TowneBank to buy Old Point Financial in Virginia
TowneBank in Suffolk, Va., has agreed to buy Old Point Financial in Hampton, Va. The $18 billion-asset TowneBank said in a press release that it will pay $203 million in cash and stock for the $1.5 billion-asset Old Point. The deal, which is expected to close in the second half of this year, priced Old […]
Mutual Federal in Ohio hires outsider as its president
Mutual Federal in Sidney, Ohio, has a new president. Bill Daily announced on LinkedIn that he had taken on the new role. Daily was the founder and CEO of Riverside Bank of Dublin, which opened in 2019. He will succeed Dean Weinert, who is retiring as market president of Mutual Federal on April 11. Mutual […]
Union County Savings in N.J. promotes insider as next CEO
Union County Savings Bank in Elizabeth, N.J., has a new leader. The $1.6 billion-asset bank also said that Chris McFadden had become its president. McFaddon had been chief financial officer. Erik Terpstra was named to succeed McFaddon as CFO. “We are thrilled to have Chris take on the role of president and CEO,” Colin Neill, […]
1st National Bank of Scotia in NY splits president, CEO roles
There’s a new president at 1st National Bank of Scotia in New York. The $676 million-asset bank said in a press release that Robert Dieterich had taken on the expanded role. Dieterich, who will remain chief operating officer, succeeded John Buhrmaster, who is still CEO. Buhrmaster will now focus on strategic direction and maintaining relationships […]
Santa Cruz County Bank in Calif. rebrands after market expansion
Santa Cruz County Bank in Santa Cruz, Calif., has rebranded. The $2.7 billion-asset unit of West Coast Community Bancorp announced that it was renamed West Coast Community Bank. The change follows the company’s purchase of 1st Capital Bancorp in Salinas, Calif., which introduced it to new markets. “Our new name reflects the vibrant and diverse […]
Colony Bankcorp in Georgia buys insurance agency
Colony Bankcorp in Fitzgerald, Ga., is bucking a trend in banking by acquiring an insurance agency. The company said in a press release that it bought The Ellerbee Agency, an Allstate-appointed consumer property and casualty insurance agency. The price wasn’t disclosed. The agency will become part of Colony Insurance. Sean Ellerbee, who led the agency, will […]
Tennessee banking titan Jim Ayers dies
The banker responsible for building FB Financial in Nashville, Tenn., has died. Jim Ayers passed away on April 1. Once the sole owner of FirstBank, his ownership amounted to 23% of the company’s stock following its initial public offering. FB Financial noted in a regulatory filing that a shareholder’s agreement with Ayers terminated with his […]
CEO of Legacy Bank in California announces retirement
The CEO of Legacy Bank in Murrieta, Calif., is retiring. Jim Hicken announced in a LinkedIn post that he will also retire as president of the $74.7 million-asset bank and step down from its board. “It has been an incredible journey—one that led me to start and open two community banks along the way, build […]
Stride Bank in Okla. becomes issuing partner for the Affirm Card
Stride Bank in Tulsa, Okla., struck a deal to become the new card issuing partner for the Affirm Card. The bank did not disclose the financial details of the agreement with Affirm Holdings for the card, which allows consumers to pay in full or request to pay-over-time for eligible purchases in the Affirm app. “We […]
Credit union tried to buy Cornerstone Community in California
Plumas Bancorp in Reno, Nev., prevailed against an unnamed Pacific Northwest credit union to strike a deal to buy Cornerstone Community Bancorp in Red Bluff, Calif. The $1.6 billion-asset Plumas agreed in late January to buy the $658 million-asset Cornerstone for $64.6 million in a deal expected to close in the second half of this […]
Plumas in Nevada selling office buildings, could reposition securities
Plumas Bancorp in Reno, Nev., has reached a sale-leaseback agreement for two office properties in California. The company disclosed in a regulatory filing that it plans to sell the administrative offices in Quincy to Brookline Branch Services for about $5.6 million. The sales should result in a $4.9 million pretax gain in the second quarter. […]
1st Summit in Pennsylvania announces new chairman and CEO
New leadership has been named at 1st Summit Bancorp of Johnstown in Pennsylvania. The $1.4 billion-asset company said in a press release that Eric Renner had resigned as president and CEO due to personal reasons. Renner, who had led 1st Summit since January 2023, also stepped down from the company’s board. Allison Johnson, who is […]
National Bankshares in Virginia taps insider as next CEO
