Peapack-Gladstone to rebrand bank as part of New York push
Peapack-Gladstone Financial in Bedminster, N.J., is rebranding its bank and wealth management operations under a single name as it looks to make more inroads into New York. The $6.8 billion-asset company said that Peapack-Gladstone Bank will rebrand as Peapack Private Bank & Trust, or simply Peapack Private. “There is established brand equity and a uniqueness […]
First Financial in Ark. to split president, CEO roles in 2025
First Financial Bank in El Dorado, Ark., will start 2025 with new leadership. The $1.7 billion-asset bank said in a press release that Sean Williams will become CEO on Jan. 1. Williams, who is chief retail officer, will succeed Chris Hegi, who will remain on the board. First Financial said that Craig Mobley will succeed […]
Security Bank in Ill. files for mutual-to-stock conversion
Security Bank in Springfield, Ill., is planning to convert from a mutual to a stock holding company. The $219.6 million-asset bank said in a regulatory filing that Security Midwest Bancorp, a newly formed holding company, plans to sell 807,500 to 1.1 million shares of common stock. Security Midwest could sell up to 1.2 million shares […]
Northrim in Alaska buys asset-based lender Sallyport
Northrim BanCorp in Anchorage, Alaska, has acquired Sallyport Commercial Finance. Northrim said in a press release that its deal valued the asset-based lender at $53.9 million. The deal is expected to be 15% accretive to Northrim’s 2025 operating results. Northrim has been a lender to SCR; it provided the lender with $6 million in subordinated debt […]
Mid Penn Bancorp to buy William Penn Bancorp in Pennsylvania
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy William Penn Bancorp. in Bristol, Pa. The $5 billion-asset Mid Penn said in a press release that it will pay $127 million in stock for the $812 million-asset William Penn. The deal is expected to close in the first half of next year. Mid Penn […]
Central Pacific in Hawaii incurred 3Q costs to explore ‘strategic opportunity’
Central Pacific Bancorp in Honolulu reported quarterly earnings that included expenses tied to assessing a “strategic opportunity.” The $7.4 billion-asset company said in a press release that its third-quarter profit increased by 1.5% from a year earlier, to $13.3 million. Central Pacific, which was rumored earlier this year to be in talks to buy American […]
CFPB fines VyStar Credit Union for botched online-banking platform launch
VyStar Credit Union in Jacksonville, Fla., must pay a $1.5 million civil penalty to address the Consumer Financial Protection Bureau’s concerns over a botched online banking platform launch. The agency penalized the $14.8 billion-asset credit union over issues tied to its May 2022 transition to a new online banking platform that made it challenging for […]
HomeStreet would sell multifamily loans if FirstSun sale falls through
HomeStreet in Seattle could look to shed $800 million of multifamily loans if its planned sale to FirstSun Capital Bancorp in Denver is terminated. The $8.1 billion-asset FirstSun agreed in January to buy the $9.4 billion-asset HomeStreet in a deal that was originally expected to close in mid-2024. FirstSun planned to raise up to $235 […]
Arrow Financial in N.Y. buys insurance agency
Arrow Financial in Glen Falls, N.Y., has acquired an insurance agency. The $4.4 billion-asset company said in a press release that it bought A&B Agency during the third quarter. The price wasn’t disclosed. The company also said it completed its previously announced purchase of a branch in Whitehall, N.Y., from Berkshire Hills Bancorp in Boston. […]
BofA discloses talks with regulators over efforts to combat money laundering
Bank of America in Charlotte, N.C., is in talks with several federal agencies over various aspects of its efforts to comply with the Bank Secrecy Act and anti-money laundering laws and regulations. The $3.3 trillion-asset company disclosed in its quarterly filing with the Securities and Exchange Commission that its conversations with regulators have covered issues […]
FirstSun, HomeStreet assess pending deal’s options after new setback
FirstSun Capital Bancorp in Denver and HomeStreet in Seattle are evaluating “an alternative regulatory structure” for their planned merger after the Federal Reserve asked them to withdraw their application. The $8.1 billion-asset FirstSun agreed in January to buy the $9.4 billion-asset HomeStreet for $286 million. FirstSun has pledged to raise up to $235 million in […]
Quaint Oak in Pa. strikes sale-leaseback deal for office property
Quaint Oak Bancorp in Southampton, Pa., has agreed to a sale-leaseback transaction with Mountainseed Real Estate Services. The $702 million-asset Quaint Oak said in a regulatory filing that it sold a property in Allentown, Pa., for about $2.9 million. The building serves as a branch and as the administrative offices for several of the Bank’s […]
Austin Bank to buy Chasewood Bank in Houston
