Avenir Financial FCU to reportedly buy Mission Bank in Arizona
Avenir Financial Federal Credit Union in Yuma, Ariz., has agreed to buy Mission Bank in Kingman, Ariz. The deal between the $390 million-asset Avenir and the $195 million-asset Mission is expected to close in the first quarter of 2026. The price wasn’t disclosed, though the price Avenir will pay shareholders of Community Bancshares will depend […]
CFPB, DoJ seek to end redlining consent order against Trustmark in Miss.
The Consumer Financial Protection Bureau and the Department of Justice filed a motion to terminate a consent order against Trustmark in Jackson, Miss. The 2021 order followed claims that the company engaged in redlining from 2014 to 2018. Trustmark paid a $5 million penalty tied to the order and disbursed nearly $3.9 million into a […]
Citizens Bancshares in S.C. buying branch from First Capital Bank
Citizens Bancshares in Olanta, S.C., has agreed to buy a branch in Laurinburg, N.C., from First Capital Bancshares in Charleston, S.C. The $1 billion-asset Citizens said in a press release that it will gain some deposits and loans when it buys the location from the $1 billion-asset First Capital. The deal is expected to close […]
Old Point in Va. received eight offers before choosing TowneBank
Old Point Financial in Hampton, Va., was an extremely popular acquisition target, attracting eight letters of intent when it put itself up for sale. TowneBank in Suffolk, Va., agreed in April to buy the $1.5 billion-asset Old Point for $203 million in cash and stock. The $17.5 billion-asset TowneBank expects to complete the acquisition in […]
Catena Labs raises $18M toward quest to launch AI-native bank
Catena Labs, which is looking to build an artificial intelligence-native bank, has raised $18 million. Sean Nevill, a co-founder of Circle, is the CEO at Catena Labs. Catena has already published an open-source agent commerce kit that outlines protocols for AI-driven e-commerce. The startup plans to use its new funding to accelerate development of its […]
Quaint Oak in Pa. hit with consent orders tied to BSA/AML compliance
Quaint Oak Bancorp in Southampton, Pa., is working through a regulatory order. The company disclosed in a regulatory filing that its bank agreed to consent agreements with the Federal Deposit Insurance Corp. and Pennsylvania’s Department of Banking and Securities, Bureau of Bank Supervision tied to its compliance with the Bank Secrecy Act. The orders followed […]
CSI hires technology veteran Nancy Langer as its CEO
Software provider CSI has a new CEO. The Paducah, Ky., company said in a press release that Nancy Langer had also become its president and joined its board. Langer, was was recently CEO of Transact Campus, succeeded David Culbertson, who will become vice chair. “Joining CSI is a full-circle moment in my career,” Langer said […]
Delaware Bankers Association hires outsider as new CEO
The Delaware Bankers Association has its next leader lined up. The association said that Karyn Polak will become its president, CEO and treasurer on June 2. She will succeed Sarah Long, who will retire on May 30. Polak was deputy general counsel at PNC from 2014 to 2019. She was general counsel at Transamerica from […]
BancFirst to buy American Bank of Oklahoma
BancFirst in Oklahoma City has agreed to buy American Bank of Oklahoma in Collinsville. The $14 billion-asset BancFirst said in a press release that it expects to buy the $320 million-asset American Bank in the third quarter. The price wasn’t disclosed. “Collinsville and Skiatook are thriving communities that continue to experience dynamic growth in northeastern Oklahoma,” David Harlow, BancFirst’s CEO, said […]
Independent in Mass. to cut 125 jobs tied to Enterprise acquisition
Independent Bank Corp. in Rockland, Mass., plans to cut 125 jobs this year as part of its planned acquisition of Enterprise Bancorp in Lowell, Mass. Independent agreed in December to buy Enterprise for $562 million in a deal expected to close in the second half of this year. Independent filed a Worker Adjustment and Retraining […]
Ameris in Ga. freed from redlining-based consent order
Ameris Bancorp in Atlanta has been freed from a November 2023 consent order tied to redlining claims. The U.S. District Court for the Middle District of Florida ended the order between the company and the Department of Justice, dismissing the related civil action with prejudice. The recent order came after the Justice Department submitted an […]
Hometown Financial to buy CFSB Bancorp in Mass. for $44 million
Hometown Financial Group in Peabody, Mass., has agreed to buy CFSB Bancorp in Quincy, Mass. The $6.6 billion-asset Hometown said in a press release that it will pay $44 million in cash for the $366 million-asset parent of Colonial Federal Savings Bank. The deal is expected to close in the fourth quarter. “This merger will […]
PNC to buy broker-dealer Aqueduct Capital Group
PNC Financial Services Group in Pittsburgh has agreed to buy Charlotte, N.C., broker-dealer Aqueduct Capital Group. PNC said in a press release that it expects to buy Aqueduct in mid-summer. The price wasn’t disclosed. Aqueduct, a placement agent focused on raising capital for private equity, private credit and real asset managers, was founded in 2003. […]
Investor group ends deal to buy Eureka Homestead in La.
