Honesdale National in Pennsylvania promotes insider as new CEO
Honesdale National Bank in Honesdale, Pa., has a new leader. The $1 billion-asset bank posted on its website that Kate Bryant had become its president and CEO. Bryant, who has worked at the bank for more than 20 years, succeeded Thomas Sheridan, who retired. She was the bank’s CFO.
Gesa Credit Union forms military-focused digital bank
Gesa Credit Union in Richland, Wash., has created a digital bank for military veterans. The credit union said in a press release that it worked with Nymbus to launch ValorFI Heroes. The platform is also available to educators, healthcare workers, first responders, and law enforcement officers. The platform offers savings accounts, money market accounts and […]
Employer.com buys Bench days after accounting fintech shut down
Employer.com, a human resources firm, bought Bench Accounting days after the fintech’s shutdown. Employer.com said in a press release that the acquisition reflects a commitment to expanding its portfolio of services and adding value to small business owners. Financial terms were not disclosed. The deal closed on Jan. 1 on the heels of Bench’s Dec. […]
Banking veteran Steven Sugarman named president of Patriot National
Patriot National Bancorp in Stamford, Conn., has hired Steven Sugarman as its president. The company, which had recently announced a plan to evaluate its strategic options, disclosed in a regulatory filing that Sugarman had taken on the role, effective immediately. Sugarman “is well suited to successfully lead the company’s strategic restructuring,” the filing said. “This […]
American Savings in Hawaii sold to investor group for $405 million
Hawaiian Electric Industries sold a 90.1% stake in American Savings Bank in Honolulu to a group of investors. The stake in the $9.3 billion-asset bank was sold for $405 million in cash. Hawaiian Electric said in a press release that it retained a 9.9% stake. The bank will continue to be led by its management […]
Taylor Bank in Maryland selects insider as next leader
Taylor Bank in Berlin, Md., has a new CEO. The $1 billion-asset bank said in a post on its website that Dean Lewis had also become its president. Lewis, who was the bank’s chief financial officer, succeeded Ray Thompson, who had held both roles for the past 16 years. Lewis joined the bank in 2012. […]
Community Bancorp in Vermont taps new CEO
Community Bancorp in Derby, Vt., has a new CEO. The company said in a press release that Christopher Caldwell will also become its president on Jan. 1. Caldwell, who is a president of Community Bancorp’s bank, will succeed Kathy Austin, who will remain on the board. Caldwell joined the company in 2021.
Atlanta Postal Credit Union to withdraw application to buy Ga. bank
Atlanta Postal Credit Union and Affinity Bank in Covington, Ga., have called off their planned merger. The credit union agreed in May to buy the $870 million-asset bank unit of Affinity Bancshares for $22.50 a share in cash in a deal that was expected to close by the first quarter of 2025. The boards of […]
Zeal Credit Union agrees to buy Gegebic Range Bank in Michigan
Zeal Credit Union in Livonia, Mich., has agreed to buy Gegebic Range Bank in Ironwood, Mich. The $839 million-asset Zeal said in a press release that it will pay an undisclosed amount of cash to West End Financial. The deal is expected to close in the third quarter. “Gogebic is a well-managed bank, and we look […]
First Carolina in N.C. raises $45 million in private placement
First Carolina Financial Services in Rocky Mount, N.C., has raised $45.4 million. The $3.2 billion-asset company sold common stock through a private placement, according to data compiled by Performance Trust Capital Partners. The pricing, shares sold and investors were not disclosed. First Carolina agreed earlier this year to buy BM Technologies in Radnor, Pa., for […]
Skowhegan Savings in Maine lines up next CEO
Skowhegan Savings Bank in Skowhegan, Maine, will soon have a new leader. Dan Tilton was named the $850 million-asset bank’s president, succeeding David Cyr. He will also replace Cyr as CEO on Dec. 31. Tilton is the bank’s executive vice president of sales and customer relations. Cyr, who joined the bank in 2005, has been […]
First Keystone in Pennsylvania announces CEO’s planned retirement
First Keystone in Berwick, Pa., will enter 2025 with new leadership. The $1.4 billion-asset company disclosed in a regulatory filing that Elaine Woodland will retire as president and CEO on Jan. 31. She will remain on the board. The filing did not identify her successor, though it said the board “has been engaged in a […]
HomeStreet in Seattle to sell nearly $1B in multifamily loans
HomeStreet in Seattle will sell nearly $1 billion of multifamily loans to Bank of America. The $9.4 billion-asset company, which had to nix plans to sell itself to FirstSun Capital Bancorp in Denver, said in a press release that the loans should sell at 91.5% of their principal balance. HomeStreet will continue to service the […]
Arrow in N.Y. sells securities for second time in a year
Arrow Financial in Glen Falls, N.Y., again restructured its securities portfolio. The $4.4 billion-asset company disclosed in a regulatory filing that it sold $75 million of available-for-sale securities at a pretax loss of $3 million. Proceeds were used to buy higher-yielding available-for-sale securities. It should take a little over a year to earn back the […]
Fourth generation banker to lead First International Bank in N.D.
