First State Bank Southwest in Minn. announces CEO retirement
First State Bank Southwest in Worthington, Minn., announced its CEO’s retirement. Greg Raymo, who will remain a bank director, had worked at the $400 million-asset bank since 1997. “Greg has been a mentor to so many and has served on several boards and committees that work tirelessly in support of the community banking industry in […]
Sallie Krawcheck steps down as Ellevest CEO to address health issue
Sallie Krawcheck is stepping down as CEO of Ellevest to address a health problem. Krawcheck, a banking veteran who had key leadership roles at Citigroup and Merrill Lynch, wrote in a note that she will remain on the asset manager’s board. Sylvia Kwan, Ellevest’s chief investment officer, and Connie Hsiung, the chief financial officer and […]
Old National playing lead role in effort to form Indianapolis de novo bank
Old National Bancorp in Evansville, Ind., is playing a leading role in an effort to form a de novo bank in Indianapolis. Old National is part of a group organizing the proposed Generations Community Bank, which plans to become a minority depository institution and a community development financial institution. Old National is paying for the […]
Patriot National in Conn. hires firm to explore strategic options
Patriot National Bancorp in Stamford, Conn., is exploring strategic initiatives, including its possible sale. The $974.1 million-asset company disclosed in a regulatory filing that it has hired Performance Trust Capital Partners to also help it explore capital markets … with the goal of maximizing shareholder value.” The review could lead to a capital raise, strategic […]
First Hawaiian restructures securities portfolio
First Hawaiian in Honolulu restructured its securities portfolio. The company said in a press release that it sold $293 million of lower-yielding available-for-sale debt securities at an after-tax loss of $19.7 million. Proceeds were reinvested in $293 million of higher-yielding debt securities. The transaction should increase net interest income by about $8.6 million and expand […]
Carter Bankshares to buy N.C. deposits from First Reliance
Carter Bankshares in Martinsville, Va., has agreed to buy deposits in North Carolina from First Reliance Bancshares in Florence, S.C. The $4.6 billion-asset Carter said in a press release that the deal includes deposits at branches in Mooresville and Winston-Salem. It will also buy the Winston-Salem branch. Carter will pay a 4.6% deposit premium on […]
Central Ohio Bancorp raises $1.1M by selling common stock
Central Ohio Bancorp in Waverly has raised capital. The parent of the $229 million-asset First National Bank of Waverly brought in $1.1 million by selling common stock, according to data compiled by Performance Trust Capital Partners. The data did not detail the pricing, shares sold, or investors.
Northeast Bank in Maine raising $75M with at-the-market offering
Northeast Bank in Portland, Maine, is raising $75 million by selling common stock. The $3.9 billion-asset bank said in a press release that it is conducting an at-the-marketing offering through Piper Sandler and Keefe, Bruyette & Woods. Northeast said it plans to use the net proceeds for general corporate purposes, including support of additional growth.
Independent, Enterprise in Massachusetts unveil $562M merger
Independent Bank Corp. in Rockland, Mass., has agreed to buy Enterprise Bancorp in Lowell, Mass. The $20 billion-asset Independent said in a press release that it will pay $562 million in cash and stock for the $4.7 billion-asset Enterprise. The deal, which is expected to close in the second half of 2025, priced Enterprise at […]
CFPB files lawsuit against Comerica tied to Direct Express prepaid program
The Consumer Financial Protection Bureau has filed a lawsuit against Comerica for alleged deficiencies related to the Dallas company’s administration of the Direct Express program. The lawsuit, filed in the U.S. District Court for the Northern District of Texas, claims that the $71.8 billion-asset Comerica deliberately disconnected customer service calls, charged illegal ATM fees, and mishandled customer […]
De novo Altos Bank opens in California
Altos Bank has opened in Los Altos, Calif. The de novo opened on Nov. 25, according to the Federal Deposit Insurance Corp. Organizers were required to raise $25 million before opening. Tom Vertin, former president and CEO of Golden State Bank, is Altos Bank’s CEO. Four new banks have opened this year: Altos; Nova Bank in […]
Proposed de novo Elemi Bank in Calif. gains conditional FDIC approval
Elemi Bank, a de novo proposed for Encino, Calif., has secured conditional approval from the Federal Deposit Insurance Corp. The proposed bank’s organizers applied with the FDIC late last year. The agency is requiring organizers to raise $25 million before the bank can open. The proposed bank would be state-chartered and focus on small and […]
Fiserv CEO nominated to oversee Social Security Administration
