Texas Farm Credit Services, Legacy Ag Credit begin merger talks
Texas Farm Credit Services and Legacy Ag Credit are in talks to merge. The lenders disclosed that they have a letter of intent to explore a merger, with hopes of completing it in November 2027. Due diligence is set to begin. The combined association would operate as Texas Farm Credit with Mark Miller, Texas Farm […]
Beacon Financial in Boston promotes COO as its new leader
Beacon Financial in Boston has selected an insider as its next CEO. The $22.3 billion-asset company said in a press release that Sean Gray, who has been chief operating officer, will also join the board. Gray succeeded Paul Perrault, who signed a one-year consulting agreement. “Sean is an established leader with broad operating expertise, deep […]
Kansas Bank Commissioner sets retirement date
David Herndon will retire as Kansas Bank Commissioner on Oct. 30. Herndon has been the state’s bank commissioner since 2019. He previously served as president, CEO and a director of First State Bank in Kansas City, Kan.
Gateway First in Okla. to buy Dallas-area bank
Gateway First Bancorp in Jenks, Okla., has agreed to buy First Western Mortgage and unit Colonial Savings in Fort Worth, Texas. The $2.1 billion-asset Gateway First plans to buy the $502 million-asset Colonial in the first quarter. The price was undisclosed. Performance Trust Capital Partners advised Gateway First. Olsen Palmer advised First Western Mortgage.
Cambridge Financial CEO to advise AI-focused website firm
Ryan Bailey, the president and CEO of Cambridge Financial in Cambridge, Mass., will serve as an adviser to Fibr AI. Fibr AI, which leverages artificial intelligence to improve website experience, said in a press release that Bailey will advise it on the evolving needs of banks, credit unions, and digital financial-services companies. “Ryan has led […]
Mechanics in Calif. sells indirect auto look book to BofA trading desk
Mechanics Bancorp in Walnut Creek, Calif., has sold a portfolio of performing indirect auto loans to Bank of America’s trading desk. The $21.2 billion-asset Mechanics said in a press release that it sold about $417 million of loans at a price near book value. The bank will retain about $13 million of runoff auto loans. […]
BCB in N.J. launches stock offering, warns of big 3Q loss
BCB Bancorp in Bayonne, N.J., is turning to the capital markets as the scale of its credit cleanup comes into sharper — and far more painful — focus. The $3.1 billion-asset company announced that it has launched an underwritten public offering of common stock, with Piper Sandler & Co. serving as sole book-running manager, with […]
Richton Bank in Mississippi has a new CEO
Richton Bank & Trust in Richton, Miss., has a new leader. John Shappley shared in a LinkedIn post that he had become the $52 million-asset bank’s CEO. Shappley, who remains president, had also been the bank’s chief operating officer.
Community Bank Mankato in Minn. shakes up leadership after founder dies
Community Bank Mankato in Vernon Center, Minn., has new leadership following the passing of founder Quentin Beadell. The $538 million-asset bank said in a press release that Carolyn Beadell had become chair and Bob Beadell was now president. Mike Ogaard was named CEO, while Jodi Schull became chief lending officer. “This change in leadership structure […]
Lineage Bank in Tenn. rebrands as it backs of BaaS strategy
Lineage Bank in Franklin, Tenn., has a new name. The bank said in a press release that it rebranded as Harpeth Bank & Trust as part of a decision to refocus on community banking. The bank pursued a Banking-as-a-Service strategy before receiving enforcement actions from the Federal Reserve and the Federal Deposit Insurance Corp. Recap […]
Enova withdraws applications to buy Grasshopper Bank
Enova International has withdrawn its applications to buy Grasshopper Bank in New York. Enova, which agreed in December 2025 to buy the bank for $369 million, has applied with the Office of the Comptroller of the Currency and the Federal Reserve. “After a thorough evaluation, we are confident that withdrawing our applications is the best […]
Truist to exit near-prime auto lending with $5.5B Regional Acceptance sale
Truist Financial in Charlotte, N.C., will get out of near-prime auto lending by selling substantially all assets of its unit, Regional Acceptance. Truist will unload $5.5 billion in auto loans to an undisclosed buyer between now and the end of the year, according to a disclosure made ahead of the company’s appearance at a banking […]
U Bancshares to buy Heritage Community Bank in Tennessee
U Bancshares in Knoxville, Tenn., has agreed to buy Heritage Community Bank Greeneville, Tenn. The parent company of the $182.2 million-asset UBank will pay an undisclosed amount of cash and stock for the $184.4 million-asset Heritage Community. The deal is expected to close in the first quarter of 2027. Heritage Community will operate as a […]
