in January that integrated Numerated’s front office, decisioning and loan operation technologies with Moody’s credit assessment, underwriting and monitoring expertise. Numerated, which uses data and artificial […]
Robinhood to buy custodial platform TradePMR for $300 million
Robinhood Markets has agreed to buy TradePMR, a custodial and portfolio management platform for registered investment advisers (RIAs). Robinhood said in a press release that the final deal consideration is expected to be about $300 million in cash and stock. The deal is expected to close in the first half of 2025. TradePMR has more […]
Small Business Bank in Kan. receives new Fed C&D order
The Federal Reserve has issued a new cease-and-desist order to Small Business Bank in Lenexa, Kan. The Fed said the order resulted from its May examination, which identified “new and continuing deficiencies” in the bank’s Bank Secrecy Act and anti-money laundering risk management and compliance. Small Business Bank, a unit of Gardner Bancshares, had already […]
Fed issues consent order to Industry Bancshares in Texas
Industry Bancshares in Industry, Texas, which has been embroiled in a battle with the Office of the Comptroller of the Currency, is now dealing with an enforcement action with the Federal Reserve. The Fed announced that the $5.1 billion-asset company agreed to a consent order requiring it to submit a written plan to strengthen board […]
Gruenberg to step down as FDIC chairman in mid-January
Martin Gruenberg has set a date for his retirement as chairman of the Federal Deposit Insurance Corp. Gruenberg, in an internal note to the agency’s employees, said he plans to step down on Jan. 19. “Over the coming weeks I hope to have the opportunity to speak with many of you and thank you personally […]
FirstSun, HomeStreet terminate planned merger
FirstSun Capital Bancorp in Denver and HomeStreet in Seattle have terminated their planned merger after failing to secure regulatory approval. The $8.1 billion-asset FirstSun agreed in January to buy the $9.4 billion-asset HomeStreet for $286 million. As part of the transaction, FirstSun planned to raise capital and HomeStreet planned to sell commercial real estate loans. […]
Buckley State in Illinois looking to hire president and CEO
Buckley State Bank in Buckley, Ill., is looking to hire a new president and CEO. The $50 million-asset bank is also looking to add the executives to its board, Gary Bohner at GARBO Financial Services shared in a LinkedIn post. Buckley State “is a good solid bank with an experienced staff,” Bohner said. “This is […]
PBT Bancshares to buy Kanza Financial in Kansas
PBT Bancshares in McPherson, Kan., has applied to acquire Kanza Financial in Kingman, Kan. PBT, the parent of the $1.2 million-asset Peoples Bank and Trust recently agreed to buy the holding company for the $270 million-asset Kanza Bank in a deal expected to close in the second quarter. The price wasn’t disclosed. “We are excited […]
Associated in Wisconsin to raise capital by selling common stock
Associated Banc-Corp in Green Bay, Wis., is raising up to $345 million that could be used to fine-tune its balance sheet. The $42.2 billion-asset company said it could sell up to 13.8 million shares of common stock if there is sufficient demand. Shares were priced at $25 each. Associated said that proceeds would used to […]
Star One Credit Union in Calif. invests in instant-payments CUSO
Star One Credit Union in Sunnyvale, Calif., has invested $4.5 million in a new credit union service organization (CUSO) focused on instant payments. The $9.9 billion-asset credit union is backing a CUSO created by Payfinia. The entity offers an open payments platform for credit unions and industry partners. Star One has been a Payfinia customer […]
AI-focused startup Zeplyn raises $3 million in new funding round
Zeplyn, a software-as-a-service company that streamlines wealth management workflows, has raised $3 million in a funding round led by early-stage venture capital firm Leo Capital. Converge VC and several angel investors also participated. The New York company, founded last year by former Google engineers, offers an artificial intelligence product for financial advisors and wealth management […]
Management turmoil, dysfunction contributed to Republic First failure
Republic First Bank failed in April largely because of a “dysfunctional” management and board that made it difficult for regulators to get a handle on the Philadelphia bank’s financial condition and capital-raising plans. The bank was closed by regulators and substantially all of its deposits and assets were sold to Fulton Bank. A material loss […]
Cascade FCU in Wash. hires banker as its next CEO
Cascade Federal Credit Union in Kent, Wash., turned to the banking industry to recruit its next leader. The $347 million-asset credit union said in a press release that it hired Sam Jimenez as its president and CEO. Jiminez succeeded Sarah Richardson, who will remain with the credit union through the end of this year to assist […]
Axos in Calif. forms technology and life sciences banking division
Axos Financial in San Diego has formed a technology and life sciences banking division after recruiting a banker from City National Bank. The company said in a press release that Rod Werner will lead the division. He was head of the technology banking division at City National. The new division will have teams in San […]