First International Bank & Trust in Watford City, N.D., will have a new CEO with a familiar last name. The $5 billion-asset bank said in a press release that S. Peter Stenehjem will become CEO on Jan. 1, succeeding his father, Stephen Stenhjem. He will represent the fourth generation of the family to run the […]
CFPB sues three large banks over payments platform Zelle
The Consumer Financial Protection Bureau has filed a lawsuit against Bank of America, JPMorgan Chase and Wells Fargo, along with Early Warning Services, that alleges the companies failed to protect consumers from fraud. The bureau claims that the banks’ customers have lost more than $870 million through Zelle in the past seven years. The CFPB […]
Fortuna Bank debuts in Ohio after completing de novo process
Fortuna Bank has opened in Grandview Heights, Ohio. The de novo bank officially opened on Dec. 9, according to the Federal Deposit Insurance Corp. Organizers raised more than $20.7 million. Ilaria Rawlins is the bank’s president and CEO. Fortuna is the fifth de novo to open in 2024. The others are Nova Bank in Alabama, […]
Norwood in Pennsylvania raises $30 million from stock offering
Norwood Financial in Honesdale, Pa., raised $29.9 million from selling common stock. The $2.3 billion-asset company said in a press release that it sold about 1.2 million shares of stock at $26 each. The sales included 150,000 shares set aside to cover added demand. Norwood said it expects to use the net proceeds for investment […]
Two North Carolina credit unions form CUSO to sell cars
Coastal Federal Credit Union in Raleigh, N.C., and Truliant Federal Credit Union in Winston-Salem, N.C., have formed a credit union service organization (CUSO) to sell cars through a Winston-Salem dealership. The credit unions have partnered with TrueBay Automotive to create the Credit Union Auto Marketplace. Truliant, TruBuy and Coastal (through its CUSO) each own a […]
GTSB Financial in Michigan raises $20 million via stock sale
GTSB Financial in Traverse City, Mich., which recently bought a bank, raised $19.7 million by selling common stock. GTSB, which is led by Gregg Bigger and Rob Farr, had aimed to raise at least $14.5 million. GTSB is a holding company formed to buy First State Bank of Decatur. The deal closed in October.
Lineage Financial in Tenn. enters into written agreement with Fed
Lineage Financial Network in Franklin, Tenn., is dealing with an enforcement action from the Federal Reserve. The Fed issued a written agreement to the parent of the $214 billion-asset Lineage Bank that requires it to serve as a “source of strength” to the bank. Lineage Financial must maintain an adequate number of directors with the […]
ICBA’s credit card bank promotes insider as its president
TCM Bank, the credit card bank of the Independent Community Bankers of America, has a new president. The bank said in a press release C.J. Littrell had taken on the role. Littrell, who will remain the bank’s chief operating officer, will oversee the bank’s strategic initiatives, among other things. Littrell succeeded Jacob Eisen, who remains […]
Huntington in Ohio sells debt securities at $20 million pretax loss
Huntington Bancshares in Columbus, Ohio, restructured its securities portfolio. The company disclosed in a regulatory filing that it sold about $1 billion of corporate debt investment securities and associated hedges, resulting in a pretax loss of about $20 million. Huntington intends to reinvest the proceeds from the sale in 0% risk-weighted investment securities. It should […]
Hanscom FCU to buy Peoples Bank in Maryland
Hanscom Federal Credit Union in Littleton, Mass., has agreed to buy Peoples Bank in Chestertown, Md. The $1.9 billion-asset Hanscom said in a press release that it expects to buy the $200 million-asset bank during the second half of next year. The price wasn’t disclosed. Hanscom would enter Maryland and gain an insurance agency from […]
Washington Trust in RI to report 4Q loss from securities, mortgage sales
Washington Trust Bancorp in Westerly, R.I., which recently raised capital, repositioned its balance sheet in a move that will lead to a net loss for the fourth quarter and full-year 2024. The company said in a press release that it sold $409 million of debt securities and that it has agreed to sell $345 million […]