East Texas Financial to buy Texas National Bancorp
East Texas Financial in Kilgore has agreed to buy Texas National Bancorp. in Jacksonville. The parent of the $488 million-asset Citizens Bank did not disclose how much it plans to pay for the $836 million-asset Texas National. The deal is expected to close in the fourth quarter. The acquisition “represents a strategic step forward … […]
Simmons First in Ark. sells securities at $604 million net loss
Simmons First National in Pine Bluff, Ark., shed underperforming securities. The company, which recently raised $327 million by selling common stock, disclosed in a regulatory filing that it sold about $3.2 billion of investment securities to Morgan Stanley at an after-tax loss of about $604 million. The loss will be recorded in the third quarter.
Customers Bancorp in Pa. preps for CEO transition
Customers Bancorp in West Reading, Pa., didn’t have to look far for its next CEO. The $22.5 million-asset company said in a press release that Sam Sidhu will succeed his father, Jay Sidhu, on Jan. 1. Jay Sidhu will remain chairman. Jay Sidhu bought a $200 million-asset bank in 2009 and rebranded it as Customers […]
Heritage Financial in Wash. keeps purging underperforming securities
Heritage Financial in Olympia, Wash., reported lower quarterly profit after it sold more underperforming securities. The $7.1 billion-asset company said in a press release that its second-quarter net income fell by 14% from a year earlier, to $12.2 million. During the quarter, Heritage sold $91.6 million of securities at a pretax loss of $6.9 million. […]
Flagstar in N.Y. plans to dissolve its holding company
Flagstar Financial in Hicksville, N.Y., plans to dissolve its holding company. The $97.6 billion-asset company said in a press release that the unusual move should reduce annual expenses by $15 million and eliminate oversight by the Federal Reserve. The Office of the Comptroller of the Currency would become the primary regulator. Flagstar CEO Joseph Otting […]
Pinnacle in Tenn. to buy Synovus in Ga. for $8.6 billion
Pinnacle Financial Partners in Nashville, Tenn., has agreed to buy Synovus Financial in Columbus, Ga. The $54.8 billion-asset Pinnacle said in a press release that it will pay $8.6 billion in stock for the $61 billion-asset Synovus. The deal is expected to close in the first quarter. Pinnacle shareholders will own about 51.5% of the […]
OnPath Federal Credit Union to buy Heritage Bank in Louisiana
OnPath Federal Credit Union in Metairie, La., has agreed to buy Heritage Bank of St. Tammany in Covington, La. The $1.1-billion asset credit union said in a press release that it plans to buy the $183.5-million Heritage next spring. OnPath will pay $26 million in cash to Heritage NOLA Bancorp and reimburse the bank up […]
Atlantic Union sales stake in Virginia wealth management firm
Atlantic Union Bankshares in Richmond, Va., sold its equity interest in wealth management firm Cary Street Partners during the second quarter. The $37.3 billion-asset Atlantic Union said in a press release that it sold the stake in the Richmond, Va., firm for a pretax gain of $14.3 million. Atlantic Union received the stake in June […]
First Internet posts thin profit as it tackles issues with two loan portfolios
First Internet Bancorp in Fishers, Ind., reported a plunge in net income as it tackles issues in its small-business lending and franchise finance portfolios. The $5.9 billion-asset company only earned $193,000 in the second quarter, a sharp decline from $5.8 million a year earlier. First Internet set aside $13.6 million in the recent quarter, more […]
Blue Ridge in Virginia continues comeback with 2Q profit
Blue Ridge Bankshares in Charlottesville, Va., continues its comeback by reporting a profitable quarter. The $2.6 billion-asset company said in a press release that it earned $1.3 million in the second quarter, compared to a $400,000 loss in the first quarter and an $11.4 million loss a year earlier. “In our earnings release for first […]
Colony to buy TC Bancshares in Georgia
Colony Bankcorp in Fitzgerald, Ga., has agreed to buy TC Bancshares in Thomasville, Ga. Colony said in a press release that it will pay $86.1 million in cash and stock for TC Bancshares. The deal, which is expected to close in the fourth quarter, priced TC Bancshares at 112.9% of its tangible book value. “This […]
Eagle in Md. reports big loss as office delinquencies rise
Eagle Bancorp in Bethesda, Md., reported a large quarterly loss after it tried to get its hands around deteriorating credit quality. The $10.6 billion-asset company said in a press release that it lost $69.8 million in the second quarter, reflecting a staggering $138.2 million loan-loss provision. Eagle lost $83.8 million a year earlier after recording […]
CFPB ends consent order against VyStar Credit Union
