Capital One unveils $265B community plan for Discover acquisition
Capital One Financial Group in McLean, Va., has pledged $265 billion over the next five years to support underserved markets as part of its $35 billion purchase of Discover Financial Services. Capital One agreed to maintain its lending to low- and moderate-income consumers and communities at $200 billion over the five-year period. The company will […]
Firstbanc of Alabama signs sale-leaseback agreement
Firstbanc of Alabama in Talladega has agreed to a sale-leaseback transaction with MountainSeed Real Estate Services. The parent of the $1 billion-asset First Bank of Alabama will sell four branches for about $7.8 million. The bank will lease the offices for an initial 15-year term with the option to extend the lease for another 15 […]
Currency Bank in La. selects insider as new CEO
Currency Bank in Oak Grove, La., has a new president and CEO. Scott Gaudin announced on his LinkedIn page that he had also become president and CEO of Axxess Partners, the holding company for the $186 million-asset bank. Gaudin, who was chief lending officer, succeeded Charles Chiasson.
VersaBank names leaders ahead of U.S. bank purchase
VersaBank named a president for its new U.S. bank. The Canadian bank said in a press release that Tel Matrundola will take on the role at the newly created VersaBank USA. Matrundola was chief strategy officer at PWC Capital, VersaBank’s former parent company. Shawn Clarke was named chief operating officer of VersaBank USA; he was CFO […]
Country Bank for Savings in Mass. lines up new CEO
Country Bank for Savings in Ware, Mass., will have a new CEO. The $1.9 billion-asset bank said in a press release that Mary McGovern will take over the role on Aug. 1. McGovern, who was named president earlier this year, will succeed Paul Scully, who is retiring. She has also been the bank’s chief operating […]
TD Bank forms community advisory board under $20B impact plan
TD Bank has agreed to a three-year, $20 billion community impact plan. The bank said in a press release that it had formed an 11-member community advisory board in conjunction with the plan. The board includes members from groups such as Asian Pacific Community Development, National Association for Latino Community Asset Builders and the Urban […]
Inadequate remediation progress leads to $136M penalty for Citigroup
Citigroup will pay a total of $136 million for not moving quickly enough to address four-year-old consent orders that require the New York company to address its internal control systems and compliance risk management. The Office of the Comptroller of the Currency and the Federal Reserve said that the $2.4 trillion-asset company hasn’t made enough […]
Mission Driven Bank Fund raises $65M in second round
The Mission Driven Bank Fund has completed its second close after raising $65 million. The Cleveland fund, which invests in minority depository institutions (MDIs) and community development financial institutions (CDFIs), has raised more than $177 million since its formation. The fund’s limited partners include Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank and […]
Proposed Miami de novo secures approval from state regulator
A de novo bank planned in Miami has received approval from its state regulator. Florida’s Office of Financial Regulation has signed off on BankMiami, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers, who submitted applications earlier this year, still need approval from the Federal Deposit Insurance Corp. “We continue to welcome […]
Amalgamated in Chicago rebrands ahead of St. Louis expansion
Amalgamated Bank of Chicago has rebranded as ABOC as part of a plan to expand beyond its home market. The $1.1 billion-asset bank said in a press release that the new name represents “a modern look that reflects its rich heritage while setting the stage for future growth.” “We believe the time is right to broadly […]
Forbright Bank in Md. has CRA rating cut to ‘needs improvement’
Forbright Bank in Potomac, Md., which was recently hit with a consent order, had its Community Reinvestment Act rating downgraded to “needs improvement.” While the consent order and the CRA downgrade both came from the Federal Deposit Insurance Corp., the issues are unrelated. The consent order for the $6.7 billion-asset bank is tied to “deficiencies […]
Fifth Third to pay $20M to address CFPB claims
Fifth Third Bancorp in Cincinnati will pay $15 million to settle a lawsuit from the Consumer Financial Protection Bureau tied to alleged fake checking accounts. The $214 billion-asset company also agreed to pay $5 million – and pay redress to customers – to address claims that it overcharged customers for force-placed auto insurance. The CFPB […]
Alabama ONE Credit Union selects insider as next CEO
Alabama ONE Credit Union in Tuscaloosa has a new CEO. The $1.2 billion-asset credit union said in a press release that Whitney Oswalt had taken on the new role. Oswalt, who was chief strategy officer and chief financial officer. succeeded Bill Wells. Oswalt “has been a strong member of our leadership team, and under his […]
Greenwood’s Financial in Wis. raises $10M via private placement
Greenwood’s Financial Group in Lake Mills, Wis., raised $10 million in capital. The parent of the $547 million-asset Greenwood’s Savings Bank raised the capital on July 1 through a private placement of common stock, according to data compiled by Performance Trust Capital Partners. The data did not include the shares sold, pricing, or the investors.
