BCB in New Jersey suspends quarterly dividends
BCB Bancorp in Bayonne, N.J., has suspended its quarterly dividend as its new CEO looks to shore up capital. The company said ina press release that the suspension applies to common and preferred stock. The board also voted to suspend its 2026 amended and restated dividend reinvestment and stock purchase plan. “We will be undergoing […]
Ion Bank in Conn. makes Boston push with Cooperative Bank merger
Ion Financial in Naugatuck, Conn., has agreed to absorb Cooperative Bank in Boston. The $2.8 billion-asset Ion said in a press release that the $540 million-asset Cooperative will continue to operate as a division. Cooperative President and CEO John Battaglia will join Ion as president of the new division. The banks will create a $2.5 […]
North Shore in Wisconsin to buy PyraMax Bank parent
North Shore Bank in Brookfield, Wis., has agreed to buy 1895 Bancorp of Wisconsin in Greenfield. The $2.5 billion-asset North Shore said in a press release that it will pay $18.40 to $18.66 a share in cash for the parent of the $598 million-asset PyraMax Bank. The deal is expected to close in the fourth […]
South Plains in Texas lines up new CEO
South Plains Financial in Lubbock, Texas, will end this year with new leadership. The company said in a press release that Cory Newsom will become its CEO on Dec. 31. Newsom South Plains’ president, will succeed Curtis Griffith, who will retire. “Our leadership transition has been the result of many years of deliberate planning, and […]
ODNB in Virginia to buy D.C.’s oldest bank
ODNB Financial in Tysons Corner, Va., has agreed to buy National Capital Bancorp in Washington, D.C. The $1.6 billion-asset ODNB said in a press release that it will pay a blend of cash and stock for the $735.3 million-asset parent of National Capital Bank of Washington. The deal is expected to close in the fourth […]
Peoples Bancorp to buy Bank of Rantoul in Illinois bank merger
Peoples Bancorp in Newton, Ill., has agreed to buy Bancorp of Rantoul in Rantoul, Ill. The $729 million-asset Peoples expects to buy the parent of the $284 million-asset Bank of Rantoul in the fourth quarter. The price of the all-cash deal wasn’t disclosed. Bank of Ratoul has two branches. Rantoul Chairman and co-CEO Denny Long […]
Former Fiserv chief named next CEO of Truist in North Carolina
Truist Financial in Charlotte, N.C., has a new leader lined up. The company said in a press release that Mike Lyon will succeed Bill Rogers as president and CEO on Sept. 1. Lyon was CEO of Fiserv. Rogers, who has served as Truist’s CEO since September 2021, will serve as executive chairman until he retires […]
Ameris in Ga. faces $80M jury verdict in wrongful termination case
Ameris Bancorp is facing a potentially material legal setback after a federal jury in California awarded nearly $80 million in damages to a former executive who sued the Atlanta company over his termination. Ameris disclosed in a regulatory filing that Patrick Byrne filed a complaint on September 2024 against its bank in the U.S. District […]
United Community in S.C. to sell equipment finance business for $1.9 billion
United Community Banks in Greenville, S.C., agreed to sell its equipment finance business to funds managed by Wafra Inc., acting through Navitas TopCo. The $28.2 billion-asset United said in a press release that it is selling Navitas Capital for $1.9 billion in cash, resulting in a one-time pretax earnings benefit of $109 million. The sale […]
Isabella to buy Grand River Commerce in Michigan bank merger
Isabella Bank in Mt. Pleasant, Mich., has agreed to buy Grand River Commerce in Grandville, Mich. The $2.3 billion-asset Isabella said in a press release that it will pay $54.6 million in cash and stock for the $511.7 million-asset Grand River. The deal, which is expected to close in the fourth quarter, priced Grand River […]
Proposed Puerto Rican bank to focus on housing, digital banking
A group of organizers is seeking regulatory approval to launch Dorado Bank, a proposed Puerto Rico-chartered bank that would focus on residential mortgage lending, housing rehabilitation and digital banking. Organizers of the proposed Dorado Bank applied on May 26 with the Federal Deposit Insurance Corp. and the Puerto Rico Office of the Commissioner of Financial […]
Neobank Current raises $80 million in latest funding round
Neobank Current raised $80 million in a new funding round. The consumer fintech platform said in a statement that the Series E round was led by Springcoast Partners, establishing a $1.5 billion valuation. Springcoast will appoint a director as part of the investment. Earlier investors include Andreessen Horowitz, Tiger Global Management, and QED Investors. Current, […]
BancFirst to buy Spirit Bank in Oklahoma
BancFirst in Oklahoma City has agreed to buy Spirit BankCorp. in Tulsa, Okla. The $15 billion-asset BancFirst said in a press release that it expects to buy the parent of the $939.6 million-asset SpiritBank in the fourth quarter. The price wasn’t disclosed. Spirit Bank has $618.4 million in loans and $847.2 million in deposits. “Oklahoma […]
