Louisiana Credit Union League hires new CEO

The Louisiana Credit Union League has a new CEO selected. The association said in a press release that Juan Fernandez Ceballos will also become its president in June. He is president and CEO of the Credit Union Association of New Mexico, a role he has held since 2021. Ceballos will succeed Steven Liberto, who has […]

Western Alliance in Phoenix still adding deposits

Western Alliance Bancorp. in Phoenix continues to bounce back from a turbulent time in the wake of high-profile bank failures. The $71 billion-asset company said in an investor presentation that it has added more than $2 billion of deposits in the second quarter, with $49.6 billion on its balance sheet. That represents a roughly 4% […]

F.N.B. invests $1 million in MDI credit union

F.N.B. Corp. in Pittsburgh has invested $1.1 million in Hill District Federal Credit Union in Pittsburgh. The $44 billion-asset F.N.B. said in a press release that the funds will help Hill District, a minority depository institution, deliver financial services and resources to underserved communities. The funding, in the form of an equity equivalent investment, is […]

Bank of America creates its first tech accelerator

Bank of America in Charlotte, N.C., has created its first accelerator.  The Bank of America Breakthrough Lab will launch a six-month program in September. It will largely focus on entrepreneurs from underrepresented communities such as Black, Hispanic and Native American founders. The program, expected to occur annually, aims to collect applications over the next month. […]

Farmers & Merchants in Ohio rebrands as F&M Bank

Farmers & Merchants State Bank in Archbold, Ohio, has shortened its name. The $3 billion-asset unit of Farmers & Merchants Bancorp rebranded as F&M Bank. The plan includes a new logo and replacing signs at all branches by September. The rebranding followed “a multi-year brand exploration process,” the bank said in a press release. “F&M’s […]

Wesbanco in W.Va. accelerates CEO succession

Wesbanco in Wheeling, W.Va., will have a new CEO sooner than expected. The $5 billion-asset company said in a press release that Todd Clossin will also retire as president on Aug. 1. He will be succeeded by Jeffrey Jackson, the company’s chief operating officer. Clossin had originally planned to retire on Jan. 1. Wesbanco said […]

Georgia Banking raises $27M in private placement

Georgia Banking in Atlanta has raised $27.2 million through a private placement. The $1 billion-asset company raised the capital on April 28, according to data compiled by Performance Trust Capital Partners. The report did not disclose the investors or the pricing. Georgia Banking was recapitalized in 2021 by an investor group led by Bartow Morgan […]

Arrow in NY discloses CEO depature

Arrow Financial in Glens Falls, N.Y., has parted ways with its president and CEO. The $4 billion-asset company said in a press release that Thomas Murphy terminated his employment on Friday. He also stepped down from the board. Arrow said that David DeMarco, its chief banking officer, was named to succeed Murphy. DeMarco, who joined […]

RBB discloses another director resignation

Another director of RBB Bancorp resigned because of a disagreement over the Los Angeles company’s corporate governance and policy matters. The $4.1 billion-asset company disclosed in a press release that Paul Lin stepped down on May 8. In his letter, Lin took issue with the pace and timing of the board’s investigation into governance matters […]

FDIC special assessment to focus on uninsured deposits

The Federal Deposit Insurance Corp. wants to base its special assessment focused on banks’ uninsured deposit totals. The agency has proposed having U.S. banks with the highest amounts of uninsured deposits pay to replenish the Deposit Insurance Fund (DIF). There will be a 60-day window for comments on the proposed rule. The assessment rate would […]

PacWest: Deposits fell 9.5% last week

PacWest Bancorp in Los Angeles reported another large outflow of deposits. The $44.3 billion-asset company disclosed in its quarterly filing that deposit balances fell by 9.5% last week. While First Republic Bank in San Francisco failed on May 1, PacWest said that most of the outflows took place on May 4-5 after news reports said […]

Proposed N.H. de novo plans to raise $25 million

Organizers of a proposed bank in Bedford, N.H., plan to raise at least $25 million in initial capital. Granite First Bank would serve small and midsize businesses, professional services firms, nonprofits, and individuals, organizers said in their application with the Federal Deposit Insurance Corp. David Cassidy is expected to serve as president and CEO. He […]

First Citizens lost quarter of SVB deposits after deal

First Citizens BancShares in Raleigh, N.C., had a mammoth quarter for profitability after booking a $9.8 billion gain from buying the failed Silicon Valley Bank. The $214.7 billion-asset company earned $9.5 billion in the first quarter, an astronomical increase from the $271 million of net income from a year earlier. First Citizens also disclosed that […]

