John Marshall to buy Eagle Financial in Virginia bank combination
John Marshall Bancorp in Reston, Va., has agreed to buy Eagle Financial Services in Berryville, Va. The $2.4 billion-asset John Marshall said in a press release that it will pay $253 million in stock for the $1.8 billion-asset parent of the Bank of Clarke. The deal, which is expected to close in the first quarter, […]
Brazil’s Stark Bank sheds light on proposed U.S. bank’s plans
Brazilian neobank Stark Bank has applied for a U.S. national bank charter, adding another name to the growing list of fintechs seeking their own U.S. bank licenses this year. The application seeks approval to organize Stark Bank as an insured national bank based in the Miami area, with a back-office administrative location near Orlando. Neither […]
Baker Boyer in Washington lines up its new leader
Baker Boyer in Walla Walla, Wash., has completed its four-year CEO succession plan. The bank said in a press release that Kip Kontos had become its president and CEO. Kontos, who was director of regional offices and secretary, succeeded Mark Kajita, who retired and stepped down from the board. “Baker Boyer’s strength has always come […]
MidCountry Bank in Minnesota selects outsider as next CEO
MidCountry Bank in Bloomington, Minn., has a new leader. The $1.1 billion-asset bank said in a press release that Jim Loe had become its president and CEO. Loe, who previously served as the president and CEO of Community Resource Bank, succeeded Steve Meads, who is retiring at the end of this year. “Jim is an […]
Group looks to create de novo Texas Patriot Bank
A group is planning to form a bank in Texas. Organizers of Texas Patriot Bank applied to open the proposed bank in Frisco, Stan Pinkham wrote in a LinkedIn post. Pinkham would serve as the proposed bank’s CEO. “I’m truly blessed that God has given me this opportunity and want to thank the organizers and […]
Fed ends enforcement action against United Texas Bank
The Federal Reserve Board terminated a two-year-old enforcement action against United Texas Bank in Dallas. The original cease-and-desist order, issued in September 2024, stemmed from a May 2023 exam that found “significant deficiencies” in the $1.1 billion-asset bank’s risk management tied to foreign correspondent banking and virtual currency customers. The C&D also cited concerns tied […]
OCC gives conditional approval to planned OpenReserve Bank
OpenReserve Bank has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter. The proposed bank, which submitted its applications in April and recently raised $25 million in a seed round led by a16z, would operate out of Salt Lake City and offer lending, deposit, stablecoin, digital treasury, […]
Simmons in Ark. closing 26 branches under broad efficiency push
Simmons First National in Pine Bluff, Ark., is closing 26 branches in five states. The company disclosed in a regulatory filing that it will close the locations by Dec. 3. The closures will impact about 100 employees; about 70% will be retained. Simmons is closing six branches in Arkansas, Tennessee, and Texas. Another five will […]
Revolut receives conditional OCC approval for national bank charter
U.K. neobank Revolut has received conditional approval from the Office of the Comptroller of the Currency for a U.S. national bank charter. Revolut said in a press release that it is working through remaining applications and approvals with the Federal Deposit Insurance Corp. and the Federal Reserve. The goal is to open the bank next […]
Georgia Skyline organizers scrap de novo plan to buy Virginia bank
Organizers of the proposed Georgia Skyline Bank in Roswell have shifted gears and will instead buy and recapitalize Highlands Community Bank in Covington, Va. The group, which received conditional approval from the Federal Deposit Insurance Corp. in December, now plan to buy the $190 million-asset Highlands. The plan is to still use the charter to […]
Digital money network Cari raises $32.5M in bank-driven funding round
Cari, a bank-governed digital money network founded by Gene Ludwig, has raised $32.5 million in the first tranche of its initial external funding round. The investments came entirely from banks, including design partners First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, and SouthState Bank. Glacier Bank also participated. Cari began working with […]
STAR Financial in Iowa launching digital banking unit Denova
STAR Financial Group in Fort Wayne, Ind., is planning to launch a digital banking unit to support small businesses and entrepreneurs. The parent of the $3 billion-asset STAR Bank said that the planned Denova would offer digital checking and savings accounts, bill pay, wire transfers, and concierge-style support through embedded chat and business specialists. The […]
Parkside Financial expanding in Colorado with First American deal
