New York Community to rebrand as Flagstar Financial
New York Community Bancorp in Hicksville will rebrand as Flagstar Financial. The $119 billion-asset company said in a press release that the name change will take place on Oct. 25. The rebrand marks “another milestone in our ongoing transformation,” Joseph Otting, the company’s chairman, president and CEO, said in the press release. “Over the past […]
Lowndes Bancshares in Ga. buys FMB Bancshares
Lowndes Bancshares in Valdosta, Ga., has acquired FMB Bancshares in Lakeland, Ga. The deal was disclosed by Performance Trust Capital Partners, which advised FMB. The price wasn’t disclosed. Farmers & Merchants Bank, FMB’s $695 million-asset bank, will continue to operate as a separate bank. Lowndes is the holding company for the $355 million-asset Commercial Banking […]
Border Bancshares in N.D. raises $5.2M via private placement
Border Bancshares in Fargo, N.D., has raised $5.2 million after selling common stock. The holding company for the $953 million-asset Border Bank completed a private placement on Oct. 8, according to data compiled by Performance Trust Capital Partners. The data did not disclose the pricing or the investors.
Fieldpoint in Conn. raises capital to address written agreement
Fieldpoint Private Bank & Trust in Greenwich, Conn., which is operating under a written agreement with the Federal Reserve, raised $5 million in a private placement. Fieldpoint Private Holdings, the parent company of the $1.4 billion-asset bank, raised the capital by selling stock on Oct. 7, according to data compiled by Performance Trust Capital Partners. […]
Securities sales cut into profit at FB Financial in Tennessee
FB Financial in Nashville, Tenn., reported lower quarterly profit that reflected its decision to sell underwater securities. The $12.9 billion-asset company said in a press release that its third-quarter earnings fell by 47% from a year earlier, to $10.2 million. FB Financial said it sold $318.6 million of available-for-sale securities at a $40.2 million loss. […]
National Bank of Arizona selects insider as its new CEO
National Bank of Arizona in Tucson has a new CEO. The $5 billion-asset bank said in a press release that Mark Stebbings had become its leader. The bank is a unit of Zions Bancorp. in Salt Lake City. Stebbings, who was the bank’s director of specialty and commercial real estate lending, succeeded Mark Young, who […]
Bankwell in Conn. says $8.2M chargeoff will impact 3Q results
Bankwell Financial Group in New Canaan, Conn., said its third-quarter results will be hit by an $8.2 million charge-off. The $3.1 billion-asset company said in a regulatory filing that the charge-off is tied to a $13.7 million commercial real estate loan. The loan is secured by a Class A suburban New Jersey office park, where […]
Bravera Holdings to buy VISIONBank in North Dakota
Bravera Holdings in Dickinson, N.D., has agreed to buy VISIONBank in Fargo, N.D. The $3.2 billion-asset Bravera said in a press release that it plans to complete its purchase of the $266 million-asset VISIONBank later this year. The price wasn’t disclosed. VISIONBank will continue to operate under its current name. “This is a strategic move […]
Citadel FCU pledges $6.5M to address redlining claims
Citadel Federal Credit Union in Exton, Pa., agreed to pay about $6.5 million to address claims that it failed to provide mortgage lending services to majority Black and Hispanic neighborhoods in and around Philadelphia. The Department of Justice accused the $5.8 billion-asset credit union of redlining between 2017 and 2021. Citadel will provide $6 million […]
Home in Ark. set aside $16.7M to cover potential Helene-related loan losses
Home BancShares in Conway, Ark., added $16.7 million to its loan-loss allowance to cover potential losses from Hurricane Helene. The hurricane made landfall late last month. The specific loan-loss reserve was recorded in the third quarter. “Due to the widespread devastation of Helene, it will take time to get clarity from customers on damages incurred, […]
Territorial investor vows to vote against Hawaiian company’s sale
An investor in Territorial Bancorp has vowed to vote against the Honolulu company’s pending sale to Hope Bancorp in Los Angeles. Yakira Capital Management in Westport, Conn., which owns about 1.2% of the $2.2 billion-asset Terrotorial’s common stock, said in a press release that the company’s board “is not acting in the best financial interest […]
State Bank of Southern Utah selects insider as its CEO
State Bank of Southern Utah in Cedar City will have a new CEO in 2025. The $2.5 billion-asset bank said in a press release that Trevor Andersen will also become its president on Jan. 14. He is the bank’s chief lending officer. “Trevor has a visionary approach to leadership and is well-equipped to navigate the […]
Family Savings Credit Union to buy two Ala. branches from Merit Bank
