Origin in La. unveils plan to boost annual earnings by $21 million
Origin Bancorp in Ruston, La., announced a plan to improve annual pretax, pre-provision earnings by $20.8 million. The $9.7 billion-asset company said in a press release that the effort will include branch closings, layoffs, cash/liquidity management and securities and capital optimization strategies. Branch and staff consolidation, set for completion in the first quarter, will improve […]
William Penn in Pennsylvania received five offers as it looked for buyer
William Penn Bancorp. in Bristol, Pa., received offers from five potential suitors before agreeing to sell to Mid Penn Bancorp in Harrisburg, Pa. The $5 billion-asset Mid Penn agreed last fall to buy the $812 million-asset William Penn for $127 million in stock in a deal expected to close in the first half of this […]
Frontwave Credit Union to buy Community Valley Bank in California
Frontwave Credit Union in Oceanside, Calif., has agreed to buy Community Valley Bank in El Centro, Calif. The $1.4 billion-asset credit union said in a press release that it will pay $56.4 million in cash for the $316 million-asset bank. The deal is expected to close in the second half of 2025. Community Valley has […]
Ally to sell credit card business to Merrick Bank parent
Ally Financial in Charlotte, N.C., has agreed to sell its credit card business to CardWorks in Woodbury, N.J. Ally said in a press release that the sale to the parent of Merrick Bank includes about $2.3 billion in credit card receivables and 1.3 million active cardholders. The deal is expected to close later this year. […]
Civista in Ohio promotes insider to serve as bank president
Civista Bancshares in Sandusky, Ohio, has a new bank president. The $4.1 billion-asset company said in a press release that Charles Parcher will remain its chief lending officer. He succeeded Dennis Shaffer, who is still the company’s president and CEO and the bank’s CEO. “This change reflects Civista’s succession plan, a hallmark of a successful organization […]
Pathward offset hit from securities sale with gain from divested business
Pathward Financial in Sioux Falls, S.D., made the most of selling a business by shedding underperforming securities during the last quarter of 2024. The $7.6 billion-asset company said in a press release that it sold $160.6 million of debt securities in late November at a $15.7 million pretax loss. A month earlier, the company sold substantially […]
Old National’s president to retire in late June
Old National Bancorp in Evansville, Ind., disclosed that its president is retiring. The $54 billion-asset company said in a press release that Mark Sander will also step down as chief operating officer on June 30. He joined the company after its 2022 acquisition of First Midwest Bancorp, where he was president and COO. “It has […]
Guilford Savings to acquire Eastern Connecticut Savings Bank
Guilford Savings Bank in Guilford, Conn., has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich, Conn. The $1.1 billion-asset GSB agreed in November to buy the $264 million-asset Eastern Connecticut Savings. The deal is expected to close in the second quarter. Kyle Eagleson, GSB’s president, will succeed Timothy Geelan as CEO in […]
Hancock Whitney to buy Sabal Trust in Florida
Hancock Whitney in Gulfport, Miss., has agreed to buy Sabal Trust Co. in St. Petersburg, Fla. Hancock Whitney did not disclose what it will pay for the non-depository company, which has about $3 billion in assets under management. The deal is expected to close in the second quarter. The transaction is expected to be immediately […]
OCC written agreement labels Patriot Bank as being in a ‘troubled condition’
Patriot National Bancorp in Stamford, Conn., which is evaluating strategic options that could include its potential sale, is now operating under a written agreement with the Office of the Comptroller of the Currency that labeled its bank as being in a “troubled condition.” The $974.1 million-asset company disclosed in a regulatory filing that it must […]
SouthEast Bank in Tennessee settles DoJ discrimination claims
SouthEast Bank in Farragut, Tenn., will pay $1.5 million to settle claims by the Justice Department that it engaged in lending discrimination by disproportionately discouraging and denying Black and Native American graduates who were seeking to refinance their student loans. The agency’s complaint, which was in the Eastern District of Tennessee, alleged that the $2.9 […]
Pulaski Savings in Chicago becomes first bank failure of 2025
