OCC to streamline oversight across bank sizes and risks
In a major shift intended to modernize and streamline bank oversight, the Office of the Comptroller of the Currency announced a sweeping reorganization of its supervisory structure. The OCC said in a press release that it will combine midsize and community bank supervision will be combined with large bank supervision to create a single office. […]
Private Bancorp of America hires banking vet to expand footprint
Private Bancorp of America in La Jolla, Calif., hired a former leader of Montecito Bank and Trust to oversee its expansion into Santa Barbara County. The company said in a press release that George Leis would serve as executive vice president and market president and would be based in its Montecito, Calif., office. Leis retired […]
Simmons in Ark. reports lower profit due to provision spike
Simmons First National in Pine Bluff, Ark., reported lower quarterly earnings after its credit costs swelled. The $26.8 billion-asset company said in a press release that its first-quarter profit fell by 17% from a year earlier, to $32.4 million. The quarter included a $26.8 million loan-loss provision—more than half of which was tied to a […]
Global Payments realigning ops by selling Issuer Solutions, buying Worldpay
Global Payments in Atlanta announced a bold realignment of its business strategy, agreeing to divest Issuer Solutions and buy Worldpay. The merchant services provider said in a press release that it will sell Issuer Solutions to FIS for $13.5 billion. In a separate transaction, it will buy Worldpay from GTCR and FIS for $22.7 billion. […]
Former SVB execs: Bank’s collapse fueled by panic, not mismanagement
A new legal filing from former Silicon Valley Bank executives is pushing back against the Federal Deposit Insurance Corp.’s claim that executive negligence led to the bank’s historic collapse in March 2023. In a motion to dismiss the FDIC’s lawsuit, the former officers argue that the bank’s failure was the product of an extraordinary, social-media-driven […]
CFCU Community Credit Union in N.Y. rebrands as Beginnings
CFCU Community Credit Union in Ithaca, N.Y., has rebranded as Beginnings Credit Union. The $1.4 billion-asset credit union said it is made the change because the meaning of the acronym “CFCU” has evolved over time. “It’s time we have a strong, unified brand that reflects the reality of who we are today, and shines light […]
Trump purges NCUA board, firing Harper and Otsuka
In a stunning move, the White House dismissed Todd Harper and Tanya Otsuka from the National Credit Union Administration board, abruptly ending their tenures and throwing the agency’s regulatory direction into limbo. The decision leaves the NCUA without a quorum, effectively halting its ability to issue new rules or take formal board action. Harper, a […]
CBA of Georgia to invest in latest BankTech Ventures fund
The Community Bankers Association of Georgia will invest in the latest fund from BankTech Ventures. The association said in a press release that its board approved an investment in BankTech Ventures’ Fund 2. The investment was made possible by a special purpose vehicle formed by the Community Bankers Association of Illinois that lets Georgia community […]
AmeriServ and large investor sign consulting agreement
AmeriServ Financial has struck a deal with one of its largest shareholders, SB Value Partners, to help grow and streamline the Johnstown, Pa., company’s wealth management division. As part of a four-year agreement, SB Value Partners — which owns about 8.2% of AmeriServ’s stock — will provide advice on how the banking company can improve […]
Lewis & Clark Bank in Oregon to sell to Maps Credit Union
Marion and Polk Schools Credit Union in Salem, Ore., has agreed to buy Lewis & Clark Bank in Oregon City. The $1.4 billion-asset Maps Credit Union did not disclose the price it will pay for the $342 million-asset Lewis & Clark. The deal is expected to close around the first quarter of 2026. Lewis & […]
Franklin Financial in Pa. taps insider as next CEO
Franklin Financial Services in Chambersburg, Pa., will soon have a new leader. The $2.2. billion-asset company disclosed in a regulatory filing that Craig Best will become its CEO after its April 29 annual meeting. Best, Frankin Financial’s president, will succeed Timothy Henry, who will retire on May 2.
