First National of Omaha to buy parent of Country Club Bank in Missouri
First National Bank of Omaha in Nebraska has agreed to buy CCB Financial in Kansas City, Mo. The $32 billion-asset First National plans to complete its purchase of the parent company for the $2.2 billion-asset Country Club Bank by the end of this year. The price wasn’t disclosed. Country Club has 20 branches in Kansas […]
Evolve Bank in Ark. reports 1Q loss amid fintech woes
Evolve Bank & Trust in West Memphis, Ark., which has been dealing with fallout from its fintech partnerships, lost $4.3 million in the first quarter. The $1.6 billion-asset bank disclosed the loss in its call report with the Federal Deposit Insurance Corp. It earned nearly $3 million a year earlier. The loss stemmed largely from […]
Varo Bank loses $25 million in 1Q after capital infusion
Varo Bank in Draper, Utah, received a $50 million infusion from its parent earlier this year, only to lose half of that amount in the first quarter. The $355 million bank lost $25.1 million, widening from $16.3 million a year earlier. Noninterest expenses increased by 14% from a year earlier, to $59.4 million. While salaries […]
Citizens in R.I. promotes insider as president, CFO leaving
Citizens Financial Group in Providence, R.I., has a new president. The $220 billion-asset company said in a press release that it had promoted Brendan Coughlin, who had been vice chair and head of consumer, private banking and wealth. He will add oversight of enterprise data & analytics and marketing to his current supervisory roles. “Brendan […]
First Guaranty in La. reports loss after selling worrisome CRE loans
First Guaranty Bancshares in Hammond, La., lost $6.2 million in the first quarter after selling two commercial real estate loans at a loss. The $3.8 billion-asset company, which earned $2.3 million a year earlier, recorded a $14.5 million loan-loss provision in the recent quarter. About $5.8 million of the provision was tied to the loan […]
Goodwill impairment leads to 1Q loss at Flushing in New York
Flushing Financial in Uniondale, N.Y., reported a net loss in the first quarter after recording a $17.6 million goodwill impairment charge. The $9 billion-asset company said in a press release that it lost $9.8 million in the quarter. A declining stock price in the first quarter created a triggering event that led it to impair […]
AQM Technologies buys AI risk-monitoring pioneer TRaiCE
AQM Technologies in Chicago has acquired TRaiCE, which offers AI-based business risk monitoring solutions. AQM, which handles quality assurance, cybersecurity audits, and software testing for banks, did not disclose how much it paid. TRaiCE, backed by fintech accelerator RevTech Labs, pioneered using large language models for risk monitoring. “The integration of TRaiCE’s advanced risk monitoring […]
Experienced group planning de novo bank in California
Venture Coast Partners is planning a new de novo bank in the San Francisco Bay Area. In its application filed with the Federal Deposit Insurance Corporation, the organizers of Venture Coast Partners Bank outlined a plan to build a modern community bank that blends relationship banking with advanced technology — aiming to serve entrepreneurs, tech […]
Increase founder applies to buy Twin City Bancorp in Washington
The founder of customer-facing API company Increase has applied with the Federal Reserve to buy Twin City Bancorp in Longview, Wash. Darragh Buckley is also listed on his LinkedIn account as a director of Washington Business Bank. Twin City is the holding company for the $70 million-asset Twin City Bank. Buckleyfiled to personally buy Twin […]
RBB’s earnings fall after it sold underperforming loans
RBB Bancorp in Los Angeles reported lower quarterly profit due to elevated credit costs. The $4 billion-asset company said in a press release that its first-quarter earnings fell by 72% from a year earlier, to $2.3 million. The quarter included a $6.7 million loan-loss provision. RBB said the provision was due to a $2.8 million […]
Enterprise to buy branches in Arizona, Kansas from First Interstate
Enterprise Financial Services in St. Louis has agreed to buy 12 branches from First Interstate BancSystem in Billings, Montana. The $15.7 billion-asset Enterprise said in a press release that it will buy 10 branches in Arizona and two locations in Kansas that collectively have $740 million in deposits and $200 million in loans. Most of […]
Wells Fargo freed from 2018 CFPB order tied to risk management
The Consumer Financial Protection Bureau terminated a 2018 consent order against Wells Fargo, leaving two enforcement actions against the San Francisco company unresolved, including the Federal Reserve’s asset cap. Six orders against the bank have been resolved this year. The CFPB order was tied to the company’s compliance risk management program. The CFPB “termination, along […]
Regent Capital in Oklahoma to buy DLP Bancshares in Florida