Pulaski Savings Bank of Chicago is the first bank to fail in 2025. The $49.5 million bank was closed by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold the bank’s $42.7 million of deposits to Millennium Bank of Des Plaines, Ill. Millennium also […]
American Honda Finance to pay $12.8M to settle CFPB claims
American Honda Finance in Torrance, Calif., will pay $12.8 million to address claims by the Consumer Financial Protection Bureau that it inaccurately reported that 300,000 borrowers were delinquent when their payments were paused during the pandemic. The CFPB asserted that, because the payments were deferred, the accounts should have been reported as current. The company […]
Glenwood State Bank president leaving to take role at ICBA
The president of Glenwood State Bank in Glenwood, Minn., is leaving to take a job at the Independent Community Bankers of America. Peter Nelson, who is leaving the $556 million-asset bank on Feb. 7, will become the ICBA’s senior executive vice president of member engagement. Kari Nelson was named to succeed Peter Nelson as interim […]
WaFd exiting mortgage lending, discloses ‘needs to improve’ CRA rating
WaFd in Seattle is getting out of mortgage lending. The $27.7 billion-asset company said in a press release that it recorded a $5.4 million restructuring expense tied to exiting the single-family mortgage lending market. The move, expected to take place between now and June, will save WaFd about $17 million annually. WaFd will cut about […]
FDIC files lawsuit against Silicon Valley Bank execs, directors
The Federal Deposit Insurance Corp. filed a lawsuit against 17 former executives and directors of Silicon Valley Bank that alleges gross negligence and breaches of fiduciary duty tied to the bank’s March 2023 failure. The lawsuit, filed in U.S. District Court for the Northern District of California, is seeking billions of dollars from the defendants, […]
Block to pay at least $130M to resolve issue with CFPB
The Consumer Financial Protection Bureau ordered Block, which operates Cash App, to refund customers $75 million to $120 million and pay a $55 million fine to the bureau’s victims’ relief fund. The CFPB said in a press release that it had determined that Block had weak security protocols for Cash App that put users at […]
Capital One, BOK Financial working through systems outages
Some customers at Capital One Financial in McLean, Va., and BOK Financial in Tulsa, Okla., have experienced issues accessing their accounts. Capital One acknowledged following social media complaints that it had experienced a “tech outage” that impacted “a variety of functions.” Downdetector.com, a site that tracks user complaints about digital services, reported that 2,000 reports […]
First National Bank of Bellvue in Ohio begins CEO search
First Bancshares in Bellevue, Ohio, has begun a search for its next CEO. The parent company of the $306 million-asset First National Bank of Bellevue said that Dean Miller plans to retire as president by the end of this year. The company hired York and Associates to help find Miller’s successor. Miller plans to stay […]
Block to pay $80M fine, address BSA compliance concerns
Block will pay an $80 million fine to settle claims by 48 state regulators that the fintech behind Cash App violated the Bank Secrecy Act and anti-money laundering laws. The company will also take corrective action to address the violations, including hiring an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program. […]
Palmetto State Bank in S.C. selects insider as its new CEO
Palmetto State Bank in Hampton, S.C., has a new leader. The $597 million-asset bank promoted Andy Westbrook to serve as its CEO. Westbrook, who was president and chief operating officer, will remain president. “With a wealth of experience in financial management and strategic planning, Andy brings invaluable expertise to our leadership team,” the bank said […]
OCC fines three former Wells Fargo execs a total of $18.5 million
The Office of the Comptroller of the Currency has fined three former Wells Fargo executives an aggregate of $18.5 million tied to the San Francisco company’s 2016 fake-accounts scandal. The OCC fined Claudia Russ Anderson, Wells’ former community bank group risk officer, $10 million and issued her a lifetime ban from working in the banking […]
Franklin Financial in Pa. hires banking veteran as next CEO
Franklin Financial Services in Chambersburg, Pa., has selected its next CEO. The $2.2 billion-asset company disclosed in a regulatory filing that Craig Best had become its president. He will succeed the retiring Timothy Henry as CEO on April 29. Best, who stepped down as CEO at Peoples Financial Services last month, will join Franklin’s board. […]
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 […]