FB Bancorp logs goodwill impairment tied to sluggish mortgage market
FB Bancorp in New Orleans warned that it will record a $5.8 million goodwill impairment charge tied to a decade-old acquisition. The $1.4 billion-asset company disclosed in a regulatory filing that it recorded the noncash charge after conducting periodic testing of goodwill impairment. The review took into account a decrease in mortgage origination volume due […]
CFPB orders Wise to pay $2.5M to address concerns over rate disclosures
The Consumer Financial Protection Bureau ordered Wise to pay nearly $2.5 million to address claims that the U.K. remittance company advertised inaccurate fees and failed to properly disclose exchange rates and other costs. The CFPB said in a press release that it determined that Wise misled U.S. customers about its ATM fees and failed to […]
First Foundation in Texas loses $14M as turnaround begins
First Foundation in Dallas is starting to use some of the capital it raised last year as part of its turnaround. The $12.6 billion-asset company lost $14.1 million in the fourth quarter after selling $489 million of multifamily loans at a 4.9% discount. The company also set aside $20.1 million in the quarter to cover […]
Lake Shore Bancorp in N.Y. plans second-step conversion
Lake Shore Bancorp in Dunkirk, N.Y., is planning a second-step conversion to a fully stock-owned company. The company said in a press release that its parent company, Laks Shore MHC, plans to convert in the third quarter. The bank will seek regulatory approval to become a New York-chartered commercial bank. Lake Shore MHC owns about […]
Bank of Frankewing in Tennessee hires new CEO
Bank of Frankewing in Frankewing, Tenn., has a new leader. Richard Burleson announced on his LinkedIn page that he had become the $549 million-asset bank’s president and CEO. Burleson was president and CEO of Community First Bank in South Carolina from 2015 to 2024, according to his LinkedIn profile.
First Bancorp in N.C. says securities sales took bite out of 4Q profit
First Bancorp in Southern Pines, N.C., posted significantly lower net income after repositioning its securities portfolio. The $12.1 billion-asset company said in a press release that its fourth-quarter profit fell by 88% from a year earlier, to $3.6 million. First Bancorp said it sold $280 million of securities in November at a $36.8 million loss. […]
Amalgamated Bank of Chicago has new CEO
Amalgamated Bank of Chicago has selected an insider as its new CEO. The $1.2 billion-asset bank said in a statement that Nick Weaver had succeeded Robert Wrobel, who remains chairman. Weaver rejoined the bank as COO in 2023 and became president a year later.
Why Enterprise in Mass. chose to sell to Independent
The banking industry is changing fast, with new technology, tougher regulations, and increased competition. To stay competitive, financial institutions must decide whether to grow independently or merge with stronger partners. Enterprise Bancorp in Lowell, Mass., recently chose the latter, agreeing in December to sell to Independent Bank Corp. in Rockland, Mass., to create a stronger, […]
Central Pacific in Hawaii posts lower profit due to securities sales
Central Pacific Financial in Honolulu posted lower quarterly profit that reflected a decision to sell securities at a loss. The $7.5 billion-asset company said in a press release that its fourth-quarter net income fell by 24% from a year earlier, to $11.3 million. The company sold $106.5 million of debt securities at a $9.9 million […]
Plumas to buy Cornerstone Community Bancorp in northern California
Plumas Bancorp in Reno, Nev., has agreed to buy Cornerstone Community Bancorp in Red Bluff, Calif. The $1.6 billion-asset Plumas said in a press release that it will pay $64.6 million in cash and stock for the $658 million-asset Cornerstone. The deal, which is expected to close in the second half of this year, priced […]
Flushing in N.Y. uses capital raise to restructure its balance sheet
Flushing Financial in Uniondale, N.Y., which recently raised $70 million, had a noisy quarter as it restructured its balance sheet. The $9 billion-asset company lost $49.2 million in the fourth quarter. The company sold $445 million of securities and moved $73.9 million of loans to held-for-sale status, resulting in a $76.4 million pretax loss. Flushing […]
U.S. Bancorp names Gunjan Kedia as its next CEO
U.S. Bancorp in Minneapolis will soon have a new CEO. The $678 billion-asset company said in a press release that Gunjan Kedia, its president, will succeed Andy Cecere at its April 15 annual meeting. Cecere will remain executive chairman. “The company’s bench is deep, and the talent to grow and promote from within is impressive,” […]
WSFS in Del. discloses issue with former ATM servicing client
