JPMorgan Chase shifts exec roles ahead of Pinto’s retirement
JPMorgan Chase in New York is shuffling managerial chairs before Daniel Pinto retires. The company said in a press release that Pinto will step down as president and chief operating officer on June 30. He will remain vice chairman until he fully retires at the end of 2026. Jennifer Piepszak will become COO. She is […]
CFPB sues Capital One on claims it shorted depositors
The Consumer Financial Protection Bureau has accused Capital One Financial in McLean, Va., of illegally avoiding paying more than $2 billion in interest to customers who had its high-interest savings account. The CFPB, in a lawsuit filed in U.S. District Court for the Eastern District of Virginia, claimed that the $354 billion-asset company promised depositors […]
QCR Holdings in Ill. selects new president for its Guaranty Bank
Guaranty Bank has a new president. The $2 billion-asset bank, a unit of QCR Holdings in Moline, Ill., said in a press release that Becky Scorse had taken on the role. She will remain the bank’s chief lending officer. “Becky’s exceptional leadership and deep understanding of our market have been instrumental in Guaranty Bank’s growth […]
Mechanics Bank in Calif. removes ‘interim’ from CEO’s title
Mechanics Bank in Walnut Creek, Calif., has removed “interim” from its CEO’s title. The $17 billion-asset bank said in a press release that C.J. Johnson is its permanent president and CEO. The bank’s former chief financial officer, Johnson has been interim president and CEO since February 2024. “C.J. is a strong leader who knows our […]
Glacier in Montana to buy Bank of Idaho for $245 million
Glacier Bancorp in Kalispell, Mont., has agreed to buy Bank of Idaho Holding Co. in Idaho Falls. The $28.2 billion-asset Glacier said in a press release that it will pay $245.4 million in stock for the $1.3 billion-asset Bank of Idaho. The deal, which is expected to close in the second quarter, priced the seller […]
SouthState in Fla. enters sale-leaseback deal for 170 branches
SouthState in Winter Haven, Fla., entered into a sale-leaseback transaction involving 170 branches. The $65 billion-asset company, which recently bought Independent Bank in Texas, said in a press release that it will sell the locations to Blue Owl Real Estate Capital for $475 million. South State said it will report a $225 million pretax gain […]
CNB Financial to buy ESSA Bancorp in Pennsylvania
CNB Financial in Clearfield, Pa., has agreed to buy ESSA Bancorp in Stroudsburg, Pa. The $6.3 billion-asset CNB said in a press release that it will pay $214 million in stock for the $2.2 billion-asset ESSA. The deal, which is expected to close in the third quarter, priced ESSA at 99% of its tangible book […]
First Interstate in Montana to record larger-than-expected 4Q provision
First Interstate BancSystem in Billings, Mont., warned it will record a larger-than-expected loan-loss provision in the fourth quarter after recording a $49.3 million charge-off tied to a commercial-and-industrial loan. The company disclosed in a regulatory filing that it already had a $26.5 million specific reserve set up on Sept. 30 tied to the loan. The […]
Ally Financial announces layoffs, to exit mortgage lending
Ally Financial laid off hundreds of employees while also disclosing plans to fully exit mortgage lending. The company told multiple media outlets that the cuts amount to less than 5% of its workforce. Ally aims to shut down its mortgage lending operations during the first quarter. “We remain confident in our long-term strategy and our […]
Bank of Idaho to sell trust and wealth management division
Bank of Idaho in Idaho Falls has agreed to sell its trust and wealth management division to Idaho Trust Co. in Boise. The $1.3 billion-asset Bank of Idaho said the sale should close in the first quarter; the price wasn’t disclosed. The bank said the sale allows it to focus on its core business of […]
Central Bancshares in Iowa promotes insider as new CEO
Central Bancshares in Muscatine, Iowa, has a new leader. The parent of the $1.6 billion-asset CBI Bank & Trust said in a press release that Dwayne Sieck had become its president and CEO. Sieck, who was president of CBI Bank, also joined the company’s board. Sieck succeeded Gregory Kistler, who retired. “Dwayne’s strategic vision, passion […]
Next-gen leaders announced at investment bank Stephens
Stephens in Little Rock, Ark., is opting for two leaders as part of its succession plan. The family-owned investment bank said in a press release that brothers Miles Stephens and John Stephens have been named co-CEOs, succeeding their father, Warren Stephens. Their sister, Laura Brookshire, will chair the executive committee. Warren Stephens, who ran the […]
First Keystone in Pa. snags banking vet as next CEO
First Keystone in Berwick, Pa., has hired a veteran banker as its next CEO. The company disclosed in a regulatory filing that Jack Jones had become its chief operating officer. He will become president and CEO on Jan. 31 when Elaine Woodland retires. Jones was chief banking officer and a regional president at Penns Woods […]
