Bank Five Nine in Wis. lines up next CEO
Bank Five Nine in Oconomowoc, Wis., will soon have a new CEO. The $1.5 billion-asset bank said in a LinkedIn post that Tim Schneider will also become its president in October. Schneider previously served as a senior vice president at Nicolet National Bank. Before that, he was the CEO of Investors Community Bank in […]
Six big banks to participate in Fed climate-risk study
Six large U.S. banks will participate in a Federal Reserve pilot program designed to examine banks’ climate-related financial risks. The Fed said in a press release Thursday that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will participate in the program, which is expected to begin early next year. […]
Brookline in Mass. taps insider as next bank CEO
Brookline Bancorp in Boston will soon have a new bank CEO. The $8.5 billion-asset company said in a press release Thursday that William Tsonos will also become the president of Bank Rhode Island on Nov. 1. Tsonos, who joined Brookline in 2006, is the bank’s executive vice president of commercial lending. Tsonos will succeed […]
M&T to compensate clients harmed by integration
M&T Bank said it is taking steps to compensate customers who were stung by the Buffalo, N.Y., bank’s conversion of People’s United Financial in Bridgeport, Conn. The $204 billion-asset M&T, which bought People’s United earlier this year, experienced glitches and other issues as part of the integration process. “For customers who were unable to […]
First Bank in N.J. to offer credit lines to PE firms
First Bank in Hamilton, N.J., has expanded its commercial lending operations to serve private equity funds and their portfolio companies. The $2.6 billion-asset bank said in a press release that it will offer capital call lines of credit. Such loans are usually used to bridge gaps between the timing of an acquisition and the receipt […]
Trade groups file lawsuit against CFPB
Seven trade groups have filed a lawsuit against the Consumer Financial Protection Bureau alleging the agency exceeded its statutory authority when it updated its exam manual. The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, targets the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) […]
Orrstown to shutter five Pennsylvania branches
Orrstown Financial Services in Shippensburg, Pa., plans to close five branches and adjust its staffing model. The $2.8 billion-asset company said in a press release Wednesday that the moves are “designed to drive long-term growth, focus … on a rapidly changing banking environment and improve operating efficiencies.” The branches, all of which are in Pennsylvania, […]
Sterling in Mich. pays fine for defunct mortgage program
Sterling Bancorp in Southfield, Mich., will pay a $6 million civil money penalty as part of a formal agreement with the Office of the Comptroller of the Currency. The OCC said in a press release it had freed the $2.5 billion-asset company’s bank from the June 2019 formal agreement after determining it had “implemented all […]
Two de novo banks opened in September
A pair of de novo banks opened in September. Texas Traditions Bank in Katy opened on Sept. 6 after organizers raised the required $35 million in initial capital. Ryan Whitzel, a former market president for BancorpSouth, is the CEO. Keith Badough, who once was a community bank president at BancorpSouth, is the president. GS&L Municipal […]
FDIC gives conditional approval for two de novos
Two proposed de novo banks have received conditional approval from the Federal Deposit Insurance Corp. The FDIC signed off on Community Unity Bank in Birmingham, Ala., on Sept. 23. Organizers must raise about $23.2 million before the bank can open. Two former Talmer Bancorp bankers are behind the Community Unity effort. They filed their initial application with […]
Investor proposes buying big stake in Republic First
An investor group has proposed a transaction that would give it a large stake in Republic First Bancorp in Philadelphia. The group, which includes George Norcross and Gregory Braca, sent a letter to the $5.7 billion-asset company’s board on Sept. 22 proposing a transaction where the investors would invest $50 million in exchange for newly […]
Lakeland in N.J. settles DoJ redlining claims
Lakeland Bancorp in Oak Ridge, N.J., will invest $12 million in underserved markets around Newark, N.J., to settle redlining claims from the Department of Justice. The $10.4 billion company, which recently agreed to be sold to Provident Financial Services in Iselin, N.J., agreed to the third-largest redlining settlement in DoJ history. “Financial institutions that refuse to provide […]
Regions reaches $191M overdraft settlement with CFPB
Regions Financial will pay out $191 million as part of a settlement with the Consumer Financial Protection Bureau tied to an overdraft fee the Birmingham, Ala. company stopped charging in 2021. The $161 billion-asset company said in a press release that it will pay a $50 million civil monetary penalty and provide roughly $141 million […]
