MutualOne in Mass. taps insider as new CEO
MutualOne Bank in Framingham, Mass., has a new leader. The bank said in a press release that Kristin Carvalho had become its CEO. Carvalho, who was president and chief operating officer, succeeded Mark Haranas, who will remain chairman. Carvalho will remain president.
Fulton in Pennsylvania to close 15 branches
Fulton Financial in Lancaster, Pa., will close 15 branches in the coming months. Seven of the branches are in Pennsylvania, while the rest are out-of-state locations, a spokesman told WHTM. The first branches will close in mid-April. Fulton has more than 230 branches.
Midland States in Ill. posts loss due to purge of LendingPoint, Greensky loans
Midland States Bancorp in Effingham, Ill., reported a quarterly loss after stepping up efforts to distance itself from two lending arrangements. The $7.5 billion-asset company said in a press release that it lost $54.8 million in the fourth quarter. The loss included a $50.7 million loan-loss provision tied to the sale of its LendingPoint consumer […]
Heritage Financial in Wash. sells more lower-yielding securities
Heritage Financial in Olympia, Wash., sold more securities and restructured its bank-owned life insurance in the fourth quarter. The $7.1 billion-asset company said in a press release that its quarterly profit still doubled that of a year earlier, totaling $11.9 million. Heritage sold $35.6 million of lower-yielding investment securities at a $3.9 million pretax loss. […]
PNC president leaving to lead Fiserv
Fiserv has recruited the president at PNC Financial Services Group in Pittsburgh to become its next leader. PNC said in a press release that Michael Lyons is leaving to become president and CEO-elect at Fiserv. Lyons, who joined PNC in 2011, became president last year. “Mike has been with PNC for 13 years and has […]
Cadence to buy FCB Financial in Georgia for $104 million
Cadence Bank in Tupelo, Miss., has agreed to buy FCB Financial in Savannah, Ga. The $50 billion-asset Cadence said in a press release that it will pay $103.6 million in cash and stock for the parent of the $590 million-asset First Chatham Bank. The deal is expected to close in the third quarter. First Chatham […]
Horizon in Ind. sells more securities, divests mortgage warehouse business
Horizon Bancorp in Michigan City, Ind., reported a net loss in the fourth quarter after selling more underwater securities. The $7.8 billion-asset company said in a press release that it lost $10.9 million in the quarter. It sold $332 million of investment securities at a $39.1 million pretax loss. Horizon plans to repay about $200 […]
Triumph in Texas forms data-driven segment after buying tech firm
Triumph Financial in Dallas created a new data-focused business segment after buying a technology company. The $5.9 billion-asset company bought Isometric Technologies, or ISO, during the fourth quarter for an undisclosed amount. ISO provides service and performance scoring and benchmarking capabilities to the freight industry. As a result, Triumph created a new “Intelligence” segment, transferring […]
Origin in La. unveils plan to boost annual earnings by $21 million
Origin Bancorp in Ruston, La., announced a plan to improve annual pretax, pre-provision earnings by $20.8 million. The $9.7 billion-asset company said in a press release that the effort will include branch closings, layoffs, cash/liquidity management and securities and capital optimization strategies. Branch and staff consolidation, set for completion in the first quarter, will improve […]
William Penn in Pennsylvania received five offers as it looked for buyer
William Penn Bancorp. in Bristol, Pa., received offers from five potential suitors before agreeing to sell to Mid Penn Bancorp in Harrisburg, Pa. The $5 billion-asset Mid Penn agreed last fall to buy the $812 million-asset William Penn for $127 million in stock in a deal expected to close in the first half of this […]
Frontwave Credit Union to buy Community Valley Bank in California
Frontwave Credit Union in Oceanside, Calif., has agreed to buy Community Valley Bank in El Centro, Calif. The $1.4 billion-asset credit union said in a press release that it will pay $56.4 million in cash for the $316 million-asset bank. The deal is expected to close in the second half of 2025. Community Valley has […]
Ally to sell credit card business to Merrick Bank parent
Ally Financial in Charlotte, N.C., has agreed to sell its credit card business to CardWorks in Woodbury, N.J. Ally said in a press release that the sale to the parent of Merrick Bank includes about $2.3 billion in credit card receivables and 1.3 million active cardholders. The deal is expected to close later this year. […]
Civista in Ohio promotes insider to serve as bank president
Civista Bancshares in Sandusky, Ohio, has a new bank president. The $4.1 billion-asset company said in a press release that Charles Parcher will remain its chief lending officer. He succeeded Dennis Shaffer, who is still the company’s president and CEO and the bank’s CEO. “This change reflects Civista’s succession plan, a hallmark of a successful organization […]
