Legacy Community FCU to buy First Community Bank of Cullman
Legacy Community Federal Credit Union has agreed to buy First Community Bank of Cullman in Alabama. The $642.9 million-asset Legacy did not disclose how much it will pay Southern Community Bancshares as part of the all-cash transaction for the $103.6 million-asset First Community. The deal is expected to close later this year. First Community has […]
Navy Federal invests in Curql Collective’s innovation fund
Navy Federal Credit Union in Vienna, Va., has invested in Curql Fund II The $180 billion-asset credit union did not disclose how much it invested in the fund, which is operated by Curql, a collective with more than 130 credit unions. “Providing the best possible service to our members is always our focus at Navy […]
Banker-led group agrees to buy LimeBank in Missouri
A group of bankers with ties to Grand Savings Bank in Grove, Okla., has agreed to buy Stark Bancshares in Bolivar, Mo. Steele Acquisition includes Tony Steele, Grand Savings’ chairman and biggest investor, and CEO Guy Cable. Stark is the holding company for the $124.4 million-asset LimeBank. The price wasn’t disclosed, though Steele is looking […]
Cornerstone Bank in Mass. says president will retire in 2026
Cornerstone Bank in Spencer, Mass., said its leader will step down in 2026. The $1.6 billion-asset bank said that Randall Webber will retire as its president early next year. He has led Cornerstone since January 2020. Cornerstone, which recently agreed to merge with the $4.2 billion-asset PeoplesBank in Holyoke, Mass., did not announce a successor.
Organizers apply to open de novo bank in New Jersey
A group in New Jersey is looking to form a de novo bank. Organizers of the proposed Liberty Bank of New Jersey applied with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking on Insurance on March 4. The bank would have a branch in Verona with its corporate headquarters in Short Hills. […]
Latin America-focused fintech hires next CEO
NovoPayment, a Miami fintech that builds financial infrastructure in Latin America, has a new CEO. The company hired Rodrigo Rodas to step into the leadership role. He was a managing partner at IDC Ventures, a NovoPayment investor, and a co-founder of Rewardsweb, a loyalty rewards platform. NovoPayment also rehired Rama Ituarte to return as chief […]
Wells Fargo freed from another regulatory order
Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2021 consent order tied to loss mitigation practices in the home lending business. It is the 11th consent order closed by Wells Fargo’s […]
Lake Shore in N.Y. aims to raise at least $40M from second-step conversion
Lake Shore Bancorp in Dunkirk, N.Y., could raise up to $64 million from its planned second-step conversion. The $686 million-asset company disclosed in a registration statement that it plans to sell about 5.8 million to 6.6 million shares of common stock at $10 each. Net proceeds could range from $40.3 million to $63.7 million. Lake […]
SmartBiz Loans buys Centrust Bank in Illinois
Billfloat has acquired United Community Bancshares in Northbrook, Ill. The Federal Reserve approved the San Francisco small business lender’s BHC application on Feb. 21. The company, which operated as SmartBiz Loans, has begun referring to itself as SmartBiz Bank on its website. Billfloat operates as SmartBiz Loans. United was the parent company of the $148 […]
Rio Financial applies to buy Lone Star Capital Bank in Texas
Rio Financial Services in McAllen, Texas, has applied to acquire Lone Star Capital Bank in San Antonio. The application was filed with the Federal Deposit Insurance Corp. on March 12. The parent of the $941 million-asset Rio Bank agreed in late February to buy the $300 million asset Lone Star. The price wasn’t disclosed. Lone Star […]
MetroCity to buy First IC Bank parent in Georgia
MetroCity Bankshares in Doraville, Ga., has agreed to buy First IC Corp. in Doraville. The $2.9 billion-asset MetroCity said in a press release that it will pay $206 million in cash and stock for the $1.2 billion-asset First IC. The deal, which is expected to close in the fourth quarter, priced First IC at 146% […]
OnePay switching from Affirm to Klarna for installment financing
OnePay, a fintech that is majority-owned by Walmart, is breaking ties with Affirm Holdings to work with Klarna Group on installment financing products. Affirm confirmed the move in a regulatory filing, noting that the switch will take place later this year. Affirm has been offering pay-over-time products to Walmart’s customers. Over a six-month period that […]
U.K. digital bank to buy Michigan de novo Community Unity
