Thrivent forms industrial bank, absorbs its credit union
Thrivent Financial for Lutherans has merged its credit union into the newly created Thrivent Bank. The industrial bank, which is based in Salt Lake City, absorbed Thrivent Federal Credit Union in Appleton, Wis., on June 1. Thrivent was required to infuse at least $280 million of capital into the bank.
Greenlight AI raises $15 million in Series A funding
Greenlite AI has raised $15 million in Series A funding, bringing its total funding to $20 million. Greylock led the funding round with participation from Thomson Reuters, Canvas Prime, and Y Combinator. Greenlist AI said the new funding will allow for engineering team growth, go-to-market scaling and deepening partnerships with top financial institutions.
Wells Fargo selling railcar leasing business for $4.4 billion
Wells Fargo in San Francisco has agreed to sell the assets of its rail equipment leasing business. The $1.9 trillion-asset company said in a press release that it will sell the business to a newly formed joint venture between GATX Corp. and Brookfield Infrastructure for $4.4 billion. The transaction is expected to close by the […]
MainStreet Bancshares in Va. discloses data security incident
MainStreet Bancshares in Fairfax, Va., disclosed a data security incident that exposed information tied to less than 5% of its customers. The company disclosed in a regulatory filing that it became aware in March that an outside vendor to the core bank had been compromised. MainStreet activated its incident response process, concluding that “the incident’s […]
Princeton Bancorp in N.J. discloses issues with two CRE loans
Princeton Bancorp in Princeton, N.J., will recognize a $9.9 million impairment charge tied to two delinquent commercial real estate loans where it is a participant. The company disclosed in a regulatory filing that, at March 31, it $25.3 million of its nonperforming assets were tied to the CRE credits. Princeton said the lead lender for […]
Merchants National Bank in Ohio lines up new leader for 2026
Merchants National Bank in Hillsboro, Ohio, is ready to finalize its CEO succession. The $1.3 billion-asset bank said in a press release that Paul Pence Jr. will retire as CEO on Dec. 31. He will remain chairman. Denise Fauber, the bank’s president and chief operating officer, will succeed Pence. Fauber will remain president. The board […]
First Seacoast in N.H. promotes insider to serve as CEO
First Seacoast Bancorp in Dover, N.H., didn’t have to look far to find its next CEO. The $593 million-asset company said in a press release that James Brannen had stepped into the role. He was the company’s president. Richard Donovan, who is the chief financial officer, became president. “I have served on the bank’s board […]
OCC releases Wells Fargo from 2015 enforcement action
Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said that the Office of the Comptroller of the Currency terminated a 2015 agreement tied to previously held financial subsidiaries that were out of compliance with the Gramm-Leach-Bliley Act. Seven orders have been lifted this year, and 13 since […]
Woodsboro Bank in Maryland prepares for new CEO
Woodsboro Bank in Frederick, Md., has a new leader. The bank said in a press release that Rich Ohnmacht will become its CEO on July 1. Ohnmacht, who will remain president, will succeed Steve Heine, who will become a senior adviser and remain on the board. The board “is excited to expand the breadth of […]
First IC in Ga. received three offers before negotiation with MetroCity
First IC Corp. in Doraville, Ga., considered offers from two other bidders before agreeing to sell itself to MetroCity Bankshares in Doraville. The $2.9 billion-asset MetroCity Bankshares announced in March that it would buy the $1.2 billion-asset First IC for $206 million in a deal expected to close in the fourth quarter. The process began […]
Seacoast to buy Villages Bancorp. in Florida for $711 million
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Villages Bancorp. in The Villages, Fla. The $15.7 billion-asset Seacoast said in a press release that it will pay $710.8 million in cash and stock for the $4.1 billion-asset Villages. The deal, which is expected to close in the fourth quarter, priced Villages at […]
Guilford Savings in Connecticut to rebrand as Ascend Bank
Guilford Savings Bank in Guilford, Conn., will soon rebrand. The $1.1 billion-asset bank said on its website that it will become Ascend Bank in July. “This is an exciting and transformational moment for our organization,” Timothy Geelan, the bank’s CEO, said in an announcement. The new name “symbolizes our continuing dedication to helping our clients […]
BMO Financial in Canada sells U.S. credit card portfolio
BMO Financial Group in Montreal sold a U.S. credit card portfolio as part of a broader balance sheet optimization strategy. The Canadian company disclosed during its quarterly conference call that it sold a non-relationship credit card portfolio and exited a franchise loan portfolio. BMO said it lost $51 million from selling the card portfolio; it […]
De novo Five Rivers Bank opens in New Jersey
Five Rivers Bank, a de novo created by a group of Sikh-Americans, has opened. The Paramus, N.J., bank debuted on May 12, according to a list shared by the Federal Deposit Insurance Corp. Organizers had to raise $33.5 million after securing conditional FDIC approval in September. While Five Rivers aims to focus on the needs […]
Avenir Financial FCU to reportedly buy Mission Bank in Arizona
Avenir Financial Federal Credit Union in Yuma, Ariz., has agreed to buy Mission Bank in Kingman, Ariz. The deal between the $390 million-asset Avenir and the $195 million-asset Mission is expected to close in the first quarter of 2026. The price wasn’t disclosed, though the price Avenir will pay shareholders of Community Bancshares will depend […]
CFPB, DoJ seek to end redlining consent order against Trustmark in Miss.