Regent Capital in Tulsa, Okla., has agreed to buy DLP Bancshares in Starke, Fla. The $1.8 billion-asset Regent said in a press release that it will pay all stock for the $247 million-asset DLP. The deal is expected to close in the third quarter. The price wasn’t disclosed. Three DLP Bank directors will join Regent’s […]
Eagle Financial in Va. posts 1Q loss after selling securities
Eagle Financial Services in Berryville, Va., which recently raised capital, reported a quarterly loss after repositioning its securities portfolio. The $1.9 billion-asset company said in a press release that it lost $7 million in the first quarter after selling securities at a $9.8 million after-tax loss. The debt securities had an amortized cost balance of […]
Midland States in Ill. restating earnings to fix errors tied to third-party programs
Midland States Bancorp in Effingham, Ill., plans to restate multiple years of financial statements after identifying material errors tied to how it accounted for loans originated through third-party programs. The $7.5 billion-asset company, which said in a regulatory filing that some of the issues date back to 2012, acknowledged material weaknesses in its internal control […]
Cadence Bank to buy challenged Industry Bancshares in Texas
Cadence Bank in Houston has agreed to buy Industry Bancshares in Industry, Texas, which has been dealing with regulatory issues tied to its securities portfolios. The $50 billion-asset Cadence said in a press release that it will pay between $20 million and $60 million in cash, based on Industry’s equity capital at closing. Cadence can […]
CFPB drops cases against Reliant Holdings and Credit Acceptance
The Consumer Financial Protection Bureau has dropped cases against Reliant Holdings, which operates as Horizon Card, and subprime auto lender Credit Acceptance. The bureau had alleged that Horizon Card marketed a “membership program” that charged users up to $300 a year for a credit card with a $500 limit. While advertised as a general-purpose credit […]
Miners and Merchants in Virginia to buy First Community in Tennessee
Miners and Merchants Bancorp in Grundy, Va., has agreed to buy First Community in Rogersville, Tenn. The $500 million-asset parent of TruPoint Bank said in a press release that it expects to buy the $200 million-asset First Community in the third or fourth quarter. The price wasn’t disclosed. First Community “has built a strong reputation […]
Eastern in Boston to buy neighboring HarborOne Bancorp
Eastern Bankshares in Boston has agreed to buy HarborOne Bancorp in Brockton, Mass. The $25 billion-asset Eastern said in a press release that it will pay $490 million in cash and stock for the $5.7 billion-asset HarborOne. The deal, which is expected to close in the fourth quarter, priced HarborOne at 100% of its tangible […]
Gateway First in Oklahoma selects insider as next CEO
Gateway First Bank in Jenks, Okla., will soon have a new leader. The $2 billion-asset bank said in a press release that Kyle Hubbard will become CEO and join its board on May 1. Hubbard is president of Gateway’s banking division. Hubbard will succeed Scott Gesell. “Kyle brings a wealth of experience and energy to […]
Eagle in Md. reports lower profit as it deals with credit cracks
Eagle Bancorp in Bethesda, Md., reported a sharp drop in profit after its loan-loss provision spiked. The $11.3 billion-asset company said in a press release that first-quarter net income fell by 89% from a quarter earlier, to $1.7 million, largely due to a $14.1 million increase in provision expense. Eagle said that the provision reflected […]
C&N to buy Susquehanna Community in merger of Pa. banks
Citizens & Northern in Wellsboro, Pa., has agreed to buy Susquehanna Community Financial in West Milton, Pa. The $2.6 billion-asset C&N said in a press release that it will pay $44.3 million for the $598 million-asset Susquehanna. The deal, which is expected to close in the fourth quarter, priced Susquehanna at 126% of its tangible […]
Columbia in Wash. buying Pacific Premier in Calif. for $2 billion
Columbia Banking System in Tacoma, Wash., has agreed to buy Pacific Premier Bancorp in Irvine, Calif. The $50 billion-asset Columbia said in a press release that it will pay $2 billion for the $18.1 billion-asset Pacific Premier. The deal, which is expected to close in the second half of this year, priced Pacific Premier at […]
Edward Jones resumes quest for Utah ILC
Edward Jones in St. Louis is again looking to form an industrial bank in Utah. The brokerage company applied with the Federal Deposit Insurance Corp. on April 11 to form Edward Jones Bank. The application wasn’t immediately available. Edward Jones last filed its applications for Edward Jones Bank in July 2020. Ray Dardano, who had […]
National Bank in Denver takes earnings hit after suspected borrower fraud
National Bank Holding in Denver reported lower quarterly earnings after charging off a credit due to suspected fraud by a borrower. The $10.1 billion-asset company said in a press release that its first-quarter net income fell by 23% from a year earlier, to $24.2 million. The company recorded $10.2 million of provision expense, largely due […]