Banks in Georgia, Missouri raise capital from stock sales
Georgia Banking Co. in Atlanta and First Bancshares in Mountain Grove, Mo., raised capital by selling common stock. Georgia Banking, which recently bought Primary Bancshares, raised about $1.5 million through a private placement. according to data compiled by Performance Trust Capital Partners. First Bancshares, meanwhile, brought in $2 million in capital from its private placement. […]
Oak View Bankshares in Va. raises $8M via private placement
Oak View Bankshares in Warrenton, Va., raised nearly $8 million from a private placement. The company said in a press release that it sold nearly 560,000 shares of common stock at $14 each. The proceeds will be used for general corporate purposes. “We are pleased to announce the successful completion of the private placement,” Michael Ewing, […]
FDIC gives conditional approval for proposed Houston Bank and Trust
The Federal Deposit Insurance Corp. has approved its first new bank in 2025. The agency gave conditional approval to organizers of the proposed Houston Bank and Trust. The group must raise at least $35 million before opening the bank. The group first applied with the FDIC in February 2022 to form Houston Bank of Commerce […]
West Shore in Mich. buys Auto Club Trust’s wealth management ops
West Shore Bank in Ludington, Mich., bought the wealth management, investment advisory and trust services business of Auto Club Trust FSB in Dearborn, Mich. The $768 million-asset West Shore did not disclose the pricing for the all-cash transaction. “Our team is committed to providing personalized service, expert guidance, and customized solutions to help clients achieve […]
Itasca Bank in Illinois shuffles leadership
Itasca Bank & Trust in Itasca, Ill., has new leadership. The $772 million-asset bank said in a press release that John J. Hunt had become its president. Hunt, who will remain chief loan officer, succeeded James Mensching, who is chairman and CEO. Mensching succeeded Jack Mensching, who retired as chairman. Itasca “has built a legacy […]
Fintech Solid files for Chapter 11 bankruptcy protection
Solid Financial Technologies, also known as Wise Company, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The California-based fintech, which offers infrastructure for digital banking and payment processing, submitted its petition on Monday, listing both assets and liabilities in the $1 million to $10 million range. […]
Wealth management fintech Alinea raises $10M in Series A round
Alinea Invest, a wealth management fintech focused on younger investors, has raised $10.4 million in its Series A funding round. Eve Halimi, the New York company’s co-founder and co-CEO, announced in a LinkedIn post that the funding was led by Play Ventures and included GFR Fund, Y Combinator, Gaingels, FoundersX Ventures, and F7 Ventures. “A huge […]
Ripple to buy broker Hidden Road for nearly $1.3 billion
Ripple, a San Francisco company that provides digital asset infrastructure, has agreed to buy New York prime broker Hidden Road for nearly $1.3 billion. “We are at an inflection point for the next phase of digital asset adoption – the U.S. market is effectively open for the first time due to the regulatory overhang of […]
F.N.B. to buy Pittsburgh investment bank Raptor Partners
F.N.B. Corp. in Pittsburgh has agreed to buy Pittsburgh investment bank Raptor Partners. F.N.B. did not disclose the price it will pay for Raptor, which focuses on M&A, corporate finance, valuation advisory and private capital raising. The deal is expected to close in the second quarter. “The addition of investment banking rounds out our offerings, […]
First Citizens, FDIC end Silicon Valley shared-loss agreement
First Citizens BancShares in Raleigh, N.C., and the Federal Deposit Insurance Corp. have ended their shared-loss agreement tied to the 2023 failure of Silicon Valley Bank. First Citizens took over much of Silicon Valley Bank’s operations when it failed. The five-year shared-loss agreement covered an estimated $60 billion of loans. Under the agreement’s terms, the […]
PNC snags Blackrock exec as its new president
PNC Financial Services Group in Pittsburgh snagged a Blackrock executive to serve as its president. The company said in a press release that Mark Wiedman will also serve as president of PNC Bank. The company’s primary operating lines and regional presidents will report to Wiedman, who will then report to Chairman and CEO William Demchak. […]
First National Bank in Ohio promotes insider as its next CEO
First National Bank in Pandora, Ohio, has a new leader. The bank said in a press release that Brendon Matthews was named CEO. He has been serving as president since May 2024. Matthews succeeded Todd Mason, who retired. Mason remains on the board. “I am honored to serve the bank in this new role and […]
Southern Financial in S.C. hired new bank CEO
Southern Bank in Spartanburg, S.C., has a new leader. The bank said in a press release that M.J. Huggins III is its new CEO. Huggins recently served as director of credit risk management at United Bank. Huggins’ “deep understanding of community banking, combined with his proven track record of leadership and passion for serving local […]
Jim Nussle to retire as CEO of America’s Credit Unions
America’s Credit Unions has begun the search for a new leader. The advocacy group announced that Jim Nussle will retire once a successor is on board. The group hired Korn Ferry to assist a newly formed search committee. “After a long career in advocacy from both sides of the policy making table, leading CUNA and […]