RBB Bancorp in Los Angeles lines up CEO succession
RBB Bancorp in Los Angeles has set the stage for a new CEO. The $4 billion-asset company said in a press release that Johnny Lee will become its president and CEO of its bank on Jan. 1. Lee, who is the bank’s president and chief banking officer, will become corporate CEO on May 22. Lee […]
OCC issues new C&D order to USAA Federal Savings Bank
The Office of the Comptroller of the Currency issued a new cease-and-desist order to USAA Federal Savings Bank that limits the Phoenix bank’s ability to add certain new products and services. The OCC said in a press release that the C&D order replaces prior orders issued against the bank in 2019 and 2022. The OCC said it […]
National Bank Holdings in Denver sells underwater securities
National Bank Holdings in Denver repositioned its securities portfolio. The $10 billion-asset company said in a press release that it sold $130 million of available-for-sale investment securities, purging about a fifth of its portfolio. The company will record a $5 million after-tax loss from the sale. Proceeds will be redeployed over time into higher-yielding securities. […]
First Commonwealth in Pa. to buy CenterGroup in Cincinnati
First Commonwealth Financial in Indiana, Pa., has agreed to buy CenterGroup Financial in Cincinnati. The $12 billion-asset First Commonwealth said in a press release that it will pay $54.6 million in stock for the parent of the $348.4 million-asset CenterBank. The deal, which is expected to close in the first half of next year, priced […]
The Savings Bank in Mass. promotes insider as next CEO
The Savings Bank in Wakefield, Mass., will have a new leader in 2025. The $821 million-asset bank said in a press release that Robert DiBella will retire as president and CEO on Dec. 31. DiBella, who has led the bank since 2016, will be succeeded by Raichelle Kallery, the bank’s chief operating officer. “Bob DiBella’s […]
First Guaranty in La. slashes quarterly dividend to a penny
First Guaranty Bancshares in Hammond, La., slashed its quarterly cash dividend to a penny. The $3.9 billion-asset company’s previous dividend was 8 cents. First Guaranty began cutting its dividend in July, around the same time that it announced plans to lay off about 15% of its employees to shore up capital. Those decisions came just […]
Lenders Cooperative, Ventures Lending Technologies to merge
Lenders Cooperative in Mechanicsburg, Pa., and Ventures Lending Technologies in San Diego are planning to merge. Lenders Cooperative provides integrated commercial lending platforms, while Ventures Lending Technologies provides lending technology. Financial terms were not disclosed. “Our banking partners that leverage our commercial loan origination technology have continued to seek a modern servicing platform to deliver […]
Vista Bank in Dallas selling rural branches to First United Bank
Vista Bank in Dallas has agreed to sell seven branches in rural markets to First United Bank in Dimmitt, Texas. The $2.4 billion-asset Vista applied with regulators to sell branches in the Texas markets of Abernathy, Hale Center, Haskell, Idalou, Petersburg, Plainview and Ralls. The deal is expected to close in the first quarter. First United […]
Activist investor continues to pressure Carver in NY after annual meeting
Dream Chasers Capital continues to pressure Carver Bancorp after the New York company narrowly prevailed in a proxy battle with the activist investor. Carver said last week that its two director candidates received more votes than those presented by Dream Chasers, with less than 7,400 votes separating the second- and third-place votes. Dream Chasers, however, […]
Northwest in Ohio to buy Penns Woods Bancorp for $270 million
Northwest Bancshares in Columbus, Ohio, has agreed to buy Penns Woods Bancorp in Williamsport, Pa. The $14.4 billion-asset Northwest said in a press release that it will pay $270.4 million in stock for the $2.3 billion-asset Penns Woods. The deal, which is expected to close in the third quarter, priced Penns Woods at 139% of […]
AI, digital banking featured in next ICBA fintech accelerator
The Independent Community Bankers of America has selected six fintechs for its latest ICBA ThinkTECH Accelerator Program. Participating fintechs will enter a 10-week program that will kick off on Jan. 13. The fintechs are: Coverbase: Automates 90% of third-party risk assessments and lets banks focus on improving security and compliance. Fin3 Technologies: Provides solutions to […]
Marathon Bancorp in Wisconsin plans second-step conversion
Marathon Bancorp in Wausau, Wis., plans to convert from a mutual to a stock holding company. The $217 million-asset company said in a press release that its mutual holding company, formed in 2021, will cease to exist as part of the second-step conversion. The MHC currently owns about 57.4% of the company’s outstanding shares. Eligible […]
Flagstar Financial in New York switches CFOs for second time this year
