Bancorp 34 in Scottsdale, Ariz., will rebrand its bank after it buys CBOA Financial in Tucson, Ariz. Bancorp 34 said on its LinkedIn page that its bank will become Southwest Heritage Bank. The $28 million deal is expected to close this year.
North Valley Bancshares in Zanesville, Ohio, has agreed to buy Commodore Financial Network in Somerset, Ohio. The deal is expected to close in the second or third quarter. The price of the all-cash deal wasn’t disclosed. The acquisition “aligns perfectly with our vision of expanding our footprint and enhancing our ability to deliver exceptional financial […]
Beacon Credit Union in Wabash, Ind., has agreed to buy Mid-Southern Savings Bank in Salem, Ind.. The deal is expected to close in the fourth quarter; the price wasn’t disclosed. MSB has three branches and two loan production offices. “We’re excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank’s customers and […]
New York Community Bancorp in Hicksville has filled two high-profile vacancies. The $113.9 billion-asset company said in a press release that it hired George Buchanan III as its chief risk officer and Colleen McCullum as chief audit executive. Buchanan previously served in the credit review area at Regions Financial. McCullum was chief audit executive at United […]
Primis Financial in McLean, Va., will restate three quarters of financial statements – and amend a fourth – to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that, following discussions with its accounting firm, it will restate filings for the first three quarters of 2023. The issue is tied to $33.7 […]
Metropolitan Bank Holding in New York is getting out of Banking-as-a-Service. The $7.1 billion-asset company disclosed in a regulatory filing that it decided early this year to exit all BaaS relationships. Metropolitan said that deposits obtained through BaaS relationships totaled $781 million, or 13.6% of deposits, at Dec. 31. Though Metropolitan expects “minimal financial impact” […]
New York Community Bancorp in Hicksville said that Thomas Cangemi had resigned as president and CEO, it had identified a material weakness, and that a goodwill impairment charge had deepened its fourth-quarter loss by $2.4 billion. The $116.3 billion-asset company disclosed in a regulatory filing that Cangemi will remain on its board. His departure “was […]
Indiana State University Federal Credit Union in Terre Haute is looking for a CEO. The $130 million-asset credit union said that Marie Shanks will also retire as president this fall. Shanks has been president and CEO since 2021.
A group has terminated an agreement to invest in Republic First Bancorp in Philadelphia. The group, which includes George Norcross III, Gregory Braca and Philip Norcross, agreed in September to invest $35 million in the $6.2 billion-asset Republic. The plan was for Republic will raise another $40 million from other investors. Republic First disclosed in […]
Green Dot in Austin, Texas, has set aside $20 million to cover a proposed consent order from the Federal Reserve tied to its compliance with anti-money-laundering regulations. The $4.8 billion-asset bank and fintech company said in a press release that the proposed order also covers consumer compliance matters that took place before George Gresham became […]
FirstBank in Lakewood, Colo., has a new CEO lined up. The $28.2 billion-asset bank said in a press release that Jim Reuter will retire on March 29. Reuter, who will remain on the board, will be succeeded by Kevin Classen, the bank’s president. The bank said that Kelly Kaminskas, its chief digital officer, will become […]
New Peoples Bankshares in Honaker, Va., will soon have a new leader. The $826.3 million-asset company said in a press release that C. Todd Asbury will step down as president and CEO on March 31. James Kiser, bank president and CEO, will succeed Asbury, who will become a senior advisor through May 31, 2025. Asbury […]
Esquire Financial Holdings in Jericho, N.Y., is headed to Southern California. The $1.6 billion-asset company said in a press release that it plans to open a branch in Los Angeles. The release did not give a timeline for opening the location. The branch “underscores our commitment to meeting the needs of law firms nationally and […]
Wells Fargo in San Francisco has recruited a former JPMorgan Chase executive to serve as its vice chairman. The $1.9 trillion-asset company said in a press release that Doug Braunstein will assist in growing its corporate finance and advisory businesses. Braunstein spent two decades at JPMorgan Chase, where he held several executive management roles, including […]
Southern States Bancshares in Anniston, Ala., has agreed to buy CBB Bancorp in Cartersville, Ga. The $2.5 billion-asset Southern States said in a press release that it will pay $27 million in cash and stock for the parent of the $310 million-asset Century Bank of Georgia. The deal, which is expected to close in the […]
Citizens National Bank in Bluffton, Ohio, has a new CEO. The $987 million-asset bank said in a press release that Eric Faulkner had succeeded Mike Romey. Faulkner, who joined the bank in 2009, has been acting president since 2019.
Stockton Bancshares in Stockton, Kan., has agreed to buy Coffeyville Bancorp in Coffeyville, Kan. Stockton, the parent of the $310 million-asset Solutions North Bank, said in a press release that it expects to buy the holding company for the $180 million-asset Community State Bank in the second quarter. The price wasn’t disclosed. Community State has […]
Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, have received conditional approval from the Federal Deposit Insurance Corp. Ilaria Rawlins, who would serve as the bank’s president and CEO, confirmed the approval in a message to The Bank Slate. She said the FDIC is requiring her group to raise $20 million. Rawlins added […]
Zions Bancorp. in Salt Lake City has shaken up its executive ranks following two retirements. The $87 billion-asset company said in a press release that A. Scott Anderson will retire as president and CEO of Zions Bank on April 1. He will become the bank’s non-executive chairman. Paul Burdiss, Zions’ chief financial officer, will succeed […]
Discover Financial Services would pay Capital One Financial in McLean, Va., a nearly $1.4 billion if it opts to sell to someone else. There would be no termination fee if the $35.3 billion deal is stymied by regulators, according to a copy of the merger agreement included in a recent regulatory filing. Capital One and […]
Lineage Bank in Franklin, Tenn., which once had big Banking-as-a-Service (BaaS) aspirations, is the latest fintech collaborator to receive an enforcement action from regulators. The $246 million-asset bank entered into a consent order with the Federal Deposit Insurance Corp. on Jan. 30 requiring it to address unsafe and unsound banking practices tied to third-party management […]
U.S. Bancorp in Minneapolis has formed a division to serve private capital firms and global asset managers. The $663 billion-asset company said in a press release that the new division will serve more than 200 private capital clients in areas such as fund custody and administration, lending and capital markets underwriting and distribution. Stephen Jeselson, […]
Chickasaw Community Bank in Oklahoma City will soon have a new CEO. The $485.5 million-asset bank said that Bill Schonacher will take over its top role on March 4. Schonacher was president and CEO of IBC Bank, according to his LinkedIn profile.
Mechanics Bank in Walnut Creek, Calif., is looking for a new CEO. John DeCero recently retired from the $18 billion-asset bank, according to the San Francisco Business Times. He plans to work as a paid consultant for the bank while focusing on real estate and other ventures. Mechanics, which said the split was “amicable,” has […]
Navy Federal Credit Union in Vienna, Va., will soon have a new leader. The $170 billion-asset credit union said that Dietrich Kuhlmann will become its president and CEO on March 1. Kuhlmann will succeed Mary McDuffie, who has led Navy FCU since January 2019. She announced plans to retire last fall. Kuhlmann has been the […]