De novo Cornerstone Community Bank opens in Kentucky
Cornerstone Community Bank has opened in Owensboro, Ky. Organizers raised the $20 million in initial capital that the Federal Deposit Insurance Corp. required when it gave conditional approval in February. The application was submitted in August. Kyle Aud, a former market president at German American Bank, is CEO. Jonathan Lawson, a former chairman and president […]
AI-focused fintech AI raises $3 million in latest funding round
Titan, a fintech that helps financial institutions with the security, explainability, and domain expertise challenges with artificial intelligence, raised $3 million in new funding. Titan said in a press release that the funding round, led by Entropy Ventures, will support hiring as the fintech expands and builds banking‑native AI infrastructure. The fintech emerged from stealth […]
Truist adds former BofA exec Cathy Bessant to its board
Truist Financial in Charlotte, N.C., added a heavy hitter to its board. The company said in a press release that Cathy Bessant had become a director and will serve on its risk committee. Bessant, who recently served as CEO of Foundation for the Carolinas, was a long-time Bank of America executive. She retired as BofA’s […]
Farmer Mac finalizes its CEO succession
Farmer Mac lines up its next CEO. The agricultural secondary market provider said in a press release that Zachary Carpenter will take on the role on July 1. Carpenter, who is president and chief operating officer, will succeed Bradford Nordholm. Nordholm, who is retiring, will become a senior advisor to the CEO. “The board has […]
Popular reports cybersecurity incident at third-party processing firm
Popular in San Juan, Puerto Rico, is dealing with a cybersecurity incident tied to its third-party core financial transaction processing and IT services provider. The company disclosed in a regulatory filing that the incident at Evertec included personal data of certain customers, including debit card numbers and other information. Popular implemented enhanced fraud monitoring measures […]
First Carolina in N.C. aims to raise $83 million from upcoming IPO
First Carolina Financial Services in Raleigh, N.C., aims to raise $82.5 million from its planned initial public offering. The $3.4 billion-asset company disclosed in its prospectus that it plans to sell 5.5 million shares of common stock at a price range of $14 to $16 a share. Net proceeds could be deployed in several ways, […]
OceanFirst in N.J. purges multifamily loans from Flushing acquisition
OceanFirst Financial in Red Bank, N.J., agreed to sell a portfolio of multifamily loans as part of a balance sheet repositioning. The $23 billion-asset company said in a press release that it will sell $1.4 billion in loans, representing the majority of the multifamily loans it inherited when it bought Flushing Financial, to an unnamed […]
FirstSun in Colorado sells multifamily portfolio
FirstSun Capital Bancorp in Denver sold a portfolio of multifamily loans it inherited from its purchase of First Foundation. FirstSun said in a press release that it sold loans with a total contractual balance of $890 million to entities affiliated with Brookfield Asset Management. The pricing wasn’t disclosed. “Successfully completing the sale of this performing […]
New buyer emerges for troubled Summit National in Wyoming
A new buyer has emerged for Summit National Bank in Hulett, Wyo., after other sales efforts failed to close. Mode Eleven, the bank’s bankrupt holding company, recently received an offer from Kraken co-founder Arjun Sethi to buy the bank for $5.5 million, according to bankruptcy court documents. The offer includes a $750,000 nonrefundable deposit that […]
Execs at Security Bank in Minn. buy stake in Citizens Community in Wis.
A group of investors tied to Security Bank & Trust Co. in Glencoe, Minn., has acquired a 6.3% stake in Citizens Community Bancorp in Eau Claire, Wis. The group, in a regulatory filing, said it was open to discussing strategy, governance, board composition, or a potential transaction with the $1.8 billion-asset Citizens Community. Gale Hoese, […]
Group with Amerant ties planning new bank in Southern Florida
A group with ties to Amerant Bank is planning a new bank in Southern Florida. Organizers of the proposed Glades Bank & Trust applied to the Federal Deposit Insurance Corp. on June 2. Th bank would be based in Plantation, Fla., The filing was immediately available. Howard Levine, former chief consumer banking officer at Amerant, […]
Security Federal in S.C. lines up successors for retiring CEO, CFO
Security Federal in Aiken, S.C., made some key C-Suite changes. The company said in a press release that J. Chris Verenes will retire as its CEO on July 10. Darrell Rains, the chief financial officer, will retire on the same date. Rains joined the company’s board, while Verenes will become vice chairman. “The company and […]