CSI to buy digital banking platform provider Apiture
Computer Services Inc. has agreed to buy digital banking platform provider Apiture. Live Oak Bankshares in Wilmington, N.C., disclosed in a regulatory filing that it will record a $20 million to $25 million pretax gain from selling its stake to CSI. Live Oak co-founded Apiture in 2017 as part of a joint venture with First […]
First Guaranty in La. reports bigger 2Q loss from provision increase
First Guaranty Bancshares in Hammond, La., has amended its second-quarter results to reflect a larger loan-loss provision and a bigger quarterly loss. The company disclosed in a regulatory filing that its loss widened from $5.8 million to $7.3 million. A big factor was the provision, which increased from $14.7 million to $16.6 million. First Guaranty […]
Klarna agrees to sell BNPL receivables to Nelnet
Klarna has arranged a new financing agreement where it will sell newly originated, short-term receivables from its Buy Now, Pay Later service to Nelnet Financial Services. Klarna said in a press release that up to $26 billion in total payment volumes should change hands as part of the agreement. Proceeds would be used to expand […]
Retired bank CEO joins First Interstate BancSystem board
First Interstate BancSystem in Billings, Mont., added some heft to its board. The company disclosed in a regulatory filing that Michael Scudder will serve as a director an initial term expiring at the 2028 annual meeting. Scudder retired as chairman of Old National Bancorp on January 2024. He was president and CEO of First Midwest […]
FS Bancorp in Washington selects insider as bank CEO
FS Bancorp in Mountlake Terrace, Wash., will soon have a new bank CEO. The $3.2 billion-asset company said in a press release that Matthew Mullet will take on the role at 1st Security Bank on Sept. 1. Mullet, who will remain president of FS Bancorp and the bank, will succeed Joe Adams, who will remain […]
SunMark to buy Wheeler Bancshares in Georgia
SunMark Bancshares in Perry, Ga., has agreed to buy Wheeler Bancshares in Alamo, Ga. The $381.6 million-asset SunMark did not disclose how much it will pay for the parent of the $181.9 million-asset Wheeler County State Bank. Performance Trust Capital Partners, which announced the deal on LinkedIn, advised Wheeler.
Capitol Bank in Wisconsin has new CEO
Capitol Bank in Madison, Wis., has a new CEO. Ken Thompson shared on his LinkedIn account that he had retired, though he will remain executive chairman of the $640.1 million-asset bank. Justin Hart, who was president, is now CEO. “My journey with Capitol Bank has been nothing short of extraordinary,” he wrote in a post. […]
BOSP Bancshares to buy Banner Bancorp in Wisconsin
BOSP Bancshares in Sun Prairie, Wis., has agreed to buy Banner Bancorp in Birnamwood, Wis. BOSP, the parent of the $742 million-asset Bank of Sun Prairie, said in a press release that it plans to buy the holding company for the $126 million-asset Banner Banks in the fourth quarter. The price wasn’t disclosed. D. Shannon […]
New Orleans group gets conditional FDIC approval to open bank
A group looking to form a bank in New Orleans has received conditional approval from the Federal Deposit Insurance Corp. Organizers of the proposed NOLA Bank must raise $26.4 million of initial capital. The bank, which was originally called InclusiveBANK before rebranding, is expected to open as a minority depository institution (MDI). Joe Omner is […]
Organizers look to open de novo bank in Kentucky
A group in Owensboro, Ky., is planning to form a bank. Organizers, operating as DC Storage LLC, have applied to the Federal Deposit Insurance Corp. to open Cornerstone Community Bank. The proposed de novo would focus on small and midsize businesses and their owners and employees, real estate investors and developers, and professionals. Kyle Aud, […]
Evolve Bank in Arkansas hires outsider as next CEO
Evolve Bank & Trust in West Memphis, Ark., has a new leader. The bank said that it hired Bob Hartheimer, a senior advisor at consulting firm Klaros Group, to become its CEO. Hartheimer, a director at CardWorks, also has experience at the Federal Deposit Insurance Corp. and Promontory Financial Group. The hiring “marks a turning […]
ENB Financial in Pennsylvania to buy Cecil Bancorp in Maryland
ENB Financial in Ephrata, Pa., has agreed to buy Cecil Bancorp in Elkton, Md. The $2.3 billion-asset ENB said in a press release that it will pay $30.8 million in cash for the $222 million-asset Cecil. The deal is expected to close in the first quarter. Cecil has four branches, $192 in deposits, and $163 […]
Gouverneur Bancorp in N.Y. hires outsider as its CEO
Gouverneur Bancorp in Gouverneur, N.Y., will soon have a new CEO. The $196.7 million-asset company said in a press release that Stephen Jefferies will also become president on Sept. 2. Jefferies, who was president and CEO of Community Bank & Trust in LaGrange, Ga., will succeed Charles Van Vleet Jr., who is retiring. Van Vleet, who […]
