Edward Jones resumes quest for Utah ILC
Edward Jones in St. Louis is again looking to form an industrial bank in Utah. The brokerage company applied with the Federal Deposit Insurance Corp. on April 11 to form Edward Jones Bank. The application wasn’t immediately available. Edward Jones last filed its applications for Edward Jones Bank in July 2020. Ray Dardano, who had […]
National Bank in Denver takes earnings hit after suspected borrower fraud
National Bank Holding in Denver reported lower quarterly earnings after charging off a credit due to suspected fraud by a borrower. The $10.1 billion-asset company said in a press release that its first-quarter net income fell by 23% from a year earlier, to $24.2 million. The company recorded $10.2 million of provision expense, largely due […]
BCB in N.J. posts 1Q loss after downgrading $34M cannabis loan
BCB Bancorp in Bayonne, N.J., lost money in the first quarter after setting funds aside to cover issues with a borrower in the cannabis sector. The billion-asset company said in a press release that it lost $8.3 million, after earnings $5.9 million a year earlier. The first quarter included a $13.7 million specific reserve tied […]
Orange County Bancorp in N.Y. sells branch location for $2.5 million
Orange County Bancorp in Middleton, N.Y., has agreed to sell a branch for $2.5 million. The $2.5 billion-asset company said in a press release that it will sell the property in Middleton to JRTN Properties in a deal expected to close this week. Orange County will lease the branch on a month-to-month basis through the […]
Fintech custodian Altruist raises $152 million, valuation nears $2 billion
Fintech custodian Altruist raised $152 million in a Series F funding round. The Los Angeles company said in a press release that the round was led by GIC, with Salesforce Ventures, Geodesic Capital, Baillie Gifford, the Carson Family Office, and ICONIQ Growth also participating. The round values the company at approximately $1.9 billion. “Altruist’s track […]
MIDFLORIDA Credit Union to buy Prime Meridian Bank in Florida
MIDFLORIDA Credit Union in Lakeland, Fla., has agreed to buy Prime Meridian Bank in Tallahassee, Fla. The $8.6 billion-asset credit union said in a press release that it will pay $58.50 a share in cash for the $924 million-asset bank in a deal expected to close next year. Prime Meridian, which has four branches, would […]
MainStreet in Va. fighting sale proposal, pulls plug on BaaS platform
MainStreet Bancshares in Fairfax, Va., is encouraging investors to reject a shareholder proposal that the board sell the Fairfax, Va., company. The $2.2 billion-asset company also announced that it pulled the plug on its long-planned Avenu Banking-as-a-Service platform. Shareholder Philip Timyan proposed that the company and its assets be sold “at the earliest opportunity for […]
Unsolicited offer preceded Guaranty Bancorp-Bar Harbor negotiations
An unsolicited acquisition offer last fall set off a competitive courtship that ultimately led Guaranty Bancorp in Woodsville, N.H., to strike a deal to sell to buy Bar Harbor Bankshares in Bar Harbor, Maine. The $4.1 billion-asset Bar Harbor agreed in March to buy the $675 million Guaranty for $41.6 million in stock. The unnamed […]
Washington Trust in R.I. uses sale-leaseback to offset hit from nixed pension plan
Washington Trust Bancorp in Westerly, R.I., used a sale-leaseback transaction to offset a hit from terminating its qualified pension plan. The $6.6 billion-asset company said in a press release that its first-quarter net income rose by 11.4% from a year earlier, to $12.2 million. The company lost $60.8 million in the fourth quarter of 2024 […]
OCC to streamline oversight across bank sizes and risks
In a major shift intended to modernize and streamline bank oversight, the Office of the Comptroller of the Currency announced a sweeping reorganization of its supervisory structure. The OCC said in a press release that it will combine midsize and community bank supervision will be combined with large bank supervision to create a single office. […]
Private Bancorp of America hires banking vet to expand footprint
Private Bancorp of America in La Jolla, Calif., hired a former leader of Montecito Bank and Trust to oversee its expansion into Santa Barbara County. The company said in a press release that George Leis would serve as executive vice president and market president and would be based in its Montecito, Calif., office. Leis retired […]
Simmons in Ark. reports lower profit due to provision spike
Simmons First National in Pine Bluff, Ark., reported lower quarterly earnings after its credit costs swelled. The $26.8 billion-asset company said in a press release that its first-quarter profit fell by 17% from a year earlier, to $32.4 million. The quarter included a $26.8 million loan-loss provision—more than half of which was tied to a […]
Global Payments realigning ops by selling Issuer Solutions, buying Worldpay
