First Internet in Ind. to sell nearly $900M of lease financing loans
First Internet Bancorp in Fishers, Ind., has agreed to sell a portfolio of lease financing loans. The company disclosed in a regulatory filing that it plans to sell up to $896 million of performing single-tenant lease finance loans to entities affiliated with Blackstone Real Estate Debt Strategies. The expected price would represent about 95% of […]
Fifth Third in Ohio disclosed big fraud headache tied to commercial loan
Fifth Third Bancorp in Cincinnati warned that it will take a sizeable impairment in the third quarter tied to alleged fraud involving a commercial borrower. The $210 billion-asset company disclosed that the impairment will range from $170 million to $200 million. The alleged fraud is tied to an asset-backed finance loan. Fifth Third said it […]
Community Financial in N.Y. invests in tech-centric insurance agency
Community Financial System in Syracuse, N.Y., has made a minority investment in Leap Holdings, a tech-focused insurance agency. The $16 billion-asset company said in a press release that it paid about $37.4 million for various classes of preferred and common stock. The investment will complement the banking company’s existing insurance services business.
PNC to buy FirstBank in Colorado for $4.1 billion
PNC Financial Services Group in Pittsburgh has agreed to buy FirstBank Holding in Lakewood, Colo. The $559.1 billion-asset PNC said in a press release that it will pay $4.1 billion in cash and stock for the $26.8 billion-asset FirstBank. The deal is expected to close in early 2026. FirstBank has 95 branches in Colorado and […]
Dan O’Malley hired to lead AI-focused fintech Engageware
Dan O’Malley is back. O’Malley, who co-founded and then led Numerated when it sold to Moody’s, was named CEO of Engageware, a fintech that provides AI-powered customer engagement solutions. Rick Lowrey will remain executive chairman of the company. “Enterprises are using real-world interaction and outcome data to rethink how they harness AI to deliver more […]
Bradford Bancorp to buy St. Jacob Bancshares in Illinois
Bradford Bancorp in Greenville, Ill., has agreed to buy St. Jacob Bancshares in St. Jacob, Ill. The $633 million-asset Bradford said in a press release that it expects to buy the $92 million-asset St. Jacob by early 2026. The price wasn’t disclosed. “Both organizations have demonstrated great success by providing outstanding customer service and building […]
GBank in Las Vegas taps chairman to replace departed CEO
GBank Financial Holdings in Las Vegas has a new CEO. The company disclosed in a press release that Ed Nigro had taken over from T. Ryan Sullivan, who opted against renewing an employment agreement that expired on Aug. 31. The company is in talks with Sullivan, who was also president and a director, about taking […]
Temenos parts ways with CEO Jean-Pierre Brulard
Core banking software firm Temenos has parted ways with its CEO. The Swiss company said that Jean-Pierre Brulard had stepped down, effective immediately. He became CEO in May 2024. Takis Spiliopoulos, the company’s chief financial officer, was named interim CEO while a search is conducted for a permanent successor. “After careful consideration, the board determined […]
UCSB Financial in Fla. buys back shares from Patriot, others for $34M
UCSB Financial Holdings in Doral, Fla., bought stock from one of its biggest investors. The company disclosed in a regulatory filing that it bought about 2 million shares of common stock from a group that includes Patriot Financial Partners, paying $17.19 a share, or about $34.4 million. The negotiated price reflects a 1% discount to […]
PeoplesBank in Mass. lines up new CEO for 2026
PeoplesBank in Holyoke, Mass., has a new CEO lined up. The $7 billion-asset bank said in a press release that Tom Senecal will retire at the end of this year. He will remain chairman. Todd Tallman, CEO of Cornerstone Bank, will succeed Senecal as CEO. The holding companies for PeoplesBank and Cornerstone merged earlier this […]
Reciprocal deposit firm ModernFi raises $30M in new funding round
ModernFi, a deposit management fintech, has raised $30 million in a Series B funding round. The funding round was led by Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and Intercontinental Exchange. ModernFi’s total funding now tops $60 million. “Our job at ModernFi is to support the scale and diversity of the American […]
Patriot National in Conn. raising $26 million through new offering
Patriot National Bancorp in Stamford, Conn., is raising $25.6 million by selling securities. The company disclosed in a regulatory filing that it has signed purchase agreements to sell nearly 19.2 million shares of voting common stock and nearly 12.8 million shares of non-voting common stock to unnamed buyers. The shares will be issuable six months […]
Solowin Holdings in Hong Kong in talks to buy U.S. bank charter
