Oak View Bankshares in Va. raises $8M via private placement
Oak View Bankshares in Warrenton, Va., raised nearly $8 million from a private placement. The company said in a press release that it sold nearly 560,000 shares of common stock at $14 each. The proceeds will be used for general corporate purposes. “We are pleased to announce the successful completion of the private placement,” Michael Ewing, […]
FDIC gives conditional approval for proposed Houston Bank and Trust
The Federal Deposit Insurance Corp. has approved its first new bank in 2025. The agency gave conditional approval to organizers of the proposed Houston Bank and Trust. The group must raise at least $35 million before opening the bank. The group first applied with the FDIC in February 2022 to form Houston Bank of Commerce […]
West Shore in Mich. buys Auto Club Trust’s wealth management ops
West Shore Bank in Ludington, Mich., bought the wealth management, investment advisory and trust services business of Auto Club Trust FSB in Dearborn, Mich. The $768 million-asset West Shore did not disclose the pricing for the all-cash transaction. “Our team is committed to providing personalized service, expert guidance, and customized solutions to help clients achieve […]
Itasca Bank in Illinois shuffles leadership
Itasca Bank & Trust in Itasca, Ill., has new leadership. The $772 million-asset bank said in a press release that John J. Hunt had become its president. Hunt, who will remain chief loan officer, succeeded James Mensching, who is chairman and CEO. Mensching succeeded Jack Mensching, who retired as chairman. Itasca “has built a legacy […]
Fintech Solid files for Chapter 11 bankruptcy protection
Solid Financial Technologies, also known as Wise Company, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The California-based fintech, which offers infrastructure for digital banking and payment processing, submitted its petition on Monday, listing both assets and liabilities in the $1 million to $10 million range. […]
Wealth management fintech Alinea raises $10M in Series A round
Alinea Invest, a wealth management fintech focused on younger investors, has raised $10.4 million in its Series A funding round. Eve Halimi, the New York company’s co-founder and co-CEO, announced in a LinkedIn post that the funding was led by Play Ventures and included GFR Fund, Y Combinator, Gaingels, FoundersX Ventures, and F7 Ventures. “A huge […]
Ripple to buy broker Hidden Road for nearly $1.3 billion
Ripple, a San Francisco company that provides digital asset infrastructure, has agreed to buy New York prime broker Hidden Road for nearly $1.3 billion. “We are at an inflection point for the next phase of digital asset adoption – the U.S. market is effectively open for the first time due to the regulatory overhang of […]
F.N.B. to buy Pittsburgh investment bank Raptor Partners
F.N.B. Corp. in Pittsburgh has agreed to buy Pittsburgh investment bank Raptor Partners. F.N.B. did not disclose the price it will pay for Raptor, which focuses on M&A, corporate finance, valuation advisory and private capital raising. The deal is expected to close in the second quarter. “The addition of investment banking rounds out our offerings, […]
First Citizens, FDIC end Silicon Valley shared-loss agreement
First Citizens BancShares in Raleigh, N.C., and the Federal Deposit Insurance Corp. have ended their shared-loss agreement tied to the 2023 failure of Silicon Valley Bank. First Citizens took over much of Silicon Valley Bank’s operations when it failed. The five-year shared-loss agreement covered an estimated $60 billion of loans. Under the agreement’s terms, the […]
PNC snags Blackrock exec as its new president
PNC Financial Services Group in Pittsburgh snagged a Blackrock executive to serve as its president. The company said in a press release that Mark Wiedman will also serve as president of PNC Bank. The company’s primary operating lines and regional presidents will report to Wiedman, who will then report to Chairman and CEO William Demchak. […]
First National Bank in Ohio promotes insider as its next CEO
First National Bank in Pandora, Ohio, has a new leader. The bank said in a press release that Brendon Matthews was named CEO. He has been serving as president since May 2024. Matthews succeeded Todd Mason, who retired. Mason remains on the board. “I am honored to serve the bank in this new role and […]
Southern Financial in S.C. hired new bank CEO
Southern Bank in Spartanburg, S.C., has a new leader. The bank said in a press release that M.J. Huggins III is its new CEO. Huggins recently served as director of credit risk management at United Bank. Huggins’ “deep understanding of community banking, combined with his proven track record of leadership and passion for serving local […]
Jim Nussle to retire as CEO of America’s Credit Unions
America’s Credit Unions has begun the search for a new leader. The advocacy group announced that Jim Nussle will retire once a successor is on board. The group hired Korn Ferry to assist a newly formed search committee. “After a long career in advocacy from both sides of the policy making table, leading CUNA and […]
New CEO selected for foreign-owned bank in New York
Israel Discount Bank of New York has a new leader. The bank said that Avner Mendelson will become its president and CEO on May 1. He will succeed Ziv Biron. Mendelson was president and CEO of Bank Leumi USA, which was sold to Valley National Bancorp in New York.