National Bankshares in Blacksburg, Va., will soon have a new leader. The $1.8 billion-asset company said in a press release that Lara Ramsey will become CEO on July 1. Ramsey, who became president in December, will succeed F. Brad Denardo, who is retiring. Denardo will remain chairman. Denardo also entered into a consulting agreement with […]
U.S. Bancorp executive dies in plane crash
U.S. Bancorp in Minneapolis announced that its vice chair had died in a plane crash in Brooklyn Park, Minn. The company disclosed in a regulatory filing that a plane registered to Terry Dolan, who was also its chief administration officer, crashed on Saturday. CEO Andy Cecere later confirmed in a memo to employees that Dolan died […]
Rocket to buy Mr. Cooper Group in $9.4 billion stock transaction
Rocket Companies in Detroit has agreed to buy Mr. Cooper Group in Dallas for $9.4 billion in stock. Rocket said in a press release that the deal will allow it to accelerate its artificial-intelligence-powered platform and “remove the friction and complexities plaguing today’s home buying process.” The deal is expected to close in the fourth […]
HomeStreet finds new buyer in Mechanics Bank in California
HomeStreet in Seattle has a new agreement to sell itself four months after a deal to sell to FirstSun Capital Bancorp in Denver fell through. The $16.5 billion-asset Mechanics Bank in Walnut Creek, Calif., said in a press release that it will buy the $8 billion-asset HomeStreet in an all-stock transaction. While HomeStreet is issuing […]
FB Financial in Tenn. to buy Southern States in Ala. for $381 million
FB Financial in Nashville, Tenn., has agreed to buy Southern States Bancshares in Anniston, Ala. The $13 billion-asset FB Financial said in a press release that it will pay $381 million in stock for the $2.8 billion-asset Southern States. The deal, which is expected to close in the fourth quarter, priced Southern States at 157% […]
Trustar in Virginia raises $16.7 million in fresh capital
Trustar Bank in Great Falls, Va., raised $16.7 million in fresh capital. The bank said in a press release that it planned to raise $15 million but the offering was 10% oversubscribed. Trustar was required to raise $55 million million when it opened in 2019; it raised another $18 million in July 2022. “We are […]
Columbia Banking in Wash. agrees to settle 2020 lawsuit for $55 million
Columbia Banking System in Tacoma, Wash., has agreed to pay $55 million to settle a nearly five-year-old lawsuit. The company disclosed in a regulatory filing that it entered into a court-ordered settlement for the lawsuit, filed in U.S. District Court in August 2020 by a group that claimed that a predecessor bank aided and abetted […]
Touchmark in Georgia hires outsider as next CEO
Touchmark Bancshares in Alpharetta, Ga., has a new CEO. The $449 million-asset company said in a press release that Bobby Krimmel had also become its president and joined its board. He succeeded J.J. Shah, who is retiring but will remain chairman. Krimmel recently served as chief financial officer at First Farmers and Merchants Corp. and […]
Mechanics Bancorp, MountainOne Financial in Mass. to merge MHCs
Mechanics Bancorp in Taunton, Mass., and MountainOne Financial in North Adams, Mass. have agreed to merge into a single mutual holding company. Mechanics, the MHC for Mechanics Cooperative Bank, and MountainOne, the MHC for MountainOne Bank, said their banks will continue to operate as separate entities with the same names, logos and brands. The new MHC […]
First Guaranty in La. recruits former bank CEO to join its board
First Guaranty Bancshares in Hammond, La., which has been dealing with credit issues and capital preservation, recruited a former bank CEO to join its board. The $4 billion-asset company disclosed in a regulatory filing that Bob Walker had become a director. He has not yet been added to any committees. Walker was president and CEO […]
Community National Bank to buy Prairie Bank of Kansas
Community National Bank and Trust in Chanute, Kan., has agreed to buy the parent company of Prairie Bank of Kansas in Stafford. The deal is expected to close in the third quarter. The price wasn’t disclosed. Community National has $2.2 billion of assets. Prairie Bank has $128 million of assets.
Volunteer Bank in Tenn. drops ‘State’ from its name
Volunteer State Bank in Nashville, Tenn., has shortened its name. The $1.5 billion-asset bank said in a press release that it has rebranded as Volunteer Bank. The move reflects the bank’s growth beyond middle Tennessee. “For nearly 50 years, we have built relationships rooted in trust, service, and local decision-making,” Tony Gregory, the bank’s chairman, […]
Financial software provider CSI sets stage for new CEO
CSI, a provider of end-to-end financial software and technology, is preparing to have a new CEO. The Paducah, Ky., company said in a press release that David Culbertson is set to become its vice chair. While the company has its next CEO lined up, it said it would announce who it is at a later date. […]