OnePay switching from Affirm to Klarna for installment financing
OnePay, a fintech that is majority-owned by Walmart, is breaking ties with Affirm Holdings to work with Klarna Group on installment financing products. Affirm confirmed the move in a regulatory filing, noting that the switch will take place later this year. Affirm has been offering pay-over-time products to Walmart’s customers. Over a six-month period that […]
U.K. digital bank to buy Michigan de novo Community Unity
OakNorth, a U.K.-based digital bank, has agreed to buy Community Unity Bank in Birmingham, Mich. OakNorth, which received approval in August from the Federal Reserve and the New York State Department of Financial Services to open a representative Office in New York, plans to leverage the bank acquisition to expand business lending across the United […]
OneMain Financial applies for ILC in Utah
OneMain Financial is the latest company to apply for an industrial loan charter. The company said in a press release that it applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form OneMain Bank in West Valley City, Utah. The bank would offer personal loans, auto finance, credit cards and […]
TD Bank to close 38 branches
TD Bank plans to close 38 locations. The bank applied with the Office of the Comptroller of the Currency to close the branches. The planned closures include six branches in Massachusetts, four in both Maine and New Hampshire, and two in Connecticut, according to published reports. “As we evaluate how customers interact with us and […]
GBank in Nevada files to apply for a Nasdaq listing
GBank Financial Holdings in Las Vegas plans to apply for a Nasdaq listing. The $1.1 billion-asset company said in a regulatory filing that it plans to list shares under the symbol GBFH. The filing involves the roughly 1.1 million shares GBank Financial sold in an October 2024 private placement. Many of those shareholders are individual […]
FDIC lets Block directly lend to Cash App users
Block received approval from the Federal Deposit Insurance Corp. to directly offer small consumer loans to Cash App customers. The fintech said in a press release that Square Financial Services will start offering and servicing Cash App Borrow in the coming weeks. Block, which has been making the loans through an external bank partner, said the […]
Planters in Mississippi to buy Cross Keys Bank in Louisiana
Planters Holding in Indianola, Miss., has agreed to buy BSJ Bancshares in Saint Joseph, La. The $2 billion-asset Planters did not disclose how much it would pay for the parent of the $598.1 million-asset Cross Keys Bank. The deal is expected to close in the third quarter. “We look forward to our combined companies continuing […]
Lake Shore in N.Y. freed from Fed written agreement
Lake Shore Bancorp in Dunkirk, N.Y., has been freed from another regulatory order. The $698 million-asset company disclosed in a regulatory filing that the Fed terminated a June 2023 written agreement. The Office of the Comptroller of the Currency freed Lake Shore’s bank from a consent order in December. Lake Shore has now begun the […]
NuMark Credit Union to buy Lemont National in Ill.
NuMark Credit Union in Joliet, Ill., has agreed to acquire The Lemont National Bank in Lemont, Ill. The $851 million-asset NuMark did not disclose the amount of the all-cash transaction. The credit union expects to buy the $52 million-asset Lemont National in the second half of this year. “It is clear to us that our […]
Bar Harbor in Maine agrees to buy Guaranty in New Hampshire
Bar Harbor Bankshares in Bar Harbor, Maine, has agreed to buy Guaranty Bancorp in Woodsville, N.H. The $4.1 billion-asset Bar Harbor said in a press release that it will pay $41.6 million in stock for the $675 million-asset Guaranty. The deal, which is expected to close in the second half of this year, priced Guaranty […]
Legal settlement widens 4Q loss at Financial Institutions in N.Y.
Financial Institutions in Warsaw, N.Y. has settled civil litigation tied to its bank’s auto loan notification process. The $6.1 billion-asset company said in a press release that it agreed to make a $29.5 million cash payment to class members, release the debt owed to the bank, and remove adverse credit reporting for class members. The […]
American Express to buy software firm Center
American Express has agreed to buy expense-management software company Center. American Express did not disclose the price it would pay. The goal is to use Center to support the services Amex offers small businesses. Center helps companies better manage their finances by showing in real-time how much employees are spending.