America’s Credit Unions lines up next CEO
America’s Credit Unions will soon have a new leader. The trade association said in a press release that Scott Simpson will become its president and CEO on Nov. 3. Simpson, president and CEO of the California Credit Union League, Nevada’s Credit Unions, and Utah’s Credit Unions, will succeed Jim Nussle. He will be based in […]
AOD Federal Credit Union to buy Alabama branch from bank
AOD Federal Credit Union in Oxford, Ala., has agreed to buy a branch in Prattville, Ala., from Merchants & Farmers Bank of Greene County in Eutaw, Ala. The $442 million-asset credit union did not disclose how much it will pay the $123 million-asset bank for the branch. The deal also includes $15 million in deposits […]
Primis in Virginia cuts Q2 profit after loan downgrades
Primis Financial in McLean, Va., lowered its second-quarter profit after downgrading three performing loans. The company disclosed in a regulatory filing that the changes reduced quarterly earnings by $6 million to $2.4 million. The changes stem from updated evaluations, including a $6.4 million commercial loan moved to “special mention,” a $30.7 million office property loan […]
Protection Bank Holding in Kansas to buy Haviland Bancshares
Protection Bank Holding in Protection, Kan., has applied with regulators to buy Haviland Bancshares in Haviland, Kan. The parent of the $96.8 million-asset Bank of Protection submitted its application with the Federal Reserve to buy the holding company for the $49.2 million-asset Haviland State Bank. The price hasn’t been disclosed. Protection Bank Holding will also […]
First Financial in Ohio to buy BankFinancial in Illinois
First Financial in Cincinnati has agreed to buy BankFinancial in Burr Ridge, Ill. The $18.6 billion-asset First Financial said in a press release that it will pay $142 million in stock for the $1.4 billion-asset BankFinancial in a deal it nicknamed “Project Cockpit.” The deal, which is expected to close in the fourth quarter, priced […]
CEO of Carter Bankshares in Va. to undergo surgery
The CEO of Carter Bankshares in Martinsville, Va., will undergo surgery to remove a growth in his abdomen. Litz Van Dyke informed employees of the surgery in a personal message included in a regulatory filing. Van Dyke said he began experiencing health changes that prompted consultations with physicians and a series of tests, which led […]
Stablecoin issuer Paxos applies for national trust charter
Paxos, which issues PayPal’s PYUSD stablecoin, has applied to convert its New York Department of Financial Services trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency. Paxos said in a press release that the move, if approved, would place it under federal oversight and “underscores […]
Rosedale Federal in Maryland to shorten its name
Rosedale Federal Savings & Loan Association in Nottingham, Md., is shortening its name. The $1.3 billion-asset bank said in a press release that it will become Rosedale Bank. “We haven’t changed it, but we’ve evolved the business model,” Kevin Benson, Rosedale’s president and CEO, said in the release. “I think this is just more reflective […]
Financial Federal in Tennessee selects insider as new CEO
Financial Federal Bank in Memphis, Tenn., has a new CEO. The $1 billion-asset parent of Financial Federal Bank said in a press release that William Tayloe is its new leader. Tayloe, who was president, succeeded Kent Wunderlich, who remains on the board.
Texas Partners Bank mourns passing of CEO J. Bruce Bugg Jr.
The leader of Texas Partners Bank in San Antonio has died. The $2.4 billion-asset bank did not immediately name a successor for J. Bruce Bugg Jr., who was its chairman and CEO. “Bruce’s vision of building a premier Central Texas banking franchise will continue with the same strength, clarity and purpose that define his leadership,” […]
Finward in Indiana freed from BSA-related consent order
Finward Bancorp in Munster, Ind., has been freed from a November 2023 consent order. The order, issued by the Federal Deposit Insurance Corp. and the Indiana Department of Financial Institutions, was tied to Finward’s compliance with the Bank Secrecy Act and related regulations. “We want to convey our sincere appreciation and thanks to our board […]
Berkshire in Boston to rebrand as Beacon after Brookline buy
Berkshire Hills Bancorp in Boston will rebrand after it buys Brookline Bancorp in Boston. The $11.6 billion-asset Berkshire said in a press release that it will become Beacon Financial after buying the $11.7 billion-asset Brookline. The $1.1 billion deal is expected to close in the third quarter. While the legal name of the combined bank […]