Evolve Bank to pay $11.8M to settle claims tied to 2024 cyberattack
Evolve Bank & Trust in West Memphis, Ark., will pay $11.8 million to settle claims that it failed to protect customers’ private data during a 2024 data breach. The plaintiffs had alleged that the bank “had inadequate data security, was unjustly enriched by the use of the private information, and improperly or inadequately notified potentially […]
Plaid raises $575M, takes valuation cut compared to 2021 raise
Plaid raised $575 million in a funding round. The round, which included Franklin Templeton, BlackRock, NEA and Ribbit Capital, valued the fintech at $6 billion, off more than half from its $13.4 billion valuation in 2021. Plaid said this round would be its lase private fundraiser, indicating that the company is getting closer to filing […]
Equity Bancshares in Kansas to buy NBC Oklahoma
Equity Bancshares in Wichita, Kan., has agreed to buy NBC Corp. of Oklahoma in Oklahoma City. The $5.3 billion-asset Equity said in a press release that it will pay $86.9 million in cash and stock for the parent of the $909 million-asset NBC Oklahoma. The deal is expected to close in the third quarter. “This […]
TowneBank to buy Old Point Financial in Virginia
TowneBank in Suffolk, Va., has agreed to buy Old Point Financial in Hampton, Va. The $18 billion-asset TowneBank said in a press release that it will pay $203 million in cash and stock for the $1.5 billion-asset Old Point. The deal, which is expected to close in the second half of this year, priced Old […]
Mutual Federal in Ohio hires outsider as its president
Mutual Federal in Sidney, Ohio, has a new president. Bill Daily announced on LinkedIn that he had taken on the new role. Daily was the founder and CEO of Riverside Bank of Dublin, which opened in 2019. He will succeed Dean Weinert, who is retiring as market president of Mutual Federal on April 11. Mutual […]
Union County Savings in N.J. promotes insider as next CEO
Union County Savings Bank in Elizabeth, N.J., has a new leader. The $1.6 billion-asset bank also said that Chris McFadden had become its president. McFaddon had been chief financial officer. Erik Terpstra was named to succeed McFaddon as CFO. “We are thrilled to have Chris take on the role of president and CEO,” Colin Neill, […]
1st National Bank of Scotia in NY splits president, CEO roles
There’s a new president at 1st National Bank of Scotia in New York. The $676 million-asset bank said in a press release that Robert Dieterich had taken on the expanded role. Dieterich, who will remain chief operating officer, succeeded John Buhrmaster, who is still CEO. Buhrmaster will now focus on strategic direction and maintaining relationships […]
Santa Cruz County Bank in Calif. rebrands after market expansion
Santa Cruz County Bank in Santa Cruz, Calif., has rebranded. The $2.7 billion-asset unit of West Coast Community Bancorp announced that it was renamed West Coast Community Bank. The change follows the company’s purchase of 1st Capital Bancorp in Salinas, Calif., which introduced it to new markets. “Our new name reflects the vibrant and diverse […]
Colony Bankcorp in Georgia buys insurance agency
Colony Bankcorp in Fitzgerald, Ga., is bucking a trend in banking by acquiring an insurance agency. The company said in a press release that it bought The Ellerbee Agency, an Allstate-appointed consumer property and casualty insurance agency. The price wasn’t disclosed. The agency will become part of Colony Insurance. Sean Ellerbee, who led the agency, will […]
Tennessee banking titan Jim Ayers dies
The banker responsible for building FB Financial in Nashville, Tenn., has died. Jim Ayers passed away on April 1. Once the sole owner of FirstBank, his ownership amounted to 23% of the company’s stock following its initial public offering. FB Financial noted in a regulatory filing that a shareholder’s agreement with Ayers terminated with his […]
CEO of Legacy Bank in California announces retirement
The CEO of Legacy Bank in Murrieta, Calif., is retiring. Jim Hicken announced in a LinkedIn post that he will also retire as president of the $74.7 million-asset bank and step down from its board. “It has been an incredible journey—one that led me to start and open two community banks along the way, build […]