Heritage Financial to buy Kitsap Bank in Washington
Heritage Financial in Olympia, Wash., has agreed to buy Olympic Bancorp in Port Orchard, Wash. The $7.1 billion-asset Heritage said in a press release that it will pay $176.6 million in stock for the parent of the $1.7 billion-asset Kitsap Bank. The deal is expected to close in the first quarter. Kitsap has 17 branches, […]
Fiserv buys operational advisory firm Smith Consulting Group
Fiserv in Milwaukee bought Smith Consulting Group. Fiserv did not disclose what it paid for SCG, an operational consulting service for small banks and credit unions. “This acquisition enhances our ability to deliver strategic value to our customers by embedding deeper expertise directly into our service model,” Andrew Gelb, Fiserv’s head of financial solutions, said […]
New Jersey group gets conditional FDIC approval to open bank
Organizers of a proposed de novo bank in New Jersey have received conditional approval from the Federal Deposit Insurance Corp. The group behind the planned Liberty Bank of New Jersey in Short Hills must raise $40 million before opening, according to the FDIC’s order. Organizers applied to the FDIC and the New Jersey Department of […]
First Merchants to buy First Savings Financial in Indiana
First Merchants in Muncie, Ind., has agreed to buy First Savings Financial Group in Jeffersonville, Ind. The $18.6 billion-asset First Merchants said in a press release that it will pay $241.3 million in stock for the $2.4 billion-asset First Savings. The deal, which is expected to close in the first quarter, priced First Savings at […]
Copper State CU in Phoenix brings in $17M from sale-leaseback deal
Copper State Credit Union in Phoenix entered into a sale-leaseback transaction for four of its branches. MountainSeed Real Estate said in a press release that it paid $17 million for the locations. Copper State entered into a 15-year lease agreement for the properties, with renewal options. “This strategic transaction unlocks capital that will fuel our […]
Capital One to cut nearly 400 Discover jobs
Capital One Financial in McLean, Va., plans to cut nearly 400 Discover jobs. Capital One said in a Sept. 15 WARN Notice that it plans to eliminate 382 positions over time. The first cuts, involving 366 positions, will take place on Nov. 17, and the last cuts will take place in early March. About 200 […]
FIS buys loan origination software firm Amount
FIS in Jacksonville, Fla., has acquired Amount, a Chicago fintech that provides deposit and loan origination software. FIS said in a press release that Amount’s solutions simplify the online account opening experience for banks, lenders and credit unions. The price wasn’t disclosed. “After years of successful partnership, we are thrilled to welcome Amount’s talented team […]
WaFd in Seattle freed from CFPB consent orders
WaFd in Seattle has been freed from two consent orders from the Consumer Financial Protection Bureau. The company disclosed in a regulatory filing that its Washington Federal Bank has been released from two orders, issued in October 2013 and October 2020. The orders were tied to the bank’s Home Mortgage Disclosure Act program.
Mid Penn agrees to buy 1st Colonial in New Jersey
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy 1st Colonial Bancorp in Mount Laurel, N.J. The $6.4 billion-asset Mid Penn said in a press release that it will pay $101 million in cash and stock for the $877 million-asset 1st Colonial. The deal, which is expected to close in the first or second […]
CFPB lifts consent orders against Apple, U.S. Bancorp
The Consumer Financial Protection Bureau terminated consent orders against Apple and U.S. Bancorp ahead of schedule. The CFPB terminated an October 2024 consent order with Apple that had alleged that the tech giant failed to send thousands of Apple Card consumer disputes to partner bank Goldman Sachs. The bureau said that Apple had paid its […]
Ballston Spa Bancorp to buy NBC Bancorp in New York
Ballston Spa Bancorp in Ballston Spa, N.Y., has agreed to buy NBC Bancorp in Coxsackie, N.Y. The $912 million-asset Ballston Spa said in a press release that it will pay $26 million in stock for the $400 million-asset NBC. The deal is expected to close in the second quarter. John Balli, NBC’s president and CEO, […]
Prospect Bank in Illinois taps insider as new CEO
Prospect Bank in Paris, Ill., has a new CEO. The $698.1 million-asset Prospect said in a press release that Eric Volkmann also became its chairman. Jenelle Adams will succeed Volkmann as president on Jan. 1. She is an executive vice president at the bank.
