Community Financial in N.Y. buying seven Pa. branches from Santander
Community Financial System in Syracuse, N.Y., has agreed to buy seven branches in the Allentown, Pa., area from Santander Bank. Santander said in a press release that the sale includes $600 million in deposits and $33 million in branch-related loans. Community Financial will pay an 8% deposit premium. The deal is expected to close in […]
Glacier in Montana to enter Texas with Guaranty Bank acquisition
Glacier Bancorp in Kalispell, Mont., will enter Texas after agreeing to buy Guaranty Bancshares in Mount Pleasant, Texas. The $28.2 billion-asset Glaicer said in a press release that it will pay $476.2 million in stock for the $3.2 billion-asset Guaranty. The deal, which is expected to close in the fourth quarter, priced Guaranty at 162% […]
Former BaaS bank Mode Eleven to seek buyer through bankruptcy
Mode Eleven Bancorp in Hulett, Wyo., which decided to shut down its Banking-as-a-Service platform last year after being hit with a regulatory order, is looking to sell its bank through a bankruptcy process. The company filed for Chapter 11 bankruptcy protection on June 9. It is working with Hovde Group to find a buyer for […]
Amerant in Florida adds banking vet Jack Kopnisky to board
Amerant Bancorp in Coral Gables, Fla., has recruited a high-profile banker to its board. The company said in a press release that Jack Kopnisky had become a director. Kopnisky was president and CEO of Sterling Bancorp when it sold to Webster Financial. He would later serve as Webster’s chairman. Amerant also added Patty Morrison, former […]
AgFirst Farm Credit Bank hires former Ford Motor Credit leader as CEO
AgFirst Farm Credit Bank in Columbia, S.C., has lined up its next CEO. AgFirst said in a press release that Marion Harris will also become its president of July 14. Harris, a former chairman and CEO of Ford Motor Credit, will succeed Pat Calhoun, who had filled in as interim president and CEO. Calhoun will […]
First Financial in Ohio to buy Westfield Bancorp from Ohio Farmers Insurance
First Financial Bancorp in Cincinnati has agreed to buy Westfield Bancorp in Westfield Center, Ohio. The $18.5 billion-asset First Financial said in a press release that it will pay $325 million in cash and stock to Ohio Farmers Insurance Co. for the $2.2 billion-asset Westfield. The deal, which had the codename Project Artemis and is […]
Fiserv plans stablecoin as part of new digital asset platform
Fiserv in Milwaukee plans to form a digital asset platform that will include a stablecoin. The company said in a press release that it aims to add the stablecoin, to be called FIUSD, to its banking and payments infrastructure by the end of the year. FIUSD expects to use stablecoin infrastructure from Paxos and Circle Internet […]
First National Bank Coastal Community in Fla. hires new CEO
First National Bank Coastal Community in Wellington, Fla., has a new leader. The $503 million-asset bank said in a press release that Shaun Williams had also become its president. He was the chief lending officer at Marine Bank. “It’s an honor to lead a bank that believes in the power of relationships and local decision-making,” […]
Group led by Dallas businessman buys Hopeton State Bank
One America Bancorp, a newly formed bank holding company, has acquired Hopeton State Bank in Hopeton, Okla. One America, an effort led by Dallas businessman Bruce Ware, did not disclose how much it paid for the $26 million-asset bank. The new BHC will focus on serving rural communities in Oklahoma while creating a commercial banking presence […]
Proposed Ohio bank bakes virtual currencies into business plan
A group of banking and legal professionals is seeking to open a national bank in Columbus, Ohio, that would weave stablecoins into its business plan. The proposed Erebor Bank aims to offer traditional banking products, along with virtual currency-related products and services, to businesses and individuals. The target market includes technology companies focused on virtual […]
Nissan is latest automaker to pursue industrial loan charter
Nissan Motor Acceptance Co., the financial services arm of Nissan North America, applied for an industrial loan charter. The Franklin, Tenn., company said in a press release that it submitted its application with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form Nissan Bank U.S. The industrial bank would be […]
Fed allows Increase founder to buy bank in Washington
The Federal Reserve approved an application by the founder of Increase, a customer-facing API company, to buy Twin City Bancorp in Longview, Wash. Darragh Buckley is also listed on his LinkedIn account as a director of Washington Business Bank. Twin City is the holding company for the $70 million-asset Twin City Bank. Buckley filed to […]
Eastern in Boston returned to the table to strike deal for HarborOne
