OneAZ Credit Union in Ariz. hires new CEO
OneAZ Credit Union in Phoenix has a new CEO. The $3 billion-asset credit union said in a press release that Brandon Michaels had also become its president. He succeeded Kim Reedy, who retired. Michaels previously served as head of corporate development at Allied Solutions. Before that, he was president and CEO of JSC Federal Credit […]
Mid-Southern investors approve investment bank proposal
Shareholders of Mid-Southern Bancorp approved an outside proposal that the Salem, Ind., company hire an investment bank to help it find a buyer. The $266.4 million-asset Mid-Southern disclosed in a regulatory filing that nearly 1.1 million shareholders backed the proposal by J. David Rosenberg that it retain an investment bank “to guide the company in […]
PacWest sells Civic Financial to New York real estate firm
Roc Capital Holdings in New York has acquired the origination assets of Civic Financial Services from PacWest Bancorp in Los Angeles. Roc360, a platform that serves residential real estate investors and originates business-purpose loans, said in a press release that it will use the Civic brand. The price wasn’t disclosed. Founded in 2014, Civic has […]
Edmonton Bancshares to buy Sumner Financial in Tenn.
Edmonton Bancshares in Edmonton, Ky., has agreed to buy Sumner Financial in Gallatin, Tenn. Edmonton, the parent for the $733 million-asset Edmonton State Bank, said in a press release that it will pay $26.82 a share for the parent of the $234 million-asset Sumner. Sumner has three branches. The acquisition “expands our market reach into […]
First Guaranty in La. raises $10M via private placement
First Guaranty Bancshares in Hammond, La., has raised $10 million through a private placement of common stock. The $3.2 billion-asset company said in a press release that it sold about 710,000 shares at $14 each. The placement included the company’s directors and accredited investors. “We have been frustrated by the unfair beating our stock has […]
Blue Foundry in NJ withstands challenge for board seats
Blue Foundry Bancorp in Rutherford, N.J., prevailed in its proxy contest with activist investor Larry Seidman. The $2.1 billion-asset company disclosed in a regulatory filing that its board nominees – J. Christopher Ely and Robert Goldstein – were elected to three-year terms at this year’s annual meeting. Each received more than 12.4 million votes from […]
NYCB to take over Signature’s midtown Manhattan lease
New York Community Bancorp in Hicksville, N.Y., has agreed to take over Signature Bank’s lease in midtown Manhattan. Empire State Realty Trust, which owns the building, said in a press release that the $123.7 billion-asset New York Community, through its Flagstar Bank unit, will lease roughly 313,000 square feet of office space. The lease is […]
Citizens in R.I. to pay $9M fine to resolve CFPB probe
Citizens Financial Group in Providence, R.I., will pay a $9 million fine to the Consumer Financial Protection Bureau to address claims its bank failed to investigate credit card billing disputes and fraud claims. The CFPB said in a press release that the $222.3 billion-asset Citizens also settled allegations that the bank failed to consistently refund […]
LGBTQ+ neobank Daylight to shut down
Daylight, an LGBTQ+ neobank, is shutting down. Rob Curtis, Daylight’s co-founder and CEO, announced the decision in a blog, stating that the neobank will cease operations on June 30. He pointed to the high interest rate environment made it challenging to build scale to serve the startup’s target market. “We really threw everything that we […]
VC firm QED raises $925M for fintech investment
QED Investors, a venture capital firm in Alexandria, Va., has closed two new funds to invest in fintech firms. QED said in a press release that it has $650 million in capital commitments for Fund VIII, an early stage fund, and $275 million for Growth II, a growth-stage fund. “We are excited, fortunate and privileged […]
Gouverneur Bancorp in NY plans second-step conversion
Gouverneur Bancorp in Gouverneur, N.Y., is planning a second-step conversion to become a fully stock-owned company. The $205 million-asset Gouverneur said in a press release that Cambray Mutual Holding Co. will sell its majority ownership in the company to the public. Depositors with qualifying deposits on Sept. 30 will have first priority subscription rights to […]
Fifth Third buys embedded finance platform
Fifth Third Bancorp in Cincinnati has acquired Rize Money, an Arlington, Va., embedded payments platform. The $209 billion-asset Fifth Third said in a press release that Rize Money provides payment infrastructure and risk management capabilities to fintechs and other technology companies. The price wasn’t disclosed. Fifth Third said that its embedded payments business is growing […]
JPMorgan Chase: First Republic adding $3B of revenue in ’23
