Hometown Community to buy Manhattan Bancshares in Ill. bank merger
Hometown Community Bancorp in Morton, Ill., has agreed to buy Manhattan Bancshares in Manhattan, Ill. Hometown, the holding company for Morton Community Bank, said in a press release that it plans to buy the parent of First Bank of Manhattan and New Lenox in the fourth quarter. The price wasn’t disclosed. “We are excited to […]
Barney Frank, architect of post-crisis reform, dies
Former Rep. Barney Frank, the Massachusetts Democrat who helped create the rules that reshaped modern banking regulation after the 2008 financial crisis, had died. Frank, who was 86, served in Congress for 32 years. As chairman of the House Financial Services Committee during the financial crisis and its aftermath, he worked with former Sen. Chris […]
Community Heritage in Md. sells lower-yielding securities
Community Heritage Financial in Middletown, Md., has sold underperforming securities. The company said in a press release that it sold lower-yielding securities with a $73.3 million book value at a $3.9 million after-tax loss. The company plans to use the net proceeds to buy higher-yielding securities, with a projected earnback period between three and four […]
Bank First to buy PSB Holdings in Wisconsin
Bank First in Manitowoc, Wis., has agreed to buy PSB Holdings in Wausau, Wis. The $6.1 billion-asset Bank First said in a press release that it will pay $202.9 million in stock for the parent of the $1.5 billion-asset Peoples State Bank. The deal is expected to close in the fourth quarter. The acquisition “brings […]
Houston Bank & Trust opens after raising $35 million
Houston Bank & Trust has opened after receiving full regulatory approval. The organizers said in a LinkedIn post that they have opened a temporary office. The group had to raise $35 million in capital to satisfy the Federal Deposit Insurance Corp. The group first applied with the FDIC in February 2022 to form Houston Bank […]
Preferred Bank in Calif. to recover $5.7M from 2024 chargeoff
Preferred Bank in Los Angeles delivered some early positive news for its second quarter. The bank said in a press release that it entered into a settlement agreement on a previously charged-off C&I loan. The agreement calls for the bank to receive a total of $5.7 million over an 11-month period. The chargeoff was recorded […]
Alerus Financial in Minnesota sells three nonperforming loans.
Alerus Financial in Minneapolis sold three nonperforming loans. The company said the loans were tied to a construction, land and development relationship with a total net book balance of $33.6 million on March 31. The loans were on nonaccrual and represented the largest nonperforming relationship in the company’s portfolio, representing 62.3% of total nonperforming loans. […]
Amerant in Fla. removes ‘interim’ from CEO’s title
Amerant Bancorp in Coral Gables, Fla., has a permanent leader. The company said in a press release that Carlos Iafigliola had become president and CEO. He had been interim CEO since November. “Following a comprehensive search process, the board determined that Carlos is the right executive to lead Amerant into its next phase of value […]
GBank in Las Vegas hires former Bank of Idaho leader as its CEO
GBank Financial Holdings in Las Vegas has a new bank CEO. The company said in a press release that Jeffrey Newgard will also become president of GBank on June 8. Newgard, who was chairman, president and CEO of Bank of Idaho from 2015 to 2025, will succeed Ed Nigro, who will remain executive chairman. Bank […]
Grant County Bank in West Virginia rebrands as Highlands Bank
Grant County Bank in Petersburg, W.Va., has changed its name. The bank said in a press release that it had rebranded as Highlands Bank to reflect its extended service area. “This is a thrilling time for all of us as we prepare the transition to the Highlands Bank brand,” George Ford, the bank’s president and […]
FDIC-approved Korean-American bank will not open
A proposed Korean-American bank in Los Angeles will not open. The Federal Deposit Insurance Corp., which gave founders of the proposed Quantum Bank conditional approval in July 2025, disclosed that the bank will not open. No other details were shared. Organizers originally filed to open QIB Bank in March 2024 before changing the name. “The bank intends […]
Forbright files public registration statement for planned IPO
Forbright in Chevy Chase, Md., has filed for its planned initial public offering. The $7.9 billion-asset parent of Forbright Bank disclosed that Goldman Sachs and J.P. Morgan are its lead underwriters. The filing did not share how many shares will be sold or how much capital the company plans to raise. Certain unnamed shareholders also […]
Stellantis ILC application receives FDIC nod for deposit insurance
