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 […]
Columbia, Umpqua to divest 10 branches
Columbia Banking System in Tacoma, Wash., and Umpqua Holdings in Portland, Ore., will sell 10 branches under an agreement with the Department of Justice. The $20.6 billion-asset Columbia and the $30.1 billion-asset Umpqua agreed to merge in October 2021 in a deal valued at $5.2 billion. The companies will sell fives branches in Oregon, three in California and two […]
Citizens in Okla. to launch military focused digital bank
Citizens Bank of Edmond in Oklahoma is planning to create a bank specifically designed for newly enlisted members of the military and their families. The $350 million-asset bank is working with Nymbus on the digital bank, which is expected to launch next year. “Collaborating with a partner just as passionate about this mission as myself […]
Fifth Third forms mortgage warehouse finance division
Fifth Third Bancorp in Cincinnati has formed a mortgage warehouse finance business. The $207 billion-asset Fifth Third said in a press release that the business is being run by Donnie Martin, who was named group head of mortgage warehouse finance, and team of Dallas-based lenders. Martin previously served as director of warehouse lending at Texas […]
Live Oak adds former First Horizon exec to its board
Live Oak Bancshares in Wilmington, N.C., has added a banking veteran to its board. The $9.1 billion-asset company said in a press release Monday that Yousef Valine became a director on Sept. 15. Valine recently served as chief operating officer, chief risk officer and merger executive at First Horizon in Memphis, Tenn. First Horizon is […]
Investor urges Republic First to avoid ‘firesale’
A large investor in Republic First Bancorp wants the Philadelphia company to avoid selling right now. A group including George Norcross and Gregory Braca wrote in a Sept. 16 letter to the $5.7 billion-asset Republic First’s board that it believes “a financially attractive proposal … is unlikely” due to the company’s financial position. The group in the […]
Peapack-Gladstone taps leader for equipment finance unit
Peapack-Gladstone Financial in Bedminster, N.J., has a new president for its equipment finance unit. The $6.2 billion-asset company said in a press release Monday that Dennis Smith had accepted the post. He previously served as the unit’s chief operating officer. Peapack-Gladstone also said that Richard Johnston had been named national director of sales. Johnston previously […]
First National Bank of Syracuse is now Dream First Bank
First National Bank of Syracuse in Kansas has rebranded as Dream First Bank. The $444 million-asset bank said in a press release Monday that the family ownership, management and values remain unchanged. “We remain the same people our customers have come to depend on with a smile, a handshake and a way to help people […]