OCC hits Chicago bank with consent order tied to alleged deceptive ads
Federal Savings Bank in Chicago is dealing with a consent order from the Office of the Comptroller of the Currency tied to alleged deceptive advertising to veterans. The OCC alleged that the $1.1 billion-asset bank instructed millions of consumers to contact the bank because they had “available funds.” The ad turned out to be a […]
Fed hits Community Bank and Trust in Ga. with C&D order
Community Bank and Trust – West Georgia in LaGrange has entered into a cease-and-desist order with the Federal Reserve. The C&D order instructs the $288 million-asset bank to improve board oversight, strengthen its senior management, and consider raising capital. The bank, which has been dealing with credit-quality issues, formed Phoenix Lender Services, a government-guaranteed lending […]
Southern First in S.C. could raise $65M via public offering
Southern First Bancshares in Greenville, S.C., plans to raise up to $65.2 million through a public offering of common stock. The company said in a press release that it plans to sell nearly 1.1 million shares of stock at $54 each. Another 157,500 shares could be sold if there is enough demand. The proceeds of […]
OpenAI buys personal finance fintech Hiro
OpenAI acquired personal finance fintech Hiro. Hiro announced the sale on its website. The price wasn’t disclosed. The Hiro application will shut down on April 20. Users can export data through settings until May 13. “For decades, personalized financial guidance has been too expensive, too generic, or too hard to access. ChatGPT is finally changing […]
Georgia group secures conditional FDIC approval for de novo bank
Organizers of the proposed Private Bank & Trust in Gainesville, Ga., have received conditional approval from the Federal Deposit Insurance Corp. The group must raise $19 million of capital before the bank can open. Organizers said in the application to form the bank that they were targeting at least $27 million in initial capital. Private […]
Compliance fintech Cable sells to Synctera
Synctera, a banking and payments platform, has acquired Cable, a compliance automation and control-testing company for banks and fintechs. Natasha Vernier, Cable’s co-founder and CEO, announced the sale on her company’s website. The price wasn’t disclosed, “I am incredibly proud of the changes we have kicked off in the banking industry,” Vernier wrote. “We’ve built the […]
Banking veteran hired as FDIC’s chief innovation officer
The Federal Deposit Insurance Corp. hired an innovative banker as its chief innovation officer. The agency said in a press release that Trey Maust had taken on the role. Maust recently served as executive chairman of Lewis & Clark Bank and as president and CEO of Bankevo. Benjamin Olson was named director of the FDIC’s […]
Points West in Colorado agrees to buy State Bank of Downs in Kansas
Points West Community Bank in Windsor, Colo., has agreed to buy State Bank of Downs in Downs, Kan. The $833.8 million-asset Points West applied with the Federal Deposit Insurance Corp. on April 13 to buy the $140.3 million-asset State Bank. The price wasn’t disclosed. “We want you to know that the things that matter most […]
Palo Alto Networks founder aims to buy Liberty Bank in California
Nir Zuk, founder of Palo Alto Networks, has applied with the Federal Reserve to buy a majority stake in Liberty Bank in Irvine, Calif. Zuk would become the $442 million-asset bank’s largest shareholder if the purchase is approved, according to published reports. The plan is to buy shares held by private equity firms Stone Point […]
Coastal Bend in Texas to buy First National Bank in Port Lavaca
Coastal Bend Bancshares in Corpus Christi, Texas, has agreed to buy First National Bank in Port Lavaca, Texas. The parent of the $661.7 million-asset First Community Bank said in a press release that it expects to buy the $381.3 million-asset First National in the second quarter. The price wasn’t disclosed. First National has four branches. […]
BayCom in California shakes up management, board
BayCom in Walnut Creek, Calif., has shaken up its C-Suite. The company said in a press release that Christopher Baron had become its president and CEO and will join the board. Baron, who recently served as president of commercial and community banking at Banc of California, succeeded George Guarini, who founded the bank. William Black […]
Proposed Houston bank to target underserved markets
The proposed Alba Bank in Houston would aim to be a minority depository institution. Organizers also plan to raise $30 million to $40 million in initial capital, according to their application to the Federal Deposit Insurance Corp. Alba’s founding philosophy centers on “local ownership, local management, and local decision-making,” the application said, intending to deliver […]
Catalyst to buy Lakeside Bancshares in Louisiana
