San Francisco FCU agrees to buy Summit Bank in California
San Francisco Federal Credit Union has agreed to buy Summit Bank in Oakland, Calif. The $1.3 billion-asset credit union said in a press release that it expects to buy the bank in the first quarter. The price of the all-cash transaction wasn’t disclosed. “We are thrilled to welcome Summit Bank customers and employees to the […]
Director or Treasury Department’s CDFI Fund resigns
Pravina Raghavan has resigned as the director of the Treasury Department’s Community Development Financial Institutions Fund. The Treasury said in a press release that Dietrich Douglas had been named the fund’s acting director. He is the fund’s legal counsel. “With the best interest of the CDFI Fund, the community development finance sector, and the communities […]
AmeriServ in Pa. reports 2Q loss after big CRE-related chargeoff
AmeriServ Financial in Johnstown, Pa., lost money in the second quarter after addressing its biggest problem asset. The $1.5 billion-asset company lost $282,000 in the quarter after recording a $3.1 million loan-loss provision. The provision came after the company charged off $2.8 million tied to a mixed-use commercial real estate retail/office property in the Pittsburgh […]
ENB Financial in Pa. lines up new CEO for 2027
ENB Financial in Ephrata, Pa., has set up its next CEO. The company said in a press release that Rachel Bitner will also become its president on Jan. 1, 2027. Bitner, ENB’s treasurer and chief financial officer of its bank, will succeed Jeffrey Stauffer when he retires at the end of next year. “The board […]
Mercantile in Mich. to buy Eastern Michigan Financial
Mercantile Bank in Grand Rapids, Mich., has agreed to buy Eastern Michigan Financial in Croswell. The $6.2 billion-asset Mercantile said in a press release that it would pay $95.8 million in cash and stock for the $505 million-asset Eastern. The deal, which is expected to close in the fourth quarter, priced Eastern at 165% of […]
Old National in Ind. hires Key exec as its president, COO
Old National in Evansville, Ind., has hired an executive from KeyCorp as its president. The $71 billion-asset company said in a press release that Tim Burke had also become its chief operating officer. Burke, who oversaw the central region for Key, succeeded Mark Sander, who retired. “I’m truly thrilled to join a team that’s so […]
Simmon First in Ark. raising $300M for potential balance sheet moves
Simmons First National in Pine Bluff, Ark., is planning to raise $300 million by selling common stock. The company announced in a press release that it is selling about 16.2 million shares to the public at $18.50 per share. Another 2.4 million shares could be sold if there is enough demand. Simmons plans to use […]
National Bank in Denver invests $5M in small-business credit platform
National Bank Holdings in Denver has invested in the Nav marketplace for small business deposit and lending solutions. The company said in a press release that it invested $5 million in Nav and that Tim Laney, its chairman and CEO, will serve as an observer on the marketplace’s board. Nav offers a suite of tools […]
Jefferson Bank in Texas to split president, CEO roles in 2026
Jefferson Bank in San Antonio will soon have a new leader. The $3 billion-asset bank said in a press release that Danny Butler will retire as president and CEO at the end of this year. Mitch Walker, the bank’s chief operating officer, will become CEO. Reagan Winslow, who leads the bank’s trust division, will become president. […]
First Community in Va. to expand in W.Va. with Hometown purchase
First Community Bankshares in Bluefield, Va., has agreed to buy Hometown Bancshares in Middlebourne, W.Va. The $3.2 billion-asset First Community said in a press release that it will pay $41.5 million in stock for the parent of the $402 million-asset Union Bank. The deal, which is expected to close early in the first quarter, priced […]
Equipment finance company agrees to buy Heritage Bank in Iowa
GreatAmerica Holdings, which owns a commercial equipment finance company, has agreed to buy Heritage Bank in Marion, Iowa. GreatAmerica did not disclose how much it would pay for the $40.4 million-asset Heritage, which it plans to rebrand as GreatAmerica Bank. “GreatAmerica and Heritage Bank will work in tandem … to continue growing and strengthening our […]
Stripe to buy fintech focused on instant money movement
Stripe has agreed to buy Orum.io, a New York fintech that builds infrastructure to allow for instant money movement across U.S. financial institutions. Stephany Kirkpatrick, who founded Orum in 2019, announced the sale in a LinkedIn post. The price wasn’t disclosed. “After thoughtful consideration, it became clear that we have a rare opportunity to accelerate […]
Mass. credit union turns to backup plan after sale to bank falls through
