Fintech Ramp raises $300 million in latest funding round
Fintech Ramp raised $300 million in the latest funding round. Eric Glyman, the SaaS company’s co-founder and CEO, disclosed the effort in a LinkedIn post. Bloomberg reported that the round was led by Lightspeed. “We’re growing 10x faster than the median publicly traded SaaS company,” Glyman said in his post. “Revenue, customers, and feature velocity […]
GECU in Texas to buy Bank of the Southwest in New Mexico
GECU in El Paso, Texas, has agreed to buy Bank of the Southwest in Roswell, N.M. New Mexico National Financial plans to sell the $187 million-asset bank, including 12 branches and “substantially” all of its liabilities, to the $4.4 billion-asset credit union, according to an announcement by Olsen Palmer, which advised the bank. The price […]
Blue Ridge in Virginia freed from OCC consent order
Blue Ridge Bankshares in Charlottesville, Va., has been freed from a January 2024 consent order with the Office of the Comptroller of the Currency. The company made several big decisions since it was hit with the order, making Billy Beale as its CEO, raising capital, and exiting its Banking-as-a-Service vertical. “Months ago, we turned our […]
Olympic revisited Heritage offer after unnamed bank sought price cut
Olympic Bancorp in Port Orchard, Wash., returned to the negotiating table with Heritage Financial in Olympia, Wash., after a rival bidder moved to cut its offer, giving new life to a deal that was ultimately priced at $176.6 million. The $7.1 billion-asset Heritage agreed in September to buy the $1.7 billion-asset parent of Kitsap Bank […]
First United in Md. to promote COO as its next CEO
First United in Oakland, Md., will begin 2026 with a new CEO. The $2 billion-asset company said in a press release that Jason Rush will also become president on Jan. 1. Rush, the company’s chief operating officer, will succeed Carissa Rodeheaver, who is retiring Rodeheaver will remain executive chairman until the company’s May 7 annual […]
Jewel Box Financial to buy American Bank of Beaver Dam in Wisconsin
Jewel Box Financial Services in Columbus, Wis., has agreed to buy Ambanc Financial Services in Beaver Dam, Wis. Jewel Box, the parent of the $661 million-asset Farmers & Merchants Union Bank, expects to buy the holding company for the $202 million-asset American Bank of Beaver Dam in the first quarter, according to an announcement by […]
Activist investor launches new effort to push Blue Foundry’s sale
Activist investor Lawrence Seidman continues to pressure Blue Foundry Bancorp, this time pressing the Rutherford, N.J., company to replace its management team or find a buyer. Seidman, who says he owns about 0.8% of the $2.1 billion-asset company’s stock, sent a letter to the board making his demands. Blue Foundry has lost money in each […]
Rosedale in Md. buys deposits, certain assets from Eastern Savings Bank
Rosedale Bank in Baltimore has acquired the deposits and certain liabilities from Eastern Savings Bank in Hunt Valley, Md. The $1.3 billion-asset Rosedale also bought deposit account overdrafts, overdraft lines of credit, and certain other assets that belonged to Eastern Savings, according to an announcement by Olsen Palmer, which advised Rosedale. The pricing wasn’t disclosed. […]
Richmond Mutual to buy Farmers Bancorp in Indiana
Richmond Mutual Bancorp. in Richmond, Ind., has agreed to buy Farmers Bancorp in Frankfort, Ind. The $1.5 billion-asset Richmond Mutual said in a press release that it will pay $82 million in stock for the $1.1 billion-asset Farmers. The deal, which is expected to close in the second quarter, priced Farmers at 100% of its […]
Rhineland Bancshares to buy BancStar in Missouri
Rhineland Bancshares in Rhineland, Mo., has agreed to buy BancStar in Pacific, Mo. The $801 million-asset Rhineland expects to complete its purchase of the $191 million-asset BancStar in the first quarter, according to an announcement by Olsen & Palmer, which advised the seller. The price wasn’t disclosed. BancStar has three branches.
