SOLO Data Exchange to coordinate with federal regulators
The SOLO Network, a customer data-sharing and reusable-verification platform, is running a bank reliance pilot observed by FinCEN and coordinated with federal regulators. The company said in a press release that the Treasury Department, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. are involved with the pilot’s coordination, a move […]
Stablecoin clearing house Augustus clears hurdle to open national bank
Augustus, previously known as Ivy, has received conditional approval from the Federal Deposit Insurance Corp. for deposit insurance. Augustus, which recently obtained similar clearance from the Office of the Comptroller of the Currency to form a national bank, is expected to become a clearing bank built on a stablecoin and an AI-native core. The FDIC […]
Essex Bank in Connecticut promotes COO to become its CEO
Essex Bank in Essex, Conn., has a new CEO. The bank said in a press release that Lynn Giroux had also become its president. Giroux, who had been the bank’s chief operating officer, succeeded Diane Arnold, who retired. “I am deeply honored to have been selected … especially as Essex Bank continues to celebrate its […]
Servicer Zaria applies for national trust bank charter
Zaria Systems, a servicer specializing in digital asset-backed loans and securities, has applied with the Office of the Comptroller of the Currency for a national trust bank charter. The Jackson, Wyo., company plans to form Zaria National Trust Bank to offer a single regulated counterparty to offer corporate trustee services for asset-backed securities, collateralized loan […]
Albert ILC application provides better look at operating model
Albert, a fintech that offers instant lines of credit, is seeking to establish a Utah-chartered industrial bank. The company applied with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. on July 20 to charter Albert Bank and obtain federal deposit insurance. The proposed bank would operate as a wholly owned subsidiary. […]
Climate First founder Ken LaRoe discloses ALS diagnosis
Ken LaRoe, the founder, chairman and CEO of Climate First Bancorp, told employees, customers and other stakeholders this week that he has been diagnosed with amyotrophic lateral sclerosis, the progressive neurological disease also known as Lou Gehrig’s disease. LaRoe shared the news in a letter addressed to “the entire Climate First community,” writing that he […]
Consulting firm Cornerstone Advisors taps insider as next CEO
Cornerstone Advisors in Scottsdale, Ariz., has a new leader. The consulting firm said in a press release that Mazen Ghalayini had become its chairman and CEO. Ghalayini, who was president, succeeded Steve Williams, who remains at the firm as a founding partner. “It’s a privilege to build on the incredible foundation Steve and our team […]
Patelco Credit Union invests in open payments CUSO Payfinia
Payfinia, a credit union service organization (CUSO) that provides an open payments framework, has received an investment from Patelco Credit Union in Dublin, Calif. The CUSO didn’t disclose the amount of the investment from the $9.5 billion-asset Patelco. Kal Majmundar, Patelco’s chief technology officer, joined the Payfinia CUSO board. “At Patelco, we are committed to […]
MeridianLink buy wellness platform Credit Mountain
MeridianLink, a software provider, has acquired Credit Mountain, an AI-focused financial wellness platform. MeridianLink said in a press release that the acquisition “marks the start of an era of accelerated technology investment” that will accelerate its strategy of helping financial institutions engage borrowers throughout the lending decision. The price wasn’t disclosed. “MeridianLink has long been […]
Neobank Dakota applies for national trust bank charter
Dakota, a neobank that issued an enterprise stablecoin offering earlier this year, has applied for a national trust bank charter. The company, which already operates as a registered money services business, said in a press release that the new charter would position it “as a federally regulated provider of digital asset custody, stablecoin issuance, and […]
BCB in New Jersey reports big loss and cleanup begins
BCB Bancorp in Bayonne, N.J., reported a $14.8 million second-quarter loss. The $3.1 billion-asset company, which just hired turnaround expert Tom O’Brien as its CEO, said the loss reflected a $19 million loan-loss provision, a $5.3 million goodwill impairment, and a $2.6 million loss tied to a nonaccrual construction loan moved to held-for-sale. BCB said […]
Illinois Bankers Association looks outward for new leader
The Illinois Bankers Association has a new leader. The association said that David Boulay had become its president and CEO. Boulay was president of IMEC Illinois.
