Stablecoin issuer Paxos applies for national trust charter
Paxos, which issues PayPal’s PYUSD stablecoin, has applied to convert its New York Department of Financial Services trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency. Paxos said in a press release that the move, if approved, would place it under federal oversight and “underscores […]
Rosedale Federal in Maryland to shorten its name
Rosedale Federal Savings & Loan Association in Nottingham, Md., is shortening its name. The $1.3 billion-asset bank said in a press release that it will become Rosedale Bank. “We haven’t changed it, but we’ve evolved the business model,” Kevin Benson, Rosedale’s president and CEO, said in the release. “I think this is just more reflective […]
Financial Federal in Tennessee selects insider as new CEO
Financial Federal Bank in Memphis, Tenn., has a new CEO. The $1 billion-asset parent of Financial Federal Bank said in a press release that William Tayloe is its new leader. Tayloe, who was president, succeeded Kent Wunderlich, who remains on the board.
Texas Partners Bank mourns passing of CEO J. Bruce Bugg Jr.
The leader of Texas Partners Bank in San Antonio has died. The $2.4 billion-asset bank did not immediately name a successor for J. Bruce Bugg Jr., who was its chairman and CEO. “Bruce’s vision of building a premier Central Texas banking franchise will continue with the same strength, clarity and purpose that define his leadership,” […]
Finward in Indiana freed from BSA-related consent order
Finward Bancorp in Munster, Ind., has been freed from a November 2023 consent order. The order, issued by the Federal Deposit Insurance Corp. and the Indiana Department of Financial Institutions, was tied to Finward’s compliance with the Bank Secrecy Act and related regulations. “We want to convey our sincere appreciation and thanks to our board […]
Berkshire in Boston to rebrand as Beacon after Brookline buy
Berkshire Hills Bancorp in Boston will rebrand after it buys Brookline Bancorp in Boston. The $11.6 billion-asset Berkshire said in a press release that it will become Beacon Financial after buying the $11.7 billion-asset Brookline. The $1.1 billion deal is expected to close in the third quarter. While the legal name of the combined bank […]
Pioneer in New York creates human resources consulting practice
Pioneer Bancorp in Albany, N.Y., has created a human resources consulting business. The $2 billion-asset company said in a press release that the new division will be led by Miriam Dushane, who was hired as vice president of HR consulting. The division will provide HR expertise and services to small and midsize companies. “Pioneer is […]
Grasshopper in N.Y. raises $47M, adds four directors
Grasshopper Bank in New York raised $46.6 million in capital while adding four new directors. The $1.4 billion-asset bank said in a press release that the funding round was led by Patriot Financial Partners with participation from Glendon Capital Management. This investment will support Grasshopper’s acquisition of Auto Club Trust, which closed in April, and […]
Proposed Fla. bank aims to raise $23M, have three branches in three years
The group planning a bank in Clearwater, Fla., plans to have three branches and a loan production office in the first three years of operation. Organizers of the planned Echelon Bank plan to raise $23 million of initial capital, which will be partially offset by about $1.4 million of organizational expenses. Echelon “will be a […]
Marquette National in Chicago selects insider as its CEO
Marquette National in Chicago has a new leader. The $2 billion-asset company said in a press release that Betty Harn also became its president. Harn, who was an executive vice president, succeeded George Moncada, who will remain a senior advisor and director. “Betty’s leadership, strategic thinking and dedication are key attributes that will guide her […]
BayFirst in Fla. ends Bolt 7(a) program, suspends quarterly dividends
BayFirst Financial in St. Petersburg, Fla., has ended an SBA lending program and suspended quarterly dividends. The $1.3 billion-asset company said in a press release that it had discontinued its Bolt 7(a) SBA program. The program was designed to provide expedited small balance loans to small businesses, typically used for working capital. BayFirst said it […]
Simmons in Arkansas to have new CEO in 2026
Simmons First National in Pine Bluff, Ark., will have a new leader next year. The company said in a press release that George Makris Jr. will retire on Dec. 31. Jay Brogdon, the company’s president, will become CEO and join the board on Jan. 1. Marty Casteel, a former chairman, CEO, and president of Simmons Bank, […]
Adriana Kugler to step down from Federal Reserve Board
Adriana Kugler is resigning as governor of the Federal Reserve Board. Kugler, who has been a governor since September 2023, will step down on Aug. 8. She plans to return to Georgetown University as a professor this fall. “It has been an honor of a lifetime to serve on the Board of Governors of the […]
