Hometown Financial to buy CFSB Bancorp in Mass. for $44 million
Hometown Financial Group in Peabody, Mass., has agreed to buy CFSB Bancorp in Quincy, Mass. The $6.6 billion-asset Hometown said in a press release that it will pay $44 million in cash for the $366 million-asset parent of Colonial Federal Savings Bank. The deal is expected to close in the fourth quarter. “This merger will […]
PNC to buy broker-dealer Aqueduct Capital Group
PNC Financial Services Group in Pittsburgh has agreed to buy Charlotte, N.C., broker-dealer Aqueduct Capital Group. PNC said in a press release that it expects to buy Aqueduct in mid-summer. The price wasn’t disclosed. Aqueduct, a placement agent focused on raising capital for private equity, private credit and real asset managers, was founded in 2003. […]
Investor group ends deal to buy Eureka Homestead in La.
An investor group no longer plans to buy Eureka Homestead Bancorp in Metairie, La. Eureka Investor Group agreed to pay the $96.8 million-asset bank $325,000 in fees tied to the termination. About $200,000 of the fees were paid in April through the release of funds from an existing escrow account. The termination occurred because the […]
Proposed California de novo bank will not open
Elemi Bank, a proposed bank in California that received conditional approval from the Federal Deposit Insurance Corp. last fall, will not open. The FDIC updated the proposed de novo’s status with no explanation why organizers scrapped their plans for the bank. The agency had required organizers to raise $25 million before opening Elemi. The group […]
Choice Financial in N.D. adds industry veterans to bank board
Choice Bank in Fargo, N.D., added three banking veterans, including a former CEO, to its board. The $5.6 billion-asset unit of Choice Financial said in LinkedIn post that Cathy Nash, Randy Bryan, and Andrew Jackson had become directors. Nash is a former CEO of Citizens Republic Bancorp and Woodforest National Bank. Bryan is a former […]
Union Bankshares in Vermont could raise $40M via stock sales
Union Bankshares in Morrisville, Vt., could raise up to $40 million in the coming months by selling common stock. The company disclosed in a regulatory filing that it had entered into an equity distribution agreement with an investment bank to sell stock “from time to time.” Union will set parameters for the offering, including the […]
Sugarman gathers former colleagues to reshape Patriot National
Steven Sugarman is moving quickly to reshape the future of Patriot National Bancorp as he works to turn around the Stamford, Conn., company. Sugarman, who is leading a group that will infuse $50 million into the $974 million-asset company and recently became president and CEO, has begun rebuilding the leadership team with several familiar faces […]
First National Bank in S.D. to buy Wyoming Bank & Trust
First National Bank in Fort Pierre, S.D., has agreed to buy Wyoming Bank & Trust in Cheyenne. The $1.7 billion-asset First National plans to buy the $342 million-asset Wyoming Bank in the third quarter. The price wasn’t disclosed. “By joining our two well-established community banks, we will be able to better serve the growing market […]
Finasta to sell treasury and capital markets unit
Finastra has agreed to sell its treasury and capital markets unit to an affiliate of private equity firm Apax Partners. The U.K. company did not disclose the price to be paid by Apax. The deal is expected to close in the first half of next year, when the business will be rebranded and operate as […]
Community Bank Delaware raises $1.8M via private placement
Community Bank Delaware in Lewes raised capital by selling common stock. The bank raised $1.8 million on May 14 with a private placement, based on data compiled by Performance Trust Capital Partners. The shares sold, pricing and investors were not readily available.
