Allied Solutions, ABA invest in fintech PortX
Allied Solutions and the American Bankers Association have invested in PortX, an AI-powered integration and data platform. The size of the investments wasn’t disclosed. “At Allied, we are committed to equipping our clients with the most innovative and future-proofed solutions on the market,” Pete Hilger, Allied Solutions’ CEO, said in a press release. “Our investment […]
HBT Financial to buy CNB Bank Shares in Illinois
HBT Financial in Bloomington, Ill., has agreed to buy CNB Bank Shares in Carlinville, Ill. The $5 billion-asset HBT said in a press release that it will pay $170.2 million in cash and stock for the $1.8 billion-asset CNB. The deal is expected to close in the first quarter. CNB Bank has $1.3 billion of […]
Higher provision reins in profit at Washington Trust in Rhode Island
Washington Trust Bancorp in Westerly, R.I., reported lower quarterly profit after addressing two problematic loans. The $6.7 billion-asset company said in a press release that its third-quarter earnings fell by 1.2% from a year earlier, to $10.8 million. The quarter included a $7 million loan-loss provision that reflected $11.3 million in chargeoffs tied to a […]
Broadway in Calif. to record goodwill impairment charge, restate past results
Broadway Financial in Los Angeles warned that it will record a $25.9 million goodwill impairment charge. The company also disclosed that it will restate its financial statements for 2023, 2024 and the first quarter of 2025 due to “an error related to certain loan participation agreements.” Broadway said the goodwill impairment charge, which followed its […]
Cornerstone Capital to buy Peoples Bancorp in Texas
Cornerstone Capital Bancorp in Houston has agreed to buy Peoples Bancorp in Lubbock, Texas. The companies expect to close the deal in the first quarter. The price wasn’t disclosed. Cornerstone would have $3.1 billion of assets after completing the acquisition. Larry Allen, Peoples’ chairman and CEO, will join Cornerstone’s board and serve as area chairman […]
U.S. Bancorp creates digital assets and money movement division
U.S. Bancorp in Minneapolis has formed a digital assets and money movement division. The company, which recently returned to offering crypto custody services for institutional investment managers, said that Jamie Walker will lead the division. Walker will remain head of merchant payment services and CEO of Elevon, until a successor is named.
First Interstate in Montana to sell Nebraska branches to Security First
First Interstate BancSystem in Billings, Mont., continues to shrink its footprint. The $27.6 billion-asset company said in a press release that it will sell 11 Nebraska locations to Stockmens Financial in Rapid City, S.D. The deal includes $280 million in deposits and $70 million of loans. The deal is expected to close in early 2026. […]
Western Alliance in Phoenix files lawsuit claiming fraud tied to CRE loans
Western Alliance Bancorp. in Phoenix is the latest regional bank to disclose an issue tied to alleged borrower fraud. The company disclosed in a regulatory filing that it has a note finance revolving credit facility to Cantor Group V LLC secured by pledged commercial real estate loans and cash proceeds. In August, Western Alliance filed […]
Zions in Utah charged off $50M tied to C&I loans
Zions Bancorp. in Salt Lake City warned that exposure to a pair of borrowers will lead it to boost reserves for problematic loans. The company disclosed in a regulatory filing that it recorded a $60 million loan-loss provision and charged off $50 million in the third quarter tied to two commercial-and-industrial loans. The decision came […]
First Citizens to buy 136 branches from BMO Bank
First Citizens BancShares in Raleigh, N.C., has agreed to buy 138 branches from BMO Bank in Canada. First Citizens said in a press release that the deal includes $5.7 billion of deposits and $1.1 billion of loans. Most of the branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho. The […]
Fountain Trust parent to buy Gifford State Bank in Illinois
Piper Holdings in Covington, Ind., has agreed to buy Gifford Bancorp in Gifford, Ill. Piper, the parent of the $669.5 million-asset Fountain Trust Co., did not disclose how much it will pay for the holding company of the $188.5 million-asset Gifford State Bank. The deal is expected to close in the first quarter. The merger […]
Investor group agrees to buy Uinta Bank in Wyoming
Integra BG, a group formed earlier this year, agreed to buy Uinta Bank in Mountain View, Wyo. Integra BG did not disclose in its LinkedIn post what it plans to pay for the $208 million-asset Uinta. The plan is to rebrand Uinta as Tanager Bank. Integra also plans to conduct a private capital raise and […]
Proposed Erebor Bank secures conditional OCC approval
The Office of the Comptroller of the Currency has issued conditional approval for Erebor Bank, a proposed de novo backed by Peter Thiel and Palmer Luckey that would incorporate stablecoin into its business plan. The OCC’s decision authorizes the organizers of the planned Columbus, Ohio, de novo to advance toward a pre-opening examination. Erebor, which […]
