Heritage Financial in Wash. reports lower profit from securities sales, chargeoff
Heritage Financial in Olympia, Wash., reported lower quarterly earnings after selling underwater securities and charging off a loan. The $7.2 billion-asset company said in a press release that its third-quarter profit fell by 37% from a year earlier, to $11.4 million. Heritage Financial sold $78 million of investment securities at a $6.9 million pretax loss. […]
MidWestOne posts 3Q loss after raising capital, selling securities
MidWestOne Financial Group in Iowa City posted a big quarterly loss after repositioning its balance sheet. The $6.6 billion-asset company lost $95.7 million in the third quarter after selling $1 billion of debt securities. MidWestOne used the proceeds to buy $590 million of higher-yielding debt securities; the earnback period will be between four and five […]
Midland States in Ill. continues to pull back in equipment finance
Midland States Bancorp in Effingham, Ill., is scaling back in equipment finance and some consumer lending segments. The $7.8 billion-asset company said in a press release that total loans in the third quarter fell by 1.8% from a quarter earlier, to $5.7 billion. Equipment finance balances declined by $30 million as the company reduces its […]
HarborOne in Mass. absorbs earnings hit from nonaccural CRE loan
HarborOne Bancorp in Brockton, Mass., reported lower quarterly profit due to an issue with a commercial real estate loan. The $5.8 billion-asset company said in a press release that its third-quarter earnings fell by 54% from a year earlier, to $3.9 million. HarborOne recorded a $4.7 million specific reserve tied to a suburban office property. The […]
Valley in N.Y. to sell $800M of commercial real estate loans
Valley National in New York is continuing to derisk its balance sheet. The $62.1 billion-asset company said in a press release that it recently agreed to sell an $800 million portfolio of commercial real estate loans to a single investor at a roughly 1% discount. The sale is expected to close by the end of […]
Pathward in S.D. receives $1M advance as finance unit sale remains delayed
Pathward Financial in Sioux Falls, S.D., will receive a $1 million advance for its patience with selling its commercial insurance premium finance business. The company agreed in August to sell the business to AFS IBEX Financial Services. A month later, the companies disclosed that the sale faced delays “primarily related to a longer-than-expected operational implementation […]
First Bancorp in NC sets $13M aside for potential hurricane-related losses
First Bancorp in Southern Pines, N.C., reported lower quarterly profit as it braces for the potential financial impact of Hurricane Helene. The $12 billion-asset company said in a press release that third-quarter net income fell by 37% from a year earlier, to $18.7 million. The company said it recorded a $13 million loan-loss provision “in […]
Independent in Texas to exit warehouse lending ahead of planned sale
Independent Bank Group in McKinney, Texas, which is in the process of selling itself to SouthState in Winter Haven, Fla., is exiting the mortgage warehouse business. The $18.6 billion-asset company said in a press release that the move should increase capital and liquidity. Independent said it began notifying customers and that it will stop funding new […]
Y-12 Federal Credit Union to buy First State Bank of the Southeast
Y-12 Federal Credit Union in Oak Ridge, Tenn., has agreed to buy First State Bank of the Southeast in Middlesboro, Ky. The $2 billion-asset Y-12 said in a press release that it expects to buy the $415 million-asset First State in early 2025. The price wasn’t disclosed. First State is the 19th bank to announce […]
CFPB hits Goldman, Apple with penalties tied to Apple Card
The Consumer Financial Protection Bureau hit Goldman Sachs and Apple with $89 million in financial penalties tied to their handling of the Apple Card. Goldman was hit with a $45 million civil money penalty, while Apple must pay $25 million. In addition, Goldman must pay at least $19.8 million in redress to impacted Apple Card users. […]
Farmers National in Ohio earnings fall due to single loan issue
Farmers National Banc Corp. in Canfield, Ohio, reported lower quarterly profit after an issue with a commercial credit backed by an office property. The $5.2 billion-asset company said in a press release that its third-quarter earnings fell by 36% from a year earlier, to $8.5 million. Farmers said the lower profit was due to a […]
First Commerce to buy Peoples Bank of Middle Tennessee
First Commerce Bancorp in Lewisburg, Tenn., has agreed to buy Peoples Bank of Middle Tennessee in Shelbyville. The holding company for the $653 million-asset First Commerce Bank expects to complete its purchase of the $185 million-asset Peoples Bank in the first quarter. The price wasn’t disclosed. Peoples Bank has one branch. Olsen Palmer advised Peoples […]
Finovate’s owner buys company behind Money20/20
Informa Group, which operates the Finovate conference series, has acquired Ascential. Ascential is the company behind the annual Money20/20 conference in Las Vegas. The financial terms were not disclosed. Informa Group said it will form Informa Festivals, a new business for its conference events, on Jan. 1. “The completion of the Ascential acquisition, creation of […]
Smaller banks exempted from CFPB’s open-banking rule
The Consumer Financial Protection Bureau created an exemption for smaller banks when it comes to the agency’s new open banking rule. Banks with less than $850 million in assets will not be required to implement Section 1033 of the Dodd-Frank Act, according to the massive 594-page rule. That would exempt about 3,370 banks, based on […]
Banco Santander introduces digital platform Openbank in the U.S.