An investor group no longer plans to buy Eureka Homestead Bancorp in Metairie, La. Eureka Investor Group agreed to pay the $96.8 million-asset bank $325,000 in fees tied to the termination. About $200,000 of the fees were paid in April through the release of funds from an existing escrow account. The termination occurred because the […]
Proposed California de novo bank will not open
Elemi Bank, a proposed bank in California that received conditional approval from the Federal Deposit Insurance Corp. last fall, will not open. The FDIC updated the proposed de novo’s status with no explanation why organizers scrapped their plans for the bank. The agency had required organizers to raise $25 million before opening Elemi. The group […]
Choice Financial in N.D. adds industry veterans to bank board
Choice Bank in Fargo, N.D., added three banking veterans, including a former CEO, to its board. The $5.6 billion-asset unit of Choice Financial said in LinkedIn post that Cathy Nash, Randy Bryan, and Andrew Jackson had become directors. Nash is a former CEO of Citizens Republic Bancorp and Woodforest National Bank. Bryan is a former […]
Union Bankshares in Vermont could raise $40M via stock sales
Union Bankshares in Morrisville, Vt., could raise up to $40 million in the coming months by selling common stock. The company disclosed in a regulatory filing that it had entered into an equity distribution agreement with an investment bank to sell stock “from time to time.” Union will set parameters for the offering, including the […]
Sugarman gathers former colleagues to reshape Patriot National
Steven Sugarman is moving quickly to reshape the future of Patriot National Bancorp as he works to turn around the Stamford, Conn., company. Sugarman, who is leading a group that will infuse $50 million into the $974 million-asset company and recently became president and CEO, has begun rebuilding the leadership team with several familiar faces […]
First National Bank in S.D. to buy Wyoming Bank & Trust
First National Bank in Fort Pierre, S.D., has agreed to buy Wyoming Bank & Trust in Cheyenne. The $1.7 billion-asset First National plans to buy the $342 million-asset Wyoming Bank in the third quarter. The price wasn’t disclosed. “By joining our two well-established community banks, we will be able to better serve the growing market […]
Finasta to sell treasury and capital markets unit
Finastra has agreed to sell its treasury and capital markets unit to an affiliate of private equity firm Apax Partners. The U.K. company did not disclose the price to be paid by Apax. The deal is expected to close in the first half of next year, when the business will be rebranded and operate as […]
Community Bank Delaware raises $1.8M via private placement
Community Bank Delaware in Lewes raised capital by selling common stock. The bank raised $1.8 million on May 14 with a private placement, based on data compiled by Performance Trust Capital Partners. The shares sold, pricing and investors were not readily available.
Union Bankshares in Vermont begins search for next CEO
Union Bankshares in Morrisville, Vt., is looking for a new CEO. The company disclosed in a regulatory filing that David Silverman will also retire as president next year. The board plans to conduct a comprehensive search for his successor, including the formation of a subcommittee of independent directors from the nominating and governance committee. That subcommittee […]
Carver in N.Y. ordered by OCC to focus on sustainable earnings
Carver Bancorp in New York was issued an enforcement action that requires its bank to create a three-year plan focused on earnings performance. The company disclosed in a regulatory filing that Carver Federal Savings Bank entered into a written agreement with the Office of the Comptroller of the Currency that requires it to develop a strategic […]
Citi to sell advisory platform to iCapital
Citigroup in New York agreed to sell a unit that advises its global alternative investment fund platform to technology provider iCapital. Citi didn’t disclose the price that Capital will pay. Citi said that iCapital will manage and operate the fund platform, while Citi remains the distributor. The platform includes a range of alternative investment strategies […]
BOK Financial in Okla. launches mortgage finance business
BOK Financial in Tulsa, Oklahoma, launched a mortgage finance business. BOK said in a press release that the mortgage finance team will be led by Donnie Martin, who joined the company last year from City National Bank. The new business is part of the company’s focus on building deeper relationships with mortgage banking customers, Martin […]