Fiserv CEO Frank Bisignano was selected by President-elect Donald Trump to serve as commissioner of the Social Security Administration. Bisignano, who is also Fiserv’s chairman and president, would need Senate confirmation before taking on the role. Fiserv said he will remain its leader until confirmation occurs, adding that it has “an established, long-term succession plan.” […]
Columbia Financial in N.J. repositions balance sheet
Columbia Financial in Fair Lawn, N.J. has repositioned its balance sheet at a pretax loss of about $38 million. The $10.7 billion-asset company said in a press release that it sold about $321 million of available-for-sale debt securities that were mostly purchased during the pandemic. Proceeds were used to fund $85 million of loan growth, […]
Individual transaction limit for RTP Network increasing to $10 million
The Clearing House will increase the individual transaction limit for the RTP Network from $1 million to $10 million. The group said in a press release that the higher limit will support network growth in areas such as real estate, supply chain payments and business-to-business transactions that require larger transaction amounts. The higher limit will […]
Associated in Wisconsin again repositions its securities portfolio
Associated Banc-Corp in Green Bay, Wis., will report a net loss in the fourth quarter after repositioning its securities portfolio for a second time. The $42.2 billion-asset company, which raised capital last month, said in a press release that it sold about $1.3 billion of investment securities and that it agreed to sell about $700 […]
Lake Shore in New York freed from OCC consent order
Lake Shore Bancorp in Dunkirk, N.Y., has been freed from a regulatory order. The $698 million-asset company said in a press release that the Office of the Comptroller of the Currency released Lake Shore Savings Bank from its consent order. The order required the bank to correct deficiencies tied to IT, automated clearing house, audit, […]
BankTech Ventures backs data collection platform SOLO
BankTech Ventures has invested in SOLO, a data collection platform. BankTech Ventures said in a press release that SOLO’s platform enables secure, streamlined data collection and activation that lets banks make more-efficient and proactive underwriting decisions. The size of the investment wasn’t disclosed. “SOLO’s unique ability to address the present needs of banks and their customers, […]
Equity in Kansas to raise $80 million via common stock offering
Equity Bancshares in Wichita, Kan., is selling $80 million by selling common stock. The company said in a press release that it will sell about 1.8 million shares at $44.50 each. It could sell another 270,000 shares if there is enough demand. The offering should close on Dec. 4. Proceeds will be used to support […]
Valley National in New York sells $925 million of CRE loans
Valley National Bancorp in New York sold $925 million of commercial real estate loans at a loss. The $62 billion-asset company, which recently raised capital, said in a press release that it sold the loans, including $823 million of previously identified loans, to Brookfield Asset Management. The loans were sold at a roughly 1% discount, […]
First National Bank of Omaha shuts down Milli Bank division
First National Bank of Omaha in Nebraska has shut down mobile banking platform Milli Bank. The $31.5 billion-asset bank closed the bank on Nov. 15. Milli Bank had offered a savings account with spending round-ups and auto-savings and a spending account with physical and virtual debit cards. Customers with a remaining balance will receive checks […]
United Community to buy ANB Holdings in Florida
United Community Banks in Greenville, S.C., has agreed to buy ANB Holdings in Oakland Park, Fla. The $27.4 billion-asset United said in a press release that it will pay $80 million in stock for the parent of the $439 million-asset American National Bank. The deal is expected to close in the second quarter. ANB Bank […]
Digital banking provider Lumin Digital raises $160M in equity financing
Lumin Digital, a cloud-native digital banking provider in San Ramon, Calif., raised more than $160 million in equity financing. Lumin Digital said in a press release that the financing was led by Light Street Capital, NewView Capital and Partners Group. Lumin Digital said it will use the funds to accelerate its strategic growth initiatives. “This […]
Fleur Capital to buy Simmesport State Bank in Lousiana
Fleur Capital has agreed to buy Simmesport State Bank in Simmesport, La. Fleur, led by Spirit of Texas Bank President David McGuire, said in a press release that it hopes to buy the $231.5 million-asset Simmesport State Bank in the second quarter. The price “We highly value the Simmesport State Bank employees and believe they […]
IF Bancorp shareholders back nonbinding resolution to sell company
Shareholders of IF Bancorp backed a nonbinding proposal calling for the sale of the Watseka, Ill., company. The $893 million-asset company disclosed in a regulatory filing that more than 1.4 million shares voted in favor of the proposal at its annual meeting, while 969,000 shares objected. About 55,000 shares abstained. Separately, the company said that […]