Cornerstone Capital in Alabama forms mortgage joint venture
Cornerstone Capital Bank in Auburn, Ala., has formed a mortgage partnership with a homebuilder. The bank said in a press release that Ironcrest Mortgage, the venture with Stone Martin Builders, will leverage its lending expertise with the builder’s custom homebuilding experience. “We’re excited to merge Cornerstone’s proven national lending platform with Stone Martin’s deep roots […]
Mutual Bancorp to absorb Bluestone Bank in Massachasetts
Mutual Bancorp in Hyannis, Mass., and Bluestone Bank in Raynham, Mass., are merging. Mutual Bancorp, the $7 billion-asset parent of Cape Cod 5 and Fidelity Bank, said in a press release that it expects to complete the merger with the $1.6 billion-asset Bluestone in the third quarter of 2026. Mutual Bancorp will become the largest mutual […]
Huntington in Ohio expanding capital markets ops with Janney businesses
Huntington Bancshares in Columbus, Ohio, continues its buying spree, agreeing to buy several business units of Janney Montgomery Scott. Huntington will buy Janney’s merger-and-acquisition advisory, public finance, and fixed-income sales and trading units. The businesses will be integrated into Huntington units, including Capstone Partners, its investment banking advisory arm, and Huntington Securities, which focuses on […]
Bank Midwest in Iowa promotes insider as its president
Bank Midwest in Spirit Lake, Iowa, has a new president. The $1 billion-asset bank said in a press release that Luke Donnenwerth will remain chief banking officer. “Luke brings a strategic mindset complemented by sound wisdom and practical common sense,” Mary Kay Bates, the bank’s CEO, said in the release. “His leadership style — defined […]
First Financial in Indiana to buy CedarStone in Tennessee
First Financial in Terre Haute, Ind., has agreed to buy CedarStone Financial in Lebanon, Tenn. The $5.7 billion-asset First Financial said in a press release that it will pay $25 million in cash for the $358 million-asset CedarStone. The deal, which is expected to close in the first quarter, priced CedarStone at 108% of its […]
Midland States in Illinois announces bank president’s planned retirement
Midland States Bancorp in Effingham, Ill., said its bank president will retire next year. The $6.9 billion-asset company said in a press release that Jeffrey Mefford will retire from as its executive vice president on June 30. Jeremy Jameson was named chief banking officer of Midland States Bank. Jameson is the bank’s chief credit officer. […]
Palmetto Citizens FCU buying four Ga. branches from Southern Financial
Palmetto Citizens Federal Credit Union in Columbia, S.C., has agreed to buy four Georgia branches from Southern Financial in Waynesboro, Ga. The $1.4 billion-asset Palmetto Citizens will also obtain $83 million in deposits and $20 million in loans. The deal is expected to close in the first half of next year. Southern Financial estimated that the transaction […]
Central Bancompany in Missouri sets stage for IPO
Central Bancompany in Jefferson City, Mo., could raise up to $430.8 million through its planned initial public offering. The $19.1 billion-asset company disclosed in a regulatory filing that it plans to sell nearly 17.8 million shares of its common stock. The pricing is expected to range from $21 to $24 a share. The underwriters can […]
Tompkins in New York sells insurance agency
Tompkins Financial in Ithaca, N.Y., has sold its insurance agency. The company said in a press release that it sold Tompkins Insurance Agencies to Arthur J. Gallagher for $223 million in cash, recording a pretax gain of $183 million. “It was in the long-term interests of the TIA employees and customers to find a partner […]
Mount Vernon Bank, Bank of Lumber City in Georgia to merge
Two Georgia banks are merging. The $192.8 million-asset Mount Vernon Bank is combining with the $23.8 million-asset Bank of Lumber City under the holding company Heart of Georgia Bancshares. “We are excited [about] the possibility of getting into another hometown market,” Alan Thigpen, Mount Vernon Bank’s president and CEO, said in a press release. “We […]
Popular to exit mortgage lending, close four NY branches
Popular Inc. in San Juan, Puerto Rico, is exiting residential mortgage lending. The company made the announcement during its conference call to discuss third-quarter earnings. “We did make a decision to terminate our mortgage origination business in the U.S.,” Jorge Jose García, the company’s chief financial officer, said during the call. “We do not believe, […]
Tri-County Financial in Illinois promotes insider as new CEO
Tri-County Financial Group in Mendota, Ill., has a new leader. The company disclosed in a regulatory filing that Timothy McConville resigned as its president and CEO and left the board. His decision “was not a result of any disagreement with the company,” the filing said. Kirk Ross, president and CEO of the bank, succeeded McConville […]
First Guaranty in La. reports big 3Q loss due to credit woes, goodwill charge
First Guaranty Bancshares in Hammond, La., reported a large quarterly loss due to exposure to a large auto parts manufacturer and goodwill impairment. The $3.8 billion-asset company said in a press release that it lost $45 million in the third quarter, which included a $47.9 million loan-loss provision. The company also recorded a $12.9 million […]
Pioneer Bancorp in NY buys wealth management business
Pioneer Bancorp in Albany, N.Y., bought a wealth management business. The $2.2 billion-asset company said in a press release that it acquired Brown Financial Management Group on Oct. 28. The acquisition added $73 million of assets under management. The price wasn’t disclosed.
First Federal Lakewood to acquire fellow Ohio mutual
First Federal Lakewood in Ohio has agreed to acquire First Federal Savings and Loan Association of Centerburg in Ohio. The merger between the $3 billion-asset First Federal Lakewood and the $22.5 million-asset First Federal S&LA is expected to close in the first quarter. The terms were not disclosed. The combined organization aims to preserve the […]