Tioga-Franklin Savings Bank in Philadelphia fails
Tioga-Franklin Savings Bank in Philadelphia has failed. The bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold all deposits and substantially all assets to Second Federal Savings and Loan Association of Philadelphia. Tioga-Franklin had $68 million of assets and $67 […]
Trustar in Va. to buy branches from Forbright Bank
Trustar Bank in Great Falls, Va., has agreed to buy branches in Maryland from Forbright Bank. Trustar said in a press release that it will buy locations in Potomac and North Bethesda, along with a customer service hub in McLean, Va. The deal includes $750 million in deposits at a $19 million deposit premium. The […]
Exchange Bank in Calif. begins search for new president
Exchange Bank in Santa Rosa, Calif., is looking for a new leader. The $3.2 billion-asset bank said in a press release that Troy Sanderson will retire as president and CEO in the fourth quarter. The board will begin a nationwide search for Sanderson’s replacement. The plan is to hire a president who can eventually become […]
Nissan scraps plans for industrial loan charter: report
Nissan Motor Co. has reportedly abandoned plans for an industrial bank based in Utah. The automaker opted to cancel the initiative to prioritize cost-cutting measures as part of a broader corporate restructuring and shifting economic conditions, according to Automotive News. Nissan’s captive finance arm, Nissan Motor Acceptance Co., applied in June 2025 to form Nissan Bank […]
QNB in Pennsylvania aims to raise $42M by selling common stock
QNB Corp. in Quakertown, Pa., plans to raise at least $42.3 million by selling common stock. The company said in a press release that it will sell nearly 1.1 million shares of stock at $42 each. It could sell another 161,000 shares if there is enough demand. Proceeds could be used for a balance sheet […]
Pontiac Bancorp to buy Ottawa Bancorp in Illinois bank merger
Pontiac Bancorp in Pontiac, Ill., has agreed to buy Ottawa Bancorp in Ottawa, Ill. The parent of the $1.2 billion-asset Bank of Pontiac will pay $45.5 million in cash for the holding company of the $356 million-asset OSB Community Bank. The deal is expected to close in the first quarter. Pontiac was advised by Olsen […]
AI underwriting platform Kita raises $4.5M in seed round
Kita, an AI credit underwriting and assessment platform, raised $4.5 million in a seed round. The fintech said in a LinkedIn post that the round was led by BoxGroup, with participation from Y Combinator, Golden Gate Ventures, U.S. News & World Report, BEENEXT, and Kaya Founders, as well as angels from Apple and Mercor. “We’re building […]
Former NBA star clears hurdle for buying Iowa bank
Pro basketball player Harrison Barnes is inching closer to buying Community State Bank in Paton, Iowa. Shareholders of the $42.8 million-asset bank recently approved a sale to Barnes Bancorp. The Federal Reserve must still approve an application for Barnes Bancorp to become a bank holding company. Jeff Plagge, a lifelong banker, former state bank commissioner […]
Bryant Bank in Alabama names new president
Bryant Bank in Tuscaloosa, Ala., has shuffled its leadership team. The $2.9 billion-asset bank said in a press release that Mike Mitchell had become its president. Mitchell, who was chief credit officer, succeeded Claude Edwards, who became president emeritus and chief strategy officer. Patrick Hamner was named chief credit officer, succeeding Mitchell. Hamner was executive […]
Mint National Bank in Texas promotes director to top role
Mint National Bank in Kingwood, Texas, has a new CEO. Jason Cassity, a member of the $392.8 million-asset bank’s board, announced the new role on his LinkedIn account. “This is an exciting time for me and I couldn’t be happier that I’ll be working in my hometown of Kingwood again,” Cassity wrote.
Great American to buy Cottonwood Valley in Kansas bank merger
Great American Bank in Lawrence, Kan., has agreed to buy Cottonwood Valley Bank in Cedar Point, Kan. The $504.3 million-asset Great American said in a press release that it plans to buy the $38.3 million-asset Cottonwood Valley in the fourth quarter. The price wasn’t disclosed. “This merger brings together two community-focused institutions with shared values, […]
Old Glory Bank in Oklahoma, SPAC call of proposed merger
Old Glory Bank in Elmore City, Okla., will remain privately held after scrapping a plan to sell to Digital Asset Acquisition Corp., a special purpose acquisition company, to form a crypto-focused financial institution. Digital Asset Acquisition Corp. confirmed in an Aug. 13 regulatory filing that the companies had mutually terminated their agreement. The Federal Reserve would […]
HomeTrust in N.C. agrees to buy Blue Ridge Bank in Virginia
HomeTrust Bancshares in Asheville, N.C., has agreed to buy Blue Ridge Bankshares in Charlottesville, Va. The $4.4 billion-asset HomeTrust said in a press release that it will pay $448.1 million in stock for the $2.3 billion-asset Blue Ridge. The deal, which is expected to close in the first quarter, priced Blue Ridge at 140% of […]
Fraud prevention firm Entersekt appoints new CEO
Entersekt, a global provider of digital banking fraud prevention and payment security, has a new leader. The company said that Clare Conway had become its CEO. Conway, who was chief operating officer, succeeded founder and former CEO Schalk Nolte. Nolte will remain on the board and will advise on market insight, innovation and long-term strategy.