Cooperative Bank of Cape Cod in Mass. opts for shorter name
Cooperative Bank of Cape Cod in Yarmouth Port, Mass., shortened its name. The $1.6 billion-asset bank rebranded as Cape & Coast Bank. “As Cape Cod has evolved, so too has the bank, adapting to meet the needs of all who live, work, and love this place,” Lisa Oliver, the bank’s chair, president and CEO, said […]
Century Bancorp to buy Wrightsville Bancshares in Georgia
Century Bancorp in Milledgeville, Ga., has agreed to buy Wrightsville Bancshares in Wrightsville, Ga. The deal is expected to close by early next year; the price wasn’t disclosed. “This partnership is a natural fit,” Derek Williams, Century’s president and CEO, said in the release. “The Bank of Wrightsville team has built lasting relationships through personal […]
QNB to buy Victory Bancorp in Pennsylvania
QNB Corp. in Quakertown, Pa., has agreed to buy Victory Bancorp in Limerick, Pa. The $1.9 billion-asset QNB said in a press release that it will pay $41 million in stock for the $500 million-asset Victory. The deal is expected to close in the fourth quarter. The deal is projected to be about 16% accretive […]
America First FCU to buy Meadows Bank in Nevada
America First Federal Credit Union in Riverdale, Utah, has agreed to buy Meadows Bank in Las Vegas. The $23 billion-asset America First aims to be the biggest credit union to buy a bank. It did not disclose the price it plans to pay for the $1.4 billion-asset Meadows. Meadows has six branches in Nevada and […]
Fidelity Bank in Iowa applies to buy Frost State and State Savings Bank
Fidelity Bank & Trust in Dubuque, Iowa, has applied to buy Frost State Bank in Frost, Minn., and State Savings Bank in Rake, Iowa. The $2 billion-asset Fidelity submitted applications with the Federal Deposit Insurance Corp. on Sept. 22 to buy the $53.4 million-asset Frost and the $80.5 million-asset State Savings. The prices were not […]
Park State in Minnesota applies to buy First National Bank of Chisholm
Park State Bank in Duluth, Minn., has applied to buy First National Bank of Chisholm in Minnesota. The $1.4 billion-asset Park State submitted its application with the Federal Deposit Insurance Corp. on Sept. 18. It did not disclose how much it plans to pay for the $77.3 million-asset First National. The deal is expected to […]
Grand Marais and CenBank in Minnesota to merge
The owners of Grand Marais State Bank in Grand Marais, Minn., and CenBank in Buffalo Lake, Minn., are merging the banks. The group said in a press release that it expects to merge the $81.3 million-asset CenBank into the $117.6 million-asset Grand Marais in the first quarter. Grand Marais will have five branches when the […]
Sound in Seattle promoting CFO to become president
Sound Financial Bancorp in Seattle has a new president. The $1.1 billion-asset said in a press release that Wes Ochs will take on the role on Oct. 1. Ochs, who is the chief financial officer, will succeed Laurie Stewart, who remains CEO.
Axos in California to buy equipment finance firm Verdant
Axos Financial in San Diego has agreed to buy equipment leasing company Verdant Commercial Capital. The $24.8 billion-asset Axos said in a press release that it expects to pay $43.5 million for Verdant, which had about $1.1 billion of loans and leases on its balance sheet as of Aug. 31, including $750 million of securitizations. […]
Crypto custody bank Anchorage Digital Bank seeks Fed master account
Anchorage Digital Bank has applied for a Fed master account. The cryptocurrency custody bank applied on Aug. 28, according to the Fed’s database. The application comes on the heels of the Office of the Comptroller of the Currency terminating a 2022 consent order against Anchorage Digital Bank tied to a past “failure to adopt and […]
Legacy Bank in California finds next leader
Legacy Bank in Murrieta, Calif., has a new leader. The $90.7 million-asset bank said in a press release that Bill Nethercott became its CEO late last month. Nethercott was a senior vice president and relationship manager at Farmers & Merchants Bank of Long Beach, according to his LinkedIn profile.
OCC splits bank supervision into three tiers
The Office of the Comptroller of the Currency announced a sweeping overhaul of its supervision structure, creating three distinct tiers and updating the organization of the Office of the Chief National Bank Examiner. Under the new framework, which will take effect Oct. 1, the OCC will replace its Bank Supervision and Examination group with groups […]
Southside in Texas selects insider to become CEO in 2026
Southside Bancshares in Tyler, Texas, will have a new leader in 2026. The company disclosed in a regulatory filing that Keith Donahoe will succeed Lee Gibson when Gibson retires on Dec. 31. Gibson will remain on the board. Donahoe has been the company’s president since May 2024. He joined the bank in 2021.