Kitsap Credit Union in Washington invests in AI startup D8TAOPS
Kitsap Credit Union in Bremerton, Wash., invested in AI startup D8TAOPS. The credit union said in a press release that it became the first credit union in Washington state to gain approval from the state regulator to make the equity investment. Kitsap said the investment in D8TAOPS, an Oregon-based AI and data orchestration firm, will […]
Blockchain-focused Telcoin in Nebraska raises $25 million
Telcoin in Norfolk, Neb., which is looking to open a blockchain-focused digital bank, raised $25 million in a pre-series A funding round. The company said in a press release that the funds would capitalize Telcoin Digital Asset Bank, which has received conditional approval for a Nebraska Digital Asset Depository Institution charter. The plan is to […]
Ponce Bank in New York switches to national bank charter
Ponce Bank in New York converted to a national bank charter. The bank, a unit of Ponce Financial, had been a federally chartered stock savings association. Ponce Financial also became a financial holding company, which lets it engage in activities that are “financial in nature or incidental to a financial activity,” according to a press […]
LendingTree founder and CEO dies in ATV accident
Doug Ledba, founder and CEO of LendingTree in Charlotte, N.C., died in an all-terrain vehicle accident over the weekend. The online lending platform said in a statement that Scott Peyree, its president and chief operating officer, had become the CEO, while Steve Ozonian, previously the lead independent director, is now the chairman. “Doug was a […]
Organizers look to form new bank in Southern California
A group is looking to form a bank in Southern California. Organizers of the proposed TriCoast Bank in Torrance filed applications with the Federal Deposit Insurance Corp. and the California Department of Financial Protection & Innovation in mid-September. The applications weren’t immediately available. The state regulator noted on its website that the group plan to […]
Former CFPB director Mick Mulvaney to chair SOLO advisory board
Mick Mulvaney, former acting director of the Consumer Financial Protection Bureau, will chair a new advisory board at SOLO. The fintech, founded by data scientist Georgina Merhom, is looking to create a customer data sharing network and mount a challenge to existing credit bureaus. SOLO recently announced plans for SOLO introduced its Customer Data Clearinghouse […]
Organizers plan new bank north of Atlanta
A group is looking to form a bank north of Atlanta. First City Bank would be based in north Fulton County, according to a LinkedIn post. There is no record of an application on file with the Federal Deposit Insurance Corp. Bob Koncerak posted on his LinkedIn account that he would serve as the proposed […]
Commercial loan chargeoffs to hit Washington Trust’s 3Q earnings
Washington Trust Bancorp in Westerly, R.I., warned that its third-quarter results will be impacted by chargeoffs tied to two commercial loans. The company disclosed in a regulatory filing that it will record $11.3 million in chargeoffs tied to the loans, adding that it expects to have a $7 million loan-loss provision in the quarter. The […]
Kentucky First brings back former executive to serve as next CEO
Kentucky First Federal Bancorp in Frankfort has lined up a new leader. The company said that R. Clay Hulette will become its CEO and president and CEO of First Federal Savings Bank of Kentucky, subject to regulatory approval. Until approvals are received, Hulette will serve as interim president and CEO of First Federal. As part […]
Facebank seeks bank charter by buying struggling Miami bank
Facebank International, an international banking entity based in Puerto Rico, is seeking Bank Holding Company status as part of a plan to buy and recapitalize Eastern National Bank in Miami. Facebank, which also operates a mortgage company Florida Home Trust, also applied with the Federal Deposit Insurance Corp. to buy the $100.5 million-asset Eastern. Financial […]
Investor group applies for BHC status to buy Lineage Bank in Tennessee
An investor group has applied to buy a controlling stake in Lineage Financial Network, the holding company for Lineage Bank in Franklin, Tenn.. Recap Financial Ventures, a group led by Paul Pratt Jr., Pamela Stephens, and Wesley Finch, recently applied with the Federal Reserve to become a bank holding company as part of a plan […]
Veteran banker buys majority stake in First National Bank of Williamson
Veteran banker Jason Payne bought a controlling stake in First National Bank of Williamson in West Virginia. Payne paid $15 million for the 65% stake in the $108 million-asset bank, according to published reports. Payne was a managing director for the Cincinnati and northern Kentucky market for Republic Bank in Louisville, Ky.