Unity in N.J. reports higher profit after shedding Patriot National stock
Unity Bancorp in Clinton, N.J., reported increased earnings after it found a way to liquidate its holdings in Patriot National Bancorp in Stamford, Conn. The $2.9 billion-asset Unity said in a press release that its second-quarter earnings rose by 74% from a year earlier, to $16.5 million. The quarter included a $3.5 million pretax gain […]
Group formed to buy bank to rebrand as Tanager Bank
A group is looking to buy a bank in Wyoming. Integra BG was formed to acquire an unnamed state-chartered bank near Jackson Hole that it plans to rebrand as Tanager Bank, Chris Woolley, a member of the group, shared in a LinkedIn post. Integra will also conduct a private capital raise and implement new technology, […]
FDIC approves Korean-American de novo bank in Los Angeles
Organizers of a proposed Korean-American bank in Los Angeles have received conditional approval from the Federal Deposit Insurance Corp. The group behind the proposed Quantum Bank must raise $35 million in capital before opening the bank. Organizers originally filed to open QIB Bank in March 2024 before changing the name. “The bank intends to operate […]
It’s official: First Community in S.C. to buy Signature Bank of Georgia
First Community in Lexington, S.C., has agreed to buy Signature Bank of Georgia in Sandy Springs in a deal that was inadvertently leaked last week. The $2 billion-asset First Community said in a press release that it will pay $41.6 million for the $249 million-asset Signature. The deal, which is expected to close in the […]
Huntington to buy Veritex in Dallas for $1.9 billion
Huntington Bancshares in Columbus, Ohio, has agreed to buy Veritex Holdings in Dallas. The $210 billion-asset Huntington said in a press release that it will pay $1.9 billion in stock for the $13 billion-asset Veritex. The deal, which is expected to close in the fourth quarter, priced Veritex at 152% of its tangible book value. […]
Civista in Ohio to buy Farmers Savings, raise $70M in stock offering
Civista Bancshares in Sandusky, Ohio, has agreed to buy Farmers Savings Bank in Spencer, Ohio. The $4.1 billion-asset Civista said in a press release that it will pay $56 million in cash and stock for the $285 million-asset Farmers. The deal is expected to close in the fourth quarter. Civista will also raise $70 million […]
First State Bank in Texas completes sale-leaseback of seven properties
First State Bank in Gainseville, Texas., entered into a sale-leaseback transaction for half of its properties. The $1.8 billion-asset bank agreed to sell seven locations to MountainSeed Real Estate Services in Atlanta for about $32 million. First State entered into a 15-year lease with renewal options. The transaction “enabled First State … to unlock substantial […]
Wise US to pay $4M penalty to address AML deficiencies
Wise US will pay a $4.2 million penalty to resolve a dispute with six state financial regulators. The unit of U.K. company Wise PLC also agreed to address deficiencies in its anti-money laundering program as part of the settlement with regulators from California, Massachusetts, Minnesota, Nebraska, New York, and Texas. Wise will conduct a lookback […]
First Northwest in Washington appoints interim CEO
First Northwest Bancorp in Port Angeles, Wash., has made a change at the top. The $2.2 billion-asset company said in a press release that Matthew Deines had resigned as president and CEO and stepped down from its board. Geraldine Bullard, the company’s chief operating officer, was named interim CEO. “As we begin the executive search […]
Webster Five in Massachusetts selects insider as new CEO
Webster Five in Auburn, Mass., has a new leader. The $1 billion-asset bank said in a LinkedIn post that Brian Westerlind had become its president and CEO. Westerlind, who was the bank’s chief financial officer, succeeded Don Doyle, who retired. “Webster Five is … a vital part of the communities we serve, a committed partner […]
Capital One to shut down Discover home equity lending business
Capital One Financial in McLean, Va., is shutting down Discover’s home equity lending business. A notification at the top of the Discover Home Loans website states that the business “is no longer accepting applications for new home equity or mortgage refinance loans, although we will continue to process applications that are in progress.” The message […]
Waypoint in Nebraska to buy branch from Astra Bank in Kansas
Waypoint Bank in Cozad, Neb., has agreed to buy a branch in Sutton, Neb., from Astra Bank in Scandia, Kan. The $373 million-asset Waypoint said in a press release that it expects to buy the branch later this summer. The price wasn’t disclosed. “We’re excited to welcome Sutton into the Waypoint Bank family,” Tim Sladek, […]
Nebraska Credit Union League selects next CEO
Brandon Luetkenhaus was named president and CEO of the Nebraska Credit Union League. Luetkenhaus succeeded Scott Sullivan, who retired on June 30. “I am excited to work with Brandon and appreciate his extensive League dedication,” Robin Larson, president and CEO of Cobalt Credit Union and the league’s chair. “His experience and leadership qualities are exceptional. […]
