First National in Virginia agrees to buy Touchstone Bankshares
First National in Strasburg, Va., has agreed to buy Touchstone Bankshares in Prince George, Va. The $1.4 billion-asset First National said in a press release that it will pay $47 million in stock for the $658.7 million-asset Touchstone. The deal, which is expected to close in the fourth quarter, priced Touchstone at 106% of its […]
BOK Financial to offset securities loss with Visa stock sales
BOK Financial in Tulsa, Okla., plans to offset losses tied to a recent securities sale with proceeds from converting its Visa shares. The $48.2 billion-asset company disclosed in a regulatory filing that it sold about $783 million of debt securities at a $45 million pretax loss. It reinvested the proceeds into higher-yielding securities. The company […]
Group applies to open new commercial bank in SoCal
Organizers are planning a de novo bank in Culver City, Calif. A group filed an application earlier this year with the Federal Deposit Insurance Corp. for Culver Community Bank. The Bank Slate recently obtained the redacted version of the application. Benjamin Donel is listed as the proposed bank’s chairman. He is the managing member of […]
Organizers propose Korean-American bank in Los Angeles
A group of Korean-Americans is looking to form a new bank in Los Angeles. Organizers of QIB Bank applied on March 8 with the Federal Deposit Insurance Corp. The group is looking to raise $35 million to form a minority-depository institution. “The bank intends to operate as a full-service commercial bank providing a wide range […]
SaviBank in Washington to sell to Harborstone Credit Union
Savi Financial in Mount Vernon, Wash., which once explored forming a second bank, will instead sell its bank to Harborstone Credit Union in Lakewood, Wash. The $1.9 billion-asset Harborstone will pay an $16 to $17 a share in cash for the $593 million-asset SaviBank. The deal is expected to close in the fourth quarter. Savi […]
Proposed Houston de novo secures conditional FDIC approval
The Federal Deposit Insurance Corp. has given conditional approval for a new bank in Houston. Organizers of the proposed Integrity Bank must raise $37 million prior to opening, according to the FDIC’s order. Integrity plans to operate as a state-chartered savings bank. The group of 19 organizers originally applied with the FDIC in June 2023. […]
Former OneWest director joins New York Community board
New York Community in Hicksville has appointed a director with experience serving on a bank board. The $114.1 billion-asset company disclosed in a regulatory filing that Alan Frank will also stand for election at this year’s annual meeting. He will serve as chairman of the audit committee. Frank, who spent 40 years at Deloitte & […]
Crypto custody firm Bakkt taps director as next CEO
Bakkt Holdings in Alpharetta, Ga., selected one of its directors to become its next CEO. The crypto custody firm said in a press release that Andy Main will also become president on March 26. He will succeed Gavin Michael, who will step down to pursue other opportunities. Michael will serve in an advisory role through […]
Air Force FCU to rebrand as Soarian Credit Union
Air Force Federal Credit Union in San Antonio will rebrand as Soarian Credit Union on April 2. The $663 million-asset credit union said in a press release that the new name combines “soar” and “orion.” “After an extensive strategic process, and research that uncovered name confusion in our markets, our board … chose to rebrand […]
Two fintechs to pay big penalties to address claims tied to PPP
A pair of fintech agreed to pay a total of $59 million to settle claims by the Federal Trade Commission that they misled small businesses pursuing funds from the Paycheck Protection Program. Biz2Credit will pay $33 million to resolve allegations its overpromised on PPP turnaround times. While the company claimed it could process applications, on […]
LINKBANCORP closing 3 branches, convert Md. LPO into branch
LINKBANCORP in Camp Hill, Pa., is closing three branches. The $2.7 billion-asset company said in a press release that it will close locations in the Pennsylvania markets of Trevorton and Minersville, along with a branch in Ocean City, Md. The closures are expected to take place in the second quarter. Separately, the […]
nCino strikes deal to buy DocFox
nCino in Wilmington, N.C., has agreed to buy DocFox, which automates onboarding experiences for commercial and business banking. The deal is expected to close by the end of this month. The price wasn’t disclosed. The acquisition should allow nCino to offer clients a single platform for information intake, document collection and due diligence. The acquisition […]
United Prairie in Minn. hires director as next CEO
United Prairie Bank in Mountain Lake, Minn., has a new CEO. Scott Miller announced on his LinkedIn account that he had also become the $879.2 million-asset bank’s president. Miller, who was already on the bank’s board, previously served as a partner at Debt Advisors Network.
