MidFirst Bank in Oklahoma taps insider as new CEO
MidFirst Bank in Oklahoma City will have a new CEO. The $40 billion-asset bank said in a press release that Todd Dobson will succeed Jeff Records as CEO on July 1. Records will remain chairman. Dobson has been the bank’s president. “Todd’s elevation to CEO has long been the succession plan,” Records said. “We are […]
JPMorgan Chase gives Marianne Lake more responsibilities
JPMorgan Chase in New York is giving more responsibility to Marianne Lake, seen as a potential successor to CEO Jamie Dimon. Dimon, along with President Daniel Pinto, wrote in a memo to employees that Lake, CEO of consumer and community banking, will take over leadership of international consumer banking and the bank’s strategic growth office. […]
Pulaski Savings failed after years of issues, $21M of unaccounted for deposits
The collapse of Pulaski Savings Bank of Chicago is now the subject of an in-depth review by the FDIC’s Office of Inspector General, reflecting the exceptional loss to the Deposit Insurance Fund (DIF) and the alarming discovery that nearly $21 million in deposits were never recorded in the bank’s core system. The state-chartered mutual savings […]
Orange County Bancorp in NY planning public offering
Orange County Bancorp in Middletown, N.Y., plans to raise $37.5 million through a public offering. The $2.6 billion-asset company disclosed in a regulatory filing that it plans to sell 1.7 million shares of common stock. It could sell another 258,000 shares if there is enough demand. The company plans to use the net proceeds for […]
Patriot National in Conn. to raise $10.5 million by selling stock
Patriot National Bancorp in Stamford, Conn., plans to raise $10.7 million by selling stock. The $974 million-asset company disclosed in a regulatory filing that it will sell about 8.5 million shares directly to investors at $1.25 each. The company plans to use the proceeds for general corporate purposes, which may include capital expenditures, working capital, […]
North Shore Bank in Mass. taps insider as new CEO
North Shore Bank in Peabody, Mass., has a new leader. The $3 billion-asset bank said in a LinkedIn post that Mike Wheeler had taken on the new role. Wheeler was the bank’s president and chief operating officer.
Fed frees Wells Fargo from longstanding asset cap
Wells Fargo in San Francisco has been released from the Federal Reserve’s asset cap. The Fed said that the $1.9 trillion-asset company is no longer subject to the asset growth restriction from a 2018 enforcement action. The Fed determined that Wells Fargo had met all the conditions required by the enforcement action. Under the 2018 […]
Farmers State Bank of Oakley, Kansas, to buy Kaw Valley State Bank
Farmers State Bank of Oakley, Kansas, has applied to buy Kaw Valley State Bank in Eudora, Kan. The $300.8 million-asset Farmers State applied with the Federal Deposit Insurance Corp. on May 30 to buy the $73 million-asset Kaw Valley. The price hasn’t been disclosed. The deal is expected to close in the next three or […]
Chime could raise nearly $1 billion from its IPO
Chime Financial is shedding more light on the size of its highly anticipated initial public offering. The fintech, in an amended registration statement, included the calculation of filing fees tied to the IPO. Chime said it could sell up to 36.8 million shares of stock at $26 each, with the potential to raise $956.8 million. […]
Capital City Bank Group in Florida promotes insider as bank president
Capital City Bank Group in Tallahassee, Fla., has a new bank president. The $4.5 billion-asset company said in a press release that Bethany Corum will take on the role on July 1. Corum, who was chief operating officer, will succeed Tom Barron, who was named president of Capital City Bank Group and bank chairman. William […]
Southern Bancorp in Ark. to buy Ozarks Heritage in Mo. in CDFI merger
Southern Bancorp in Little Rock, Ark., has agreed to buy Ozarks Heritage Financial in Springfield, Mo., in a deal that would combine community development financial institutions. The $2.8 billion-asset Southern Bancorp said in a press release that it plans to acquire the parent of the $1.9 billion-asset Legacy Bank and Trust in the fourth quarter. […]
Thrivent forms industrial bank, absorbs its credit union
Thrivent Financial for Lutherans has merged its credit union into the newly created Thrivent Bank. The industrial bank, which is based in Salt Lake City, absorbed Thrivent Federal Credit Union in Appleton, Wis., on June 1. Thrivent was required to infuse at least $280 million of capital into the bank.