The Consumer Financial Protection Bureau and the Department of Justice filed a motion to terminate a consent order against Trustmark in Jackson, Miss. The 2021 order followed claims that the company engaged in redlining from 2014 to 2018. Trustmark paid a $5 million penalty tied to the order and disbursed nearly $3.9 million into a […]
Citizens Bancshares in S.C. buying branch from First Capital Bank
Citizens Bancshares in Olanta, S.C., has agreed to buy a branch in Laurinburg, N.C., from First Capital Bancshares in Charleston, S.C. The $1 billion-asset Citizens said in a press release that it will gain some deposits and loans when it buys the location from the $1 billion-asset First Capital. The deal is expected to close […]
Old Point in Va. received eight offers before choosing TowneBank
Old Point Financial in Hampton, Va., was an extremely popular acquisition target, attracting eight letters of intent when it put itself up for sale. TowneBank in Suffolk, Va., agreed in April to buy the $1.5 billion-asset Old Point for $203 million in cash and stock. The $17.5 billion-asset TowneBank expects to complete the acquisition in […]
Catena Labs raises $18M toward quest to launch AI-native bank
Catena Labs, which is looking to build an artificial intelligence-native bank, has raised $18 million. Sean Nevill, a co-founder of Circle, is the CEO at Catena Labs. Catena has already published an open-source agent commerce kit that outlines protocols for AI-driven e-commerce. The startup plans to use its new funding to accelerate development of its […]
Quaint Oak in Pa. hit with consent orders tied to BSA/AML compliance
Quaint Oak Bancorp in Southampton, Pa., is working through a regulatory order. The company disclosed in a regulatory filing that its bank agreed to consent agreements with the Federal Deposit Insurance Corp. and Pennsylvania’s Department of Banking and Securities, Bureau of Bank Supervision tied to its compliance with the Bank Secrecy Act. The orders followed […]
CSI hires technology veteran Nancy Langer as its CEO
Software provider CSI has a new CEO. The Paducah, Ky., company said in a press release that Nancy Langer had also become its president and joined its board. Langer, was was recently CEO of Transact Campus, succeeded David Culbertson, who will become vice chair. “Joining CSI is a full-circle moment in my career,” Langer said […]
Delaware Bankers Association hires outsider as new CEO
The Delaware Bankers Association has its next leader lined up. The association said that Karyn Polak will become its president, CEO and treasurer on June 2. She will succeed Sarah Long, who will retire on May 30. Polak was deputy general counsel at PNC from 2014 to 2019. She was general counsel at Transamerica from […]
BancFirst to buy American Bank of Oklahoma
BancFirst in Oklahoma City has agreed to buy American Bank of Oklahoma in Collinsville. The $14 billion-asset BancFirst said in a press release that it expects to buy the $320 million-asset American Bank in the third quarter. The price wasn’t disclosed. “Collinsville and Skiatook are thriving communities that continue to experience dynamic growth in northeastern Oklahoma,” David Harlow, BancFirst’s CEO, said […]
Independent in Mass. to cut 125 jobs tied to Enterprise acquisition
Independent Bank Corp. in Rockland, Mass., plans to cut 125 jobs this year as part of its planned acquisition of Enterprise Bancorp in Lowell, Mass. Independent agreed in December to buy Enterprise for $562 million in a deal expected to close in the second half of this year. Independent filed a Worker Adjustment and Retraining […]
Ameris in Ga. freed from redlining-based consent order
Ameris Bancorp in Atlanta has been freed from a November 2023 consent order tied to redlining claims. The U.S. District Court for the Middle District of Florida ended the order between the company and the Department of Justice, dismissing the related civil action with prejudice. The recent order came after the Justice Department submitted an […]