The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Automotive company Stellantis applies for industrial loan company

Automotive company Stellantis has applied to form an industrial loan company in Utah. The company, formed by the 2021 merger of Fiat Chrysler Automobiles and the PSA Group, submitted its application for Stellantis Bank USA on Feb. 11. The application wasn’t immediately available. The filing comes just days after General Motors resubmitted its application to […]

Proposed Colorado bank nears 60% of fundraising goal

A proposed bank in Avon, Colo., continues to make progress on its fundraising goal. Battle Financial disclosed on LinkedIn that it brought in $1.8 million by issuing convertible debt in January. Organizers have now raised nearly $8.8 million, nearing 60% of their goal. The group first applied for deposit insurance in March 2022, outlining a […]

Sharon Bank in Pennsylvania taps insider as new CEO

Sharon Bank in Springfield, Pa., has a new CEO. The $164 million-asset mutual said in a LinkedIn post that William Mattern had also become its president. Mattern, who was chief lending officer, will also lead Sharon Bancorp and Sharon Mutual Holding Company. “Bill has played a significant role over the last seven years building strong […]

MVB in West Virginia sells majority stake in fintech Trabian Technology

MVB Financial in Fairmont, W.Va., sold its ownership in software development firm Trabian Technology. The $3.1 billion-asset company said in a press release that the sale occurred in January. The price wasn’t disclosed. MVB bought a majority stake in Trabian in April 2021. The fintech helped MVB create automated workflows for card transaction data.

Orrstown in Penn. names heir apparent to CEO

Orrstown Financial in Harrisburg, Pa., has set the stage for its next leader. The $5.4 billion-asset company said in a press release that Adam Metz had become its chief operating officer and it expected to become president and CEO in May 2026 when Thomas Quinn retires. Metz has been chief revenue officer since February 2019. […]

Wells Fargo freed from another regulatory order

Wells Fargo in San Francisco has been released from another regulatory order. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2018 consent order tied to its compliance risk management program. It is the tenth consent order closed by Wells Fargo’s regulators since 2019. […]

U.K. firm Wise to close Florida office, lay off 307 employees

Wise, a U.K.-based remittance firm, plans to close its Tampa, Fla., office and lay off about 307 employees. All affected employees were notified and will be given at least 60 days as a notice period before they are let go, Wise said in a WARN Notice sent on Feb. 7 to the Florida Department of […]

Genesis Bank in California to buy Excel Bank in cash deal

Stephen Gordon has finally put some of the capital committed to acquisitions to work. Genesis Bank in Newport Beach, Calif., agreed to buy EH National Bank in Beverly Hills, Calif., for an undisclosed amount of cash. EH National operates as the $300 million-asset Excel Bank, which has three branches, $238 million in loans and $242 […]

Superior Choice Credit Union CEO steps down

Superior Choice Credit Union in Superior, Wis., is looking for a new leader. Tim Foster shared in a LinkedIn post that he had resigned as CEO. He has led the credit union since January 2021. “The experience has been truly remarkable, providing invaluable lessons that can’t be learned in a training program or taught through […]

Standard Chartered in U.K. hired new CEO of the U.S. and Americas

Standard Chartered will soon have a new CEO for the U.S. and Americas. The U.K. bank said in a press release that Mandy DeFilippo will take on the role on March 24. DeFilippo, who was a managing director and chief operating officer of legal and compliance at Citadel Securities, will succeed Steven Cranwell. “I’m eager […]

nCino buys Sandbox Banking for $53 million

Technology company nCino bought Sandbox Banking. The company said in a press release that it paid $52.5 million in cash for Sandbox Banking, with an earn-out opportunity of up to $10 million based on financial and product development metrics. The deal is intended to strengthen nCino’s Integration Platform as a Service capabilities, including enhanced data […]

BHB Fund invests in BNPL software firm equipifi

The BHB Fund in Austin, Texas, has invested in equipifi, a fintech that helps financial institutions develop Buy Now, Pay Later platforms. The fund did not disclose the size of the investment. “As we grow our portfolio of top-tier fintech companies like equipifi, we continue to position community banks at the forefront of industry disruption” […]