Union Bankshares in Vermont begins search for next CEO
Union Bankshares in Morrisville, Vt., is looking for a new CEO. The company disclosed in a regulatory filing that David Silverman will also retire as president next year. The board plans to conduct a comprehensive search for his successor, including the formation of a subcommittee of independent directors from the nominating and governance committee. That subcommittee […]
Carver in N.Y. ordered by OCC to focus on sustainable earnings
Carver Bancorp in New York was issued an enforcement action that requires its bank to create a three-year plan focused on earnings performance. The company disclosed in a regulatory filing that Carver Federal Savings Bank entered into a written agreement with the Office of the Comptroller of the Currency that requires it to develop a strategic […]
Citi to sell advisory platform to iCapital
Citigroup in New York agreed to sell a unit that advises its global alternative investment fund platform to technology provider iCapital. Citi didn’t disclose the price that Capital will pay. Citi said that iCapital will manage and operate the fund platform, while Citi remains the distributor. The platform includes a range of alternative investment strategies […]
BOK Financial in Okla. launches mortgage finance business
BOK Financial in Tulsa, Oklahoma, launched a mortgage finance business. BOK said in a press release that the mortgage finance team will be led by Donnie Martin, who joined the company last year from City National Bank. The new business is part of the company’s focus on building deeper relationships with mortgage banking customers, Martin […]
Greenwoods State Bank in Wis. promotes insider as new president
Greenswoods State Bank in Lake Mills, Wis., has a new president. The bank said in a press release that Jim Hegenbarth succeeded Rob Cera, who will serve as co-CEO with Bill McDonald. Hegenbarth was a market president at the bank. “Jim is a respected and forward-thinking leader whose expertise, vision, and values align perfectly with […]
President of Rockland Trust in Mass. to retire
The president of Rockland Trust in Rockland, Mass., plans to retire. Independent Bank Corp., the parent company of Rockland Trust, disclosed in a regulatory filing that Gerard Nadeau will step down on June 27. He will remain on the company’s board. Jeffrey Tengel, Independent’s president and CEO and Rockland Trust’s CEO, is expected to succeed […]
Perry County Bancorp in Illinois freed from Fed written agreement
The Federal Reserve has terminated a written agreement against Perry County Bancorp in Du Quoin, Ill. The written agreement, issued in April 2023, instructed the parent of Du Quoin Bank to improve oversight over liquidity and interest rate risk. It required the board to improve the bank’s condition and maintain effective control over items such […]
Primis in Va. returns to profitability after timely accounting move
Primis Financial in McLean, Va., posted a dramatic swing back into profitability, driven by a key strategic move: The deconsolidation of Panacea Financial Holdings. The $3.7 billion-asset Primis earned $22.6 million in the first quarter after losing $23.3 million a quarter earlier. The results included a $24.6 million pre-tax gain after Primis deconsolidated Panacea Financial […]
Chime files for IPO, reports rising revenue and 1Q profit
Digital banking platform Chime Financial filed its registration statement for its anticipated initial public offering. The filing does not provide insight into how many shares Chime plans to sell or the pricing. It does, however, mark a significant milestone for the fintech, which is fighting towards breakeven. Chime, which generates the vast majority of its […]
Robinhood to buy Canadian crypto trading platform WonderFi
Robinhood has agreed to buy decentralized trading platform WonderFi in Vancouver, Canada. The digital stock brokerage app said in a press release that it will pay $178.6 million for the Canadian company. The deal is expected to close in the second half of this year. WonderFi, which operates regulated cryptocurrency trading platforms Bitbuy and Coinsquare, […]
Embassy in Penn. fighting shareholder proposal to sell bank
Embassy Bancorp in Bethleham, Pa., is facing a shareholder proposal to find a buyer. The $1.7 billion-asset Embassy disclosed in its proxy statement that the investor, who has a roughly 0.2% stake, claims the company is underperforming and has taken issue with a corporate lease agreement with an entity that includes directors and executives among […]
Ponce Financial applies for BHC in plan to switch to having national bank
Ponce Financial Group in Bronx, N.Y., plans to become a bank holding company so its bank can receive a national charter. The $tk billion-asset company noted in a regulatory filing that Ponce Bank is currently a federally chartered stock savings association. While the company said it does not expect any material changes in its core […]
First Northwest in Wash. posts 1Q loss after credit issues, legal reserve
First Northwest Bancorp in Port Angeles, Wash., reported a quarterly loss that reflected credit issues and a legal reserve tied to litigation with a borrower group. The $2.2 billion-asset company said in a press release that it lost $9 million in the first quarter, an increase from its $2.8 million loss a quarter earlier. The […]
American Bancorp in Ga. raises $18 million via private placement
American Bancorp in Atlanta, which just announced its new CEO, has raised capital. The $540 million-asset bank brought in $18 million on May 7 through a private placement, according to data compiled by Performance Trust Capital Partners. No other details were immediately available. The bank recently announced that Dominik Mjartan had become its leader. He […]
Chickasaw Banc Holding to buy Oklahoma Heritage Bank
Chickasaw Banc Holding in Oklahoma City has agreed to buy Oklahoma Heritage Bank in Ada. The parent of the $470 million-asset Chickasaw Community Bank did not disclose how much it will pay for the $100 million asset Oklahoma Heritage. The deal is expected to close in the second or third quarter. Chickasaw is a tribal-owned […]