Flagstar Financial in Hicksville, N.Y., is ending 2024 with its third chief financial officer of this year. The $114.4 billion-asset company said in a press release that Lee Smith would become CFO on Dec. 27. Smith, who was president of mortgage at Flagstar, will succeed Craig Gifford. Gifford, who is leaving to “reengage in personal […]
Berkshire, Brookline in Boston to merge in $1.1 billion deal
Berkshire Hills Bancorp in Boston has agreed to buy Brookline Bancorp in Boston. The $11.6 billion-asset Berkshire said in a press release that it will pay $1.1 billion in stock for the $11.7 billion-asset Brookline. The deal is expected to close in the second half of next year. Berkshire shareholders will own 51.2% of the company, […]
Carver in New York barely prevails in proxy battle for board seats
Carver Bancorp in New York narrowly prevailed in a proxy battle with an activist investor. The company disclosed in a regulatory filing that directors Jillian Joseph and Kenneth Knuckles were reelected at its annual meeting. Dream Chasers Capital Group, which owns about 9.7% of Carver’s outstanding stock and has been trying to take over the […]
Heritage Bancshares agrees to buy Fidelity Kansas Bancshares
Heritage Bancshares in Topeka, Kan., has agreed to buy Fidelity Kansas Bancshares in Topeka. The parent of the $135 million-asset Heritage Bank said in a press release that it expects to complete its purchase of the parent of the $160 million-asset Fidelity State Bank and Trust in the second quarter. The price wasn’t disclosed. “The […]
Fintech Mantl adds loan origination tech to its platform
Mantl, a fintech that offers account origination solutions, will add consumer and business loan origination technology to its platform. Mantl Loan Origination can automate up to 100% of the loan application and decisioning process for personal and business loans. Mantl said the product can integrate with all major core banking systems. It combines account opening […]
Washington Trust, Flushing raising capital through public offerings
Washington Trust Bancorp in Westerly, R.I., and Flusing Financial in Uniondale, N.Y., are selling common stock. The $7.1 billion-asset company said in a press release that it plans to sell 1.9 million shares of stock at $34 each. It expects gross proceeds of $61.8 million. It could sell another 287,000 shares if there is ample […]
Regulatory delays force Global FCU to delay First Financial closing
Global Federal Credit Union in Anchorage, Alaska, has pushed back the timeline for buying First Financial Bank Northwest in Renton, Wash., as they continue to wait for regulatory approval. Global agreed to buy the bank in January for about $231.2 million. The credit union said at the time that it expected to close the deal […]
Dime in N.Y. repositions securities, begins pension program winddown
Dime Community Bancshares in Hauppauge, N.Y., which recently raised capital, repositioned its securities portfolio and began winding down its pension program. The company said in a press release that it sold $379 million of debt securities, using the proceeds to buy $379 million of higher-yielding debt securities. Dime expects to recognize a $43 million pretax […]
Farmers and Merchants in Ind. lines up next president
Farmers and Merchants Bank in Boswell, Ind., will soon have a new president. The $200 million-asset bank said in a press release that Donald Blume will succeed Grant Whaley on Jan. 1. Whaley will remain chairman and CEO. Blume is an executive vice president at the bank and a director at parent Farmers and Merchants […]
CFPB rule exempts smaller banks from overdraft caps
The Consumer Financial Protection Bureau is exempting smaller banks from a final rule capping overdraft fees. The CFPB’s final rule required banks with more than $10 billion of assets to either cap fees at $5, determine a fee that covers costs and losses, or disclose the terms of overdrafts like they would other loans. “For […]
FDIC gives conditional approval to Alabama de novo effort
Solutions Plus Bank, a de novo proposed for Albertville, Ala., has secured conditional approval from the Federal Deposit Insurance Corp. The proposed bank’s organizers applied with the FDIC in August. The agency is requiring organizers to raise $27 million before the bank can open. A group in Albertville, Ala., has applied to form a new bank. […]
Coastal in Wash., Financial Institutions in N.Y. to sell common stock
Coastal Financial in Everett, Wash., and Financial Institutions in Warsaw, N.Y., are raising capital by selling common stock. The $4.1 billion-asset Coastal said in a press release that it is selling 1.2 million shares of stock at $71 each. It could sell another 180,000 shares if there is enough demand. Gross proceeds from the offering […]
Valley National Bancorp president to retire from New York company
Valley National Bancorp in New York announces that its president plans to retire next year. The $62 billion-asset company said in a press release that Thomas Iadanza will step down on June 30. He joined the bank through its 2012 purchase of State Bancorp, where he was chief lending officer. “Tom’s dedication to our customers, […]