WSFS Financial in Wilmington, Del., reported slightly higher earnings despite an issue with a former client. The $20.8 billion-asset company said in a press release that its fourth-quarter net income rose by 0.5% from a year earlier, to $64.2 million. WSFS said that it terminated a relationship with a long-standing Cash Connect customer due to […]
Sandy Spring in Md. records goodwill impairment charge ahead of sale
Sandy Spring Bancorp in Olney, Md., had to conduct some cleanup ahead of its planned sale to Atlantic Union Bankshares in Richmond, Va. The $14.1 billion-asset Sandy Spring said in a press release that it lost $39.5 million in the fourth quarter after taking a $54.4 million goodwill impairment charge. The charge resulted from the […]
Wells Fargo released from 2022 consent order with CFPB
Wells Fargo in San Francisco continues to put its past in the rearview mirror. The $1.9 trillion-asset company said in a press release that it has been released from a 2022 consent order with the Consumer Financial Protection Bureau. The order was tied to automobile lending, consumer deposit accounts, and mortgage lending. Wells said this […]
HomeTrust in N.C. selling two Tennessee branches to Apex Bank
HomeTrust Bancshares in Asheville, N.C., has agreed to sell two branches in Knoxville, Tenn., to Apex Bank in Camden, Tenn. The $4.6 billion-asset HomeTrust said in a press release that the branches have about $42 million in deposits. HomeTrust plans to keep all the loans tied to the locations. The deal is expected to close […]
Norwood in Pa. cleans up securities portfolio after raising capital
Norwood Financial in Honesdale, Pa., which raised $30 million in December, reported a net loss in the fourth quarter after selling underwater securities. The $2.3 billion-asset company said in a press release that it lost $12.7 million in the quarter. The results included a $20 million hit from repositioning its securities portfolio. The move allowed […]
MutualOne in Mass. taps insider as new CEO
MutualOne Bank in Framingham, Mass., has a new leader. The bank said in a press release that Kristin Carvalho had become its CEO. Carvalho, who was president and chief operating officer, succeeded Mark Haranas, who will remain chairman. Carvalho will remain president.
Fulton in Pennsylvania to close 15 branches
Fulton Financial in Lancaster, Pa., will close 15 branches in the coming months. Seven of the branches are in Pennsylvania, while the rest are out-of-state locations, a spokesman told WHTM. The first branches will close in mid-April. Fulton has more than 230 branches.
Midland States in Ill. posts loss due to purge of LendingPoint, Greensky loans
Midland States Bancorp in Effingham, Ill., reported a quarterly loss after stepping up efforts to distance itself from two lending arrangements. The $7.5 billion-asset company said in a press release that it lost $54.8 million in the fourth quarter. The loss included a $50.7 million loan-loss provision tied to the sale of its LendingPoint consumer […]
Heritage Financial in Wash. sells more lower-yielding securities
Heritage Financial in Olympia, Wash., sold more securities and restructured its bank-owned life insurance in the fourth quarter. The $7.1 billion-asset company said in a press release that its quarterly profit still doubled that of a year earlier, totaling $11.9 million. Heritage sold $35.6 million of lower-yielding investment securities at a $3.9 million pretax loss. […]
PNC president leaving to lead Fiserv
Fiserv has recruited the president at PNC Financial Services Group in Pittsburgh to become its next leader. PNC said in a press release that Michael Lyons is leaving to become president and CEO-elect at Fiserv. Lyons, who joined PNC in 2011, became president last year. “Mike has been with PNC for 13 years and has […]
Cadence to buy FCB Financial in Georgia for $104 million
Cadence Bank in Tupelo, Miss., has agreed to buy FCB Financial in Savannah, Ga. The $50 billion-asset Cadence said in a press release that it will pay $103.6 million in cash and stock for the parent of the $590 million-asset First Chatham Bank. The deal is expected to close in the third quarter. First Chatham […]
Horizon in Ind. sells more securities, divests mortgage warehouse business
Horizon Bancorp in Michigan City, Ind., reported a net loss in the fourth quarter after selling more underwater securities. The $7.8 billion-asset company said in a press release that it lost $10.9 million in the quarter. It sold $332 million of investment securities at a $39.1 million pretax loss. Horizon plans to repay about $200 […]
Triumph in Texas forms data-driven segment after buying tech firm
Triumph Financial in Dallas created a new data-focused business segment after buying a technology company. The $5.9 billion-asset company bought Isometric Technologies, or ISO, during the fourth quarter for an undisclosed amount. ISO provides service and performance scoring and benchmarking capabilities to the freight industry. As a result, Triumph created a new “Intelligence” segment, transferring […]