Catalyst Bancorp in Opelousas, La., has agreed to buy Lakeside Bancshares in Lake Charles, La. The $282.9 million-asset Catalyst said in a press release that it will pay $41.1 million in cash for the $385.7 million-asset Lakeside. The deal, which is expected to close in the third quarter, priced Lakeside at 113.9% of its tangible […]
FinWise in Utah fulfills CEO succession plan
FinWise Bancorp in Murray, Utah, has a new leader. The company said in a press release that Jim Noone had become its CEO. He succeeded Kent Landvatter, who remains executive chairman. Noone was named the company’s president in 2024 and bank CEO last year. He will retain those roles. “Kent and Jim have worked in […]
Adams Community, Pittsfield Cooperative plan Mass. mutual merger
Adams Community Bank in Adams, Mass., and Pittsfield Cooperative Bank in Pittsfield, Mass., are planning to merge. The mutuals said in a press release that they will create a $1.5 billion-asset institution with 15 branches that will operate under Adams Community’s mutual holding company. Pittsfield Cooperative has $430 million of assets, while Adams Community has $1 billion […]
Five Rivers Bank in N.J. hires industry vet as new CEO
Five Rivers Bank in Paramus, N.J., has a new CEO. The bank said in a press release that Thomas Coughlin had also become its president. Coughlin founded Bayonne Community Bank in New Jersey in 2000 and built it to $3.8 billion of assets when it he ended his tenure. He will succeed C. Mark Campbell. […]
Cash management platform Lorum seeks national trust charter
Lorum has joined a fast-growing list of companies applying for a national trust charter. The multicurrency clearing and cash management platform applied to the Office of the Comptroller of the Currency on March 31 to create Lorum National Trust Bank. The charter would allow Lorum to seek a Federal Reserve account. That, in turn, would […]
Mt. McKinley Bank in Alaska selects insider as new CEO
Mt. McKinley Bank in Fairbanks, Alaska, has a new leader. The $640.7 million-asset bank said in a LinkedIn post that David Durham had become its president and CEO. “David brings a strong vision for the future and a deep commitment to the communities we serve,” the post said. “Under his leadership, the bank will continue […]
ICBA-led effort presses FDIC to reconsider deposit insurance for Edwards Jones
A large group of banking associations is petitioning the Federal Deposit Insurance Corp. to reconsider its decision to approve deposit insurance for Edward Jones. The FDIC gave the brokerage firm conditional approval in February. Edward Jones reapplied for an industrial loan charter in April 2025, resuming an effort it abandoned in late 2022. The Independent […]
Coinbase receives conditional OCC approval for trust charter
Coinbase received conditional approval for a national trust charter from the Office of the Comptroller of the Currency. The approval “is the result of years of investment in compliance, engagement with regulators, and belief that the right path forward for crypto is through the system — not around it,” Greg Tusar, co-CEO of Coinbase Institutional, […]
Community Bank Owatonna in Minnesota appoints new CEO
Community Bank Owatonna in Minnesota has a new CEO. The $98.4 million-asset bank said that Derek Skala had also become its president. Skala was vice president of credit, risk and business development at Central Farm Service. Skala “has built his banking career through progressive leadership roles with experience in credit administration and relationship management, along […]
Proposed Bank of St. George to have single financial backer
Bruce Jensen is again looking to lead a de novo bank in Utah. Jensen is the proposed CEO of Bank of St. George, which recently applied to the Federal Deposit Insurance Corp. He was also set to lead a bank with the same name that received conditional FDIC approval in 2019 but ultimately did not […]
Quaint Oak in Pa. freed from BSA-related consent orders
Quaint Oak Bancorp in Southampton, Pa., has been freed from May 2025 enforcement actions. The company disclosed in a regulatory filing that its bank was released from consent orders from the Federal Deposit Insurance Corp. and the state of Pennsylvania. The orders were tied to the bank’s compliance with the Bank Secrecy Act and followed […]
Longhorn Medical Holdings seeks BHC to buy Robert Lee State Bank
Longhorn Medical Holdings in Tyler, Texas, has applied to become a bank holding company so it can buy Robert Lee Bancshares in Robert Lee, Texas. Longhorn plans to form Ranger Bank to absorb the $44 million-asset Robert Lee State Bank. The price wasn’t disclosed. Commerce Street Capital advised the buyer.
Iowa Trust appoints top credit exec as next CEO
Iowa Trust & Savings Bank in Emmetsburg has a new leader lined up. The $523 million-asset bank said that Scott Menke will become CEO on April 21. Menke, who is the bank’s chief credit officer, will succeed Kris Ausborn, who is retiring.