Coastal Carolina to buy Beacon Holding in S.C. bank merger
Coastal Carolina Bancshares in Myrtle Beach, S.C., has agreed to buy Beacon Holding Co. in Charleston, S.C. Coastal Carolina said in a press release that it will exchange stock for the parent of Beacon Community Bank. The deal is expected to close in the third or fourth quarter. The combined bank will be rebranded as […]
Former SRM execs leading new vendor management firm for credit unions
Orion Financial in Memphis, Tenn., is looking to disrupt the status quo among vendor management consultants with an effort led by former executives from an established firm. Mark Mrva, who recently joined Orion from Strategic Resource Management, wrote on LinkedIn that the credit union had formed WonderLab Advisors, a new firm designed to help credit unions […]
ScotiaBank to buy MapleMark Bank in Texas
Scotiabank in Toronto has agreed to buy Maple Financial Holdings in Tulsa, Okla. The Canadian bank did not disclose how much it will pay for the parent of the $1 billion-asset MapleMark Bank. Most of the bank’s deposits are in the Dallas area. The acquisition “allows Scotiabank to offer FDIC deposit insurance to our clients, […]
SoFi buys lending fintech Peach Finance
SoFi bought Peach Finance, a California fintech that provides loan management and servicing software to financial institutions. The price wasn’t disclosed. Peach, founded in 2018 by Eddie O., Eran Sandler, and Gur Brosh, has raised $35.8 million in total funding, backed by SciFi VC, Caffeinated Capital, Background Capital, Nyca Partners, and Canapi Ventures. Its raised […]
Legend Bancorp to buy Graham Savings in Texas bank merger
Legend Bancorp in Bowie, Texas, has agreed to buy Graham Savings and Loan in Graham, Texas. The $1.2 billion-asset Legend said in a press release that it expects to buy the $160 million-asset Graham Savings this fall. The price wasn’t disclosed. “As a locally-owned, community bank focused on our employees, customers, and communities, we have […]
Former First Hawaiian CFO leading new Calif. de novo effort
An organizing group is looking to create Venture Coast Bank in Palo Alto, Calif. The application describes a one-branch de novo built around a relatively simple proposition: a back-to-basics community bank serving small and midsize businesses, retail customers, and local organizations. Venture Coast’s organizers plan to operate without affiliates or a complex organizational structure, leaning […]
Members Credit Union in Conn. mourns CEO’s passing
Members Credit Union in Stamford, Conn., is coordinating next steps following the death of its CEO. The credit union disclosed that Kathy Chartier had passed away. She was also Members’ president. “Kathy was a respected leader, mentor, and advocate for the credit union philosophy of people helping people,” the credit union said in a LinkedIn […]
Alliance Bancshares in Missouri to buy Anna State Bank in Illinois
Alliance Bancshares in Cape Girardeau, Mo., has agreed to buy ASB Management in Anna, Ill. The $399.9 million-asset Alliance expects to buy the parent of the $112.3 million-asset Anna State Bank in the fourth quarter, according to Olsen Palmer, which advised the seller. The price wasn’t disclosed.
Regions in Ala. pays $4.9M to settle DoJ claims tied to PPP loan
Regions Financial agreed to pay about $4.9 million as part of a Department of Justice settlement tied to claims the Birmingham, Ala., bank received government payments related to a Paycheck Protection Program loan that it shouldn’t have. The DoJ had alleged that the $161 billion-asset Regions approved forgiveness of a customer’s PPP loan in August […]
Axiom in Florida freed from 2024 formal agreement
Axiom Bank in Orlando, Fla., has been freed from a formal agreement with the Office of the Comptroller of the Currency. The bank disclosed that the OCC terminated the October 2024 agreement last month. “We are excited to announce the closure of this Formal Agreement in just over 18 months,” Ross Breunig, the bank’s president […]
Rockland FCU in Mass. to rebrand as Arise Financial
Rockland FCU in Rockland, Mass., rebranded as Arise Financial. The $3.7 billion-asset Rockland said in a press release that the new name “will reflect the credit union’s evolution and vision for the future of member-focused banking.” “Arise represents more than a new name and look. It reflects who we’ve always been and where we are […]
State National Bank in Texas hires new CEO
State National Bank in Groom, Texas, has a new leader. The bank said in a press release that Tracy Harris had become its president and CEO. Harris was the chief strategic planning and project officer at Texas Regional Bank. “Tracy is exactly the leader State National Bank needs right now,” the board said in the […]
Fintech Mercury raises $200 million in latest funding round
Mercury raised $200 million in a Series D fundraising round. The fintech said in a LinkedIn post that TCV led the round with participation from Sequoia Capital, Andreessen Horowitz, Coatue Management, CRV, Sapphire Ventures and Spark Capital. “We raised because the opportunity ahead of us is large and we intend to meet it,” CEO Immad Akhund […]
Clear Fork in Texas hires UMB Bank exec as next CEO
Clear Fork Bank in Albany, Texas, has its next CEO lined up. The $1 billion-asset bank said in a LinkedIn post that James Arnold will also become its president on June 1. Arnold, who was president and CEO of First Bank & Trust/UMB Bank in Lubbock, Texas, will succeed Tim Cooper, who will remain chairman. […]
BCB Bancorp in N.J. parts ways with its CEO
BCB Bancorp in Bayonne, N.J., parted ways with its CEO. The company disclosed in a regulatory filing that Michael Shriner had also stepped down as president and left the board. Ryan Blake, who is the chief operating officer, was named interim president and CEO.
