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.
MVB in W.Va. leverages fintech sale by selling securities at a loss
MVB Financial in Fairmont, W.Va., repositioned its securities portfolio. The company, which recently sold payments fintech Victor Technologies, said in a press release that it sold $73 million of available-for-sale investment securities with a weighted-average tax-equivalent yield of 1.70% and a weighted-average life of nearly 10 years. The securities were sold at a pretax loss […]
Consulting firm engage fi looks inward for next CEO
Engage fi in Orlando, Fla., has a new leader. The Orlando, Fla., consulting firm said in a press release that Andres Pasantes had become its CEO. Pesantes, who remains president, succeeded Jenn Addabbo, who became executive chair. Pasantes also served as chief operating officer. “This transition allows me to focus on what I value most […]
Fifth Third to buy Comerica in $10.9 billion deal
Fifth Third Bancorp in Cincinnati has agreed to buy Comerica in Dallas. The $210 billion-asset Fifth Third said in a press release that it will pay $10.9 billion in stock for the $78 billion-asset Comerica. The deal, which is expected to close in the first quarter, priced Comerica at 173% of its tangible book value. […]
F&M Bank to buy Community National Bank of Okarche in Oklahoma
F&M Bank in Edmond, Okla., has agreed to buy Community National Bank of Okarche in Oklahoma. The $758 million-asset F&M Bank did not disclose how much it will pay for the $128 million-asset Community National. The deal is expected to close in the fourth quarter. “We have immense respect for the relationship banking approach Community […]
Synchrony buys consumer financing software firm Versatile Credit
Synchrony in Stamford, Conn., has acquired consumer financing software provider Versatile Credit. Synchrony said in a press release that Versatile Credit, based in Mechanicsburg, Pa., connects merchants, lenders, and consumers through point-of-sale solutions. The price wasn’t disclosed. “As a trusted partner to some of the country’s most respected brands, as well as hundreds of thousands […]
Connections Bank to buy Missouri branch from BTC Bank
Connections Bank in Platte City, Mo., has agreed to buy a branch in Columbia, Mo., from BTC Bank in Bethany, Mo. The $500.7 million-asset Connections did not disclose the price it will pay the $1.4 billion-asset BTC for the location. The deal is expected to close in the fourth quarter or early 2026. The branch […]
Dakota Credit Union Association’s CEO steps down
The leader of the Dakota Credit Union Association has stepped down after a decade of leading the trade group. The association said that Jeff Olson resigned as president and CEO, though no reason was given for his departure. George McDonald, the association’s chief officer of partnerships and engagement, was named interim president and CEO. McDonald […]
MVB Financial sells payments fintech Victor Technologies to Jack Henry
Jack Henry & Associates acquired Victor Technologies, an API-first provider of direct-to-core embedded payments solutions, from MVB Financial in Fairmont, W.Va. MVB, which had called the sale “Project Volt,” said in a press release that the sale should generate a $33 million pretax gain. Victor was created in 2021 and incubated within MVB. MVB said […]
FNB Bank in Kentucky splits CEO, president roles with promotions
FNB Bank in Mayfield, Ky., has a new leadership. The $721 million-asset bank said in a press release that Paul Scott had become its CEO and Lori Noel is now president. They succeeded Sally Hopkins, who retired but is the chairman. “It’s an honor to take on the leadership of an institution with such a […]
Prosperity strikes deal to buy Texas Partners Bank
Prosperity Bancshares in Houston has agreed to buy Southwest Bancshares in San Antonio, Texas. The $38.4 billion-asset Prosperity said in a press release that it will pay $268.9 million in stock for the $2.4 billion-asset parent of Texas Partners Bank. The deal, expected to close in the first quarter, priced Southwest at 153% of its […]
Citizens Savings in Tennessee looking for new CEO
Citizens Savings Bank and Trust in Nashville, Tenn., is looking for a new leader. The $185 million-asset bank said that Sergio Ora is stepping down as its CEO. Jim Schmitz, Citizens’ chairman, will serve as interim CEO while the board searches for a permanent replacement. Citizens is the nation’s oldest black-owned bank.
Brazil’s Nubank applies with OCC for national bank charter
Brazilian digital lender Nubank has applied with the Office of the Comptroller of the Currency for a national bank charter. Nubank said in a press release that the move would allow it to eventually offer deposit accounts, credit cards, loans and digital asset custody. “Today, our core focus remains on delivering growth in our existing […]