National Bank in Colo. flags $47M in chargeoffs on franchise and healthcare loans
National Bank Holdings in Denver warned that it expects material impairments on specific commercial loans in the third quarter, mostly involving credits in the franchise and healthcare industries. The company said the affected relationships carry $65 million in outstanding principal. Management is still assessing the remaining collateral and will charge the loans down to their […]
Blackhawk in Illinois to buy Liberty Bank in Iowa
Blackhawk Bancorp. in Milan, Ill., has agreed to buy Liberty Bancorp. in Durant, Iowa. The $2 billion-asset parent of Blackhawk Bank & Trust said in a statement that it expects to buy the holding company for the $186.2 million-asset Liberty Trust & Savings Bank in the fourth quarter. The price wasn’t disclosed. The acquisition “represents […]
Chemung in N.Y. to combine banks under single brand
Chemung Financial in Elmira, N.Y., will rebrand its banks under one name. The $2.8 billion-asset company said in a press release that Chemung Canal Trust Co., Capital Bank and Canal Bank will rebrand as Canal Bank & Trust. “For nearly 200 years, our organization has grown while staying true to the principles that have defined […]
American Bancorp in Ga. sells New Republic charter to Florida group
American Bancorp in Macon, Ga., has sold the charter of New Republic Bank in Charlotte, N.C., to a Florida investor group. Juno Bancorp in Palm Beach Gardens, Fla., applied in June to become a bank holding company by acquiring New Republic. American Bancorp announced the completed sale on Oct. 1; the price was not disclosed. […]
Parkway in Chicago raises $350M, introduces new leadership
Parkway Bancorp in Chicago has fresh capital and new leadership. The company said in a press release that it raised $350 million through a private placement of common stock co-led by investment funds managed by Patriot Financial Partners and Stone Point Capital. Most of the proceeds were used to complete a private tender offer to repurchase shares of […]
Proposed New South Bank in Florida receives conditional FDIC approval
Organizers of the proposed New South Bank in Tampa, Fla., have received conditional approval from the Federal Deposit Insurance Corp. The group must raise $25 million before the bank can open. In their application, organizers said the goal is to be profitable in the second year and to have $250 million of assets the following […]
First Merchants in Ind. taps bank president as its next CEO
First Merchants in Muncie, Ind., will begin 2027 with a new CEO. The $21 billion-asset company said in a press release that Mike Stewart will also become its president. Stewart, the bank’s president, will succeed. Mark Hardwick, who is retiring. “We wish Mark well and are grateful for his outstanding leadership through years of tremendous […]
Peoples in Ohio to leap above $10B-asset mark with Capital purchase
Peoples Bancorp in Marietta, Ohio, has agreed to buy Capital Bancorp in Rockville, Md. The $9.5 billion-asset Peoples said in a press release that it will pay $728.1 million in stock for the $3.9 billion-asset Capital. The deal, which is expected to close in the first half of next year, priced Capital at 191% of […]
Organizers renew effort to open D.C. bank for Ethiopian-Americans
A group has rejuvenated an effort to form a bank in Washington, D.C., that would focus on the Ethiopian-American community. Organizers have reapplied to the Federal Deposit Insurance Corp. to create Mooddai International Bank . The application wasn’t immediately available. Admassu Abebe is set to serve as chairman, according to the proposed bank’s website. Tekalign […]
Trustar in Virginia raises $28 million via private placement
Trustar Bankshares in McLean, Va., is raising $28.1 million through a private placement of common and preferred stock. The company said in a press release that it will sell the shares to JCSD Mclean Investors and certain Trustar directors. The additional capital will support the Bank after it buys branches and assets from Forbright Bank; […]
Valley in New York to buy Bluevine
Valley National Bancorp in New York has agreed to buy fintech Bluevine in Jersey City, N.J. The $66 billion-asset Valley said in a press release that it will pay $340 million in cash and stock for Bluevine. The deal is expected to close early next year. Valley will gain $2.1 billion of low-cost, digitally-sourced deposits […]
BCB in New Jersey continues cleanup with large loan sales
BCB Bancorp in Bayonne, N.J., has agreed to sell several portfolios of problem loans — most rated criticized or classified under the bank’s internal risk rating system — continuing the aggressive credit cleanup under new CEO Thomas O’Brien. BCB said it recently signed agreements with six separate buyer to sell loans with an aggregate unpaid […]
California regulator cites mismanagement for closing Nano Banc
