Park National in Ohio selects insider as next CEO
Park National in Newark, Ohio, will have a new CEO in 2026. The $9.9 billion-asset company said in a press release that Matthew Miller will take over its top spot on Jan. 1. Miller, who will remain president, will succeed David Trautman, who will continue to serve as chairman. “I have worked closely with Matt […]
Group files for form de novo bank in Florida
A group in Florida is looking to form a bank in Clearwater. Organizers of the proposed Echelon Bank submitted an application to the Federal Deposit Insurance Corp. on July 23. The application wasn’t immediately available. Robert Shaw recently shared on his LinkedIn profile that he would be the proposed bank’s CEO. He stepped down as […]
Seneca Bancorp in N.Y. plans to convert to stock-owned company
Seneca Bancorp in Baldwinsville, N.Y., is looking to raise up to $12.3 million as it looks to convert from a mutual holding company to a stock holding company. The $280.2 million-asset company disclosed in a regulatory filing that it plans to sell 892,500 to 1.2 million shares of common stock at $10 each. It could […]
Business First sells Louisiana branch and $50M of deposits
Business First Bancshares in Baton Rouge, La., sold a branch. The $7.9 billion-asset company said in a press release that it sold a location in Kaplan, La., to an unnamed bank for a net capital injection of $3.4 million. The sale, which closed in early April, included $50.7 million of deposits that landed an 8% […]
Trustmark seeking Mississippi state charter for its bank
Trustmark in Jackson, Miss., plans to convert to having a state-chartered bank. The company disclosed in a regulatory filing that Trustmark National Bank would switch from a national banking association. Trustmark said it already received approval to become a member of the Federal Reserve System. The application is pending with the Mississippi Department of Banking […]
Comerica investors pushing company to find a buyer
Comerica in Dallas is facing pressure from an investor to find a buyer. HoldCo Asset Management in Florida, which owns about 1.8% of the $tk billion-asset company’s stock, released a presentation urging a sale to maximize shareholder value. “The firm has also been vocal with bank positions in the past,” Scott Siefers, an analyst at […]
America First Credit Union plans big purchase of Meadows Bank in Nev.
America First Credit Union in Riverdale, Utah, has agreed to buy Meadows Bank in Las Vegas. The $22.5 billion-asset credit union said in a press release that it plans to rebrand the $1.4 billion-asset Meadows as Meadows Financial to operate as a division. The price wasn’t disclosed. Meadows has six branches in Nevada and Arizona.
U.S. Eagle FCU deal to buy Southwest Capital Bank falls through
U.S. Eagle Federal Credit Union in Albuquerque, N.M., is no longer set to buy Southwest Capital Bank in Albuquerque. The $1.5 billion-credit union agreed last August to buy the $434 million-asset Southwest Capital in a deal that was expected to close in the second quarter. Chez Steel, Southwest Capital’s CEO, indicated that the recent losses at […]
Big paydays, big titles: Exec payments revealed for Pinnacle–Synovus
The pending sale of Synovus Financial in Columbus, Ga., to Pinnacle Financial Partners in Nashville, Tenn., includes a series of high-stakes compensation arrangements for the team that will lead the newly combined company. The $54.8 billion-asset Pinnacle announced last week that it would pay $8.6 billion in stock for the $61 billion-asset Synovus in a deal […]
East Texas Financial to buy Texas National Bancorp
East Texas Financial in Kilgore has agreed to buy Texas National Bancorp. in Jacksonville. The parent of the $488 million-asset Citizens Bank did not disclose how much it plans to pay for the $836 million-asset Texas National. The deal is expected to close in the fourth quarter. The acquisition “represents a strategic step forward … […]
Simmons First in Ark. sells securities at $604 million net loss
Simmons First National in Pine Bluff, Ark., shed underperforming securities. The company, which recently raised $327 million by selling common stock, disclosed in a regulatory filing that it sold about $3.2 billion of investment securities to Morgan Stanley at an after-tax loss of about $604 million. The loss will be recorded in the third quarter.
