Maryland Bankers Association selects next CEO
The Maryland Bankers Association has a new leader. The association said in a press release that Tisha S. Edwards had become its president and CEO. She will also serve as executive vice president of the Mid-Atlantic Bankers Association, the holding company formed last year when the MBA merged with the Virginia Bankers Association. Edwards was […]
Bank of Idaho nixed higher offer from credit union to sell to Glacier
Bank of Idaho Holding Co. in Idaho Falls considered selling to a credit union but cooled on the idea after meeting with legal counsel and the director of the Idaho Department of Finance. The $1.3 billion-asset company agreed last month to sell to Glacier Bancorp in Kalispell, Mont. for $245 million in a deal that […]
Seacoast to buy Heartland Bancshares in Florida
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Heartland Bancshares in Sebring, Fla. The $15.2 billion-asset Seacoast said in a press release that it will pay $110 million in cash and stock for the $734 million-asset Heartland. The deal, which is expected to close in the third quarter, priced Heartland at 163% […]
Taktile raises $54 million in latest fund-raising round
Fintech Taktile raised $54 million in its latest fund-raising round. The company announced on its website that the Series B funding round was led by Balderton Capital with participation by existing investors Index Ventures, Tiger GLobal, Y Combinator, Prosus Ventures, Visionaries Club and former Treasury Secretary Larry Summers. Taktile has raised an aggregate of $79 […]
Alkami to buy account-opening platform MANTL
Alkami Technology has agreed to buy Fin Technologies, which does business as MANTL. Alkami said in a press release that it is buying MANTL for an enterprise value of $400 million. The deal, which is expected to close on March 31, is subject to about $7 million of purchase price adjustments. Alkami said it plans to […]
CFPB’s New Leadership Dismisses Key Enforcement Lawsuits
The Consumer Financial Protection Bureau dismissed enforcement lawsuits against Capital One Financial, Vanderbilt Mortgage & Finance, Rocket Homes Real Estate and the Pennsylvania Higher Education Assistance Agency. The bureau’s new leadership issued notices of voluntary dismissal in the four cases with prejudice, meaning that the cases are permanently closed. Under former Director Rohit Chopra, the […]
Popular in Puerto Rico lines up next CEO
Popular in San Juan, Puerto Rico, is finalizing its succession plan. The $73 billion-asset company said in a press release that Ignacio Alvarez will retire as CEO on June 30. Alvarez, who has led the company since 2017, will be succeeded by Javier Ferrer, who is president and chief operating officer. “From his earliest days […]
Triumph in Texas to buy logistics-focused AI company
Triumph Financial in Dallas has agreed to buy Greenscreens.ai, which provides a pricing solution for the logistics industry. The $5.9 billion-asset Triumph said in a press release that it will pay $160 million in cash and stock for the fintech, which uses machine learning to deliver short-term freight market pricing intelligence and business insights. The […]
Bank of Marin in Calif. says cooperation agreement with investor to end
Bank of Marin Bancorp in Novato, Calif., said a cooperation agreement with an investor group will soon end. The $3.7 billion-asset company disclosed in a regulatory filing that Sanjiv Sanghvi will step down from the board at its next annual meeting. Sanghvi has been the board representative of the Kelly Trust parties as part of […]
Rio Financial to buy Lone Star Capital Bank in Texas
Rio Financial Services in McAllen, Texas, has agreed to buy Lone Star Capital Bank in San Antonio. The merger was disclosed by Stephens, which advised the $498 million-asset Lone Star. Rio Financial has around $900 million in assets. The price was not disclosed. Lone Star has seven branches. Its shareholders have already approved the merger.
