Rocket to buy Mr. Cooper Group in $9.4 billion stock transaction
Rocket Companies in Detroit has agreed to buy Mr. Cooper Group in Dallas for $9.4 billion in stock. Rocket said in a press release that the deal will allow it to accelerate its artificial-intelligence-powered platform and “remove the friction and complexities plaguing today’s home buying process.” The deal is expected to close in the fourth […]
HomeStreet finds new buyer in Mechanics Bank in California
HomeStreet in Seattle has a new agreement to sell itself four months after a deal to sell to FirstSun Capital Bancorp in Denver fell through. The $16.5 billion-asset Mechanics Bank in Walnut Creek, Calif., said in a press release that it will buy the $8 billion-asset HomeStreet in an all-stock transaction. While HomeStreet is issuing […]
FB Financial in Tenn. to buy Southern States in Ala. for $381 million
FB Financial in Nashville, Tenn., has agreed to buy Southern States Bancshares in Anniston, Ala. The $13 billion-asset FB Financial said in a press release that it will pay $381 million in stock for the $2.8 billion-asset Southern States. The deal, which is expected to close in the fourth quarter, priced Southern States at 157% […]
Trustar in Virginia raises $16.7 million in fresh capital
Trustar Bank in Great Falls, Va., raised $16.7 million in fresh capital. The bank said in a press release that it planned to raise $15 million but the offering was 10% oversubscribed. Trustar was required to raise $55 million million when it opened in 2019; it raised another $18 million in July 2022. “We are […]
Columbia Banking in Wash. agrees to settle 2020 lawsuit for $55 million
Columbia Banking System in Tacoma, Wash., has agreed to pay $55 million to settle a nearly five-year-old lawsuit. The company disclosed in a regulatory filing that it entered into a court-ordered settlement for the lawsuit, filed in U.S. District Court in August 2020 by a group that claimed that a predecessor bank aided and abetted […]
Touchmark in Georgia hires outsider as next CEO
Touchmark Bancshares in Alpharetta, Ga., has a new CEO. The $449 million-asset company said in a press release that Bobby Krimmel had also become its president and joined its board. He succeeded J.J. Shah, who is retiring but will remain chairman. Krimmel recently served as chief financial officer at First Farmers and Merchants Corp. and […]
Mechanics Bancorp, MountainOne Financial in Mass. to merge MHCs
Mechanics Bancorp in Taunton, Mass., and MountainOne Financial in North Adams, Mass. have agreed to merge into a single mutual holding company. Mechanics, the MHC for Mechanics Cooperative Bank, and MountainOne, the MHC for MountainOne Bank, said their banks will continue to operate as separate entities with the same names, logos and brands. The new MHC […]
First Guaranty in La. recruits former bank CEO to join its board
First Guaranty Bancshares in Hammond, La., which has been dealing with credit issues and capital preservation, recruited a former bank CEO to join its board. The $4 billion-asset company disclosed in a regulatory filing that Bob Walker had become a director. He has not yet been added to any committees. Walker was president and CEO […]
Community National Bank to buy Prairie Bank of Kansas
Community National Bank and Trust in Chanute, Kan., has agreed to buy the parent company of Prairie Bank of Kansas in Stafford. The deal is expected to close in the third quarter. The price wasn’t disclosed. Community National has $2.2 billion of assets. Prairie Bank has $128 million of assets.
