Patriot National in Conn. raising $50M, CEO to leave
Patriot National Bancorp in Stamford, Conn., announced an agreement to raise $50 million, along with the departure of CEO David Lowery. The $974.1 million-asset company said in a press release that Steven Sugarman is leading a group that will inject capital in exchange for common stock and non-voting preferred stock. FlyHouse Management is also part […]
Shore Bancshares in Md. to wind down real estate title subsidiary
Shore Bancshares in Easton, Md., is winding down the operations of its real estate title company. The company said in a regulatory filing that Mid-Maryland Title will stop conducting real estate closings on March 31. Mid-Maryland will eventually dissolve itself. “Operations will continue for as long as necessary to ensure that work in progress is […]
Fed issues C&D order to Frankewing Bancshares in Tennessee
The Federal Reserve issued a cease-and-desist order against Frankewing Bancshares in Frankewing, Tenn., after an exam found deficiencies in its ability to serve as a source of strength to its bank. The order requires the parent of the $508 million-asset Bank of Frankewing to take corrective measures that include capital conservation, debt restrictions, and enhanced regulatory […]
Group applies to form de novo bank in Oklahoma
A group led by banking veterans is looking to open a de novo in Edmond, Okla. Organizers of the proposed Novus Bank applied with the Federal Deposit Insurance Corp. on March 17. The group began planning the bank about a year ago, said Jim Canton, who is expected to serve as chairman and CEO. The […]
Blue Ridge Bankshares in Va. to sell mortgage operations
Blue Ridge Bankshares in Charlottesville, Va., will sell certain assets of its Monarch Mortgage division to an unnamed buyer. The company said in a press release that the deal should close by the end of this month; the pricing wasn’t disclosed. The decision “was an additional step in our strategy to refocus our efforts on […]
Legacy Community FCU to buy First Community Bank of Cullman
Legacy Community Federal Credit Union has agreed to buy First Community Bank of Cullman in Alabama. The $642.9 million-asset Legacy did not disclose how much it will pay Southern Community Bancshares as part of the all-cash transaction for the $103.6 million-asset First Community. The deal is expected to close later this year. First Community has […]
Navy Federal invests in Curql Collective’s innovation fund
Navy Federal Credit Union in Vienna, Va., has invested in Curql Fund II The $180 billion-asset credit union did not disclose how much it invested in the fund, which is operated by Curql, a collective with more than 130 credit unions. “Providing the best possible service to our members is always our focus at Navy […]
Cornerstone Bank in Mass. says president will retire in 2026
Cornerstone Bank in Spencer, Mass., said its leader will step down in 2026. The $1.6 billion-asset bank said that Randall Webber will retire as its president early next year. He has led Cornerstone since January 2020. Cornerstone, which recently agreed to merge with the $4.2 billion-asset PeoplesBank in Holyoke, Mass., did not announce a successor.
Organizers apply to open de novo bank in New Jersey
A group in New Jersey is looking to form a de novo bank. Organizers of the proposed Liberty Bank of New Jersey applied with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking on Insurance on March 4. The bank would have a branch in Verona with its corporate headquarters in Short Hills. […]
Latin America-focused fintech hires next CEO
NovoPayment, a Miami fintech that builds financial infrastructure in Latin America, has a new CEO. The company hired Rodrigo Rodas to step into the leadership role. He was a managing partner at IDC Ventures, a NovoPayment investor, and a co-founder of Rewardsweb, a loyalty rewards platform. NovoPayment also rehired Rama Ituarte to return as chief […]
Wells Fargo freed from another regulatory order
Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2021 consent order tied to loss mitigation practices in the home lending business. It is the 11th consent order closed by Wells Fargo’s […]
Lake Shore in N.Y. aims to raise at least $40M from second-step conversion
Lake Shore Bancorp in Dunkirk, N.Y., could raise up to $64 million from its planned second-step conversion. The $686 million-asset company disclosed in a registration statement that it plans to sell about 5.8 million to 6.6 million shares of common stock at $10 each. Net proceeds could range from $40.3 million to $63.7 million. Lake […]
SmartBiz Loans buys Centrust Bank in Illinois
Billfloat has acquired United Community Bancshares in Northbrook, Ill. The Federal Reserve approved the San Francisco small business lender’s BHC application on Feb. 21. The company, which operated as SmartBiz Loans, has begun referring to itself as SmartBiz Bank on its website. Billfloat operates as SmartBiz Loans. United was the parent company of the $148 […]