Global Payments in Atlanta announced a bold realignment of its business strategy, agreeing to divest Issuer Solutions and buy Worldpay. The merchant services provider said in a press release that it will sell Issuer Solutions to FIS for $13.5 billion. In a separate transaction, it will buy Worldpay from GTCR and FIS for $22.7 billion. […]
Former SVB execs: Bank’s collapse fueled by panic, not mismanagement
A new legal filing from former Silicon Valley Bank executives is pushing back against the Federal Deposit Insurance Corp.’s claim that executive negligence led to the bank’s historic collapse in March 2023. In a motion to dismiss the FDIC’s lawsuit, the former officers argue that the bank’s failure was the product of an extraordinary, social-media-driven […]
CFCU Community Credit Union in N.Y. rebrands as Beginnings
CFCU Community Credit Union in Ithaca, N.Y., has rebranded as Beginnings Credit Union. The $1.4 billion-asset credit union said it is made the change because the meaning of the acronym “CFCU” has evolved over time. “It’s time we have a strong, unified brand that reflects the reality of who we are today, and shines light […]
Trump purges NCUA board, firing Harper and Otsuka
In a stunning move, the White House dismissed Todd Harper and Tanya Otsuka from the National Credit Union Administration board, abruptly ending their tenures and throwing the agency’s regulatory direction into limbo. The decision leaves the NCUA without a quorum, effectively halting its ability to issue new rules or take formal board action. Harper, a […]
CBA of Georgia to invest in latest BankTech Ventures fund
The Community Bankers Association of Georgia will invest in the latest fund from BankTech Ventures. The association said in a press release that its board approved an investment in BankTech Ventures’ Fund 2. The investment was made possible by a special purpose vehicle formed by the Community Bankers Association of Illinois that lets Georgia community […]
AmeriServ and large investor sign consulting agreement
AmeriServ Financial has struck a deal with one of its largest shareholders, SB Value Partners, to help grow and streamline the Johnstown, Pa., company’s wealth management division. As part of a four-year agreement, SB Value Partners — which owns about 8.2% of AmeriServ’s stock — will provide advice on how the banking company can improve […]
Lewis & Clark Bank in Oregon to sell to Maps Credit Union
Marion and Polk Schools Credit Union in Salem, Ore., has agreed to buy Lewis & Clark Bank in Oregon City. The $1.4 billion-asset Maps Credit Union did not disclose the price it will pay for the $342 million-asset Lewis & Clark. The deal is expected to close around the first quarter of 2026. Lewis & […]
Franklin Financial in Pa. taps insider as next CEO
Franklin Financial Services in Chambersburg, Pa., will soon have a new leader. The $2.2. billion-asset company disclosed in a regulatory filing that Craig Best will become its CEO after its April 29 annual meeting. Best, Frankin Financial’s president, will succeed Timothy Henry, who will retire on May 2.
Banks in Georgia, Missouri raise capital from stock sales
Georgia Banking Co. in Atlanta and First Bancshares in Mountain Grove, Mo., raised capital by selling common stock. Georgia Banking, which recently bought Primary Bancshares, raised about $1.5 million through a private placement. according to data compiled by Performance Trust Capital Partners. First Bancshares, meanwhile, brought in $2 million in capital from its private placement. […]
Oak View Bankshares in Va. raises $8M via private placement
Oak View Bankshares in Warrenton, Va., raised nearly $8 million from a private placement. The company said in a press release that it sold nearly 560,000 shares of common stock at $14 each. The proceeds will be used for general corporate purposes. “We are pleased to announce the successful completion of the private placement,” Michael Ewing, […]
FDIC gives conditional approval for proposed Houston Bank and Trust
The Federal Deposit Insurance Corp. has approved its first new bank in 2025. The agency gave conditional approval to organizers of the proposed Houston Bank and Trust. The group must raise at least $35 million before opening the bank. The group first applied with the FDIC in February 2022 to form Houston Bank of Commerce […]
West Shore in Mich. buys Auto Club Trust’s wealth management ops
West Shore Bank in Ludington, Mich., bought the wealth management, investment advisory and trust services business of Auto Club Trust FSB in Dearborn, Mich. The $768 million-asset West Shore did not disclose the pricing for the all-cash transaction. “Our team is committed to providing personalized service, expert guidance, and customized solutions to help clients achieve […]
Itasca Bank in Illinois shuffles leadership
Itasca Bank & Trust in Itasca, Ill., has new leadership. The $772 million-asset bank said in a press release that John J. Hunt had become its president. Hunt, who will remain chief loan officer, succeeded James Mensching, who is chairman and CEO. Mensching succeeded Jack Mensching, who retired as chairman. Itasca “has built a legacy […]