Solowin Holdings in Hong Kong is planning to buy a U.S.-licensed bank. The company, which specializes in traditional and digital assets, said in a press release that it “is in the advanced stages of negotiating” an acquisition through a designated affiliate. The acquisition would only involve the charter; all assets and liabilities would be removed […]
CB Financial Services in Pa. sells underperforming securities
CB Financial Services in Washington, Pa., has repositioned its balance sheet. The company said in a press release that it sold $129.6 million of investment securities at an after-tax loss of $9.3 million. The securities included $121.1 million of mortgage-backed securities/collateralized mortgage obligations, $5 million of U.S. government agency securities, and $3.5 million of municipal […]
Potomac Bancshares in W.Va. to rebrand its bank
Bank of Charles Town in West Virginia is rebranding. Potomac Bancshares, the holding company, said in a press release that the bank will change its name to Potomac Bank on Nov. 3. The new name reflects the bank’s growth and expanding regional presence. The new brand is designed to reflect the diverse communities that the […]
Equity in Kansas to enter Nebraska with Frontier acquisition
Equity Bancshares in Wichita, Kan., has agreed to buy Frontier Holdings in Omaha, Neb. The $6.4 billion-asset Equity said in a press release that it will pay $122.8 million in cash and stock for the parent of the $1.4 billion-asset Frontier Bank. The deal, which is expected to close in the fourth quarter, priced Frontier […]
Land of Lincoln Credit Union to buy Williamsville State Bank in Illinois
Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Williamsville State Bank and Trust in Illinois. The $475 million-asset credit union said in a press release that it will pay cash for the $97 million-asset bank. The price wasn’t disclosed. The deal is expected to close in the first half of next […]
Washington bank shortens name
Pacific Crest Savings Bank in Lynnwood, Wash., has abbreviated its name. The bank said in a press release that it has rebranded as Pacific Crest Bank. The new name “allows us to better represent who we are today, while staying true to the values and relationships that have defined us for years,” Sheryl Nilson, the […]
Old National-backed de novo gets conditional FDIC approval
Organizers of a proposed de novo bank in Indianapolis are one step closer to opening. The Federal Deposit Insurance Corp. gave conditional approval to the group behind Generations Community Bank. The group must raise $24 million in initial capital before the proposed minority depository institution can open. Generations would also be a community development financial […]
Group looks to open de novo bank in central Florida
A group in Florida is looking to open a bank. Organizers of the proposed Portrait Bank in Winter Park applied to the Federal Deposit Insurance Corp. on Aug. 27. The filing wasn’t immediately available. A group called E&J Focus in Winter Park submitted a trademark application for Portrait Bank. E&J’s managers, based on corporation filings, are […]
Battle Financial received Fed BCH approval
The organizers of the proposed Battle Financial in Edwards, Colo., have received approval from the Federal Reserve to become a bank holding company. The approval allows the group to complete its pending purchase of Stearns Bank Upsala in Upsala, Minn. Stearns Financial first disclosed plans to sell the $65 million-asset bank in March. The price […]
Commercial Bancgroup in Tennessee plans initial public offering
Commercial Bancgroup in Harrogate, Tenn., is planning an initial public offering. The $2.3 billion-asset company plans to raise $173 million, according to published reports. Net proceeds would be largely used to repay debt tied to the Community Trust Loan Agreement and to redeem outstanding subordinated debentures and trust preferred securities. Hovde Group is the sole […]
American Bancorp in Ga. to buy New Republic Bank in North Carolina
American Bancorp in Macon, Ga., has applied to buy New Republic Partners in Charlotte, N.C. The application said that the parent of the $491 million-asset American Pride Bank would indirectly acquire the $196.7 million-asset New Republic Bank. American did not disclose how much it will pay for New Republic.
Organizers planning Seattle-area de novo bank
A group has applied to open a bank in Bellevue, Wash. Organizers of the proposed United Development Bank submitted an application to the Federal Deposit Insurance Corp. on Aug. 21. The application wasn’t immediately available. A public notice tied to the application listed 25 organizers, including Charlie Guildner, a former president and CEO of North Cascades […]
OCC lifts AML-related consent order against Anchorage Digital Bank
The Office of the Comptroller of the Currency has terminated a 2022 consent order against cryptocurrency custody bank Anchorage Digital Bank. The order was tied to Anchorage’s “failure to adopt and implement a compliance program” in accordance with anti-money laundering standards. The OCC said it lifted the order after determining that the bank’s “compliance with […]