Bank of Hillsboro in Illinois to rebrand as Constitution Bank
Bank of Hillsboro in Illinois is rebranding. The $646 million-asset bank said it will become Constitution Bank on Sept. 2. “Constitution Bank is more than a name change, it’s a renewed commitment to who we’ve always been,” Misty Borrowman, the bank’s president and CEO, said in a press release. “We remain locally owned and community-focused, […]
First Community in SC confirms ‘preliminary’ talks with Signature Bank of Georgia
First Community in Lexington, S.C., confirmed that it has engaged in “preliminary discussions” with Signature Bank of Georgia in Sandy Springs about a merger. The $2 billion-asset company referred to a media report and an erroneously issued press release by the $249 million-asset Signature Bank. “No definitive agreement has been entered into, and there can […]
Business First to buy Progressive Bancorp in Louisiana
Business First Bancshares in Baton Rouge, La., has agreed to buy Progressive Bancorp in Monroe, La. The $7.8 billion-asset Business First said in a press release that it will pay $82.6 million in stock for the $752 million-asset Progressive. The deal, which is expected to close in the first quarter, priced Progressive at 122% of […]
Norwood Financial to buy PB Bankshares in Pennsylvania
Norwood Financial in Honesdale, Pa., has agreed to buy PB Bankshares in Coatesville, Pa. The $2.4 billion-asset Norwood said in a press release that it will pay $54.9 million in cash and stock for the $467 million-asset PB Bankshares. The deal, which is expected to close by the first quarter of next year, priced PB […]
VWF Bancorp in Ohio hires outsider as next CEO
VWF Bancorp in Van Wert, Ohio, will soon have a new CEO. The company said in a press release that Robert Slusser will also become its president and join its board on July 14. He will also serve as president and CEO of VWF unit GreenWay Bank. Slusser, who was market president for Fort Wayne, […]
Stripe approved for specialized bank charter in Georgia
Stripe has received approval to charter a Georgia merchant acquirer limited purpose bank. Having an MALPB lets a company that is largely engaged in processing credit and debit card transactions for businesses directly access major payment card networks. The charter makes is easier for Stripe to process card payments without having to rely on a […]
CFPB ends order against mortgage servicer Fay Servicing
The Consumer Financial Protection Bureau terminated an order against Fay Servicing. The CFPB said that the mortgage servicer had fulfilled several obligations, including paying a $2 million civil penalty and paying $3 million to the bureau to address consumer restitution. The CFPB will distribute the amount to consumers “consistent with the terms of the order.”
CFPB terminates consent order against Navy Federal Credit Union
The Consumer Financial Protection Bureau has terminated an overdraft fee-related consent order against Navy Federal Credit Union. The CFPB, which hit the Vienna, Va., credit union with the order in November, also waived any alleged non-compliance. The order included a more than $95 million penalty for “illegal surprise overdraft fees,” including a $15 million civil […]
Investar in La. makes Dallas push with deal for Wichita Falls Bancshares
Investar Holding in Baton Rouge, La., has agreed to buy Wichita Falls Bancshares in Wichita Falls, Texas. The $2.7 billion-asset Investor said in a press release that it will pay $83.6 million in cash and stock for the $1.6 billion-asset Wichita Falls. The deal, which is expected to close in the fourth quarter, priced Wichita […]
Stablecoin issuer Circle applies with OCC to form national trust bank
Stablecoin issuer Circle has applied with the Office of the Comptroller of the Currency to create a national trust bank. The proposed First National Digital Currency Bank would, among other things, oversee Circle’s USDC reserve on behalf of its U.S. issuer. If the application is approved, First National Digital Currency Bank would be allowed to […]
The Bancorp in Del. preps to fight for $3M tied up in nixed real estate sale
The Bancorp in Wilmington, Del., could be facing a fight to reclaim $3 million tied to a terminated real estate sale. The company had previously agreed to sell a real estate bridge lending asset, primarily comprised of an apartment complex valued at $42.9 million on June 30. The Bancorp terminated the contract on June 24 […]
Millennium Bancshares in Tenn. to buy North Georgia National Bank
Millennium Bancshares in Chattanooga, Tenn., has agreed to buy North Georgia Community Financial Partners in Calhoun. The $528 million-asset Millennium Bank, which is owned by the DeFoor family, applied with the Federal Deposit Insurance Corp. on June 26 to buy the $267 million-asset North Georgia National Bank. The deal is expected to close in the […]