Hometown Community to buy Manhattan Bancshares in Ill. bank merger
Hometown Community Bancorp in Morton, Ill., has agreed to buy Manhattan Bancshares in Manhattan, Ill. Hometown, the holding company for Morton Community Bank, said in a press release that it plans to buy the parent of First Bank of Manhattan and New Lenox in the fourth quarter. The price wasn’t disclosed. “We are excited to […]
Barney Frank, architect of post-crisis reform, dies
Former Rep. Barney Frank, the Massachusetts Democrat who helped create the rules that reshaped modern banking regulation after the 2008 financial crisis, had died. Frank, who was 86, served in Congress for 32 years. As chairman of the House Financial Services Committee during the financial crisis and its aftermath, he worked with former Sen. Chris […]
Community Heritage in Md. sells lower-yielding securities
Community Heritage Financial in Middletown, Md., has sold underperforming securities. The company said in a press release that it sold lower-yielding securities with a $73.3 million book value at a $3.9 million after-tax loss. The company plans to use the net proceeds to buy higher-yielding securities, with a projected earnback period between three and four […]
Bank First to buy PSB Holdings in Wisconsin
Bank First in Manitowoc, Wis., has agreed to buy PSB Holdings in Wausau, Wis. The $6.1 billion-asset Bank First said in a press release that it will pay $202.9 million in stock for the parent of the $1.5 billion-asset Peoples State Bank. The deal is expected to close in the fourth quarter. The acquisition “brings […]
Houston Bank & Trust opens after raising $35 million
Houston Bank & Trust has opened after receiving full regulatory approval. The organizers said in a LinkedIn post that they have opened a temporary office. The group had to raise $35 million in capital to satisfy the Federal Deposit Insurance Corp. The group first applied with the FDIC in February 2022 to form Houston Bank […]
Preferred Bank in Calif. to recover $5.7M from 2024 chargeoff
Preferred Bank in Los Angeles delivered some early positive news for its second quarter. The bank said in a press release that it entered into a settlement agreement on a previously charged-off C&I loan. The agreement calls for the bank to receive a total of $5.7 million over an 11-month period. The chargeoff was recorded […]
Alerus Financial in Minnesota sells three nonperforming loans.
Alerus Financial in Minneapolis sold three nonperforming loans. The company said the loans were tied to a construction, land and development relationship with a total net book balance of $33.6 million on March 31. The loans were on nonaccrual and represented the largest nonperforming relationship in the company’s portfolio, representing 62.3% of total nonperforming loans. […]
Amerant in Fla. removes ‘interim’ from CEO’s title
Amerant Bancorp in Coral Gables, Fla., has a permanent leader. The company said in a press release that Carlos Iafigliola had become president and CEO. He had been interim CEO since November. “Following a comprehensive search process, the board determined that Carlos is the right executive to lead Amerant into its next phase of value […]
GBank in Las Vegas hires former Bank of Idaho leader as its CEO
GBank Financial Holdings in Las Vegas has a new bank CEO. The company said in a press release that Jeffrey Newgard will also become president of GBank on June 8. Newgard, who was chairman, president and CEO of Bank of Idaho from 2015 to 2025, will succeed Ed Nigro, who will remain executive chairman. Bank […]
Grant County Bank in West Virginia rebrands as Highlands Bank
Grant County Bank in Petersburg, W.Va., has changed its name. The bank said in a press release that it had rebranded as Highlands Bank to reflect its extended service area. “This is a thrilling time for all of us as we prepare the transition to the Highlands Bank brand,” George Ford, the bank’s president and […]