Pathward offset hit from securities sale with gain from divested business
Pathward Financial in Sioux Falls, S.D., made the most of selling a business by shedding underperforming securities during the last quarter of 2024. The $7.6 billion-asset company said in a press release that it sold $160.6 million of debt securities in late November at a $15.7 million pretax loss. A month earlier, the company sold substantially […]
Old National’s president to retire in late June
Old National Bancorp in Evansville, Ind., disclosed that its president is retiring. The $54 billion-asset company said in a press release that Mark Sander will also step down as chief operating officer on June 30. He joined the company after its 2022 acquisition of First Midwest Bancorp, where he was president and COO. “It has […]
Guilford Savings to acquire Eastern Connecticut Savings Bank
Guilford Savings Bank in Guilford, Conn., has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich, Conn. The $1.1 billion-asset GSB agreed in November to buy the $264 million-asset Eastern Connecticut Savings. The deal is expected to close in the second quarter. Kyle Eagleson, GSB’s president, will succeed Timothy Geelan as CEO in […]
Hancock Whitney to buy Sabal Trust in Florida
Hancock Whitney in Gulfport, Miss., has agreed to buy Sabal Trust Co. in St. Petersburg, Fla. Hancock Whitney did not disclose what it will pay for the non-depository company, which has about $3 billion in assets under management. The deal is expected to close in the second quarter. The transaction is expected to be immediately […]
OCC written agreement labels Patriot Bank as being in a ‘troubled condition’
Patriot National Bancorp in Stamford, Conn., which is evaluating strategic options that could include its potential sale, is now operating under a written agreement with the Office of the Comptroller of the Currency that labeled its bank as being in a “troubled condition.” The $974.1 million-asset company disclosed in a regulatory filing that it must […]
SouthEast Bank in Tennessee settles DoJ discrimination claims
SouthEast Bank in Farragut, Tenn., will pay $1.5 million to settle claims by the Justice Department that it engaged in lending discrimination by disproportionately discouraging and denying Black and Native American graduates who were seeking to refinance their student loans. The agency’s complaint, which was in the Eastern District of Tennessee, alleged that the $2.9 […]
Pulaski Savings in Chicago becomes first bank failure of 2025
Pulaski Savings Bank of Chicago is the first bank to fail in 2025. The $49.5 million bank was closed by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold the bank’s $42.7 million of deposits to Millennium Bank of Des Plaines, Ill. Millennium also […]
American Honda Finance to pay $12.8M to settle CFPB claims
American Honda Finance in Torrance, Calif., will pay $12.8 million to address claims by the Consumer Financial Protection Bureau that it inaccurately reported that 300,000 borrowers were delinquent when their payments were paused during the pandemic. The CFPB asserted that, because the payments were deferred, the accounts should have been reported as current. The company […]
Glenwood State Bank president leaving to take role at ICBA
The president of Glenwood State Bank in Glenwood, Minn., is leaving to take a job at the Independent Community Bankers of America. Peter Nelson, who is leaving the $556 million-asset bank on Feb. 7, will become the ICBA’s senior executive vice president of member engagement. Kari Nelson was named to succeed Peter Nelson as interim […]
WaFd exiting mortgage lending, discloses ‘needs to improve’ CRA rating
WaFd in Seattle is getting out of mortgage lending. The $27.7 billion-asset company said in a press release that it recorded a $5.4 million restructuring expense tied to exiting the single-family mortgage lending market. The move, expected to take place between now and June, will save WaFd about $17 million annually. WaFd will cut about […]
FDIC files lawsuit against Silicon Valley Bank execs, directors
The Federal Deposit Insurance Corp. filed a lawsuit against 17 former executives and directors of Silicon Valley Bank that alleges gross negligence and breaches of fiduciary duty tied to the bank’s March 2023 failure. The lawsuit, filed in U.S. District Court for the Northern District of California, is seeking billions of dollars from the defendants, […]
Block to pay at least $130M to resolve issue with CFPB
The Consumer Financial Protection Bureau ordered Block, which operates Cash App, to refund customers $75 million to $120 million and pay a $55 million fine to the bureau’s victims’ relief fund. The CFPB said in a press release that it had determined that Block had weak security protocols for Cash App that put users at […]