Eagle Financial in Va. raises $50M through stock offering

Eagle Financial Services in Berryville, Va., raised $5o million from selling common stock. The $1.8 billion-asset company completed a public offering on Feb. 6. Eagle plans to use the net proceeds for general corporate purposes that could include continued growth, selling securities to reposition its balance sheet and supporting capital ratios. Keefe, Bruyette & Woods […]

TD Bank to sell remaining stake in Charles Schwab

TD Bank Group in Toronto will sell its remaining stake in Charles Schwab. The Canadian company said in a press release that it will divest its 10.1% stake through a registered offering and selling shares back to the brokerage firm. Schwab has agreed to buy $1.5 billion of its shares from TD conditional on the […]

Capital One, Discover push merger deadline to mid-May

Capital One Financial in McLean, Va., and Discover Financial Services have pushed the deadline for their merger back as they wait for regulatory approvals. Capital One agreed a year ago to buy Discover for $35.3 billion in a deal that was expected to close in early 2025. The companies disclosed in a regulatory filing that […]

Fulton in Pennsylvania forms capital markets business

Fulton Financial in Lancaster, Pa., has created a capital markets business. The $32.1 billion-asset company said it created the operation after naming Christopher Bigos as head of capital markets. Bigos previously served as a senior vice president of commercial real estate at Fulton. “As our clients continue to grow, we want to be there to […]

First Bancorp in N.C. promotes insider to serve as bank CEO

First Bancorp in Southern Pines, N.C., has a new bank CEO. The company said in a press release that G. Adam Currie took over the post from Michael Mayer. Currie will remain the bank’s president. “This transition is the culmination of a succession plan that has been in place for many years,” Richard Moore, the […]

CB Financial in Pa. cutting staff, parts ways with CFO

CB Financial Services in Carmichaels, Pa., laid off seven employees and announced the resignation of its chief financial officer. The $1.5 billion-asset company said in a regulatory filing that the layoffs account for about 5% of its staff. The company also entered into a severage agreement with Jamie Prah that includes $558,000 in severance. Including […]

Northpointe in Michigan files to conduct IPO

Northpointe Bancshares in Grand Rapids, Mich., is planning an initial public offering. The $5.4 billion-asset company, in its registration statement, did not disclose how many shares it plans to sell or how much it expects to raise. Northpointe said that some of the offering’s proceeds would be used to increase its on-balance sheet hold of […]

Bosshard family to merger pair of Wisconsin banks

Intercity State Bank in Schofield, Wis., will be absorbed by One Community Bank in Oregon, Wis. The $266 million-asset Intercity and the $2.2 billion-asset One Community are owned by the Bosshard family. The merger is expected to close later this year. Randy Balk, Intercity’s president and CEO, will retire on Feb. 28. Chris Pfender, the […]

Stablecoin-focused Telecoin gets conditional approval in Nebraska

Nebraska’s Department of Banking and Finance has given conditional approval for Telcoin Bank to open a digital asset bank. The proposed Norfolk, Neb., company said in a press release that it plans to offer fully regulated, bank-issued “Digital Cash” stablecoins, in addition to blockchain banking products and services. Telcoin Bank expects to open early this […]

Finovifi buys core processing company Modern Banking Systems

Finovifi in Birmingham, Ala., has acquired Modern Banking Systems in Omaha, Neb. Finovifi, which did not disclose how much it paid for the core processing company, said in a press release that it plans to integrate many of its products, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, with the MBS platform. “This acquisition represents a unique […]

OMB Bank in Missouri forms embedded finance division

OMB Bank in Springfield, Mo., has created an embedded finance division. The $1.4 billion-asset bank said that OMBX will offer banking solutions to fintechs and other digital companies. The platform will include compliance support, fraud prevention, payment processing, and analytics tools. “Embedded finance is revolutionizing the way businesses and consumers interact with banking services,” Steve […]

Fed releases Wells Fargo from 2011 consent orders

The Federal Reserve has freed Wells Fargo in San Francisco from a pair of consent orders. The orders, levied on the $1.9 trillion-asset company in 2011, involved past mortgage servicing activities and the legacy Wells Fargo Financial business. One order address claimed that Wells and nine other institutions had engaged in a pattern of misconduct […]