Greenlight AI raises $15 million in Series A funding
Greenlite AI has raised $15 million in Series A funding, bringing its total funding to $20 million. Greylock led the funding round with participation from Thomson Reuters, Canvas Prime, and Y Combinator. Greenlist AI said the new funding will allow for engineering team growth, go-to-market scaling and deepening partnerships with top financial institutions.
Wells Fargo selling railcar leasing business for $4.4 billion
Wells Fargo in San Francisco has agreed to sell the assets of its rail equipment leasing business. The $1.9 trillion-asset company said in a press release that it will sell the business to a newly formed joint venture between GATX Corp. and Brookfield Infrastructure for $4.4 billion. The transaction is expected to close by the […]
MainStreet Bancshares in Va. discloses data security incident
MainStreet Bancshares in Fairfax, Va., disclosed a data security incident that exposed information tied to less than 5% of its customers. The company disclosed in a regulatory filing that it became aware in March that an outside vendor to the core bank had been compromised. MainStreet activated its incident response process, concluding that “the incident’s […]
Princeton Bancorp in N.J. discloses issues with two CRE loans
Princeton Bancorp in Princeton, N.J., will recognize a $9.9 million impairment charge tied to two delinquent commercial real estate loans where it is a participant. The company disclosed in a regulatory filing that, at March 31, it $25.3 million of its nonperforming assets were tied to the CRE credits. Princeton said the lead lender for […]
Merchants National Bank in Ohio lines up new leader for 2026
Merchants National Bank in Hillsboro, Ohio, is ready to finalize its CEO succession. The $1.3 billion-asset bank said in a press release that Paul Pence Jr. will retire as CEO on Dec. 31. He will remain chairman. Denise Fauber, the bank’s president and chief operating officer, will succeed Pence. Fauber will remain president. The board […]
First Seacoast in N.H. promotes insider to serve as CEO
First Seacoast Bancorp in Dover, N.H., didn’t have to look far to find its next CEO. The $593 million-asset company said in a press release that James Brannen had stepped into the role. He was the company’s president. Richard Donovan, who is the chief financial officer, became president. “I have served on the bank’s board […]
OCC releases Wells Fargo from 2015 enforcement action
Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said that the Office of the Comptroller of the Currency terminated a 2015 agreement tied to previously held financial subsidiaries that were out of compliance with the Gramm-Leach-Bliley Act. Seven orders have been lifted this year, and 13 since […]
Woodsboro Bank in Maryland prepares for new CEO
Woodsboro Bank in Frederick, Md., has a new leader. The bank said in a press release that Rich Ohnmacht will become its CEO on July 1. Ohnmacht, who will remain president, will succeed Steve Heine, who will become a senior adviser and remain on the board. The board “is excited to expand the breadth of […]
First IC in Ga. received three offers before negotiation with MetroCity
First IC Corp. in Doraville, Ga., considered offers from two other bidders before agreeing to sell itself to MetroCity Bankshares in Doraville. The $2.9 billion-asset MetroCity Bankshares announced in March that it would buy the $1.2 billion-asset First IC for $206 million in a deal expected to close in the fourth quarter. The process began […]
Seacoast to buy Villages Bancorp. in Florida for $711 million
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Villages Bancorp. in The Villages, Fla. The $15.7 billion-asset Seacoast said in a press release that it will pay $710.8 million in cash and stock for the $4.1 billion-asset Villages. The deal, which is expected to close in the fourth quarter, priced Villages at […]
Guilford Savings in Connecticut to rebrand as Ascend Bank
Guilford Savings Bank in Guilford, Conn., will soon rebrand. The $1.1 billion-asset bank said on its website that it will become Ascend Bank in July. “This is an exciting and transformational moment for our organization,” Timothy Geelan, the bank’s CEO, said in an announcement. The new name “symbolizes our continuing dedication to helping our clients […]
BMO Financial in Canada sells U.S. credit card portfolio
BMO Financial Group in Montreal sold a U.S. credit card portfolio as part of a broader balance sheet optimization strategy. The Canadian company disclosed during its quarterly conference call that it sold a non-relationship credit card portfolio and exited a franchise loan portfolio. BMO said it lost $51 million from selling the card portfolio; it […]
De novo Five Rivers Bank opens in New Jersey
Five Rivers Bank, a de novo created by a group of Sikh-Americans, has opened. The Paramus, N.J., bank debuted on May 12, according to a list shared by the Federal Deposit Insurance Corp. Organizers had to raise $33.5 million after securing conditional FDIC approval in September. While Five Rivers aims to focus on the needs […]