Community Bank Holdings in Texas to buy CapTex Bancshares
Community Bank Holdings of Texas in Corsicana has agreed to buy CapTex Bancshares in Fort Worth, Texas. Community Bank Holdings, the parent of the $1.3 billion-asset Community National Bank & Trust of Texas, expects to complete its purchase of the holding company for the $344.5 million-asset CapTex Bank in the second quarter. The price wasn’t […]
Anchor State in Illinois promotes insider to become CEO
Anchor State Bank in Anchor, Ill., has a new CEO. The $56.4 million-asset bank announced on LinkedIn that its board had named Chris Crider to succeed Jim Eckert. Crider has been the bank’s president since January 2024. Eckert, who had been CEO since 1979, will serve as a part-time executive vice president until his retirement. […]
Fintech-focused group in Texas selects new CEO
Bankers Helping Bankers, a fintech-focused group affiliated with the Independent Bankers Association of Texas, has a new CEO. Matthew Smith was named to lead the group, which provides a variety of resources for community banks. “Matthew Smith has been an instrumental leader in building Bankers Helping Bankers into what it is today,” Dave Mayo, the […]
CFPB sues Vanderbilt Mortgage for alleged risky lending practices
The Consumer Financial Protection Bureau has filed a lawsuit against Vanderbilt Mortgage and Finance in Maryville, Tenn., alleging risky lending practices tied to manufactured home sales. The bureau claimed in a press release that Vanderbilt, a unit of Berkshire Hathaway subsidiary Clayton Homes, had a business model that “ignored clear and obvious red flags that […]
Reading Co-operative, Wakefield Co-operative in Mass. to merge
Reading Co-operative Bank in Reading, Mass., and Wakefield Co-operative Bank in Wakefield, Mass., are planning to merge. The surviving bank will operate as Reading Co-operative and will be led by Julieann Thurlow, the $922 million-asset Reading Co-operative’s president and CEO. Jeffrey Worth, the $313 million-asset Wakefield Co-operative’s president and CEO, will serve as president. “We […]
Finastra hires former Avantax CEO as next leader
Finastra has a new leader. The U.K. company, which provides financial services software applications, said in a press release that Chris Walters had become its CEO. Walters, who was CEO of Pluralsight and Avantax, succeeded Simon Paris. “I’m excited to join Finastra at this pivotal moment in its journey and am impressed by the significant […]
UKG hires banking veteran to lead proposed national trust bank
UKG, a company that focuses on human resources, payroll and workforce management, has hired a veteran banker to lead its proposed national trust bank. Nancy Graves shared on her LinkedIn profile that she had been hired as the proposed bank’s president. UKG had actively sought to fill the role by posting on several job search […]
Cogent Bancorp in Florida raises $6.6M through private placement
Cogent Bancorp in Orlando, Fla., has raised nearly $6.6 million. The parent of the $1.9 billion-asset Cogent Bank completed a private placement of common stock on Jan. 2, according to data compiled by Performance Trust Capital Partners. The data did not include the amount of stock sold, the pricing, or the investors.
KeyCorp sets up rewards pool for top execs after Scotiabank investment
KeyCorp in Cleveland granted five executives, including CEO Chris Gorman, a total of $16.7 million in performance-based equity awards that will vest in two years. The company disclosed in a regulatory filing that the executives will receive the awards if it meets capital requirements and earnings goals. Gorman would receive nearly $7.6 million in equity […]
Peoples Savings in Ohio selects insider as its new CEO
The Peoples Savings Bank in Urbana, Ohio, has a new CEO. The $159.8 million-asset bank said in a press release that Marsha Bumgardner had also become its president. Bumgardner, who was a senior vice president and has been at the bank since 1997, succeeded Brian Nicol.
Bogota in N.J. uses sale-leaseback to offset hit from securities sales
Bogota Financial in Teaneck, N.J., used proceeds from a sale-leaseback transaction to offset the costs of selling underwater securities. The $979 million-asset company said in a press release that it sold three branches to Mountainseed Real Estate Services for a $9 million pretax gain. Bogota said it will cost $1 million to rent the branches […]
Amerant in Florida sells residential mortgage loans at $12.6 million loss
Amerant Bancorp in Coral Gables, Fla., sold a portfolio of mortgages at a $12.6 million loss. The company disclosed in a regulatory filing that it sold 323 investment property, residential mortgage loans to Temple View Capital Funding and TVC Funding VII for $58.9 million in cash. The loans had an outstanding principal balance of $71.4 million. […]