Fed ends enforcement action against United Texas Bank
The Federal Reserve Board terminated a two-year-old enforcement action against United Texas Bank in Dallas. The original cease-and-desist order, issued in September 2024, stemmed from a May 2023 exam that found “significant deficiencies” in the $1.1 billion-asset bank’s risk management tied to foreign correspondent banking and virtual currency customers. The C&D also cited concerns tied […]
OCC gives conditional approval to planned OpenReserve Bank
OpenReserve Bank has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter. The proposed bank, which submitted its applications in April and recently raised $25 million in a seed round led by a16z, would operate out of Salt Lake City and offer lending, deposit, stablecoin, digital treasury, […]
Simmons in Ark. closing 26 branches under broad efficiency push
Simmons First National in Pine Bluff, Ark., is closing 26 branches in five states. The company disclosed in a regulatory filing that it will close the locations by Dec. 3. The closures will impact about 100 employees; about 70% will be retained. Simmons is closing six branches in Arkansas, Tennessee, and Texas. Another five will […]
Revolut receives conditional OCC approval for national bank charter
U.K. neobank Revolut has received conditional approval from the Office of the Comptroller of the Currency for a U.S. national bank charter. Revolut said in a press release that it is working through remaining applications and approvals with the Federal Deposit Insurance Corp. and the Federal Reserve. The goal is to open the bank next […]
Georgia Skyline organizers scrap de novo plan to buy Virginia bank
Organizers of the proposed Georgia Skyline Bank in Roswell have shifted gears and will instead buy and recapitalize Highlands Community Bank in Covington, Va. The group, which received conditional approval from the Federal Deposit Insurance Corp. in December, now plan to buy the $190 million-asset Highlands. The plan is to still use the charter to […]
Digital money network Cari raises $32.5M in bank-driven funding round
Cari, a bank-governed digital money network founded by Gene Ludwig, has raised $32.5 million in the first tranche of its initial external funding round. The investments came entirely from banks, including design partners First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, and SouthState Bank. Glacier Bank also participated. Cari began working with […]
STAR Financial in Iowa launching digital banking unit Denova
STAR Financial Group in Fort Wayne, Ind., is planning to launch a digital banking unit to support small businesses and entrepreneurs. The parent of the $3 billion-asset STAR Bank said that the planned Denova would offer digital checking and savings accounts, bill pay, wire transfers, and concierge-style support through embedded chat and business specialists. The […]
Parkside Financial expanding in Colorado with First American deal
Parkside Financial in St. Louis, Mo., has agreed to buy First American Bancorp in Greenwood Village, Colo. The $1.1 billion-asset Parkside said in a press release that it expects to buy the $277 million-asset First American in a cash-and-stock transaction expected to close in the fourth quarter. The price wasn’t disclosed. “First American has built […]
Equity Bancshares in Kansas to buy Lincoln Bancorp in Iowa
Equity Bancshares in Wichita, Kan., has agreed to buy Lincoln Bancorp in Reinbeck, Iowa. The $7.7 billion-asset Equity said in a press release that it will pay $123.8 million in cash and stock for the $1.7 billion-asset parent of Lincoln Savings Bank. The deal is expected to close in the fourth quarter. “This partnership marks […]
First National of Nebraska to buy InBankshares in Colorado
First National of Nebraska in Omaha has agreed to buy InBankshares in Denver. First National, part of the $35 billion-asset First National of Nebraska, said in a press release that it will pay between $200 million and $204 million in cash for the parent of the $1.4 billion-asset InBank. InBankshares shareholders may receive a special […]
TabaPay raises $155M, agrees to buy Transact Bank in Denver
TabaPay in Palo Alto, Calif., raised $155 million and agreed to buy Transact Bank in Denver. The money movement platform said in a press release that the funding round was led by FTV Capital. The $6.5 million-asset bank would be rebranded as TabaBank if the acquisition closes; the price wasn’t disclosed. TabaHoldings is the proposed […]
Earned-wage fintech Immediate raises $13 million in new funding round
Immediate, an earned wage access and financial wellness platform, closed a $13 million Series B led by BankTech Ventures. The Birmingham, Ala., fintech said in a press release that Castle Creek Launchpad and BankSouth also participated in the funding round. Immediate also expanded its existing working capital facility with Always.bank. The capital will be used […]
Former FDIC chairman William Isaac dies
William Isaac, the former Federal Deposit Insurance Corp. chair who steered the agency through financial turbulence of the 1980s, died Friday at age 82 from complications related to Lewy body dementia. Isaac’s death came just months after he retired from Sarasota Private Trust. Isaac was appointed to the FDIC board in 1978 and later named […]
Mid Penn in Pennsylvania adds Gregory Braca to its board
Mid Penn Bancorp in Pennsylvania is adding a familiar name in area banking to its board. The $7 billion-asset company said in a press release that Gregory Braca will join its board on Sept. 16 Braca led TD Bank’s U.S. retail, commercial, and specialty banking operations as president and CEO of the $400 billion-asset institution. He […]
Essex Mortgage seeks bank charter in Texas
Essex Mortgage is seeking a bank charter. The business, legally known as Data Mortgage, applied with the Federal Deposit Insurance Corp. and the Texas Department of Banking to open Bank Elevated in Frisco. The applications were not immediately available.
