FDIC-approved Korean-American bank will not open
A proposed Korean-American bank in Los Angeles will not open. The Federal Deposit Insurance Corp., which gave founders of the proposed Quantum Bank conditional approval in July 2025, disclosed that the bank will not open. No other details were shared. Organizers originally filed to open QIB Bank in March 2024 before changing the name. “The bank intends […]
Forbright files public registration statement for planned IPO
Forbright in Chevy Chase, Md., has filed for its planned initial public offering. The $7.9 billion-asset parent of Forbright Bank disclosed that Goldman Sachs and J.P. Morgan are its lead underwriters. The filing did not share how many shares will be sold or how much capital the company plans to raise. Certain unnamed shareholders also […]
Stellantis ILC application receives FDIC nod for deposit insurance
Stellantis Financial Services U.S., the American financial services division of Dutch automaker Stellantis NV, has been approved by the Federal Deposit Insurance Corp. for deposit insurance as it looks to form a Utah-chartered industrial bank. Stellantis Bank USA’s proposed business model “will focus on providing automotive financing products nationwide, primarily through the purchase of retail […]
Flagstar in N.Y. splits president roles, Otting remains CEO
Flagstar Bank in Hicksville, N.Y., has split the role of president. The bank said in a press release that Joseph Otting will remain chairman and CEO, but will relinguish his role as president. The post will be filled by Richard Raffetto and Lee Smith, who will also serve as co-chief operating officers. Raffetto, who was also […]
Eagle Bancorp Montana sets stage for CEO succession
Eagle Bancorp Montana in Helena has a new president. The company said in a press release that Darryl Rensmon will take on the role on June 1, succeeding Laura Clark, who will remain CEO. Eagle said Rensmon, who was chief operating officer, is in line to succeed Clark as CEO whenever she retires. Clark had […]
Homestead Bank to buy First State Bank in Nebraska
Homestead Bank in Cozad, Neb., has agreed to buy First State Bank in Randolph, Neb. Homestead applied with the Federal Deposit Insurance Corp. on May 13. The deal is expected to close in mid-2026. The price wasn’t disclosed.
Victory Bank in Texas to buy minority stake in wealth management firm
Victory Bank in Lubbock, Texas, has agreed to buy a 40% stake in McDonald Capital Management. McDonald is a fee-only investment management firm that oversees more than $350 million in assets. “Our significant investment … is a testament to both our strategic focus as well as our non-linear approach to building a durable, high-performing, Texas […]
Hancock Whitney to buy OFB Bancshares in Florida
Hancock Whitney in Gulfport, Miss., has agreed to buy OFB Bancshares in Orlando, Fla. Hancock Whitney said in a press release that it will pay $377.6 million in cash for the $2.1 billion-asset parent of One Florida Bank. The deal, which is expected to close in the third quarter, priced OFB at 200% of its […]
Fintech equipifi raises $34 million in latest funding round
Fintech equipifi has raised $34 million in Series B funding. The funding round was led by Left Lane Capital with continued participation from Curql, PHX Ventures, and all other existing major investors. SWBC and the Bankers Helping Bankers Fund joined with the new round. “Our mission is straightforward: Every consumer should have access to pay-over-time solutions […]
BMO to sell transportation and vendor finance businesses
BMO Financial Group in Toronto has agreed to sell its transportation finance and vendor finance businesses, including loans in the U.S. and Canada, to Stonepeak in New York. Stonepeak will pay a cash amount and an earnout contingent. BMO will use a portion of the consideration to invest in a roughly 19.9% stake in the […]
22nd State Banking in Alabama launches digital bank
Always.bank, a new digital bank by 22nd State Banking in Mobile, Ala., has launched. The digital bank, created with assistance from Linker Finance, will focus on entrepreneurs and small businesses. The launch began with high-yield savings accounts and CDs, followed by an expansion into business banking capabilities. “Our vision is to build an advisor-led bank […]
Brookfield Bancshares. to buy NSTS Bancorp in Illinois
Brookfield Bancshares in Brookfield, Ill., has agreed to buy NSTS Bancorp in Waukegan, Ill. The $333.4 billion-asset Brookfield said in a press release that it will pay $73.7 million in cash for the $266.6 million-asset NSTS. The deal is expected to close in the fourth quarter. North Shore will retain its name and charter. “We […]
Commerce in Mo. to sell underperforming securities after Visa exchange
Commerce Bancshares in Kansas City, Mo., will use a gain from exchanging Visa shares to offset a hit from selling underperforming securities. The company said in a press release that it will report a $99 million pretax gain from marking its newly obtained Visa Class C common stock. Commerce also plans to record a pretax […]