Banco Santander has debuted its digital bank in the United States. The Spanish bank launched Openbank, which has been available in Europe for some time, by offering a high-yield savings account. The plan is to add more products, including a checking account, debit cards and CDs in 2025; loans could be available a year after […]
Banc of California posts 3Q loss after selling securities
Banc of California in Irvine reported a quarterly loss after selling underwater securities. The $33.4 billion-asset company said in a press release that it lost $1.2 million in the third quarter. The company sold $742 million of available-for-sale securities for a pretax loss of $60 million. It used proceeds to buy higher-yielding securities in a move […]
Citizens Alliance in Minn. to buy Stockmens Bank in Montana
Citizens Alliance Bank in Clara City, Minn., has agreed to buy Stockmens Bank in Cascade, Mont. The $1.4 billion-asset Citizens expects to complete its purchase of the $42 million-asset Stockmens early next year. The price wasn’t disclosed. “Citizens Alliance Bank intends to maintain a continued presence in Cascade,” Chad Forkrud, the bank’s president, said in […]
GBank Financial in Las Vegas raises $20 million via private placement
GBank Financial Holdings in Las Vegas raised $20 million from a private placement. The parent of the $1 billion-asset GBank sold common stock, with Raymond James and Janney Montgomery Scott serving as financial advisers. “This additional capital positions us to execute on our strategic growth initiatives,” Edward Nigro, the company’s executive chairman, said in a […]
Atlantic Union to buy Sandy Spring in Maryland for $1.6 billion
Atlantic Union Bankshares in Richmond, Va., has agreed to buy Sandy Spring Bancorp in Olney, Md. The $27.5 billion-asset Atlantic Union said in a press release that it will pay $1.6 billion in stock for the $14.4 billion-asset Sandy Spring. The deal, which is expected to close in the third quarter of next year, priced […]
First National Bank of Lindsay in Oklahoma fails
First National Bank of Lindsay in Oklahoma was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corp. took over the $107.8 million-asset bank and sold its only branch and its insured deposits to First Bank & Trust Co. in Duncan, Okla. The OCC closed the bank “after identifying false […]
Business First in La. promotes insider as new bank president
Business First Bancshares in Baton Rouge, La., has a new bank president. The $6.7 billion-asset company said in a press release that Jerry Vascocu had taken on the role. Vascocu, who was the bank’s chief administrative officer, succeeded Jude Melville, who will remain chairman and CEO. “Jerry’s proven leadership and broad-based banking experience [are] especially relevant […]
Franklin Financial in Pa. restructures securities portfolio
Franklin Financial Services in Chambersburg, Pa., restructured its securities portfolio. The $2 billion-asset company disclosed in a regulatory filing that its bank sold about $46.7 million of lower-yielding U.S. Treasury debt at a roughly $3.4 million after-tax loss. The proceeds were used to buy higher-yielding investment securities, including U.S. Agency residential mortgage-backed securities and private-label residential […]
Provident Financial in N.J. settles overdraft fee litigation
Provident Financial Services in Jersey City, N.J., has settled a lawsuit tied to its overdraft fees. The $24.1 billion-asset company disclosed in a regulatory filing that it agreed to pay nearly $1.9 million to a settlement fund in a court-approved arrangement. The lawsuit, filed in the Superior Court of New Jersey, alleged that the bank […]
National Bankshares in Va. taps insider as next president
National Bankshares in Blacksburg, Va., has a new president lined up. The $1.8 billion-asset company said in a press release that Lara Ramsey will take over the role on Jan. 1. Ramsey, the company’s chief operating officer and senior vice president of administration, will succeed F. Brad Denardo, who will remain chairman and CEO.
Metropolitan in NY reserves $10M to resolve probe tied to former fintech client
Metropolitan Bank Holding in New York reported lower quarterly profit that reflected a reserve designed to address a probe into a former fintech client. The $7.4 billion-asset company said in a press release that its third-quarter profit fell by 44% from a year earlier, to $12.3 million. Metropolitan said it set aside $10 million to […]