Old Second in Illinois to buy Evergreen Bank for $197 million
Old Second Bancorp in Aurora, Ill., has agreed to buy Bancorp Financial in Oak Brook, Ill. The $5.7 billion-asset Old Second said in a press release that it would pay $197 million in cash and stock for the parent of the $1.5 billion-asset Evergreen Bank. The deal, which is expected to close in the third […]
QCR in Illinois promotes long-time CFO to become its next CEO
QCR Holdings in Moline, Ill., will soon have a new leader. The $9.1 billion-asset company said in a press release that Larry Helling will retire as CEO at its May 22 annual meeting. Todd Gipple, QCR’s president and chief financial officer, will succeed Helling, who will serve as a part-time adviser after his retirement. Nick […]
Patriot National in Conn. to report big 4Q loss tied to two CRE loans
Patriot National Bancorp in Stamford, Conn., which was recently hit with an enforcement action while exploring its strategic alternatives, warned that it lost money in the fourth quarter. The $974.1 million-asset company disclosed in a regulatory filing that it expects to report a $9.5 million net loss, compared to $900,000 in net income a year […]
LifeSteps Bank in Alabama moves headquarters, changes name
A bank in Alabama has a fresh name and a new headquarters. The $70.1 million-asset LifeSteps Bank and Trust said in a press release that it had rebranded as Bank47 and moved its corporate offices from Union Springs to Huntsville. “Huntsville’s energy, innovation, and economic strength make it the perfect home for Bank47,” Hill Womble, […]
Yoakum National to buy Citizens State Bank of Ganado in Texas
Yoakum National BancShares in Yoakum, Texas, has agreed to buy Ganado Bancshares in Ganado, Texas. Yoakum, the holding company for the $327 million-asset Yoakum National Bank, did not disclose how much it will pay for the parent of the $55.9 million-asset Citizens State Bank of Ganado. Performance Trust Capital Partners, which advised Yoakum, disclosed the […]
Quaint Oak in Pa. selects insider as its new president
Quaint Oak Bancorp in Southampton, Pa., has a new president. The $701 million-asset company disclosed in a regulatory filing that William Gonzalez had taken on the new role and joined its board. He was president and chief operating officer of Quaint Oak Bank. Gonzalez succeeded Robert Strong, who remains CEO.
De novo BankMiami to open in mid-March
De novo BankMiami will open its doors next month. Organizers said in a LinkedIn post that the bank will debut on March 17. A proposed bank received conditional approval from the Federal Deposit Insurance Corp. in August that required the organizers to raise $31.3 million. Organizers submitted applications earlier that year. BankMiami said in its […]
1895 Bancorp of Wisconsin hires KBW to explore strategic alternatives
1895 Bancorp of Wisconsin in Greenfield has hired an investment bank to help it explore strategic alternatives, which could include its sale. The $565 million-asset company said in a press release that it retained Keefe, Bruyette & Woods as its financial adviser. The company said it has not established a timeline for completing the review. […]
Varo Money seeking $55 million in new capital
Varo Money, a fintech that successfully applied for a bank charter, is looking to raise more capital. Varo, which recently announced the planned departure of founding CEO Colin Walsh, disclosed in a Form D filed with the Securities and Exchange Commission that it is looking to raise $55 million. The company, which filed the document […]
Winchester Bancorp in Massachusetts readies mutual converstion
Winchester Bancorp in Winchester, Mass., is getting close to converting to a two-tier mutual holding company structure. The proposed holding company for the $873 million-asset Winchester Savings Bank signed an agency agreement for Raymond James to help market its common stock. Raymond James will receive a $25,000 management fee and a success fee equal to […]
Automotive company Stellantis applies for industrial loan company
Automotive company Stellantis has applied to form an industrial loan company in Utah. The company, formed by the 2021 merger of Fiat Chrysler Automobiles and the PSA Group, submitted its application for Stellantis Bank USA on Feb. 11. The application wasn’t immediately available. The filing comes just days after General Motors resubmitted its application to […]
Proposed Colorado bank nears 60% of fundraising goal
A proposed bank in Avon, Colo., continues to make progress on its fundraising goal. Battle Financial disclosed on LinkedIn that it brought in $1.8 million by issuing convertible debt in January. Organizers have now raised nearly $8.8 million, nearing 60% of their goal. The group first applied for deposit insurance in March 2022, outlining a […]
Sharon Bank in Pennsylvania taps insider as new CEO
Sharon Bank in Springfield, Pa., has a new CEO. The $164 million-asset mutual said in a LinkedIn post that William Mattern had also become its president. Mattern, who was chief lending officer, will also lead Sharon Bancorp and Sharon Mutual Holding Company. “Bill has played a significant role over the last seven years building strong […]
MVB in West Virginia sells majority stake in fintech Trabian Technology
MVB Financial in Fairmont, W.Va., sold its ownership in software development firm Trabian Technology. The $3.1 billion-asset company said in a press release that the sale occurred in January. The price wasn’t disclosed. MVB bought a majority stake in Trabian in April 2021. The fintech helped MVB create automated workflows for card transaction data.
Orrstown in Penn. names heir apparent to CEO
Orrstown Financial in Harrisburg, Pa., has set the stage for its next leader. The $5.4 billion-asset company said in a press release that Adam Metz had become its chief operating officer and it expected to become president and CEO in May 2026 when Thomas Quinn retires. Metz has been chief revenue officer since February 2019. […]