New York Community sells $899M of consumer loans
New York Community Bancorp in Hicksville just sold $899 million of consumer loans and shed more light on its recently disclosed material weakness. The $114.1 billion-asset company said in its annual report that it recently sold the consumer loans and a commercial co-op loan. The pricing wasn’t disclosed. The filing shared more insight into the […]
Three La. mutuals eye conversions to stock-owned companies
Three New Orleans area mutual banks are planning to convert to stock-owned companies. The $1.1 billion-asset Fidelity Bank and the $481 million-asset Fifth District Savings Bank have already disclosed their plans in regulatory filings, while Mutual Savings and Loan in Metairie, La., announced its planned conversion in a press release. Fidelity created FB Bancorp for […]
Activist investor to vie for board seat at Peoples Financial in Miss.
A prominent activist investor is looking to win a board seat at Peoples Financial in Biloxi, Miss. Stilwell Associates disclosed in a regulatory filing that it plans to nominate Stewart Peck to stand for election at the $798 million-asset Peoples’ April 24 annual meeting. Peck is senior counsel at Lugenbuhl, Wheaton, Peck, Rankin […]
Blank-check company formed to buy failed banks
A group has formed a blank-check company in hopes of buying failed banks. The Office of the Comptroller of the Currency in December granted conditional approval for Porticoes National Bank with an understanding that the group will apply for Federal Reserve membership and obtain deposit insurance. Final approval “will not be granted unless all pre-opening […]
Spring Bank in Wisconsin selects insider as next CEO
Spring Bank in Brookfield, Wis., has a new CEO. The $365 million-asset bank said that Heather Nelson succeeded founding CEO David Schuelke. Spring Bank was formed in 2008. Nelson, who had been the bank’s president since January 2023, also joined the board.
Dime in New York forms national deposits group
Dime Community Bancshares in Hauppauge, N.Y., has launched a national deposits group. The $13.6 billion-asset company said in a press release that the group will focus on areas such as death care services, escrow servicing, family offices, software and third-party payment processors. Martin Ball, who was head of national deposits at Bank OZK, was named […]
East Wisconsin Savings plans mutual-to-stock conversion
East Wisconsin Savings Bank in Kaukauna is planning to convert from a mutual holding company to a stock holding company. The $263 million-asset bank said in a regulatory filing that EWSB Bancorp, a newly formed holding company, plans to sell about 1 million shares of stock. EWSB must sell at least $743,750 shares and […]
Sound Credit Union plans to buy Washington Business Bank
Sound Credit Union in Tacoma, Wash., has agreed to buy Washington Business Bank in Olympia – the sixth credit union-bank deal announced this year. The $2.9 billion-asset Sound said in a press release that it will buy the $105 million-asset bank for $34 to $36 a share in cash. The deal is expected to close […]
Cross River in NJ forms investment banking division
Cross River Bank in Fort Lee, N.J., has formed an investment banking division. CRB Group, the parent of the $8.7 billion-asset Cross River, said in a press release that CRB Securities will be led by Benjamin Samuels and Henry Pinnell, who will serve as co-heads of investment banking. Samuels previously served as co-head of alternative […]
Bancorp 34: 4Q loss reflects merger expenses, funding costs
Bancorp 34 in Scottsdale, Ariz., reported a quarterly loss that largely reflected costs tied to a pending acquisition. The $581.3 million-asset company lost $1.7 million in the fourth quarter, which included $1.7 million in expenses tied to its plan to buy CBOA Financial in Tucson, Ariz. Bancorp 34 also said that higher funding costs […]
Five Star Bank in NY disclosed deposit-related fraud
Financial Institutions in Warsaw, N.Y., disclosed a case of fraudulent activity. The $6.2 billion-asset parent of Five Star Bank said in a regulatory filing that it discovered an issue with deposit transactions that took place over “several business days” earlier this month. The transactions involved an in-market business customer. The company estimated that its potential […]
Landmark in Kan. hires UMB exec as next CEO
Landmark Bancorp in Manhattan, Kan., will have a new CEO. Abby Wendel will also become the company’s president and join its board on March 29. She will succeed Michael Scheopner, who will serve in a non-executive role until he retires at the end of the year. Wendel previously served as president of the consumer division […]