Effort to open Vietnamese-American bank stalls after deal termination
An effort to form a Vietnamese-American bank in Houston has hit a setback after organizers terminated a deal to buy an existing bank. Organizers of the proposed USV Bancorp agreed in 2024 to buy City National Bank of San Saba. The group disclosed that the agreement was terminated on Jan. 20. The group planned to […]
Digital-only Erebor Bank received national bank charter
Erebor Bank, a digital bank, has received its national bank charter from the Office of the Comptroller of the Currency less than two months after receiving conditional approval for deposit insurance. Comptoller Jonathan Gould confirmed the approval via X. “This is an exciting day for the banking system and reflects the OCC’s commitment to a […]
HoldCo backs off Key, Eastern as banks refrain from bank acquisitions
Activist investor HoldCo Asset Management has decided to support KeyCorp CEO Gorman and will not pursue a proxy contest after the Cleveland company fully embraced a “no depository acquisitions” policy. The activist investor also noted in a slide presentation that it will not pursue a similar challenge against Eastern Bankshares in Boston. HoldCo had been […]
Tether invests $100 million into Anchorage Digital
Tether Investments in El Salvador has invested $100 million into Anchorage Digital. The digital asset platform, which operates as Anchorage Digital Bank, offers staking, custody, governance, settlement and stablecoin issuance to institutions and innovators. “Tether exists to challenge the status quo and build global infrastructure for freedom,” CEO Paolo Ardoino said in a press release. […]
Ky. group gets conditional approval to open Cornerstone Community Bank
A group in Owensboro, Ky., has received conditional approval from the Federal Deposit Insurance Corp. to form a bank. The organizers of the proposed Cornerstone Community Bank need to raise $20 million of initial capital before opening the bank. The application was submitted in August. Kyle Aud, a former market president at German American Bank, […]
St. Lawrence FCU buying branches from Citizens National Bank of Hammond
St. Lawrence Federal Credit Union in Ogdensburg, N.Y., has filed the applications to buy two branches from Citizens National Bank of Hammond in New York. The credit union, which agreed to buy the locations in mid-November, applied with the Federal Deposit Insurance Corp. on Feb. 4. Amber Taylor, the credit union’s president and CEO, said […]
Milestone Bank in Utah creates ABL division
Milestone Bank in Salt Lake City has launched an asset-based lending division. The $385 million-asset bank, which has focused on equipment finance, said the new division will provide revolving working-capital lines of credit secured primarily by accounts receivable and inventory. The expanded offerings will focus on manufacturers, dealers and other business-to-business operators. Milestone hired Daniel […]
Commercial lending fintech EnFi raises $15 million in funding round
EnFi, a fintech that partners with banks and credit unions to deploy targeted AI agents to complete commercial lending tasks, has raised $15 million in its Series A funding round. The fintech said in a press release that FINTOP led the round, with participation from Patriot Financial Partners, Commerce Ventures, Unusual Ventures and Boston Seed Capital. […]
Bank of Hawaii sets up CEO succession
Bank of Hawaii in Honolulu will have a new leader in April. The company said in a press release that Peter Ho will retire as chairman and CEO on March 31. Ho plans to remain a consultant to the company through the end of 2027. James Polk, the company’s president and chief banking officer, will […]
Gateway Bank in Calif. raises $16 million via private placement
Gateway Bank in Oakland, Calif., raised $16.1 million in a private placement. The bank said in a press release that it sold common stock to institutional and accredited investors. The pricing wasn’t disclosed. Proceeds will be used to strengthen regulatory capital ratios and support organic growth and strategic expansion into new Bay Area markets. The […]
Banco Santander to buy Webster Financial for $12.3 billion
Banco Santander has agreed to buy Webster Financial in Stamford, Conn. Santander said in a press release that it will pay $12.3 billion in cash and depository shares for the $80 billion-asset Webster. The deal, which is expected to close in the second half of this year, priced Webster at 200% of Webster’s tangible book […]
Tri-County Bank to buy Butte State Bank in Nebraska merger
Tri-County Bank in Stuart, Neb., has agreed to buy Butte State Bank in Butte, Neb. The merger application was submitted on Jan. 30. The price wasn’t disclosed. Butte State was chartered in 1944 and has been owned by three generations of the Brewster family since 1963. The merger “allows the Brewster family heritage to continue […]
Beach Cities Commercial Bank in California hires CEO
Beach Cities Commercial Bank in Irvine, Calif., has a new CEO. Thomas Inserra announced his appointment on his LinkedIn account. The bank has $157 million in assets Inserra was president and CEO of Integro Bank in Arizona.