Austin Bancorp in Jacksonville, Texas, has agreed to buy Chasewood Bank in Houston. The parent of the $2.8 billion-asset Austin Bank said in a press release that it expects to buy the $88 million-asset Chasewood in December. The price wasn’t disclosed. Chasewood “will be able to continue banking in Houston while having local access to […]
Startup Casap raises $8.5 million for fraud-prevention product
Casap, a startup created to help banks and fintechs combat first-party fraud, has raised $8.5 million in seed and pre-seed funding. Shanthi Shanmugam, the startup’s CEO, said in a LinkedIn post that the funding was led by Lightspeed, Primary Venture Partners, Commerce Ventures, Curql and Alloy Labs. The proceeds will be used to scale the […]
Investor group raises stakes in disruptive bid for Hawaii’s Territorial Bancorp
An investor group aiming to disrupt the sale of Territorial Bancorp to Hope Bancorp in Los Angeles has shared more information with Territorial and lowered their tender offer threshold for buying the Honolulu company. The group, which included banking veteran Allen Landon and Blue Hill Advisors, said in a press release that it disclosed the […]
First Northwest in Wash. freed from FDIC consent order
First Northwest Bancorp in Port Angeles, Wash., is no longer operating under an enforcement action. The company said in a press release that its bank had been freed from a November 2023 consent order from the Federal Deposit Insurance Corp. The order required the bank to address deficiencies in its compliance programs. The consent order […]
Canadian group applies to become SSO for CFPB’s open-banking push
The Canadian Digital Governance Council has become the second entity to apply with the Consumer Financial Protection Bureau to become a recognized standard-setting organization to facilitate data sharing under Section 1033 of the Dodd-Frank Act. The Financial Data Exchange submitted its application in September. The CFBP, which issued its open-banking rule earlier this week, has […]
First Northwest in Wash. restates 2Q results to report quarterly loss
First Northwest Bancorp in Port Angeles, Wash., is restating its second-quarter results after determining that it had another $6.6 million in chargeoffs during that period. The company disclosed in a regulatory filing that its quarterly results swung from a $1.8 million profit to a $2.2 million net loss due to the adjustment. The chargeoffs are […]
Peoples Financial in Pa. accelerates CEO succession plan
Peoples Financial Services in Scranton, Pa., has accelerated its CEO succession plan. The $5.5 billion-asset company said in a press release that Craig Best will step down as CEO on Dec. 31. Gerard Champi, the company’s president, will succeed Best. Thomas Tulaney will succeed Champi as president. Best had planned to step down on the […]
UniBank in Washington operating under Fed written agreement
U & I Financial in Lynwood, Wash., is operating under a written agreement with the Federal Reserve. The Fed disclosed the enforcement action with UniBank earlier this week. The agreement requires the bank to review and amend policies and practices tied to consumer compliance, lending administration and risk management, loan grading and review, credit loss […]
First Carolina Bank in N.C. to buy BM Technologies for $67 million
First Carolina Bank in Rocky Mount, N.C., has agreed to buy BM Technologies in Radnor, Pa. The $3.2 billion-asset bank said in a press release that it will pay $67 million in cash for the fintech in a deal expected to close in the first quarter. The sale is a reversal of fortune for BM […]
Griggsville Bancshares to buy Bank of Bluffs in Illinois
Griggsville Bancshares in Griggsville, Ill., has agreed to buy Scott Morgan Bancorp in Bluffs, Ill. The holding company for the $138 million-asset Farmers National Bank of Griggsville said in a press release that it expects to acquire the parent of the $59 million-asset Bank of Bluffs in the second quarter. The price wasn’t disclosed. “Bank […]
CVB in Calif. sells securities, complete sale-leaseback transaction
CVB Financial in Ontario, Calif., reported lower quarterly profit after selling some underwater securities. The $15.4 billion-asset company said in a press release that its third-quarter profit fell by 12% from a year earlier, to $51.2 million. CVB sold $312 million of securities at an $11.6 million loss during the quarter. The company offset some […]
EverBank to buy Primis’ life premium finance division
EverBank in Jacksonville, Fla., has agreed to buy the life premium finance division of Primis Bank in McLean, Va. The $4 billion-asset Primis said in a press release that the $39.4 billion-asset EverBank will pay a $6 million premium for the business, adding that it expects to record a $4.5 million pretax gain in the […]
Heritage Financial in Wash. reports lower profit from securities sales, chargeoff
Heritage Financial in Olympia, Wash., reported lower quarterly earnings after selling underwater securities and charging off a loan. The $7.2 billion-asset company said in a press release that its third-quarter profit fell by 37% from a year earlier, to $11.4 million. Heritage Financial sold $78 million of investment securities at a $6.9 million pretax loss. […]