Fintech Marqeta to cut 15% of its workforce

Marqeta, a card issuing platform, plans to cut about 15% of its workforce. The fintech disclosed in a regulatory filing that it will lay off roughly 150 employees in the coming months as part of a plan to lower operating costs, prioritize high-return projects and put it on a path to profitability. The plan is […]

New Hampshire group proposes de novo bank

A group in Bedford, N.H., has applied to form a bank. Organizers of Granite First Bank submitted an application on Tuesday with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. The organizers are H. Andrew Crews, David Cassidy and Samuel Figler, according to a public noticed filed in conjunction with […]

Cadence in Miss. to close 35 branches in 2023

Cadence Bank in Tupelo, Miss., plans to close 35 branches this year, or roughly 8.5% of its network. The $48.7 billion-asset bank, formed through the merger of Cadence and BancorpSouth, had 412 branches in mid-2022, according to data compiled by the Federal Deposit Insurance Corp. “In order to best optimize and strengthen our branch network, […]

Lakeland in Indiana selects insider as new president

Lakeland Financial in Warsaw, Ind., has a new president. The $6.4 billion-asset company said in a press release that Kristin Pruitt had also become president of its Lake City Bank. She also joined the boards of the company and the bank. Pruitt succeeded David Findlay, who remains CEO. Pruitt joined the company in 2008 and […]

MVB Financial in W.Va., IFHI in N.C. terminate merger

MVB Financial in Fairmont, W.Va., and Integrated Financial Holdings in Raleigh, N.C., have terminated MVB’s proposed purchase of IFHI. The $3.6 billion-asset MVB said in a press release that the decision reflected “changing market conditions that have pressured bank industry stock prices” and “understandable delays in regulatory processes.” Neither company will pay termination fees. MVB […]

Illinois bank enters into written agreement with Fed

Perry County Bancorp has entered into a written agreement with the Federal Reserve that instructs the Du Quoin, Ill., company to improve oversight over liquidity and interest rate risk. The Fed entered into the agreement with Perry County and its $137 million-asset Du Quoin State Bank in April but it was just disclosed last week. […]

California regulator looks inward after SVB collapse

The California Department of Financial Protection has joined the Federal Reserve in accepting some responsibility for the March 10 failure of Silicon Valley Bank. While the regulator asserted in its report that SVB was slow to remediate regulator-identified deficiencies, it acknowledged that its examiners did not take adequate steps to ensure the bank quickly addressed […]

Goldman Sachs: Regulators looking at SVB dealings

Goldman Sachs in New York said that U.S. agencies are looking into its dealings with SVB Financial leading up to the March seizure of Silicon Valley Bank. The investment bank disclosed in its quarterly filing that it is “cooperating with and providing information to various governmental bodies.” The filing did not disclose which agencies were […]

PacWest in California cuts dividend to a penny

PacWest Bancorp in Los Angeles cut its dividend to a penny. The $44.3 billion-asset company said late Friday that it had lowered the quarterly payout, which previously was 25 cents a share. The reduction is a “prudent step” that reflects economic uncertainty, banking sector volatility and potential regulatory changes to capital requirements, CEO Paul Taylor […]

Blue Ridge Bankshares hires industry vet as bank CEO

Blue Ridge Bankshares in Charlottesville, Va., has hired a veteran banker to serve as CEO of its bank. The $2.9 billion-asset company said in a press release that Billy Beale will oversee Blue Ridge Bank, succeeding Brian Plum. Beale was president and CEO of Community Bankers Bank from November 2018 to July 2020, where he […]

FNCB, Quaint Oak to terminate share purchase pact

FNCB Bancorp in Dunmore, Pa., has decided not to buy any more shares in Quaint Oak Bancorp in Southampton, Pa. The $812 million-asset Quaint Oak disclosed in a regulatory filing that FNCB will terminate an agreement that would have allowed it to buy roughly 116,000 shares of Quaint Oak common stock. The agreement was signed […]

Pacific West in Ore. addresses PacWest brand confusion

Pacific West Bancorp in Portland, Ore., is the latest bank to take steps to avoid brand confusion. The parent of the $282 million-asset Pacific West Bank used a post on its website to address any confusion with PacWest Bancorp, a Los Angeles company that has been the subject of speculation since two high-profile bank failures […]