Fintech Chime cutting staff by 10%
Chime plans to cut a tenth of its workforce, or roughly 150 people. The fintech is looking to capitalize on increased use of artificial intelligence to innovate and become more efficient. “The world is changing quickly and this means we need to keep evolving too,” CEO Chris Britt wrote in a company memo. “To continue […]
Peoples Bancshares of TN to buy First Peoples in Tennessee
Peoples Bancshares of TN in Madisonville, Tenn., has agreed to buy First Peoples Bancorp in Jefferson City, Tenn. Peoples Bancshares said in a press release that it will have $650 million of assets after it buys the parent of First Peoples Bank of Tennessee in a deal expected to close late this year or early […]
Coastal in Wash. reports 2Q loss, end of talks to buy Evolve assets
Coastal Financial in Everett, Wash., reported a quarterly loss and disclosed that it is no longer in talks to buy deposits and assets from Evolve Bank & Trust in West Memphis, Ark. The $5.5 billion-asset company said in a press release that it lost $42.1 million in the second quarter, largely reflecting a $68.8 million […]
Linker Finance raises $5 million in seed round
Linker Finance raised $5 million in its latest seed round. The company, which helps banks figure out digital banking, has raised a total of $8.7 million. “Since our initial investment, Linker has continued to execute. The company is now live with 10+ community banks across multiple core banking platforms, helping financial institutions launch modern digital […]
BoA to buy U.K. information security specialist
Bank of America in Charlotte, N.C., agreed to buy U.K. information security specialist M D SecMDSec Consulting. The deal is expected to close in the fourth quarter. The price wasn’t disclosed. M D SecMDSec provides deeply technical information security-related consultancy services. “We have long admired the exceptional ability of the M D SecMDSec team and are delighted […]
Century in N.M. replaces CEO as it deals with unsolicited takeover attempt
Century Bank in Santa Fe, N.M., which is facing a hostile takeover, has replaced its CEO. The $1.4 billion-asset bank confirmed that Max Myers, its vice chairman, became interim president and CEO on July 24. He replaced John Brichetto. Bank7 in Oklahoma City said in early July that it had agreed to buy a 71% stake […]
Alma Bank to buy American Community Bank in N.Y. bank merger
Alma Bank in Long Island City, N.Y., has agreed to buy American Community Bancorp in Glen Cove, N.Y. The $1.6 billion-asset Alma said in a press release that it plans to purchase the parent of the $300 million-asset American Community Bank in the first quarter. The price wasn’t disclosed. “This partnership is grounded in a […]
B2 Bank moves headquarters from Minnesota to Utah
B2 Bank has moved its headquarters to Utah. The bank said in a press release that it relocated from Mountain Iron, Minn., to Holladay, Utah. The move positions B2 Bank in a fast-growing fintech corridor, expanding access to talent and supporting its long-term strategic goals. “Relocating our headquarters to Holladay is a defining step in […]
Community State Bank in Pa. tabs insider as next CEO
Community State Bank in Orbisonia, Pa., has a new leader. The $400 million-asset bank said in a press release that Nicole Wilson had become its CEO. Wilson, who remains president, succeeded Michael Bibak, who retired. “From the outset, the timing of Mike’s departure was intentionally flexible, allowing it to be guided by the progress of […]
Pioneer in New York launches college advising division after acquisition
Pioneer Bancorp in Albany, N.Y., has acquired The College Advisor of New York, a firm that helps families navigate the college search and admissions process. The College Advisor of New York provides personalized guidance, hands‑on support, and assistance identifying colleges that are the right academic, personal, and financial fit. The price wasn’t disclosed. Dean Skarlis, […]
Banc of California posts big loss following balance sheet moves
Banc of California in Los Angeles reported a staggering $251.3 million loss after repositioning its balance sheet. The $34.3 billion-asset company said in a press release that it sold $2.3 billion of lower-yielding securities and began the process of selling $827 million of commercial real estate and multifamily construction loans. The company also retired $385 […]
National Bank of Indianapolis sets calendar for CEO succession
National Bank of Indianapolis is priming CEO succession. The $3.1 billion-asset bank said that Doug Talley will become its president on Aug. 3. Talley, who succeeded Mark Bruin, is also expected to become CEO when Bruin retires early next year. Talley is chief banking officer and chief lending officer.
Increase Bank launches after Darragh Buckley buys small bank
Fintech founder Darragh Buckley has officially taken over a bank. Buckley, who created Increase, a customer-facing API company, announced the creation of Increase Bank after buying Twin City Bancorp in Longview, Wash. “This is the bank for ambitious technology companies,” Buckley said in a LinkedIn post. “You’re obsessed with building the best possible product for your customers; […]