Nissan is latest automaker to pursue industrial loan charter
Nissan Motor Acceptance Co., the financial services arm of Nissan North America, applied for an industrial loan charter. The Franklin, Tenn., company said in a press release that it submitted its application with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form Nissan Bank U.S. The industrial bank would be […]
Fed allows Increase founder to buy bank in Washington
The Federal Reserve approved an application by the founder of Increase, a customer-facing API company, to buy Twin City Bancorp in Longview, Wash. Darragh Buckley is also listed on his LinkedIn account as a director of Washington Business Bank. Twin City is the holding company for the $70 million-asset Twin City Bank. Buckley filed to […]
Eastern in Boston returned to the table to strike deal for HarborOne
When Eastern Bankshares in Boston first approached HarborOne Bancorp in Brockton, Mass., last fall, it was just one of many conversations that HarborOne had fielded over the years. But what began as an informal interest quickly turned into a carefully choreographed courtship — one that would test both companies’ resolve over months of talks, market […]
First Guaranty in La. swaps common stock for maturing sub debt
First Guaranty Bancshares in Hammond, La., swapped common stock for a subordinated note. The $3.8 billion-asset company disclosed in a regulatory filing that it struck a deal with Edgar Ray Smith III to provide the director and shareholder with nearly 2 billion shares of common stock for $15 million of subordinated debt. The note was […]
Black ownership group closes bank buy in Utah
An investor group led by one of Martin Luther King Jr.’s children and a former Trump Administration official has bought and rebranded Holladay Bank and Trust in Salt Lake City. Redemption Bank was created when the group acquired the $65 million-asset Holladay. The $68 bank is now a minority depository institution (MDI). Ashley Bell, a […]
Hoyne Bancorp in Ill. to convert to stock-owned company
Hoyne Bancorp in Oak Park, Ill., plans to raise up to $77 million by converting Hoyne Savings MHC from a mutual to a stock holding company. The $467 million-asset company said in a regulatory filing that it plans to sell 5.1 million to 6.9 million shares of common stock. The offering could go up to […]
Hope Bancorp in Los Angeles purges underwater securities
Hope Bancorp in Los Angeles sold underwater securities at a $40 million pretax net loss. The company disclosed in a regulatory filing that it sold securities with a fair value of $422 million. Net proceeds from the sale were used to buy higher-yielding securities and collateralized loan obligations. The repositioning should increase Hope’s interest income […]
Byline in Chicago buys back shares as part of investor’s stock offering
Byline Bancorp in Chicago bought back more than 418,000 shares of its stock in conjunction with a secondary offering. The company said in a press release that the estate of Daniel Goodwin and Equity Shares Investors, an affiliate of the estate, sold nearly 4.3 million shares as part of the offering. The sellers sold the […]
Commerce in Mo. to buy FineMark in Florida for $585 million
Commerce Bancshares in Kansas City, Mo., has agreed to buy FineMark Holdings in Fort Myers, Fla. The $32.4 billion-asset Commerce said in a press release that it will pay $585 million in stock for the $4 billion-asset parent of FineMark National Bank & Trust. The deal, which is expected to close on Jan. 1, priced […]
National Bank of Blacksburg in Virginia names next CEO
National Bank of Blacksburg in Virginia will soon have a new CEO. The $1.8 billion-asset unit of National Bankshares said in a press release that Lara Ramsey will also become its president on July 1. Ramsey, who is chief operating officer, will succeed F. Brad Denardo, who remains chairman.