Green Dot shakes up leadership, reviewing strategic alternatives
Green Dot in Provo, Utah, has hired an investment bank to help it explore strategic alternatives—often a prelude to selling. The fintech, which operates Green Dot Bank, said in a press release that it had shaken up its management with the departure of George Gresham as president and CEO. William Jacobs, the company’s chairman and interim CEO […]
Independence Bank in Rhode Island to voluntarily liquidate
Independence Bank in East Greenwich, R.I., plans to liquidate under a plan approved by the Federal Deposit Insurance Corp. The FDIC, which had accused Independent of charging illegal fees tied to Small Business Administration 7(a) loans, announced the liquidation in a Jan. 14 consent order with the bank. Independence was also required to pay affected […]
Maryland Bankers Association selects next CEO
The Maryland Bankers Association has a new leader. The association said in a press release that Tisha S. Edwards had become its president and CEO. She will also serve as executive vice president of the Mid-Atlantic Bankers Association, the holding company formed last year when the MBA merged with the Virginia Bankers Association. Edwards was […]
Bank of Idaho nixed higher offer from credit union to sell to Glacier
Bank of Idaho Holding Co. in Idaho Falls considered selling to a credit union but cooled on the idea after meeting with legal counsel and the director of the Idaho Department of Finance. The $1.3 billion-asset company agreed last month to sell to Glacier Bancorp in Kalispell, Mont. for $245 million in a deal that […]
Seacoast to buy Heartland Bancshares in Florida
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Heartland Bancshares in Sebring, Fla. The $15.2 billion-asset Seacoast said in a press release that it will pay $110 million in cash and stock for the $734 million-asset Heartland. The deal, which is expected to close in the third quarter, priced Heartland at 163% […]
Taktile raises $54 million in latest fund-raising round
Fintech Taktile raised $54 million in its latest fund-raising round. The company announced on its website that the Series B funding round was led by Balderton Capital with participation by existing investors Index Ventures, Tiger GLobal, Y Combinator, Prosus Ventures, Visionaries Club and former Treasury Secretary Larry Summers. Taktile has raised an aggregate of $79 […]
Alkami to buy account-opening platform MANTL
Alkami Technology has agreed to buy Fin Technologies, which does business as MANTL. Alkami said in a press release that it is buying MANTL for an enterprise value of $400 million. The deal, which is expected to close on March 31, is subject to about $7 million of purchase price adjustments. Alkami said it plans to […]
CFPB’s New Leadership Dismisses Key Enforcement Lawsuits
The Consumer Financial Protection Bureau dismissed enforcement lawsuits against Capital One Financial, Vanderbilt Mortgage & Finance, Rocket Homes Real Estate and the Pennsylvania Higher Education Assistance Agency. The bureau’s new leadership issued notices of voluntary dismissal in the four cases with prejudice, meaning that the cases are permanently closed. Under former Director Rohit Chopra, the […]
Popular in Puerto Rico lines up next CEO
Popular in San Juan, Puerto Rico, is finalizing its succession plan. The $73 billion-asset company said in a press release that Ignacio Alvarez will retire as CEO on June 30. Alvarez, who has led the company since 2017, will be succeeded by Javier Ferrer, who is president and chief operating officer. “From his earliest days […]
Triumph in Texas to buy logistics-focused AI company
Triumph Financial in Dallas has agreed to buy Greenscreens.ai, which provides a pricing solution for the logistics industry. The $5.9 billion-asset Triumph said in a press release that it will pay $160 million in cash and stock for the fintech, which uses machine learning to deliver short-term freight market pricing intelligence and business insights. The […]
Bank of Marin in Calif. says cooperation agreement with investor to end
Bank of Marin Bancorp in Novato, Calif., said a cooperation agreement with an investor group will soon end. The $3.7 billion-asset company disclosed in a regulatory filing that Sanjiv Sanghvi will step down from the board at its next annual meeting. Sanghvi has been the board representative of the Kelly Trust parties as part of […]
Rio Financial to buy Lone Star Capital Bank in Texas
Rio Financial Services in McAllen, Texas, has agreed to buy Lone Star Capital Bank in San Antonio. The merger was disclosed by Stephens, which advised the $498 million-asset Lone Star. Rio Financial has around $900 million in assets. The price was not disclosed. Lone Star has seven branches. Its shareholders have already approved the merger.
Old Second in Illinois to buy Evergreen Bank for $197 million
Old Second Bancorp in Aurora, Ill., has agreed to buy Bancorp Financial in Oak Brook, Ill. The $5.7 billion-asset Old Second said in a press release that it would pay $197 million in cash and stock for the parent of the $1.5 billion-asset Evergreen Bank. The deal, which is expected to close in the third […]