Partners Bancorp in Maryland taps next CEO
Partners Bancorp in Salisbury, Md., which recently terminated an agreement to sell to OceanFirst Financial, has a new CEO. The $1.7 billion-asset Partners said in a press release that John Breda succeeded Lloyd Harrison, who remains at the company as a senior executive vice president. Breda remains president and CEO of Bank of Delmarva, while […]
Kearny in N.J. announces cost-cutting initiative
Kearny Financial in Fairfield, N.J., plans to reduce annual operating expenses by 5% to 10%. The $7.9 billion-asset company said in a press release that it will cut costs by reducing vendor expenses, automating or outsourcing “routine activities” and realigning its workforce. Kearny also restructured its balance sheet, selling $121.4 million of lower-yielding available-for-sale debt […]
Northeast Bank in Maine bulks up with CRE loan purchases
Northeast Bank in Portland, Maine, disclosed that it has lined up the purchase of nearly $1.2 billion of commercial real estate loans. The $1.7 billion-asset bank said in a press release that, since Sept. 30, it has bought, or has agreed to buy, the loans through a series of agreements. The bank did not disclose […]
Signature Bank to reduce digital asset deposit exposure
Signature Bank in New York could reduce its digital assets deposits by more than $8 billion in the coming weeks. The $114.5 billion-asset bank said during a Goldman Sachs conference that it plans to reduce its exposure to digital assets deposits to 15% to 20% of total deposits, or $8 billion to $10 billion, over […]
Veridian Credit Union plans to buy Minnesota bank
Veridian Credit Union in Waterloo, Iowa, has agreed to buy American Investors Bank and Mortgage in Eden Prairie, Minn. The $6.7 billion-asset Veridian said in a press release that it expects to complete the purchase of the $113 million-asset American in July. The price wasn’t disclosed. Veridian would enter Minnesota if it buys the bank. […]
Two Illinois banks complete private placements
A pair of Illinois banks recently raised capital through private placements of common stock. The $385 million-asset Merchants and Manufacturers in Joliet brought in $3 million on Dec. 1, based on data compiled by Performance Trust Capital Partners. First Waterloo Bancshares, the parent of the $823 million-asset First National Bank of Waterloo, raised $6.2 million, […]
Palmetto Citizens FCU hires banker as next CEO
Palmetto Citizens Federal Credit Union in Columbia, S.C., has hired a former bank executive as its next CEO. The$1.3 billion-asset credit union said that Robert Dozier will also become its president. He will succeed Nick Wodogaza, who is retiring on Jan. 31. Dozier recently stepped down as chief operating officer at First Reliance Bancshares in […]
Silvergate: We ‘conducted extensive due diligence’ on FTX
Silvergate Capital in La Jolla, Calif., said it “conducted extensive due diligence” before agreeing to work with FTX and Alameda Research. “We take risk management and compliance extremely seriously,” CEO Alan Lane wrote in a public letter defending how the $15.5 billion-asset company vets and banks digital asset firms. Silvergate is required by law to […]
Comerica opens offices in Georgia, South Carolina
Comerica in Dallas has opened its first offices in Georgia and South Carolina. The $84 billion-asset company said in a press release that the move is part of its 2021 initiative to form a Southeast market. The effort includes commercial banking offices in the South Carolina cities of Columbia and Greenville and a private banking […]
Texas Regional Bank acquired an insurance agency
Texas Regional Bank in Harlingen, Texas, has entered into insurance brokerage after buying an agency. The $2.5 billion-asset bank said in a press release that it bought Mission Duncan Insurance in Mission, Texas, on Dec. 2. The price wasn’t disclosed. “We place a heavy emphasis on relationships,” Michael Scaif, Texas Regional’s chairman and CEO, said […]
NBT in New York to buy Salisbury in Connecticut
NBT Bancorp in Norwich, N.Y., has agreed to buy Salisbury Bancorp in Lakeville, Conn. The $11.6 billion-asset NBT said in a press release that it will pay $204 million in stock for the $1.5 billion-asset Salibury. The deal is expected to close in the second quarter. Salisbury has 14 branches, $1.3 billion of deposits and […]
Grand River in Michigan forms mortgage company
Grand River Commerce in Grandville, Mich., has formed a mortgage company. The $527 million-asset company said that Grand River Mortgage has a national platform. Bob Bilotti, the company’s chairman, president and CEO, told MiBiz that the mortgage company should secure licensing in about 46 states by early 2023. About 60 people work for the mortgage […]
SVB to fill two key management positions