Arrow Financial in N.Y. buying insurance agency in its backyard
Arrow Financial in Glens Falls, N.Y., has agreed to buy Skene Valley Agency. Arrow said in a press release that it expects to buy the Glens Falls insurance agency by the end of this month. The price wasn’t disclosed. “This strategic growth opportunity will allow us to deepen [our] presence in Washington County, where we […]
Bank7 in Oklahoma inches closer to buying New Mexico bank
Bank7 Corp. in Oklahoma City has emerged as the winning bidder in a court-supervised auction for roughly 71% of Century Financial Services in New Mexico. Bank7 disclosed in a regulatory filing that it agreed to raise its purchase price from $68 million to nearly $89 million. The roughly 237,000 shares became available for sale after […]
North Dakota Bankers Association CEO to retire in mid-2027
The North Dakota Bankers Association is looking for its next leader. The association said in a press release that Rick Clayburgh will retire as president and CEO in mid-2027. “The announcement provides time for a thoughtful leadership transition while celebrating a career marked not only by influential advocacy and industry leadership, but by a lasting […]
Mercury gets conditional FDIC approval to open its planned bank
Mercury is one step closer to opening a bank. The fintech received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. The FDIC is requiring the bank to have $300 million in initial capital. The Office of the Comptroller of the Currency gave conditional approval in April. “Deposit insurance approval isn’t a formality,” […]
Organizers set to open Nola Bank in New Orleans
Nola Bank is set to open in New Orleans next week. The de novo will debut on Sept. 14, co-founder Chris Shah wrote in a LinkedIn post. “Opening a new community bank is no small undertaking,” Shah wrote. “This milestone represents years of vision, determination, collaboration, and an unwavering belief in the communities we will […]
Trustmark in Miss. uses sale-leaseback deal to offset securities loss
Trustmark in Jackson, Miss., is using proceeds from a sale-leaseback transaction to offset a hit from selling underperforming securities. The company disclosed in a regulatory filing that it sold 34 branches in Mississippi, Florida, Tennessee, Alabama and Texas to Blue Owl for $91.7 million, or a $61.5 million pretax gain. Trustmark then signed 15-year leases for […]
Proposed Texas de novo sets sights on NIL market
A 40-year-old mortgage company is looking to become a bank built specifically to serve college and professional athletes. Data Mortgage, which operates as Essex Mortgage, applied to the Texas Department of Banking and the Federal Deposit Insurance Corp. to convert to a Texas state-chartered bank called Bank Elevated. The Aug. 28 application would let the […]
Chime to buy sponsor partner Stride Bank in $590M cash deal
Chime has agreed to buy Stride Bank, which has served as its sponsor bank for the past seven years. The San Francisco fintech said in a press release that it will pay $590 million for the Enid, Okla., bank, which will be rebranded as Chime Bank. Chime noted that buying Stride will eliminate partner-bank fees, […]
United Community in S.C. shedding securities after Navitas sale
United Community Banks in Greenville, S.C., is using gains from selling its equipment finance business to purge its securities portfolio. The $28.2 billion-asset company said during a call with analysts that it is selling $2.6 billion of low-yielding securities at a roughly $300 million pretax loss. Proceeds are being redeployed into higher-yielding, shorter-duration securities. The […]
Activists push United Bancorp. of Alabama for board seats
Two investment firms are escalating a push for change at United Bancorp. of Alabama in Atmore by formally requesting board seats after months of what they describe as unproductive engagement. Merion Road Capital Management and Blue Hill Advisors sent a letter to the board on Sept. 8 requesting the appointment of Aaron Sallen and Jason […]
Huntington in Ohio taps insider as its president
Huntington Bancshares in Columbus, Ohio, is moving ahead with succession planning. The $284 billion-asset company said in a press release that Brant Standridge had become its president. Steve Steinour remains chairman and CEO. Standridge was president of consumer and business banking. Steinour noted in the release that he plans to remain the company’s leader “for […]
QNB in Pennsylvania sells securities, unwinds pay-fixed swaps
QNB Corp. in Quakertown, Pa., restructured its securities portfolio. The company said in a press release that it sold $254.4 million of low-yielding securities and unwound $162 million of pay-fixed swaps, resulting in a net pretax loss of $26.2 million. The securities sold represented about 46.8% of QNB’s entire portfolio. Net proceeds will be used […]