Stellantis Financial Services U.S., the American financial services division of Dutch automaker Stellantis NV, has been approved by the Federal Deposit Insurance Corp. for deposit insurance as it looks to form a Utah-chartered industrial bank. Stellantis Bank USA’s proposed business model “will focus on providing automotive financing products nationwide, primarily through the purchase of retail […]
Flagstar in N.Y. splits president roles, Otting remains CEO
Flagstar Bank in Hicksville, N.Y., has split the role of president. The bank said in a press release that Joseph Otting will remain chairman and CEO, but will relinguish his role as president. The post will be filled by Richard Raffetto and Lee Smith, who will also serve as co-chief operating officers. Raffetto, who was also […]
Eagle Bancorp Montana sets stage for CEO succession
Eagle Bancorp Montana in Helena has a new president. The company said in a press release that Darryl Rensmon will take on the role on June 1, succeeding Laura Clark, who will remain CEO. Eagle said Rensmon, who was chief operating officer, is in line to succeed Clark as CEO whenever she retires. Clark had […]
Gibsland agrees to buy Marion State in Louisiana bank merger
Gibsland Bancshares in Gibsland, La., has agreed to buy Marion State Bank in Marion, La. The $575 million-asset Gibsland said in a press release that it plans to buy the $240 million-asset Marion State in the second half of 2026. The price wasn’t disclosed. Marion State has five branches, $163 million of loans, and $210 […]
Homestead Bank to buy First State Bank in Nebraska
Homestead Bank in Cozad, Neb., has agreed to buy First State Bank in Randolph, Neb. Homestead applied with the Federal Deposit Insurance Corp. on May 13. The deal is expected to close in mid-2026. The price wasn’t disclosed.
Victory Bank in Texas to buy minority stake in wealth management firm
Victory Bank in Lubbock, Texas, has agreed to buy a 40% stake in McDonald Capital Management. McDonald is a fee-only investment management firm that oversees more than $350 million in assets. “Our significant investment … is a testament to both our strategic focus as well as our non-linear approach to building a durable, high-performing, Texas […]
Hancock Whitney to buy OFB Bancshares in Florida
Hancock Whitney in Gulfport, Miss., has agreed to buy OFB Bancshares in Orlando, Fla. Hancock Whitney said in a press release that it will pay $377.6 million in cash for the $2.1 billion-asset parent of One Florida Bank. The deal, which is expected to close in the third quarter, priced OFB at 200% of its […]
Fintech equipifi raises $34 million in latest funding round
Fintech equipifi has raised $34 million in Series B funding. The funding round was led by Left Lane Capital with continued participation from Curql, PHX Ventures, and all other existing major investors. SWBC and the Bankers Helping Bankers Fund joined with the new round. “Our mission is straightforward: Every consumer should have access to pay-over-time solutions […]
BMO to sell transportation and vendor finance businesses
BMO Financial Group in Toronto has agreed to sell its transportation finance and vendor finance businesses, including loans in the U.S. and Canada, to Stonepeak in New York. Stonepeak will pay a cash amount and an earnout contingent. BMO will use a portion of the consideration to invest in a roughly 19.9% stake in the […]
22nd State Banking in Alabama launches digital bank
Always.bank, a new digital bank by 22nd State Banking in Mobile, Ala., has launched. The digital bank, created with assistance from Linker Finance, will focus on entrepreneurs and small businesses. The launch began with high-yield savings accounts and CDs, followed by an expansion into business banking capabilities. “Our vision is to build an advisor-led bank […]
Brookfield Bancshares. to buy NSTS Bancorp in Illinois
Brookfield Bancshares in Brookfield, Ill., has agreed to buy NSTS Bancorp in Waukegan, Ill. The $333.4 billion-asset Brookfield said in a press release that it will pay $73.7 million in cash for the $266.6 million-asset NSTS. The deal is expected to close in the fourth quarter. North Shore will retain its name and charter. “We […]
Commerce in Mo. to sell underperforming securities after Visa exchange
Commerce Bancshares in Kansas City, Mo., will use a gain from exchanging Visa shares to offset a hit from selling underperforming securities. The company said in a press release that it will report a $99 million pretax gain from marking its newly obtained Visa Class C common stock. Commerce also plans to record a pretax […]
Long-time leader of Allegheny Bancshares in W.Va. to retire in July
Allegheny Bancshares in Franklin, W.Va., has finalized its CEO succession. The $825 million-asset company said in a press release that Neil Hayslett will take on the role on July 13. Hayslett will also become CEO of Pendleton County Bank. Hayslett, the company’s president, will succeed Bill Loving Jr., who will retire. Loving, who has led […]