Citi to buy personalized cards rewards platform Kard
Citigroup in New York has agreed to buy Kard Financial. Citi said in a press release that it the undisclosed purchase price is not material to its financial results. Kard operates a commerce media and rewards platform that helps banks and fintechs deepen client engagement through personalized offers. Its embedded, machine learning-powered personalization and matching […]
CFO departures leads to musical chairs at Magnolia Bancorp in La.
Magnolia Bancorp in Metairie, La., is reshuffling its executive leadership team after Donice Wagner resigned as chief financial officer. Magnolia said in a regulatory filing that Wagner will also step down as the company’s secretary on Aug. 21. Wagner, who accepted those roles in September 2025, told management that she wanted to return to her […]
First Guaranty in La. hit with credit-related consent order
First Guaranty Bancshares in Hammond, La., has entered into a consent order with the Federal Deposit Insurance Corp. and the Louisiana Office of Financial Institutions directed toward addressing credit issues. The $4.1 billion-asset company disclosed the enforcement action in a regulatory filing. The order stems from an examination conducted in mid-2025 and covers a broad […]
BofA to pay up to $1.9 billion for stake in Indian lender
Bank of America in Charlotte, N.C., has agreed to buy up to a 49.9% stake in a lending business in a joint with Jio Financial Services in Mumbai, India. BofA will pay up to $1.9 billion, in the form of equity shares and warrants, for a stake in Jio Credit, a digital-first lender with $3.2 […]
Blue Ridge in Virginia widens 2Q loss on troubled loan
Blue Ridge Bankshares in Charlottesville, Va., booked a bigger second-quarter loss than it initially reported after increasing reserves on a problem loan. The $2.3 billion-asset company said in a press release that it lost $1.3 million in the second quarter, compared with the $200,000 loss it originally disclosed in late July. The company had previously […]
HBT to buy Tri-County Financial in Illinois for $205 million
HBT Financial in Bloomington, Ill., has agreed to buy Tri-County Financial Group in Mendota, Ill. The $6.7 billion-asset HBT said in a press release that it will pay $204.6 million in cash and stock for the $1.6 billion-asset Tri-County. The deal, which priced Tri-County at 131% of its tangible book value, is expected to close […]
CCBank in Utah rebranding as Accordia Bank
CCBank in Pleasant Grove, Utah, and its mortgage subsidiary are rebranding. The bank and Security Home Mortgage will rebrand as Accordia Bank and Accordia Mortgage. The change “is a strategic marketing and brand decision driven by … significant growth,” the bank said. “Recognizing that the organization had outgrown its current name, leadership initiated a rebrand […]
OCC denies bunq’s application to charter a U.S. national bank
The Office of the Comptroller of the Currency has rejected an application from Dutch fintech bunq to launch a national bank in the U.S., citing capital, management, and safety-and-soundness concerns that spanned nearly every factor regulators weigh in chartering decisions. The application, filed under the proposed name bunq US Bank, was sponsored by Bunq US […]
Great Lakes Credit Union in Ill. backs data integration CUSO
Great Lakes Credit Union in Bannockburn, Ill., has invested in Nook, a credit union service organization (CUSO) that provides data integration, member relationship management, and engagement technology for credit unions. Nook said the investment will support development of its data infrastructure and technology. The amount wasn’t disclosed. “Our investment in Nook reflects our belief that credit […]
AltaOne FCU in California invests in earned wage access platform
AltaOne Federal Credit Union in Ridgecrest, Calif., has invested in Veep Software. As part of the investment, the companies launched AnyTimePay, an earned wage access platform that lets members access wages they have earned before payday. The amount of the investment wasn’t disclosed. “At AltaOne, we are always looking for innovative ways to strengthen the […]
River City Bank in Calif. sells $121M in stock for two investors
River City Bank in Sacramento, Calif., sold $121.5 million in stock for two shareholders. The bank said in a press release that it sold 2.7 million shares for $45 each as part of the initial public offering, which was structured as a secondary offering for investors tied to the family of the bank’s founder. The […]