Hanover Bancorp in N.Y. discloses president’s departure
Hanover Bancorp in Mineola, N.Y., is restructuring its management. The company disclosed in a regulatory filing that Mac Wilcox will step down as president on March 31. He is entitled to a roughly $2.2 million severance benefit. Michael Puorro, the company’s chairman and CEO, will become president.
OCC frees Touchmark from 2024 formal agreement
Touchmark Bancshares in Alpharetta, Ga., has been freed from a formal agreement with the Office of the Comptroller of the Currency. The $418 million-asset company entered into the agreement in April 2024. “We are excited to announce the termination of the formal agreement … after 22 months,” Bobby Krimmel, Touchmark’s president and CEO, said in […]
Alabama ONE Credit Union to buy Peoples Independent Bank in Alabama
Alabama ONE Credit Union in Tuscaloosa has agreed to buy Peoples Independent Bank in Boaz, Ala. The $1.5 billion-asset credit union will pay an undisclosed amount of cash to the holding company of the $477 million-asset Peoples Independent, according to an announcement by Olsen Palmer, which advised the seller. The deal is expected to close […]
Pioneer Federal in Montana plans mutual-to-stock conversion
Pioneer Federal Savings and Loan Association in Deer Lodge, Mont., is planning to convert from a mutual to a stock holding company. The $120 million-asset bank said in a regulatory filing that PSB Financial, a newly formed holding company, plans to sell 1.1 million to 1.7 million shares of common stock for net proceeds of […]
Remitly hires Santander exec as its next CEO
Remitly Global in Seattle has hired a former Santander executive as its CEO. The company said in a press release that Sebastian Gunningham also joined its board on Feb. 19. He succeeded co-founder Matt Oppenheimer, who remains chairman. Gunningham previously served as chair of Santander Consumer Finance and vice chair of digital platform, Openbank. “It […]
Stripe subsidiary Bridge closes in on national trust bank charter
Stripe, through its Bridge subsidiary, has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter. The application, filed in October, was approved on Feb. 12. The license will allow Bridge to issue stablecoins, custody digital assets and offer stablecoin reserve management. The charter “positions Bridge to […]
Organizers of planned Portrait Bank in Fla. gain FDIC approval
A group in Florida has received conditional approval to open a bank. Organizers of the proposed Portrait Bank in Winter Park were approved by the Federal Deposit Insurance Corp. on Feb. 5. The group, which applied in August, must raise nearly $28 million before opening the bank.
First Northern Bank in California buys Beacon Wealth Strategies
First Northern Bank in Dixon, Calif., bought Beacon Wealth Strategies. The bank said in a press release that the acquisition was made by its First Northern Advisors division. The price wasn’t disclosed. Tom Cicchini, who owned Beacon, joined First Northern. He is set to retire on June 30. Beacon “has built a reputation for providing […]
Forbright in Maryland confidentially files for planned IPO
Forbright in Chevy Chase, Md., is planning its initial public offering. The holding company of the $7.7 billion-asset Forbright Bank, founded by former Rep. John Delaney, said in a press release that it submitted a confidential draft registration statement, setting the stage for the IPO. The number of shares to be sold and the price […]
Citizens in R.I. to buy advisory firm Matrix Capital Markets Group
Citizens Financial Group in Providence, R.I., agreed to buy substantially all the assets of Matrix Capital Markets Group, an advisory firm focused on the downstream energy and convenience retail sector. Citizens said in a press release that Matrix, which is based in Richmond, Va., also has expertise in the automotive aftermarket and outdoor recreation and […]
Greenfield Savings Bank in Massachusetts names next CEO
Greenfield Savings Bank in Massachusetts has its next CEO lined up. The bank said in a press release that Peter Albero will also become president when Thomas Mesako retires later this year. Albero, who joined the bank in September 2023, is the chief financial officer and treasurer. “Over the next few years, we’ll focus on […]
Fintech AtlasClear agrees to buy Farmers State Bank in Wyoming
AtlasClear, a fintech that offers a next-gen back-end financial stack, has agreed to buy Commercial Bancorp in Pine Bluffs, Wyo., through a share repurchase agreement. The fintech said in a press release that it will buy all of the shares of the Commercial Bancorp, the holding company for $31.4 million-asset Farmers State Bank, with 73% […]
Miami Savings Bank to buy New Foundation in Cincinnati
Miami Savings Bank in Miamitown, Ohio, has agreed to buy New Foundation Savings Bank in Cincinnati. The $132 million-asset Miami Savings expects to buy the $18 million New Foundation in the second quarter. Financial details were not disclosed. “The combining of our two institutions will provide more benefits, financial products and opportunities for New Foundation’s customers,” […]