When Eastern Bankshares in Boston first approached HarborOne Bancorp in Brockton, Mass., last fall, it was just one of many conversations that HarborOne had fielded over the years. But what began as an informal interest quickly turned into a carefully choreographed courtship — one that would test both companies’ resolve over months of talks, market […]
First Guaranty in La. swaps common stock for maturing sub debt
First Guaranty Bancshares in Hammond, La., swapped common stock for a subordinated note. The $3.8 billion-asset company disclosed in a regulatory filing that it struck a deal with Edgar Ray Smith III to provide the director and shareholder with nearly 2 billion shares of common stock for $15 million of subordinated debt. The note was […]
Black ownership group closes bank buy in Utah
An investor group led by one of Martin Luther King Jr.’s children and a former Trump Administration official has bought and rebranded Holladay Bank and Trust in Salt Lake City. Redemption Bank was created when the group acquired the $65 million-asset Holladay. The $68 bank is now a minority depository institution (MDI). Ashley Bell, a […]
Hoyne Bancorp in Ill. to convert to stock-owned company
Hoyne Bancorp in Oak Park, Ill., plans to raise up to $77 million by converting Hoyne Savings MHC from a mutual to a stock holding company. The $467 million-asset company said in a regulatory filing that it plans to sell 5.1 million to 6.9 million shares of common stock. The offering could go up to […]
Hope Bancorp in Los Angeles purges underwater securities
Hope Bancorp in Los Angeles sold underwater securities at a $40 million pretax net loss. The company disclosed in a regulatory filing that it sold securities with a fair value of $422 million. Net proceeds from the sale were used to buy higher-yielding securities and collateralized loan obligations. The repositioning should increase Hope’s interest income […]
Byline in Chicago buys back shares as part of investor’s stock offering
Byline Bancorp in Chicago bought back more than 418,000 shares of its stock in conjunction with a secondary offering. The company said in a press release that the estate of Daniel Goodwin and Equity Shares Investors, an affiliate of the estate, sold nearly 4.3 million shares as part of the offering. The sellers sold the […]
Commerce in Mo. to buy FineMark in Florida for $585 million
Commerce Bancshares in Kansas City, Mo., has agreed to buy FineMark Holdings in Fort Myers, Fla. The $32.4 billion-asset Commerce said in a press release that it will pay $585 million in stock for the $4 billion-asset parent of FineMark National Bank & Trust. The deal, which is expected to close on Jan. 1, priced […]
National Bank of Blacksburg in Virginia names next CEO
National Bank of Blacksburg in Virginia will soon have a new CEO. The $1.8 billion-asset unit of National Bankshares said in a press release that Lara Ramsey will also become its president on July 1. Ramsey, who is chief operating officer, will succeed F. Brad Denardo, who remains chairman.
Fintech Vine secures seed funding, forms board of directors
Vine Financial in Austin, Texas, has secured seed funding and created a board of directors. The fintech, which uses AI tools to make commercial lending faster, more accurate, and more auditable, did not disclose how much money it raised. The funding will fuel Vine’s growth and expand its ability to provide an alternative to traditional […]
ACH innovator GrailPay raises $6.7M in latest funding round
GrailPay, a risk and data platform for bank payments, raised $6.7 million in funding. The fintech said in a press release that the funding round was led by Construct Capital and included Commerce Ventures, Broadhaven Ventures, Soma Capital, and Grasshopper Bank. The company’s initial funding round was led by Noemis Ventures. GrailPay is pioneering a […]
Farmers State applies to buy Republic Banking Co. in Ohio
FSB Financial in New Madison, Ohio, has applied to buy Republic Banking Co. in Republic, Ohio. FSB, the parent of the $246 million-asset Farmers State Bank, applied with the Federal Deposit Insurance Corp. on June 11 to buy the $60 million-asset Republic Bank. The deal is expected to close in the third quarter; the price […]
Ken Moelis to step down as CEO of eponymous investment bank
Ken Moelis is stepping down as CEO of the investment bank he co-founded. Moelis & Co. in New York said in a press release that Moelis, who has led the firm since 2007, will step down and become executive chairman on Oct. 1. Navid Mahmoodzadegan, the firm’s co-founder and co-president, will become the CEO and […]
Newburyport Bank in Mass. lines up new president
Newburyport Bank in Newburyport, Mass., has a new president. The $1.6 billion-asset mutual said in a press release that Jim McCarthy will also become its chief operating officer on June 28. McCarthy, a member of the bank’s board, was chairman, president, and CEO of First Ipswich Bank “Jim is a seasoned and respected leader who […]