Fulton Financial in Pa. says its president will retire at yearend
Fulton Financial in Lancaster, Pa., announced that its president is retiring. The $32 billion-asset company said in a press release that Angela Snyder will retire on Dec. 31. There was no announcement about her successor. “Throughout her time at Fulton, Angela has been a pillar of strength, vision, and integrity. Her leadership has helped shape […]
Mode Eleven director has highest bid to buy its bank out of bankruptcy
A director of Mode Eleven Bancorp was the highest bidder for its bank. Summit National Bank in Hulett, Wyo., was put up for auction as part of a bankruptcy process. Court documents revealed that Victor Remsha had the highest bid, at about $5.5 million. Mode Eleven filed for Chapter 11 bankruptcy protection on June 9 […]
Scharf set to become chairman of Wells Fargo
Charlie Scharf is set to become chairman of Wells Fargo after navigating the San Francisco company out of several regulatory orders. The $2 trillion-asset Wells said in a press release that its board intends to appoint Scharf, the company’s CEO, to become chair. The board said it plans to appoint a lead independent director in […]
Oconee State in Ga. hires former bank president to run key market
Oconee State Bank in Watkinsville, Ga., recruited a veteran banker as market president for Middle Georgia. The $646 million-asset bank hired Andy Flowers to fill the position. Flowers just stepped down as president of American Pride Bank in Macon, Ga. “Leaving American Pride is bittersweet but looking forward to the next chapter of my life,” […]
Bank Midwest in Iowa reportedly closing its digital OnePlace Bank
Bank Midwest in Spirit Lake, Iowa, has decided to shut down its digital bank division. Keith Sexe, who was vice president of OnePlace Bank, disclosed the $1.3 billion-asset bank’s decision in a LinkedIn post. “While it wasn’t the outcome I expected, I’m incredibly proud of what we accomplished, and deeply grateful to Bank Midwest for […]
Peoples Savings applies to buy farmbank in Missouri
Peoples Savings Bank in Rhineland, Mo., has applied to buy farmbank in Green City, Mo. The $678.8 million-asset Peoples has submitted its application with the Federal Deposit Insurance Corp. to acquire the $78.1 million-asset farmbank. A June press release announcing the deal did not disclose the price Peoples will pay. The transaction is expected to […]
First Missouri buys Clay County Savings Bank
First Missouri Bancshares in Brookfield bought Clay County Savings Bank in Liberty, Mo. First Missouri, the parent of the $471.3 million-asset Verimore Bank, did not disclose how much it paid for the $137.3 million-asset Clay County Savings. “This merger represents a significant milestone in our growth strategy,” Kristie Stuewe, Verimore’s president and CEO, said in […]
First Foundation posts 2Q loss after selling CRE loans
First Foundation in Dallas posted a quarterly loss as new management attempts a turnaround. The $11.6 billion-asset company lost $7.7 million in the second quarter after selling about $858 million of commercial real estate loans held for sale in two transactions at a 6% discount. The move reduced the company’s CRE concentration to roughly 365% […]
1st Source in Ind. sets stage for CEO succession this fall
Leadership is shuffling at 1st Source in South Bend, Ind. The $9.1 billion-asset company said in a press release that Andrea Short will become president and CEO on Oct. 1. Short, who will remain CEO of 1st Source Bank, will succeed Christopher Murphy III, who is retiring. Murphy will become executive chairman. Kevin Murphy, the […]
CFPB seeks stay in data rule lawsuit as it plans new rulemaking
The Consumer Financial Protection Bureau has filed a motion to stay proceedings in a lawsuit brought by Forcht Bank, the Kentucky Bankers Association, and the Bank Policy Institute over last year’s rule on personal financial data rights. The plaintiffs, the U.S. District Court for the Eastern District of Kentucky, are challenging the rule on administrative […]
PeoplesBancorp to absorb Athol Savings Bank in Massachusetts
PeoplesBancorp in Worcester, Mass., has agreed to buy Athol Savings Bank in Athol, Mass. PeoplesBancorp, through its $1.7 billion-asset Cornerstone Bank, expects to buy the $650 million Athol Savings in the first quarter. The financial details were not disclosed. Athol Savings will operate as a division of Cornerstone Bank. “This is an incredibly exciting time […]
Campbell County Bank to buy Farmers State Bank in South Dakota
Campbell County Bank in Herreid, S.D., has applied to buy Farmers State Bank in Hosmer, S.D. The $215.3 million-asset Campbell County applied with the Federal Deposit Insurance Corp. on July 23 to buy the $21.7 million Farmers State Bank. The price wasn’t disclosed.