PNC buys PoS firm with restaurant focus
PNC Financial Services Group in Pittsburgh has acquired Linga, a point-of-sale firm that serves the restaurant industry. The $540.8 billion-asset PNC said in a press release that the deal will help it better serve its hospitality and restaurant industry clients. The price was not disclosed. The acquisition “reflects our continued commitment to expanding our corporate […]
Seattle Bank adds credit line to digital offerings
Seattle Bank has begun offering a personal line of credit through its digital channel. The $752 million-asset bank said in a press release that the product offers credit lines ranging from $15,000 to $150,000 with the ability to draw funds over time. “As the rate at which people digitally manage their money continues to accelerate, […]
Crypto lender Nexo buys stake in Wyoming bank
Nexo, a Swiss cryptocurrency lender, has acquired a stake in Hulett Bancorp in Hulett, Wyo. Nexo did not disclose the size of its stake in the parent of the $96.4 million-asset Summit National Bank, or how much it paid. Nexo said the deal will allow it to offer U.S. retail and institutional clients services such […]
ICBA selects Atlanta for new fintech accelerator office
The Independent Community Bankers of America is bringing its fintech incubator in-house with a new office in Atlanta. The ThinkTECH Accelerator has operated primarily out of Little Rock, Ark., since its formation in 2019. “Following four successful fintech accelerator programs and the tremendous interest in our accelerator program, the natural next step is to bring […]
First State in Nebraska to buy Farmers and Merchants
First State Bank in Loomis, Neb, has agreed to buy Farmers and Merchants Bank in Axtel, Neb. The $191 million-asset First State expects to complete its purchase of the $11.5 million-asset Farmers and Merchants by the end of this year. “We have always had a good working relationship with Farmers and Merchants and believe that […]
Provident in N.J. to buy Lakeland for $1.3 billion
Provident Financial Services in Iselin, N.J., has agreed to buy Lakeland Bancorp in Oak Ridge, N.J. The $13.7 billion-asset Provident said in a press release Tuesday that it will pay $1.3 billion in stock for the $10.4 billion-asset Lakeland. The deal, which is expected to close in the second quarter, priced Lakeland at 154% of […]
Provident in N.J. hires chief information security officer
Provident Financial Services in Iselin, N.J., has a new chief information security officer. The $13.7 billion-asset company said in a press release Thursday that it had hired Damiano Tulipani to fill the post. He will have a role overseeing Provident’s information and cybersecurity policies, procedures and practices. Tulipani “brings with him an impressive breadth and […]
Union County Savings adds high-profile general counsel
Union County Savings Bank in Elizabeth, N.J., has hired a former state banking commissioner as its general counsel. The $1.8 billion-asset bank hired Michael Horn, who is currently a partner at McCarter & English, according to ROI-NJ.com. “Mike’s legal acumen and experience in the banking industry is second to none,” Joseph Yewaisis, the bank’s chairman and […]
Three banks raise $72M via private placements
Three community banks recently raised capital through private placements. NexBank Capital in Dallas said in a press release that it brough in $50 million after selling nearly 200,000 shares of common stock. The $13.3 billion-asset company said it plans to use the net proceeds for growth capital and other purposes. KeyStone Bancshares in Austin, Texas, […]
CNB Financial in Pa. raises $91M in stock offering
CNB Financial in Clearfield, Pa., has raised $91 million after selling common stock. The $5.3 billion-asset company disclosed in a regulatory filing that it sold about 4.3 million shares at $23.50 each. The offering included more than 550,000 shares issued under the underwriters’ overallotment option. CNB said it plans to use the net proceeds from […]
BayFirst shutting down nationwide mortgage network
BayFirst Financial in St. Petersburg, Fla, is shutting down its nationwide network of mortgage production offices. The $922 million-asset company said in a Wednesday press release that the decision reflects “the precipitous decline in mortgage volumes and the uncertain outlook for mortgage lending over the coming quarters.” BayFirst will continue to originate mortgages in its […]
Southern Missouri to enter K.C. with Citizens acquisition
Southern Missouri Bancorp in Poplar Bluff has agreed to buy Citizens Bancshares in Kansas City, Mo. The $3.2 billion-asset Southern Missouri said in a press release Wednesday that it will pay $140 million in cash and stock for the $1 billion-asset parent of Citizens Bank and Trust Co. The deal, which is expected to close […]