Nano Banc in Irvine, Calif., was closed by California’s Department of Financial Protection and Innovation. The Federal Deposit Insurance Corp., appointed as receiver, entered into a purchase and assumption agreement with Sunwest Bank in Sandy, Utah, to assume substantially all of Nano Banc’s $686 million of deposits and acquire $476 million of assets. The DFPI, in […]
Mission Lane gains conditional OCC approval for national credit card bank
Mission Lane received conditional approval from the Office of the Comptroller of the Currency to become a nationally chartered credit card bank. The OCC approved the fintech’s application to form Mission Lane Bank National Association about five months after it was submitted. Mission Lane aims to bring affordable credit cards to consumers with limited access to […]
FDIC takes aggressive action after Old Glory Bank’s capital falls to 2.69%
The Federal Deposit Insurance Corp. has issued a sweeping prompt corrective action directive against Old Glory Bank in Elmore City, Okla., citing a leverage ratio of just 2.69% on June 30 and classifying the institution as “significantly undercapitalized.” The Aug. 28 directive required the bank to submit an updated capital restoration plan and imposed a […]
Gulf Winds Credit Union agrees to buy another bank ahead of rebrand
Gulf Winds Credit Union in Pensacola, Fla., has agreed to buy Peoples Exchange Bank in Monroeville, Ala. The $1.3 billion-asset Gulf Winds did not disclose how much it will pay Peoples Exchange Bancshares for its $212 million-asset bank. Regulatory approval is expected in mid-2027, with integration by early 2028. Gulf Winds agreed in August to […]
Patriot National in Conn. to raise $5.5 million by selling shares, warrants
Patriot National Bancorp in Stamford, Conn., will raise nearly $5.5 million after agreeing to sell common stock and warrants in a direct offering to accredited investors. The company disclosed in a regulatory filing that it will sell about 4.8 million shares of stock and roughly 960,000 five-year warrants to purchase non-voting common stock to unnamed […]
Central Bank of Oklahoma taps insider as next CEO
Central Bank of Oklahoma has a new CEO. The bank said in a press release that Matt Adams had also become its president. Adams was president of Central Bank’s Edmond and Oklahoma City market. “Matt has spent nearly two decades building relationships with our customers and communities in Oklahoma, and he understands what makes Central Bank […]
Sherburne State Bank in Minnesota to drop ‘State’ from its name
Sherburne State Bank in Becker, Min., will shorten its name. The $351 million-asset bank said it will rebrand as Sherburne Bank on Oct. 1. “Our renovation, our name rebranding, is all part of applying a new coat of paint to the bank, so to say,” President and CEO Allen Snegosky said in a statement. “We […]
Peoples Bancshares to buy First Peoples in Tennessee bank merger
Peoples Bancshares of TN in Madisonville, Tenn., has applied to buy First Peoples Bancorp in Jefferson City, Tenn. Peoples Bancshares, the holding company for the $456.1 million-asset Peoples Bank of East Tennessee, submitted its application on Sept. 18. It expects to buy the parent of the $219.5 million-asset First Peoples Bank of Tennessee by early […]
Credit-focused fintech Avant files for national bank charter
Avant has applied for a national bank charter. The fintech applied to the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to create Avant Bank. The bank would enable the fintech to expand access to affordable, transparent credit and offer banking products and financial health tools via a digital banking […]
WestStar in Texas to deepen N.M. presence with Southwest Capital deal
WestStar Bank Holding Co. in El Paso, Texas, has agreed to buy Las Vegas Bancorp. in Albuquerque, N.M. The $3.3 billion-asset WestStar said in a press release that it expects to buy the $500 million-asset parent of Southwest Capital Bank in the first quarter. The price wasn’t disclosed. The companies “share more than a commitment […]
Crux Analytics raises $2.2M in bank-backed seed round
Crux Analytics has raised $2.2 million in seed funding to help institutions engage, acquire, and retain high-potential business relationships. The fintech said in a press release that Castle Creek Launchpad, a joint venture fund with 34 community banks as limited partners, led the raise, with participation from Chartway Ventures, One Washington Financial and Curql. The funding will […]
Unity Bancorp in N.J. finalizes CEO succession
Unity Bancorp in Clinton, N.J., will have a new CEO in 2027. The $3.2 billion-asset company said in a press release that George Boyan will succeed James Hughes on March 31. Hughes, who is retiring, will remain on the board. Boyan has been Unity’s president since Jan. 1. “Jim Hughes has left an indelible mark […]
Seaman’s Bank in Mass. taps CFO as its next leader
Seamen’s Bank in Provincetown, Mass., has a new leader. The $478.5 million-asset bank said in a LinkedIn post that its board of trustees appointed Michael Silva as president and CEO. Silva has been interim president since May; he will remain treasurer until a successor is hired. Silva was chief financial officer before becoming interim president. […]