Endeavor Bancorp in California raises $10M via private placement
Endeavor Bancorp in San Diego raised $10 million through a private placement. The company said in a press release that it sold nearly 667,000 shares of common stock at $15 each. The initial plan was to raise $8 million, but the offering was oversubscribed. Endeavor plans to use the proceeds to support organic and strategic […]
Varo Bank raises $124 million in new funding round
Varo Bank raised another $123.9 million in capital. The digtal bank, which reported a $91.7 million net loss last year, said in a press release that the funding round was led by existing investor Warburg Pincus along with new investor Coliseum Capital Management. Existing backers, including Northview, also contributed. Alice Milligan, a former chief marketing […]
Columbia in N.J. to buy Northfield, conduct second-step conversion
Columbia Financial in Fair Lawn, N.J., has agreed to buy Northfield Bancorp in Woodbridge, N.J. The $11 billion-asset Columbia said in a press release that it will pay $597 million in cash and stock for the $5.7 billion-asset Northfield. The deal is expected to close in the third quarter. In connection with the deal, Columbia […]
Metropolitan Capital in Chicago becomes first bank failure of 2026.
Metropolitan Capital Bank & Trust in Chicago became the first bank failure of 2026. The $261 million-asset bank was closed by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corp. entered into a purchase-and-assumption agreement to sell substantially all of the bank’s $212.1 million of deposits to First Independence Bank in […]
Hispanic-focused neobank Seis to shut down
Seis, a neobank that focused on the Hispanic community, is shutting down. The neobank, which launched nearly five years ago, had opened accounts for more 500,000 people and grew to $10 million in revenue 16 months after launching. “So what happened? There’s a lot to say here, but the short story is that immigration patterns […]
Peoples Financial in Pa. announces president’s retirement
Peoples Financial Services in Moosic, Pa., said its president plans to retire. The company said in a press release that Thomas Tulaney will step down on April 3. Following retirement, Tulaney is expected to continue to serve as a senior advisor role. Gerard Champi, the company’s CEO, is expected to become president.
Shelby County State Bank in Iowa to close three branches
Shelby County State Bank in Harlan, Iowa, is closing three Iowa branches. The bank said in a press release that it will close locations in Irwin, Portsmouth, and Battle Creek on April 30. “We are incredibly grateful for the relationships we’ve built in these communities over the years,” Kevin Campbell, the bank’s president and CEO, […]
Brazil’s Nu Holdings gets conditional OCC approval for national bank
Brazil’s Nu Holdings has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter. The proposed Nubank plans to offer deposit accounts, credit cards, loans and digital asset custody. “This approval isn’t just an expansion of our operation; it’s an opportunity to prove our thesis that a digital-first, […]
Oregon Pacific sets stage for CEO succession
Oregon Pacific Bancorp in Florence, Ore., will end 2026 with a new CEO. The company said in a press release that Amber White had become its president, succeeding Ron Green. White, the bank’s chief financial officer, will become CEO when Green retires later this year. Oregon Pacific has begun a search to find a new […]
First Northwest in Wash. closing branch, opts against a 1Q dividend
First Northwest Bancorp in Port Angeles, Wash., will close its branch in Bellevue, Wash., at the end of April. The $2.1 billion-asset company said in a press release that it inherited the branch when it bought Sterling Bank and Trust in July 2021. The closure will save the company $900,000 annually. “Customer preferences continue to […]
ConnectOne in N.J. closing five branches
ConnectOne Bancorp in Englewood Cliffs, N.J., plans to close five branches. The $14 billion-asset said in a press release that it will shutter the locations in the first quarter. ConnectOne incurred nearly $1.3 million in expenses in the quarter tied to the planned closures.
Nomura Group unit applies to form national trust bank
Laser Digital Americas Group Holdings, the digital asset unit of Nomura Group, is the latest entity to pursue a national trust bank charter. The proposed Laser Digital National Trust Bank would be supervised by the Office of the Comptroller of the Currency. The proposed trust bank would serve institutional customers by offering custody of digital […]