Volunteer Bank in Tenn. drops ‘State’ from its name
Volunteer State Bank in Nashville, Tenn., has shortened its name. The $1.5 billion-asset bank said in a press release that it has rebranded as Volunteer Bank. The move reflects the bank’s growth beyond middle Tennessee. “For nearly 50 years, we have built relationships rooted in trust, service, and local decision-making,” Tony Gregory, the bank’s chairman, […]
Financial software provider CSI sets stage for new CEO
CSI, a provider of end-to-end financial software and technology, is preparing to have a new CEO. The Paducah, Ky., company said in a press release that David Culbertson is set to become its vice chair. While the company has its next CEO lined up, it said it would announce who it is at a later date. […]
Forte Bank in Wis. selects insider as next CEO
Forte Bank in Hartford, Wis., has lined up its next leader. The $410 million-asset bank said in a press release that Aaron Lensink will become president and CEO on July 1. Lensink, the bank’s executive vice president of commercial banking, will succeed Tim Purman, who is retiring. “It has been an incredible honor to serve […]
Fintech Mercury raises $300 million, adds Mayopoulos to board
Fintech Mercury raised $300 million in capital while adding four new directors. The San Francisco company said in a press release that the Series C investment round, led by Sequoia Capital, represents a valuation of $3.5 billion. Other participants included new investors Spark Capital and Marathon, along with existing backers Coatue, CRV and Andreessen Horowitz. […]
Triumph in Dallas taps three execs to run key divisions
Triumph Financial in Dallas has elevated the roles of three executives to serve as division presidents. The $5.9 billion-asset Triumph said in a press release that the moves are designed to “strengthen its organizational structure and position the company for long-term growth and innovation in the transportation and financial services industry.” Kim Fisk was named […]
Dream First in Kansas agrees to buy BancCentral in Oklahoma
Dream First Bank in Syracuse, Kan., has agreed to buy BancCentral in Alva, Okla. The $689.7 million-asset Dream First did not disclose how much it will pay for the $268 million-asset BancCentral. “We are excited to bring BancCentral customers our community-focused and personal approach to banking,” Chris Floyd, Dream First’s president and CEO, said in a […]
BankFirst agrees to buy Magnolia State in Mississippi
BankFirst in Columbus, Miss., has agreed to buy Magnolia State Corp. in Bay Springs, Miss. The $2.8 billion-asset BankFirst said in a press release that it plans to buy the $456 million-asset Magnolia State in the third quarter. The price wasn’t disclosed. The acquisition “will further strengthen BankFirst as we continue to grow and expand […]
Lakeside Bank in Texas hires Origin exec as next CEO
Lakeside Bank in Rockwall, Texas, has a new leader. The $308 million-asset bank said in a press release that Chris Williams had become its president and CEO. Williams recently served as regional executive vice president at Origin Bank. “We’re excited to have Chris join Lakeside,” Brian Pratt, a Lakeside director, said in the release. “He […]
Lincoln State in N.D. promoting insider to become bank president
Lincoln State Bank in Hankinson, N.D., will soon have a new president. The $118 million-asset bank said in a press release that Amanda Lingen will take on the role on April 1. Lingen “is a vital member of our team, and her promotion to President is a testament to her leadership, expertise, and dedication to […]
Rhinebeck Bancorp CEO announces plans to retire
Michael Quinn is retiring as president and CEO of Rhinebeck Bancorp in Poughkeepsie, N.Y., ending 40 years with the bank. The company said in a press release that Quinn will continue to serve as its leader until a successor is found. An executive search firm has been hired to oversee the process. “Our achievements are […]
OCC issues C&D order to 42 North Private Bank in Massachusetts
The Office of the Comptroller of the Currency has determined that 42 North Private Bank in Canton, Mass., is in “troubled condition” and not an “eligible savings association.” The agency shared the assessment in a January cease-and-desist order against the $210 million-asset bank. The C&D order came after the OCC determined that 42 North failed […]
Patriot National in Conn. raises $50M, CEO to leave
Patriot National Bancorp in Stamford, Conn., announced an agreement to raise $50 million, along with the departure of CEO David Lowery. The $974.1 million-asset company said in a press release that Steven Sugarman is leading a group that will inject capital in exchange for common stock and non-voting preferred stock. FlyHouse Management is also part […]
Shore Bancshares in Md. to wind down real estate title subsidiary
Shore Bancshares in Easton, Md., is winding down the operations of its real estate title company. The company said in a regulatory filing that Mid-Maryland Title will stop conducting real estate closings on March 31. Mid-Maryland will eventually dissolve itself. “Operations will continue for as long as necessary to ensure that work in progress is […]
Fed issues C&D order to Frankewing Bancshares in Tennessee
The Federal Reserve issued a cease-and-desist order against Frankewing Bancshares in Frankewing, Tenn., after an exam found deficiencies in its ability to serve as a source of strength to its bank. The order requires the parent of the $508 million-asset Bank of Frankewing to take corrective measures that include capital conservation, debt restrictions, and enhanced regulatory […]
Group applies to form de novo bank in Oklahoma
A group led by banking veterans is looking to open a de novo in Edmond, Okla. Organizers of the proposed Novus Bank applied with the Federal Deposit Insurance Corp. on March 17. The group began planning the bank about a year ago, said Jim Canton, who is expected to serve as chairman and CEO. The […]
Blue Ridge Bankshares in Va. to sell mortgage operations
Blue Ridge Bankshares in Charlottesville, Va., will sell certain assets of its Monarch Mortgage division to an unnamed buyer. The company said in a press release that the deal should close by the end of this month; the pricing wasn’t disclosed. The decision “was an additional step in our strategy to refocus our efforts on […]