SVB Financial Group in Santa Clara, Calif., has filled two key executive posts. The $212.9 billion-asset SVB said in a press release that Erin Platts had been named president of SVB Private and David Sabow will become CEO of Silicon Valley Bank UK and Head of EMEA. Sabow’s appointment requires U.K. regulatory approval. Platts and Sabow will move […]
Webster to buy interLINK from StoneCastle Partners
Webster Financial in Stamford, Conn., has agreed to buy StoneCastle Insured Sweep from StoneCastle Partners. The $65 billion-asset Webster said the business, which operates as interLINK, is a deposit management platform that administers more than $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. InterLINK administers about 520,000 […]
TD, BMO push back closing dates for US bank deals
TD Bank Group and Bank of Montreal have pushed back the projected closing dates for their purchase of U.S. banks. TD said on Thursday that it expects to complete the acquisition of First Horizon in Memphis, Tenn., by April 30. The $13.4 billion deal was originally expected to close last fall. The delay will trigger […]
LendingClub to buy loan portfolio from MUFG parent
LendingClub in San Francisco has agreed to buy a roughly $1.1 billion portfolio of personal loans from the parent company of MUFG Union Bank. The loans, originated through LendingClub’s marketplace, were acquired by MUFG Union Bank. U.S. Bancorp recently bought MUFG Union from Mitsubishi UFJ Financial in Tokyo. LendingClub is servicing the loans, which have […]
Triumph Bancorp rebrands as Triumph Financial
Triumph Bancorp in Dallas has rebranded as Triumph Financial. The $5.6 billion-asset company said in a press release that it had also replaced its “TBK” stock symbol with “TFIN.” Triumph Business Capital, Triumph Insurance Group and Triumph Commercial Finance were rebranded as Triumph. The changes “reflect our evolution from a bank holding company to a […]
Newtek gets OCC approval to buy New York bank
Newtek Business Services in Boca Raton, Fla., has secured approval from the Office of the Comptroller of the Currency to buy National Bank of New York City. Newtek said in a press release that it expects to complete its purchase of the $206 million-asset National Bank of New York City next month. Newtek plans to […]
Byline in Chicago to buy Inland Bancorp
Byline Bancorp in Chicago has agreed to buy Inland Bancorp in Oak Brook, Ill. The $7.3 billion-asset Byline said in a press release that it will pay $165 million in cash and stock for the $1.2 billion-asset Inland. The deal, which is expected to close in the second quarter, valued Inland at 125% of its […]
Minority-focused neobank Greenwood raises $45M
Greenwood, a challenger bank that is focused on Black and Latino customers, has raised $45 million in new capital. Greenwood said in a press release that the investment round was led by Pendulum, which is now the digital bank’s biggest investor. Other new investors included Cercano Management, Cohen Circle, The George Kaiser Family Foundation and […]
Former MLB player to join Farmers National board
A former professional baseball player will join the board of Farmers National Banc Corp. in Canfield, Ohio. The $4.1 billion-asset Farmers said in a press release that André Thornton will join the board on Jan. 1, with an initial term that will run through 2024. Thornton will also serve on the corporate governance and nominating […]
TowneBank president plans to retire at yearend
TowneBank in Suffolk, Va., announced that its president will retire at the end of this year. The $16.9 billion-asset bank said in a press release that Brad Schwartz will also retire as chief operating officer on Dec. 31. He plans to step down from the board when his term expires in 2023. Billy Foster will […]
OceanFirst ups investment in equipment finance firm
OceanFirst Financial in Red Bank, N.J., has boosted its stake in a specialty commercial equipment finance company. The $12.7 billion-asset company disclosed in a regulatory filing that it invested $2.8 million in Auxilior Capital Partners as part of a new round of finance by the lender. OceanFirst had already invested $10 million in Auxilior in […]
State Street, BBH terminate investor services deal
State Street in Boston and Brown Brothers Harriman have agreed to terminate a deal where State Street would have acquired BBH’s investor services business. The $300 billion-asset State Street disclosed in a regulatory filing that the purchase agreement did not allow for a contractual penalty by either party. BBH, in a separate release, said the […]
Central Bank of St. Louis lines up next president
Central Bank of St. Louis will have a new president. The $2.3 billion-asset unit of Central Bancompany announced that Dan Kleffner will take on the role on Jan. 1, according to the St. Louis Business Journal. Kleffner, the bank’s executive vice president of commercial lending, will succeed Dan Stephen. Stephen became the bank’s president in […]