Arrha Credit Union in Springfield, Mass., has agreed to merge into another credit union after its unconventional plan to sell to Pittsfield Co-operative Bank in Pittsfield, Mass., fell through. The $2.2 billion-asset BrightBridge Credit Union in Lawrence, Mass., will absorb Arrha in a merger that should be completed earlier next year. “Arrha Credit Union has […]
Home in Arkansas hopeful it will announce bank deal soon
Home BancShares in Conway, Ark., is looking for an acquisition to help it meet a big financial goal. The $22.9 billion-asset company is keen to boost annual net income to $500 million in 2026, Chairman and CEO Johnny Allison said during a conference call to discuss quarterly earnings. “We need to find something to buy […]
HomeStreet in Seattle to sell $794M Ginnie Mae portfolio
HomeStreet in Seattle has agreed to sell its Ginnie Mae mortgage servicing portfolio. The $8 billion-asset HomeStreet, which recently agreed to sell itself to Mechanics Bank in California, did not disclose the buyer. The sale is expected to close on Aug. 1. The principal balance of the loans to be sold was $794 million on […]
Avidbank in California files for upcoming IPO
Avidbank Holdings in San Jose, Calif., has filed a prospectus in advance of its planned initial public offering. The $2.3 billion-asset Avidbank did not disclose how many shares it plans to sell. Published reports said the company could look to raise up to $70 million. A “substantial amount” of the net proceeds would be used […]
Prosperity to buy parent of American Bank in Texas for $320 million
Prosperity Bancshares in Houston has agreed to buy American Bank Holding Co. in Corpus Christi, Texas. The $38.8 billion-asset Prosperity said in a press release that it will pay $321.5 million in stock for the parent of the $2.5 billion-asset American Bank. The deal, which is expected to close by the first quarter, priced American […]
Bank First to buy Centre 1 Bancorp in Wisconsin
Bank First in Manitowoc, Wis., has agreed to buy Centre 1 Bancorp in Beloit, Wis., in a deal that will expand its reach into southern Wisconsin and northern Illinois. The $4.4 billion-asset Bank First said in a press release that it will pay $174.3 million in stock for the $1.6 billion-asset Centre. The deal, which […]
Chemung in N.Y. posts loss after selling underwater securities
Chemung Financial in Elmira, N.Y., reported a quarterly loss after unloading underwater securities. The $2.9 billion-asset company said in a press release that it lost $6.5 million in the second quarter, compared to $5 million in net income a year earlier. Chemung sold $245.5 million of securities in June 2025 at a pretax loss of […]
Western Alliance in Phoenix to rebrand its banking divisions
Western Alliance Bancorp. in Phoenix will rebrand its banks to reflect its corporate identity. The parent of Western Alliance Bank will rename Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank. AmeriHome Mortgage and Western Alliance Trust Co. will retain their brands. The effort is […]
New Independent in Indiana to buy State Bank of Medora
New Independent Bancshares in New Washington, Ind., has agreed to buy State Bank of Medora in Indiana. The deal is expected to close in the second half of this year. The $614.7 million-asset New Independent did not disclose how much it will pay for the $103.4 million-asset State Bank of Medora. Olsen Palmer advised New […]
TDECO in Houston terminates deal for Sabine State Bank in La.
TDECO in Houston has terminated an agreement to buy Sabine State Bank and Trust in Many, La. The $4.8 billion-asset credit union agreed in April 2024 to buy the $1.2 billion-asset Sabine in a deal that was expected to close earlier this year. The price wasn’t disclosed. It would have a been a huge acquisition […]
Climate First Bank in Florida raises $46 million
Climate First Bancorp in Orlando, Fla., raised $46 million by selling common stock. The company said in a press release that the capital will help it expand its national solar and renewable energy platforms, along with other socially responsible financing efforts. “This major new investment is a reflection of the national commitment to combat the […]
Broadway Bank in Texas begins search after CEO’s retirement.
Broadway Bank in San Antonio, Texas, is looking for a new leader. The $5.7 billion-asset bank said in a press release that David Bohne had retired as CEO. Harvey Hartenstine, the bank’s president and chief banking executive, was named interim CEO as the board looks for a permanent replacement.
Northfield Savings in Vermont hires outsider as next CEO
Northfield Savings Bank in Northfield, Vt., will soon have a new leader. The $1.6 billion bank said in a press release that Joseph Bator will become president and CEO and join the board on Sept. 1. Bator, who recently served as a regional vice president in New Hampshire for TD Bank, will succeed the retiring […]