Fintech Vine secures seed funding, forms board of directors
Vine Financial in Austin, Texas, has secured seed funding and created a board of directors. The fintech, which uses AI tools to make commercial lending faster, more accurate, and more auditable, did not disclose how much money it raised. The funding will fuel Vine’s growth and expand its ability to provide an alternative to traditional […]
ACH innovator GrailPay raises $6.7M in latest funding round
GrailPay, a risk and data platform for bank payments, raised $6.7 million in funding. The fintech said in a press release that the funding round was led by Construct Capital and included Commerce Ventures, Broadhaven Ventures, Soma Capital, and Grasshopper Bank. The company’s initial funding round was led by Noemis Ventures. GrailPay is pioneering a […]
Farmers State applies to buy Republic Banking Co. in Ohio
FSB Financial in New Madison, Ohio, has applied to buy Republic Banking Co. in Republic, Ohio. FSB, the parent of the $246 million-asset Farmers State Bank, applied with the Federal Deposit Insurance Corp. on June 11 to buy the $60 million-asset Republic Bank. The deal is expected to close in the third quarter; the price […]
Ken Moelis to step down as CEO of eponymous investment bank
Ken Moelis is stepping down as CEO of the investment bank he co-founded. Moelis & Co. in New York said in a press release that Moelis, who has led the firm since 2007, will step down and become executive chairman on Oct. 1. Navid Mahmoodzadegan, the firm’s co-founder and co-president, will become the CEO and […]
Newburyport Bank in Mass. lines up new president
Newburyport Bank in Newburyport, Mass., has a new president. The $1.6 billion-asset mutual said in a press release that Jim McCarthy will also become its chief operating officer on June 28. McCarthy, a member of the bank’s board, was chairman, president, and CEO of First Ipswich Bank “Jim is a seasoned and respected leader who […]
CoastalSouth in S.C. plans stock offering
CoastalSouth Bancshares in Hilton Head, S.C., is planning to sell common stock. The $2.2 billion-asset company’s registration statement will also allow certain shareholders to sell shares. The number of shares and pricing were not included. CoastalSouth said that proceeds from the shares it sells will be used for working capital and general corporate purposes that […]
Main Street Financial in Ohio parts ways with CEO
Main Street Financial in Wooster, Ohio, has parted ways with its CEO. The $1.4 billion-asset company said in a press release that it terminated the employment of Jay VanSickle II without cause, effective June 3. VanSickle was also removed from the company’s board. Mark Witmer, the company’s executive chairman, was named president and CEO. VanSickle […]
Commerce Bancorp to buy Holmes County Bank in Mississippi
Commerce Bancorp in Greenwood, Miss., has applied to buy Holmes County Corp. in Lexington, Miss. The parent of the $983 million-asset Bank of Commerce applied with the Federal Deposit Insurance Corp. on June 5 to acquire the $154 million-asset Holmes County Bank. The deal is expected to close in the fourth quarter. The price wasn’t […]
AI loan intelligence platform Parlay Finance raises $2 million
Parlay Finance, an AI-powered loan intelligence system, raised $2 million in a seed funding round. The round was led by JAM FINTOP. Parlay will use the proceeds to continue scaling its technology nationwide. The platform’s capabilities include digital customer onboarding, information verification, and an AI-powered decision management system to streamline processes for Small Business Administration […]
Teton Capital reportedly pressing Atlantic Union to find efficiencies
Teton Capital, an investment firm led by David Sokol, is reportedly pushing for changes at Atlantic Union Bankshares in Richmond, Va. Teton bought an undisclosed stake in the company, though it is below the 5% that would trigger a regulatory filing, according to Bloomberg. The investment firm is reportedly pressing Atlantic Union, which just bought […]
Fiserv buying out partner in Irish joint venture AIB Merchant Services
Fiserv is planning to buy out the joint venture partner behind AIB Merchant Services. Fiserv said in a press release that it agreed to buy the 49.9% stake in AIBMS that it doesn’t already own from AIB Group. The joint venture was created in 2007 in Ireland. The price wasn’t disclosed. “We have enjoyed a […]
Capital One CEO to receive $30M award for closing Discover deal
Capital One Chairman and CEO Richard Fairbank will receive a one-time award worth about $30 million in connection with the McLean, Va., company’s purchase of Discover Financial Services. Capital One’s compensation committee granted Fairbank 153,351 restricted stock units that should vest in five years. The settlement will be evenly split between cash and stock based […]
NB Bancorp to buy Provident in Mass. for $212 million
NB Bancorp in Needham, Mass., has agreed to buy Provident Bancorp in Amesbury, Mass. The $5.5 billion-asset company said in a press release that it will pay $211.8 million in cash and stock for the $1.6 billion-asset Provident. The deal, which is expected to close in the fourth quarter, priced Provident at 93% of its […]
Group applies to form de novo Georgia Skyline Bank
A group has applied to open a new bank in Georgia. Organizers of the proposed Georgia Skyline Bank in Roswell applied to the Federal Deposit Insurance Corp. on June 4. The application wasn’t immediately available. Ryan Floyd would be the proposed bank’s president and CEO. He was a senior vice president at The Piedmont Bank. […]
Fifth District Bancorp in La. taps interim leader after CEO’s sudden death
Fifth District Bancorp in New Orleans appointed an interim CEO after the death of its leader. The $531.1 million-asset company disclosed in a regulatory filing that Amie Lyons will also serve as interim president. Lyons is the company’s senior vice president of administration and operations. Brian North died suddenly on Monday. Fifth District said it […]