West Iowa Bank to buy Home State Bank in Iowa
West Iowa Bank in West Bend has agreed to buy Home State Bank in Royal, Iowa. The $162.4 million-asset West Iowa Bank said in a press release that the $56.6 million-asset Home State will operate independently after the deal closes. The price wasn’t disclosed. “This agreement allows us to expand our community banking model into […]
Axos Financial to buy $2.6B of Jenius Bank consumer deposits
Axos Financial in Las Vegas has agreed to buy the consumer deposits of Jenius Bank from Sumitomo Mitsui Financial Group. The Japanese bank recently announced plans to shut down its digital-only bank. Axos disclosed in a regulatory filing that it will gain about $2.6 billion of deposits. The deal is expected to close by April […]
First National in Va. to shrink branch count by 15% with sales, closures
First National in Strasburg, Va., is closing three branches and selling two more, reducing branch count by 15%. The company said in a press release that it will sell locations in Roanoke Rapids and Louisburg, in North Carolina. The branches had $53 million in deposits at mid-2025, based on data compiled by the Federal Deposit […]
Cenlar giving up bank charter after selling subservicing business to PennyMac
PennyMac Financial Services has agreed to buy the subservicing business of Cenlar Capital. PennyMac said in a press release that it will pay $172.5 million in cash upfront, along with up to $85 million of performance-based payments, for subservicing contracts and mortgage servicing operations. Based on Cenlar’s existing portfolio, Pennymac expects to add up to […]
Asian tech firm Grab to buy fintech Stash
Grab, a Southeast Asian tech company, has agreed to buy Stash Financial, a U.S. digital financial services company. Grab, which operates similarly to Uber, will initially buy a 50.1% stake in Stash that values the seller at $425 million. It will buy the remaining stake over a three-year period determined by Stash’s market value over […]
Rhinebeck Bancorp in N.Y. to conduct second-step conversion
Rhinebeck Bancorp in Poughkeepsie, N.Y., will pursue a second-step conversion to become a fully stock-owned company. Rhinebeck said in a press release that its mutual holding company owns about 57% of the company’s shares outstanding. The company will sell the MHC’s ownership interest to depositors and others in a subscription offering. Depositors as of Dec. […]
Upstart taps chief technology officer as next CEO
Upstart Holdings has set the stage for a new CEO. The fintech said in a press release that Paul Gu, a co-founder and chief technology officer, will succeed Dave Girouard on May 1. Girouard will remain chairman. Upstart also said that Sanjay Datta, who had been chief financial officer, had become its president and chief […]
Array buys financial calculator fintech Chimney
Array has acquired Chimney, a New York fintech known for its modern financial calculators and home value tracking tools. Array, an embeddable platform, said in a press release that the acquisition will accelerate its ability to add financial decision tools to its platform. The price wasn’t disclosed. “Integrating Chimney’s innovative engagement features into Array’s ecosystem […]
Family Savings Credit Union to buy branches from Citizens in Alabama
Family Savings Credit Union in Rainbow City, Ala., has agreed to buy two branches from Citizens Bank & Trust. The deal for the branches, located in northern Alabama, includes $19 million of loans and $44 million of deposits. The price wasn’t disclosed. The sale is expected to close in the second half of this year. […]
MrBeast agrees to buy youth-focused financial services app Step
MrBeast seems poised to take a move into financial services to the next level. Jimmy Donaldson, the man behind the brand, announced on X that he is buying youth-focused financial services app Step. The price wasn’t disclosed. “Nobody taught me about investing, building credit, or managing money when I was growing up,” MrBeast wrote in […]
California, Nevada credit union associations select new CEO
California’s Credit Unions and Nevada’s Credit Unions have a new leader. The associations said in a press release that Jeremy Empol will become president and CEO on March 9. Korn Ferry conducted the search. Empol was senior vice president of public affairs and industry outreach for the Federal Home Loan Bank of San Francisco. “Jeremy’s […]
Fifth District in New Orleans removes ‘interim’ from CEO’s title
Fifth District Bancorp in New Orleans removed “interim” from its CEO’s title. The company said in a press release that Amie Lyons was also named president permanently. She had been serving on an interim basis since June, following the death of Brian North. “Amie has been a dedicated and integral part of the Fifth District […]