Parkside Financial in St. Louis, Mo., has agreed to buy First American Bancorp in Greenwood Village, Colo. The $1.1 billion-asset Parkside said in a press release that it expects to buy the $277 million-asset First American in a cash-and-stock transaction expected to close in the fourth quarter. The price wasn’t disclosed. “First American has built […]
Equity Bancshares in Kansas to buy Lincoln Bancorp in Iowa
Equity Bancshares in Wichita, Kan., has agreed to buy Lincoln Bancorp in Reinbeck, Iowa. The $7.7 billion-asset Equity said in a press release that it will pay $123.8 million in cash and stock for the $1.7 billion-asset parent of Lincoln Savings Bank. The deal is expected to close in the fourth quarter. “This partnership marks […]
First National of Nebraska to buy InBankshares in Colorado
First National of Nebraska in Omaha has agreed to buy InBankshares in Denver. First National, part of the $35 billion-asset First National of Nebraska, said in a press release that it will pay between $200 million and $204 million in cash for the parent of the $1.4 billion-asset InBank. InBankshares shareholders may receive a special […]
TabaPay raises $155M, agrees to buy Transact Bank in Denver
TabaPay in Palo Alto, Calif., raised $155 million and agreed to buy Transact Bank in Denver. The money movement platform said in a press release that the funding round was led by FTV Capital. The $6.5 million-asset bank would be rebranded as TabaBank if the acquisition closes; the price wasn’t disclosed. TabaHoldings is the proposed […]
Earned-wage fintech Immediate raises $13 million in new funding round
Immediate, an earned wage access and financial wellness platform, closed a $13 million Series B led by BankTech Ventures. The Birmingham, Ala., fintech said in a press release that Castle Creek Launchpad and BankSouth also participated in the funding round. Immediate also expanded its existing working capital facility with Always.bank. The capital will be used […]
Former FDIC chairman William Isaac dies
William Isaac, the former Federal Deposit Insurance Corp. chair who steered the agency through financial turbulence of the 1980s, died Friday at age 82 from complications related to Lewy body dementia. Isaac’s death came just months after he retired from Sarasota Private Trust. Isaac was appointed to the FDIC board in 1978 and later named […]
Mid Penn in Pennsylvania adds Gregory Braca to its board
Mid Penn Bancorp in Pennsylvania is adding a familiar name in area banking to its board. The $7 billion-asset company said in a press release that Gregory Braca will join its board on Sept. 16 Braca led TD Bank’s U.S. retail, commercial, and specialty banking operations as president and CEO of the $400 billion-asset institution. He […]
Essex Mortgage seeks bank charter in Texas
Essex Mortgage is seeking a bank charter. The business, legally known as Data Mortgage, applied with the Federal Deposit Insurance Corp. and the Texas Department of Banking to open Bank Elevated in Frisco. The applications were not immediately available.
BayFirst in Florida looks to raise $14M via rights offering
BayFirst Financial in St. Petersburg, Fla., plans to raise up to $14.4 million through a rights offering. The $1.1 billion-asset company said in a press release that it plans to sell about 4.1 million shares of common stock to existing shareholders at $3.50 a share. “We are excited for the next step in the recapitalization […]
Farmers & Merchants in Calif. restructures balance sheet
Farmers & Merchants Bank of Long Beach in California expects to report a net loss in the third quarter after restructuring its balance sheet. The bank said in a press release that it sold about $1 billion of low-yielding municipal bonds at a pretax loss of about $85 million. A portion of the proceeds were […]
Security National in Iowa lines up next CEO
Security National in Sioux City, Iowa, has a new leader lined up. The company said in a press release that Jeremy Craighead will become chairman, president, and CEO when D. Douglas Rice retires on Sept. 1. Rice will remain on the company’s board. Craighead is president of Security National Bank. “We are well positioned for […]
Luminate Bank in Minn. to buy mortgage operation
Luminate Bank in Falcon Heights, Minn., has agreed to buy First State Mortgage Services. The $554 million-asset Luminate said in a press release that it will buy assets from the business and will retain members of its team. The price wasn’t disclosed. “This is an important step forward for Luminate Bank and a powerful combination […]
Mutual Federal in Chicago plans second-step conversion
Mutual Federal Bancorp in Chicago is planning a second-step conversion to a fully stock-owned holding company. The parent of Mutual Federal Bank said in a press release that its mutual holding company currently owns about 77% of its outstanding common stock. The proposed conversion is expected to take place in the first quarter. Vedder Price […]