Customers Bancorp in Pa. preps for CEO transition
Customers Bancorp in West Reading, Pa., didn’t have to look far for its next CEO. The $22.5 million-asset company said in a press release that Sam Sidhu will succeed his father, Jay Sidhu, on Jan. 1. Jay Sidhu will remain chairman. Jay Sidhu bought a $200 million-asset bank in 2009 and rebranded it as Customers […]
Heritage Financial in Wash. keeps purging underperforming securities
Heritage Financial in Olympia, Wash., reported lower quarterly profit after it sold more underperforming securities. The $7.1 billion-asset company said in a press release that its second-quarter net income fell by 14% from a year earlier, to $12.2 million. During the quarter, Heritage sold $91.6 million of securities at a pretax loss of $6.9 million. […]
Flagstar in N.Y. plans to dissolve its holding company
Flagstar Financial in Hicksville, N.Y., plans to dissolve its holding company. The $97.6 billion-asset company said in a press release that the unusual move should reduce annual expenses by $15 million and eliminate oversight by the Federal Reserve. The Office of the Comptroller of the Currency would become the primary regulator. Flagstar CEO Joseph Otting […]
Pinnacle in Tenn. to buy Synovus in Ga. for $8.6 billion
Pinnacle Financial Partners in Nashville, Tenn., has agreed to buy Synovus Financial in Columbus, Ga. The $54.8 billion-asset Pinnacle said in a press release that it will pay $8.6 billion in stock for the $61 billion-asset Synovus. The deal is expected to close in the first quarter. Pinnacle shareholders will own about 51.5% of the […]
OnPath Federal Credit Union to buy Heritage Bank in Louisiana
OnPath Federal Credit Union in Metairie, La., has agreed to buy Heritage Bank of St. Tammany in Covington, La. The $1.1-billion asset credit union said in a press release that it plans to buy the $183.5-million Heritage next spring. OnPath will pay $26 million in cash to Heritage NOLA Bancorp and reimburse the bank up […]
Atlantic Union sales stake in Virginia wealth management firm
Atlantic Union Bankshares in Richmond, Va., sold its equity interest in wealth management firm Cary Street Partners during the second quarter. The $37.3 billion-asset Atlantic Union said in a press release that it sold the stake in the Richmond, Va., firm for a pretax gain of $14.3 million. Atlantic Union received the stake in June […]
First Internet posts thin profit as it tackles issues with two loan portfolios
First Internet Bancorp in Fishers, Ind., reported a plunge in net income as it tackles issues in its small-business lending and franchise finance portfolios. The $5.9 billion-asset company only earned $193,000 in the second quarter, a sharp decline from $5.8 million a year earlier. First Internet set aside $13.6 million in the recent quarter, more […]
Blue Ridge in Virginia continues comeback with 2Q profit
Blue Ridge Bankshares in Charlottesville, Va., continues its comeback by reporting a profitable quarter. The $2.6 billion-asset company said in a press release that it earned $1.3 million in the second quarter, compared to a $400,000 loss in the first quarter and an $11.4 million loss a year earlier. “In our earnings release for first […]
Colony to buy TC Bancshares in Georgia
Colony Bankcorp in Fitzgerald, Ga., has agreed to buy TC Bancshares in Thomasville, Ga. Colony said in a press release that it will pay $86.1 million in cash and stock for TC Bancshares. The deal, which is expected to close in the fourth quarter, priced TC Bancshares at 112.9% of its tangible book value. “This […]
Eagle in Md. reports big loss as office delinquencies rise
Eagle Bancorp in Bethesda, Md., reported a large quarterly loss after it tried to get its hands around deteriorating credit quality. The $10.6 billion-asset company said in a press release that it lost $69.8 million in the second quarter, reflecting a staggering $138.2 million loan-loss provision. Eagle lost $83.8 million a year earlier after recording […]
CFPB ends consent order against VyStar Credit Union
The Consumer Financial Protection Bureau has terminated its consent order against VyStar Credit Union in Jacksonville, Fla. The bureau said it determined that VyStar had fulfilled key conditions of the order, including paying a $1.5 million civil penalty and refunding fees to impacted members. The order addressed the CFPB’s concerns over a botched online banking […]
Group looking to buy small New York bank for fintech push
A group is looking to raise capital in an effort to buy a bank in New York. Stanley Gorodesky posted on LinkedIn that the group is looking to acquire a $100 million-asset bank in the New York metro area. He did not identify the bank. The goal is to buy the bank for roughly book […]
Mountain Commerce in Tenn. selects insider as new president
Mountain Commerce Bancorp in Knoxville, Tenn., has a new president. The $1.8 billion-asset company said in a press release that Kevin Horne had succeeded William Edwards III, who remain CEO. Horne was chief credit officer and chief banking officer. Separately, Wesley Lemon was named chief financial officer. Lemon, who was controller, will succeed David Bright, […]
PNC, Coinbase form partnership for digital assets and banking services
PNC Financial Services Group in Pittsburgh has formed a partnership with crypto platform Coinbase to offer digital asset solutions to the bank’s clients and institutional investors. PNC said in a press release that it will provide banking services to Coinbase. “Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” William […]