The Consumer Financial Protection Bureau has terminated its consent order against VyStar Credit Union in Jacksonville, Fla. The bureau said it determined that VyStar had fulfilled key conditions of the order, including paying a $1.5 million civil penalty and refunding fees to impacted members. The order addressed the CFPB’s concerns over a botched online banking […]
Group looking to buy small New York bank for fintech push
A group is looking to raise capital in an effort to buy a bank in New York. Stanley Gorodesky posted on LinkedIn that the group is looking to acquire a $100 million-asset bank in the New York metro area. He did not identify the bank. The goal is to buy the bank for roughly book […]
Mountain Commerce in Tenn. selects insider as new president
Mountain Commerce Bancorp in Knoxville, Tenn., has a new president. The $1.8 billion-asset company said in a press release that Kevin Horne had succeeded William Edwards III, who remain CEO. Horne was chief credit officer and chief banking officer. Separately, Wesley Lemon was named chief financial officer. Lemon, who was controller, will succeed David Bright, […]
PNC, Coinbase form partnership for digital assets and banking services
PNC Financial Services Group in Pittsburgh has formed a partnership with crypto platform Coinbase to offer digital asset solutions to the bank’s clients and institutional investors. PNC said in a press release that it will provide banking services to Coinbase. “Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,” William […]
San Francisco FCU agrees to buy Summit Bank in California
San Francisco Federal Credit Union has agreed to buy Summit Bank in Oakland, Calif. The $1.3 billion-asset credit union said in a press release that it expects to buy the bank in the first quarter. The price of the all-cash transaction wasn’t disclosed. “We are thrilled to welcome Summit Bank customers and employees to the […]
Director or Treasury Department’s CDFI Fund resigns
Pravina Raghavan has resigned as the director of the Treasury Department’s Community Development Financial Institutions Fund. The Treasury said in a press release that Dietrich Douglas had been named the fund’s acting director. He is the fund’s legal counsel. “With the best interest of the CDFI Fund, the community development finance sector, and the communities […]
AmeriServ in Pa. reports 2Q loss after big CRE-related chargeoff
AmeriServ Financial in Johnstown, Pa., lost money in the second quarter after addressing its biggest problem asset. The $1.5 billion-asset company lost $282,000 in the quarter after recording a $3.1 million loan-loss provision. The provision came after the company charged off $2.8 million tied to a mixed-use commercial real estate retail/office property in the Pittsburgh […]
ENB Financial in Pa. lines up new CEO for 2027
ENB Financial in Ephrata, Pa., has set up its next CEO. The company said in a press release that Rachel Bitner will also become its president on Jan. 1, 2027. Bitner, ENB’s treasurer and chief financial officer of its bank, will succeed Jeffrey Stauffer when he retires at the end of next year. “The board […]
Mercantile in Mich. to buy Eastern Michigan Financial
Mercantile Bank in Grand Rapids, Mich., has agreed to buy Eastern Michigan Financial in Croswell. The $6.2 billion-asset Mercantile said in a press release that it would pay $95.8 million in cash and stock for the $505 million-asset Eastern. The deal, which is expected to close in the fourth quarter, priced Eastern at 165% of […]
Old National in Ind. hires Key exec as its president, COO
Old National in Evansville, Ind., has hired an executive from KeyCorp as its president. The $71 billion-asset company said in a press release that Tim Burke had also become its chief operating officer. Burke, who oversaw the central region for Key, succeeded Mark Sander, who retired. “I’m truly thrilled to join a team that’s so […]
Simmon First in Ark. raising $300M for potential balance sheet moves
Simmons First National in Pine Bluff, Ark., is planning to raise $300 million by selling common stock. The company announced in a press release that it is selling about 16.2 million shares to the public at $18.50 per share. Another 2.4 million shares could be sold if there is enough demand. Simmons plans to use […]
National Bank in Denver invests $5M in small-business credit platform
National Bank Holdings in Denver has invested in the Nav marketplace for small business deposit and lending solutions. The company said in a press release that it invested $5 million in Nav and that Tim Laney, its chairman and CEO, will serve as an observer on the marketplace’s board. Nav offers a suite of tools […]
Jefferson Bank in Texas to split president, CEO roles in 2026
Jefferson Bank in San Antonio will soon have a new leader. The $3 billion-asset bank said in a press release that Danny Butler will retire as president and CEO at the end of this year. Mitch Walker, the bank’s chief operating officer, will become CEO. Reagan Winslow, who leads the bank’s trust division, will become president. […]