Inside Atlanta-area bank’s quest to find a buyer
Piedmont Bancorp in Peachtree Corners, Ga., tried several times to find a buyer before agreeing to be sold to United Bankshares in Charleston, W.Va. The $30 billion-asset United agreed on May 9 to buy the $2.1 billion-asset Piedmont for $267 million. The deal will give United its first operations in the Atlanta area. Piedmont first […]
Murphy-Wall State to buy Oakdale State Bank in Illinois
Murphy-Wall State Bank and Trust in Pinckneyville, Ill., has agreed to buy Oakdale State Bank in Oakdale, Ill. Murphy-Wall Bancorp, the parent of the $179.3 million-asset Murphy-Wall State did not disclose the price it will pay for the $25 million-asset Oakdale State. “Murphy-Wall looks forward to this opportunity to serve a new market and is […]
Bank of North Dakota has new president and CEO
The Bank of North Dakota in Bismarck has a new CEO. The North Dakota Industrial Commission also named Don Morgan to serve as the $10.1 billion-asset bank’s president. Morgan succeeded Todd Steinwand, who recently retired. Morgan recently served as president and CEO at the $1.9 billion-asset Starion Bank. “Don’s impressive experience over his decades-long career […]
Renasant in Miss. is latest bank to sell its insurance business
Renasant in Tupelo, Miss., has sold its insurance agency to Sunstar Insurance Group. The $17.3 billion-asset company said in a press release that it sold Renasant Insurance; the price wasn’t disclosed. Renasant Insurance will rebrand as Sunstar Insurance Services. All of Renasant Insurance’s leadership and employees joined Sunstar. “This transaction provides a great opportunity for […]
Veteran banker joining First Foundation as part of $228M capital raise
First Foundation in Dallas is raising $228 million in a deal that will allow it to lower its concentration of multifamily loans. The $13.6 billion-asset company said in a press release that the investors include Fortress Investment Group affiliates ($115 million); Canyon Partners ($46 million), Strategic Value Bank Partners and North Reef Capital ($22 […]
Bankwell in Conn. reserving $6.6M tied to nonperforming C&I loan
Bankwell Financial Group in New Canaan, Conn., is bracing for a $6.6 million hit tied to a nonperforming commercial loan. The $3.2 billion-asset company disclosed in a regulatory filing that it will take specific reserves against a $8.7 million C&I loan that has been classified as nonperforming since the end of last year. Bankwell, which […]
New York Community follows through with reverse stock split
New York Community Bancorp in Hicksville is planning a reverse stock split. The $113 billion-asset company said in a press release that the one-for-three reverse stock split should take place on July 11. The number of authorized shares of the company’s common stock will decrease from 2 billion shares to about 666.7 million shares. Shareholders […]
Silvergate, former CEO pay fines to settle claims they misled investors
Silvergate Capital in La Jolla, Calif., and its bank will pay $63 million in penalties to settle claims it misled shareholders about the strength of its Bank Secrecy Act and anti-money laundering compliance. Silvergate was fined by the Federal Reserve and the California Department of Financial Protection and Innovation. Separately, the Securities and Exchange Commission […]
Amerant in Fla. shares more details on sale of Houston operations
Amerant Bancorp in Coral Gables, Fla., shared more information on the pending sale of its Houston operations. The $9.8 billion-asset company agreed in April to sell five branches, $576 million of deposits and $529 million of loans to MidFirst Bank in Oklahoma City in a deal expected to close by the end of this year. […]
Southern Bankshares in Ga. raises $19M from private placement
Southern Bankshares in Claxton, Ga., which was sold to an investor group last year, raised $19.1 million through a private placement. The $170 million-asset company sold common stock on June 27, according to data compiled by Performance Trust Capital Partners. The data did not include the number of shares sold, pricing, or the investors. An […]
How Independent Bank in Texas Went from Buyer to Seller
Merger talks between SouthState in Winter Haven, Fla., and Independent Bank Group in McKinney, Texas, were briefly halted in February to allow South State to respond to a cybersecurity incident. The $46 billion-asset SouthState agreed on May 17 to buy the $18.9 billion-asset Independent for $2 billion in one of the biggest bank deals announced […]