Long-time leader of Allegheny Bancshares in W.Va. to retire in July
Allegheny Bancshares in Franklin, W.Va., has finalized its CEO succession. The $825 million-asset company said in a press release that Neil Hayslett will take on the role on July 13. Hayslett will also become CEO of Pendleton County Bank. Hayslett, the company’s president, will succeed Bill Loving Jr., who will retire. Loving, who has led […]
Western Alliance in Phoenix discloses issue with CRE loan
Western Alliance Bancorp. in Phoenix disclosed a new issue with a $99 million commercial real estate loan. The $98.9 billion-asset Western Alliance disclosed in its quarterly filing that a borrower told the bank in late April that it would not repay the CRE non‑owner‑occupied loan. The loan had been performing in accordance with its contractual terms […]
Eagle in Md. hires Western Alliance exec as its new CEO
Eagle Bancorp in Bethesda, Md., looked outward for its new leader. The company said in a press release that it hired Stephen Curley as its president and CEO, effective July 6. He will also join the board. Curley, who was chief banking officer for national business lines at Western Alliance Bancorp. in Phoenix, will succeed […]
CB Financial in Pennsylvania disclosed AI-related cybersecurity breach
CB Financial Services in Carmichaels, Pa., disclosed that its bank was the victim of a cyberattack. The company disclosed in a regulatory filing that its bank became aware on May 5 of “an internal incident involving the handling of certain non‑public customer information” using an unauthorized AI-based software application. The bank took measures to secure […]
Androscoggin in Maine, Mascoma in N.H. to merge holding companies
Androscoggin Bank in Lewiston, Maine, and Mascoma Bank in Lebanon, N.H., are planning to merge their holding companies. The merger would result in the creation of ClearNorth Financial Mutual Holding Co. The banks will continue to operate under their own names, charters and boards. Clay Adams, Mascoma’s president and CEO, will be CEO of the […]
Stablecoin-focused clearing bank Augustus secures OCC approval
Augustus, previously known as Ivy, has received conditional approval from the Office of the Comptroller of the Currency to form a national bank. Augustus Bank is expected to become a clearing bank built on a stablecoin and AI-native core. The core banking system is built around AI and programmable money. Co-Founder Ferdinand Dabitz will serve […]
Kraken parent applies for national trust bank charter
Payward, the parent company of crypto exchange Kraken, has applied to the Office of the Comptroller of the Currency for a national trust charter. Co-CEO Arjun Sethi wrote Friday in a blog post that the charter, if approved, would establish Payward National Trust, which would provide fiduciary custody and other services for crypto. “Kraken Financial […]
Fidelity Ban Corp. in Iowa to buy Welcome State Bank in Minnesota
Fidelity Ban Corp. in Independence, Iowa, has agreed to buy Welcome State Bank in Minnesota. The parent of the $2.4 billion-asset BankIowa said in a press release that it expects to buy the $44 million-asset Welcome State later this year. Welcome State also has $38.1 million in deposits. “We will gain access to expanded resources, enhanced products, […]
NexTier in Pa. to buy Riverside Bank of Dublin in Ohio
NexTier in Butler, Pa., has agreed to buy Riverside Bank of Dublin in Ohio. The $2.9 billion-asset NexTier said in a press release that it expects to buy the $270 million-asset Riverside in the third quarter. The price wasn’t disclosed. Travis Sanders, Riverside’s president and chief lending officer, will join the NexTier as regional president […]
Blaze Credit Union to buy Minnesota branch from Luminate Bank
Blaze Credit Union in Minneapolis has agreed to buy a branch from Luminate Bank in Falcon Heights, Minn. The $4.8 billion-asset credit union said in a press release that it will also obtain $25 million of deposits when it buys the Claremont, Minn., branch. The deal is expected to close in early October. “We are […]
C&F in Va. sells insurance agency stake, purges low-yielding securities
C&F Financial in Toano, Va., used the sale of its interest in an insurance agency to sell underperforming securities. The company said in a press release that it will record an $8.3 million pretax gain from selling its stake in Bearing Insurance Group. C&F then sold $72.6 million in securities at a $7.1 million pretax loss. […]
Spring Labs raises $5 million in funding round
Spring Labs in Marina Del Rey, Calif., raised $5 million in a funding round led by BankTech Ventures and Haymaker Ventures. The fintech is building an agentic AI platform to help regulated financial institutions with compliance and operational workflows. “Financial institutions are facing a structural challenge: compliance workloads are growing faster than teams can scale,” John Sun, […]