BayFirst in Florida looks to raise $14M via rights offering
BayFirst Financial in St. Petersburg, Fla., plans to raise up to $14.4 million through a rights offering. The $1.1 billion-asset company said in a press release that it plans to sell about 4.1 million shares of common stock to existing shareholders at $3.50 a share. “We are excited for the next step in the recapitalization […]
Farmers & Merchants in Calif. restructures balance sheet
Farmers & Merchants Bank of Long Beach in California expects to report a net loss in the third quarter after restructuring its balance sheet. The bank said in a press release that it sold about $1 billion of low-yielding municipal bonds at a pretax loss of about $85 million. A portion of the proceeds were […]
Security National in Iowa lines up next CEO
Security National in Sioux City, Iowa, has a new leader lined up. The company said in a press release that Jeremy Craighead will become chairman, president, and CEO when D. Douglas Rice retires on Sept. 1. Rice will remain on the company’s board. Craighead is president of Security National Bank. “We are well positioned for […]
Luminate Bank in Minn. to buy mortgage operation
Luminate Bank in Falcon Heights, Minn., has agreed to buy First State Mortgage Services. The $554 million-asset Luminate said in a press release that it will buy assets from the business and will retain members of its team. The price wasn’t disclosed. “This is an important step forward for Luminate Bank and a powerful combination […]
Mutual Federal in Chicago plans second-step conversion
Mutual Federal Bancorp in Chicago is planning a second-step conversion to a fully stock-owned holding company. The parent of Mutual Federal Bank said in a press release that its mutual holding company currently owns about 77% of its outstanding common stock. The proposed conversion is expected to take place in the first quarter. Vedder Price […]
Home Federal in Tennessee promoting insider as next CEO
Home Federal Bank in Knoxville, Tenn., will start 2027 with a new leader. The bank said in a press release that Jonathan Mayfield will become its CEO when David Reynolds retires in December. Reynolds will remain chairman. Mayfield will remain president, a role he has held since 2025. “Jonathan brings a unique perspective on servant […]
First Financial in Indiana to buy First Illinois in $111 million deal
First Financial in Terre Haute, Ind., has agreed to buy First Illinois Corp. in Decatur. The $6.2 billion-asset First Financial said in a press release that it will pay $111.3 million in cash and stock for the parent of the $717 million-asset Hickory Point Bank. The deal, which is expected to close in the fourth […]
Zerohash resubmits national trust bank charter application
Zerohash in Chicago has resubmitted its application for a national trust bank charter. The crypto infrastructure provider’s initial application was returned in mid-July by the Office of the Comptroller of the Currency, which cited “insufficient materials.” Because the issue was an administrative error instead of substantial issues, Zerohash was able to quickly resubmit. The new […]
Mission Valley Bancorp in Calif. sets up next stage in succession plan
Mission Valley Bancorp in Sun Valley, Calif., has a new president. The company said in a press release that Brian Carlson had also become president and CEO of Mission Valley Bank. Carlson, who was managing director of SBA and president of total SBA, succeeded Tamara Gurney. Gurney, who remains the company’s CEO, will also become […]
Gulf Winds Credit Union in Fla. to buy bank, rebrand
Gulf Winds Credit Union has agreed to buy Madison County Community Bank in Madison, Fla. The $1.3 billion-asset credit union said in a press release that it will also rebrand as TruWorth Credit Union beginning in the spring. Gulf Winds didn’t disclose how much it will pay Madison Community Bancshares for its $212 million-asset bank. […]