Family Savings Credit Union in Rainbow City, Ala., has agreed to buy two branches from Merit Bank in Huntsville, Ala. The $1 billion-asset credit union did not disclose the price it will pay the $400 million-asset Merit. The deal is expected to close in the first half of 2025. The branches include $27 million in […]
MainStreet in Va. to report 3Q loss to address nonperforming loans
MainStreet Bancshares in Fairfax, Va., expects to report a third-quarter loss due to nonperforming loans. The $2.1 billion-asset company said in a press release that it would likely lose 4 cents a share in the quarter after charging off $1.9 million to successfully offload $21.8 million in nonperforming loans. The loans, originated between March 2020 […]
Georgia Banking to buy Primary Bancshares in Atlanta
Georgia Banking Co. in Atlanta has agreed to buy Primary Bancshares in Atlanta. The $2 billion-asset Georgia Banking said in a press release that it will pay $27 million in cash and stock for the parent of the $352 million-asset Georgia Primary Bank. The deal is expected to close in the first half of next […]
First Interstate in Montana hires banking vet Reuter as its CEO
Jim Reuter’s retirement didn’t last long. The $30.2 billion-asset First Interstate BancSystem in Billings, Mont., hired Reuter to become its president and CEO, effective Nov. 1. He will succeed Kevin Riley, who had announced plans to retire. Reuter retired as president and CEO of FirstBank Holding in March. “Having spent more than 37 years in […]
Hills Bancorp. in Iowa selects insider as next CEO
Hills Bancorp. in Hills, Iowa, will start next year with a new leader. The $4.3 billion-asset company said in a press release that Lisa Shileny will become its CEO on Jan. 1. Shileny, the bank’s president and chief operating officer, will succeed Dwight Seegmiller, who plans to fully retire in April. Seegmiller has led the […]
Isabella in Mich. discloses exposure from deposit, loan relationships
Isabella Bank Corp. in Mt. Pleasant, Mich., disclosed about $5.6 million in exposure to two customers. The $2.1 billion-asset company said in a regulatory filing that it had been exposed to a $1.6 million loss tied to a single customer with negative balances on deposit accounts. “The financial impact could be lower and will depend […]
LendingClub, Pagaya buy intellectual property created by now-defunct Tally
LendingClub in San Francisco and Pagaya Technologies in New York have partnered to buy the intellectual property behind the now-defunct Tally Technologies. Tally’s consumer solution let users link credit cards, automate card payments and adopt strategies to lower interest costs and avoid late fees. The company also created an embedded, white-label B2B credit card debt […]
HAPO Community Credit Union to buy Community First Bank in Wash.
HAPO Community Credit Union in Richland, Wash., has agreed to buy Community First Bank in Kennewick, Wash. The $2.3 billion-asset credit union said in a press release that it plans to buy the $632 million-asset Community First in the third quarter of 2025. The price wasn’t disclosed. HFG Trust, a unit of Community First, will […]
Grasshopper in NY to buy Auto Club Trust in Michigan
Grasshopper Bank in New York has agreed to buy Auto Club Trust in Dearborn, Mich. The $835 million-asset Grasshopper said in a press release that it will raise about $35 million in conjunction with the acquisition. The deal is expected to close in the first half of next year. The price wasn’t disclosed. The $485 […]
Stryv Bank in Kansas promotes insider as next president
Stryv Bank in Wichita, Kan., has a new president. The $236 million-asset bank said in a press release that Zach Weast succeeded Cuy Mauck, who remains CEO. Weast, who joined Stryv in 2018, was the bank’s executive vice president, according to his LinkedIn profile. Stryv was created in September 2021 when Chisholm Trail State Bank […]
Mass. mutuals River Run Bancorp, Rollstone Bancorp to merge
River Run Bancorp in Newburyport, Mass., is planning to merge with Rollstone Bancorp in Fitchburg, Mass. The $2.6 billion-asset River Run said in a press release it plans to absorb the $900 million-asset Rollstone in the first half of next year. The mutuals did not disclose the merger’s terms. “As community banks face challenges that […]
How Bank Director’s AOBA conference spurred big bank merger
Discussions between WesBanco in Wheeling, W.Va., and Premier Financial in Defiance, Ohio seemingly began at the Acquire or Be Acquired conference hosted by Bank Director. The $18.1 billion-asset WesBanco agreed in July to buy the $8.8 billion-asset Premier for $959 million in a deal expected to close in the first quarter. Talks began on Jan. […]
NASB Financial in Mo. lines up new CEO for 2025
NASB Financial in Kansas City, Mo., will have a new leader in 2025. The parent of the $2.8 billion-asset North American Savings Bank said in a press release that Tom Wagers will retire in January. He will be succeeded by Enrique Venegas, who was recently promoted to serve as president. Wagers will remain on the […]