JPMorgan Chase in New York projected that net interest income should increase by $3 billion because of its purchase of the failed First Republic Bank. The $3.7 trillion-asset company said in a disclosure in slides for its investor day that it expects to generate $84 billion of net interest income this year. It had previously […]
PacWest selling $3B of real estate construction loans
PacWest Bancorp in Los Angeles has agreed to sell a portfolio of real estate construction loans. The $44.3 billion-asset company disclosed in a regulatory filing that it will sell 74 loans with an aggregate balance of $2.6 billion to Kennedy-Wilson Holdings. Subject to certain conditions, PacWest will sell six more loans with a total […]
Adams Bank in Neb. working through ‘unusual activity’
Adams Bank & Trust in Ogallala, Neb., took its servers offline, disabling transactions using online banking and its mobile app, after being alerted to unusual activity “indicative of a cybersecurity threat.” The $1.3 billion-asset bank disclosed the issue on Tuesday via its Facebook page. The bank said it had hired third-party specialists to assist in […]
Bank of Marin starts to see deposits returning
Bank of Marin Bancorp in Novato, Calif., has regained its footing with deposits. The $4.1 billion-asset company shared in a presentation that it added $14.5 million of deposits between March 31 and May 10. That was a 0.4% increase from the end of the first quarter. The traction is notable because Bank of […]
LCNB entering northern Ky. with Cincinnati Bancorp purchase
LCNB Corp. in Lebanon, Ohio, has agreed to buy Cincinnati Bancorp in Cincinnati. The $1.9 billion LCNB said in a press release that it will pay $43.7 million in cash and stock for the $305 million-asset Cincinnati Bancorp. The deal, which is expected to close in the fourth quarter, values Cincinnati Bancorp at 108.9% of […]
Austin Capital Bank in Texas has new president
Austin Capital Bank in Austin, Texas, has a new president. Mark DeBiasio announced his hiring by the $329 million-asset bank on his LinkedIn account. DeBiasio previously served as chief financial officer at NexTier Bank in Kittanning, Pa.
Louisiana Credit Union League hires new CEO
The Louisiana Credit Union League has a new CEO selected. The association said in a press release that Juan Fernandez Ceballos will also become its president in June. He is president and CEO of the Credit Union Association of New Mexico, a role he has held since 2021. Ceballos will succeed Steven Liberto, who has […]
Western Alliance in Phoenix still adding deposits
Western Alliance Bancorp. in Phoenix continues to bounce back from a turbulent time in the wake of high-profile bank failures. The $71 billion-asset company said in an investor presentation that it has added more than $2 billion of deposits in the second quarter, with $49.6 billion on its balance sheet. That represents a roughly 4% […]
F.N.B. invests $1 million in MDI credit union
F.N.B. Corp. in Pittsburgh has invested $1.1 million in Hill District Federal Credit Union in Pittsburgh. The $44 billion-asset F.N.B. said in a press release that the funds will help Hill District, a minority depository institution, deliver financial services and resources to underserved communities. The funding, in the form of an equity equivalent investment, is […]
Bank of America creates its first tech accelerator
Bank of America in Charlotte, N.C., has created its first accelerator. The Bank of America Breakthrough Lab will launch a six-month program in September. It will largely focus on entrepreneurs from underrepresented communities such as Black, Hispanic and Native American founders. The program, expected to occur annually, aims to collect applications over the next month. […]
Farmers & Merchants in Ohio rebrands as F&M Bank
Farmers & Merchants State Bank in Archbold, Ohio, has shortened its name. The $3 billion-asset unit of Farmers & Merchants Bancorp rebranded as F&M Bank. The plan includes a new logo and replacing signs at all branches by September. The rebranding followed “a multi-year brand exploration process,” the bank said in a press release. “F&M’s […]
Wesbanco in W.Va. accelerates CEO succession
Wesbanco in Wheeling, W.Va., will have a new CEO sooner than expected. The $5 billion-asset company said in a press release that Todd Clossin will also retire as president on Aug. 1. He will be succeeded by Jeffrey Jackson, the company’s chief operating officer. Clossin had originally planned to retire on Jan. 1. Wesbanco said […]
Georgia Banking raises $27M in private placement
Georgia Banking in Atlanta has raised $27.2 million through a private placement. The $1 billion-asset company raised the capital on April 28, according to data compiled by Performance Trust Capital Partners. The report did not disclose the investors or the pricing. Georgia Banking was recapitalized in 2021 by an investor group led by Bartow Morgan […]