OakNorth, a U.K.-based digital bank, has agreed to buy Community Unity Bank in Birmingham, Mich. OakNorth, which received approval in August from the Federal Reserve and the New York State Department of Financial Services to open a representative Office in New York, plans to leverage the bank acquisition to expand business lending across the United […]
OneMain Financial applies for ILC in Utah
OneMain Financial is the latest company to apply for an industrial loan charter. The company said in a press release that it applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form OneMain Bank in West Valley City, Utah. The bank would offer personal loans, auto finance, credit cards and […]
TD Bank to close 38 branches
TD Bank plans to close 38 locations. The bank applied with the Office of the Comptroller of the Currency to close the branches. The planned closures include six branches in Massachusetts, four in both Maine and New Hampshire, and two in Connecticut, according to published reports. “As we evaluate how customers interact with us and […]
GBank in Nevada files to apply for a Nasdaq listing
GBank Financial Holdings in Las Vegas plans to apply for a Nasdaq listing. The $1.1 billion-asset company said in a regulatory filing that it plans to list shares under the symbol GBFH. The filing involves the roughly 1.1 million shares GBank Financial sold in an October 2024 private placement. Many of those shareholders are individual […]
FDIC lets Block directly lend to Cash App users
Block received approval from the Federal Deposit Insurance Corp. to directly offer small consumer loans to Cash App customers. The fintech said in a press release that Square Financial Services will start offering and servicing Cash App Borrow in the coming weeks. Block, which has been making the loans through an external bank partner, said the […]
Planters in Mississippi to buy Cross Keys Bank in Louisiana
Planters Holding in Indianola, Miss., has agreed to buy BSJ Bancshares in Saint Joseph, La. The $2 billion-asset Planters did not disclose how much it would pay for the parent of the $598.1 million-asset Cross Keys Bank. The deal is expected to close in the third quarter. “We look forward to our combined companies continuing […]
Lake Shore in N.Y. freed from Fed written agreement
Lake Shore Bancorp in Dunkirk, N.Y., has been freed from another regulatory order. The $698 million-asset company disclosed in a regulatory filing that the Fed terminated a June 2023 written agreement. The Office of the Comptroller of the Currency freed Lake Shore’s bank from a consent order in December. Lake Shore has now begun the […]
NuMark Credit Union to buy Lemont National in Ill.
NuMark Credit Union in Joliet, Ill., has agreed to acquire The Lemont National Bank in Lemont, Ill. The $851 million-asset NuMark did not disclose the amount of the all-cash transaction. The credit union expects to buy the $52 million-asset Lemont National in the second half of this year. “It is clear to us that our […]
Bar Harbor in Maine agrees to buy Guaranty in New Hampshire
Bar Harbor Bankshares in Bar Harbor, Maine, has agreed to buy Guaranty Bancorp in Woodsville, N.H. The $4.1 billion-asset Bar Harbor said in a press release that it will pay $41.6 million in stock for the $675 million-asset Guaranty. The deal, which is expected to close in the second half of this year, priced Guaranty […]
Legal settlement widens 4Q loss at Financial Institutions in N.Y.
Financial Institutions in Warsaw, N.Y. has settled civil litigation tied to its bank’s auto loan notification process. The $6.1 billion-asset company said in a press release that it agreed to make a $29.5 million cash payment to class members, release the debt owed to the bank, and remove adverse credit reporting for class members. The […]
American Express to buy software firm Center
American Express has agreed to buy expense-management software company Center. American Express did not disclose the price it would pay. The goal is to use Center to support the services Amex offers small businesses. Center helps companies better manage their finances by showing in real-time how much employees are spending.
Green Dot shakes up leadership, reviewing strategic alternatives
Green Dot in Provo, Utah, has hired an investment bank to help it explore strategic alternatives—often a prelude to selling. The fintech, which operates Green Dot Bank, said in a press release that it had shaken up its management with the departure of George Gresham as president and CEO. William Jacobs, the company’s chairman and interim CEO […]
Independence Bank in Rhode Island to voluntarily liquidate
Independence Bank in East Greenwich, R.I., plans to liquidate under a plan approved by the Federal Deposit Insurance Corp. The FDIC, which had accused Independent of charging illegal fees tied to Small Business Administration 7(a) loans, announced the liquidation in a Jan. 14 consent order with the bank. Independence was also required to pay affected […]