Rio Financial applies to buy Lone Star Capital Bank in Texas
Rio Financial Services in McAllen, Texas, has applied to acquire Lone Star Capital Bank in San Antonio. The application was filed with the Federal Deposit Insurance Corp. on March 12. The parent of the $941 million-asset Rio Bank agreed in late February to buy the $300 million asset Lone Star. The price wasn’t disclosed. Lone Star […]
MetroCity to buy First IB Bank parent in Georgia
MetroCity Bankshares in Doraville, Ga., has agreed to buy First IC Corp. in Doraville. The $2.9 billion-asset MetroCity said in a press release that it will pay $206 million in cash and stock for the $1.2 billion-asset First IC. The deal, which is expected to close in the fourth quarter, priced First IC at 146% […]
OnePay switching from Affirm to Klarna for installment financing
OnePay, a fintech that is majority-owned by Walmart, is breaking ties with Affirm Holdings to work with Klarna Group on installment financing products. Affirm confirmed the move in a regulatory filing, noting that the switch will take place later this year. Affirm has been offering pay-over-time products to Walmart’s customers. Over a six-month period that […]
U.K. digital bank to buy Michigan de novo Community Unity
OakNorth, a U.K.-based digital bank, has agreed to buy Community Unity Bank in Birmingham, Mich. OakNorth, which received approval in August from the Federal Reserve and the New York State Department of Financial Services to open a representative Office in New York, plans to leverage the bank acquisition to expand business lending across the United […]
OneMain Financial applies for ILC in Utah
OneMain Financial is the latest company to apply for an industrial loan charter. The company said in a press release that it applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form OneMain Bank in West Valley City, Utah. The bank would offer personal loans, auto finance, credit cards and […]
TD Bank to close 38 branches
TD Bank plans to close 38 locations. The bank applied with the Office of the Comptroller of the Currency to close the branches. The planned closures include six branches in Massachusetts, four in both Maine and New Hampshire, and two in Connecticut, according to published reports. “As we evaluate how customers interact with us and […]
GBank in Nevada files to apply for a Nasdaq listing
GBank Financial Holdings in Las Vegas plans to apply for a Nasdaq listing. The $1.1 billion-asset company said in a regulatory filing that it plans to list shares under the symbol GBFH. The filing involves the roughly 1.1 million shares GBank Financial sold in an October 2024 private placement. Many of those shareholders are individual […]
FDIC lets Block directly lend to Cash App users
Block received approval from the Federal Deposit Insurance Corp. to directly offer small consumer loans to Cash App customers. The fintech said in a press release that Square Financial Services will start offering and servicing Cash App Borrow in the coming weeks. Block, which has been making the loans through an external bank partner, said the […]
Planters in Mississippi to buy Cross Keys Bank in Louisiana
Planters Holding in Indianola, Miss., has agreed to buy BSJ Bancshares in Saint Joseph, La. The $2 billion-asset Planters did not disclose how much it would pay for the parent of the $598.1 million-asset Cross Keys Bank. The deal is expected to close in the third quarter. “We look forward to our combined companies continuing […]
Lake Shore in N.Y. freed from Fed written agreement
Lake Shore Bancorp in Dunkirk, N.Y., has been freed from another regulatory order. The $698 million-asset company disclosed in a regulatory filing that the Fed terminated a June 2023 written agreement. The Office of the Comptroller of the Currency freed Lake Shore’s bank from a consent order in December. Lake Shore has now begun the […]
NuMark Credit Union to buy Lemont National in Ill.
NuMark Credit Union in Joliet, Ill., has agreed to acquire The Lemont National Bank in Lemont, Ill. The $851 million-asset NuMark did not disclose the amount of the all-cash transaction. The credit union expects to buy the $52 million-asset Lemont National in the second half of this year. “It is clear to us that our […]
Legal settlement widens 4Q loss at Financial Institutions in N.Y.
Financial Institutions in Warsaw, N.Y. has settled civil litigation tied to its bank’s auto loan notification process. The $6.1 billion-asset company said in a press release that it agreed to make a $29.5 million cash payment to class members, release the debt owed to the bank, and remove adverse credit reporting for class members. The […]