QCR in Illinois promotes long-time CFO to become its next CEO
QCR Holdings in Moline, Ill., will soon have a new leader. The $9.1 billion-asset company said in a press release that Larry Helling will retire as CEO at its May 22 annual meeting. Todd Gipple, QCR’s president and chief financial officer, will succeed Helling, who will serve as a part-time adviser after his retirement. Nick […]
Patriot National in Conn. to report big 4Q loss tied to two CRE loans
Patriot National Bancorp in Stamford, Conn., which was recently hit with an enforcement action while exploring its strategic alternatives, warned that it lost money in the fourth quarter. The $974.1 million-asset company disclosed in a regulatory filing that it expects to report a $9.5 million net loss, compared to $900,000 in net income a year […]
LifeSteps Bank in Alabama moves headquarters, changes name
A bank in Alabama has a fresh name and a new headquarters. The $70.1 million-asset LifeSteps Bank and Trust said in a press release that it had rebranded as Bank47 and moved its corporate offices from Union Springs to Huntsville. “Huntsville’s energy, innovation, and economic strength make it the perfect home for Bank47,” Hill Womble, […]
Yoakum National to buy Citizens State Bank of Ganado in Texas
Yoakum National BancShares in Yoakum, Texas, has agreed to buy Ganado Bancshares in Ganado, Texas. Yoakum, the holding company for the $327 million-asset Yoakum National Bank, did not disclose how much it will pay for the parent of the $55.9 million-asset Citizens State Bank of Ganado. Performance Trust Capital Partners, which advised Yoakum, disclosed the […]
Quaint Oak in Pa. selects insider as its new president
Quaint Oak Bancorp in Southampton, Pa., has a new president. The $701 million-asset company disclosed in a regulatory filing that William Gonzalez had taken on the new role and joined its board. He was president and chief operating officer of Quaint Oak Bank. Gonzalez succeeded Robert Strong, who remains CEO.
De novo BankMiami to open in mid-March
De novo BankMiami will open its doors next month. Organizers said in a LinkedIn post that the bank will debut on March 17. A proposed bank received conditional approval from the Federal Deposit Insurance Corp. in August that required the organizers to raise $31.3 million. Organizers submitted applications earlier that year. BankMiami said in its […]
1895 Bancorp of Wisconsin hires KBW to explore strategic alternatives
1895 Bancorp of Wisconsin in Greenfield has hired an investment bank to help it explore strategic alternatives, which could include its sale. The $565 million-asset company said in a press release that it retained Keefe, Bruyette & Woods as its financial adviser. The company said it has not established a timeline for completing the review. […]
Varo Money seeking $55 million in new capital
Varo Money, a fintech that successfully applied for a bank charter, is looking to raise more capital. Varo, which recently announced the planned departure of founding CEO Colin Walsh, disclosed in a Form D filed with the Securities and Exchange Commission that it is looking to raise $55 million. The company, which filed the document […]
Winchester Bancorp in Massachusetts readies mutual converstion
Winchester Bancorp in Winchester, Mass., is getting close to converting to a two-tier mutual holding company structure. The proposed holding company for the $873 million-asset Winchester Savings Bank signed an agency agreement for Raymond James to help market its common stock. Raymond James will receive a $25,000 management fee and a success fee equal to […]
Automotive company Stellantis applies for industrial loan company
Automotive company Stellantis has applied to form an industrial loan company in Utah. The company, formed by the 2021 merger of Fiat Chrysler Automobiles and the PSA Group, submitted its application for Stellantis Bank USA on Feb. 11. The application wasn’t immediately available. The filing comes just days after General Motors resubmitted its application to […]
Proposed Colorado bank nears 60% of fundraising goal
A proposed bank in Avon, Colo., continues to make progress on its fundraising goal. Battle Financial disclosed on LinkedIn that it brought in $1.8 million by issuing convertible debt in January. Organizers have now raised nearly $8.8 million, nearing 60% of their goal. The group first applied for deposit insurance in March 2022, outlining a […]
Sharon Bank in Pennsylvania taps insider as new CEO
Sharon Bank in Springfield, Pa., has a new CEO. The $164 million-asset mutual said in a LinkedIn post that William Mattern had also become its president. Mattern, who was chief lending officer, will also lead Sharon Bancorp and Sharon Mutual Holding Company. “Bill has played a significant role over the last seven years building strong […]
MVB in West Virginia sells majority stake in fintech Trabian Technology
MVB Financial in Fairmont, W.Va., sold its ownership in software development firm Trabian Technology. The $3.1 billion-asset company said in a press release that the sale occurred in January. The price wasn’t disclosed. MVB bought a majority stake in Trabian in April 2021. The fintech helped MVB create automated workflows for card transaction data.
Orrstown in Penn. names heir apparent to CEO
Orrstown Financial in Harrisburg, Pa., has set the stage for its next leader. The $5.4 billion-asset company said in a press release that Adam Metz had become its chief operating officer and it expected to become president and CEO in May 2026 when Thomas Quinn retires. Metz has been chief revenue officer since February 2019. […]
Wells Fargo freed from another regulatory order
Wells Fargo in San Francisco has been released from another regulatory order. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2018 consent order tied to its compliance risk management program. It is the tenth consent order closed by Wells Fargo’s regulators since 2019. […]
U.K. firm Wise to close Florida office, lay off 307 employees
Wise, a U.K.-based remittance firm, plans to close its Tampa, Fla., office and lay off about 307 employees. All affected employees were notified and will be given at least 60 days as a notice period before they are let go, Wise said in a WARN Notice sent on Feb. 7 to the Florida Department of […]
Genesis Bank in California to buy Excel Bank in cash deal
Stephen Gordon has finally put some of the capital committed to acquisitions to work. Genesis Bank in Newport Beach, Calif., agreed to buy EH National Bank in Beverly Hills, Calif., for an undisclosed amount of cash. EH National operates as the $300 million-asset Excel Bank, which has three branches, $238 million in loans and $242 […]
Superior Choice Credit Union CEO steps down
Superior Choice Credit Union in Superior, Wis., is looking for a new leader. Tim Foster shared in a LinkedIn post that he had resigned as CEO. He has led the credit union since January 2021. “The experience has been truly remarkable, providing invaluable lessons that can’t be learned in a training program or taught through […]
Standard Chartered in U.K. hired new CEO of the U.S. and Americas
Standard Chartered will soon have a new CEO for the U.S. and Americas. The U.K. bank said in a press release that Mandy DeFilippo will take on the role on March 24. DeFilippo, who was a managing director and chief operating officer of legal and compliance at Citadel Securities, will succeed Steven Cranwell. “I’m eager […]
Riverside Bank of Dublin in Ohio taps outsider as next CEO
Riverside Bank of Dublin in Ohio has a new CEO. The $211 million-asset bank said that it hired Charles Moore as its new leader. Moore, who was CEO of Commodore Bank, succeeded founding CEO Bill Daily.
nCino buys Sandbox Banking for $53 million
Technology company nCino bought Sandbox Banking. The company said in a press release that it paid $52.5 million in cash for Sandbox Banking, with an earn-out opportunity of up to $10 million based on financial and product development metrics. The deal is intended to strengthen nCino’s Integration Platform as a Service capabilities, including enhanced data […]
BHB Fund invests in BNPL software firm equipifi
The BHB Fund in Austin, Texas, has invested in equipifi, a fintech that helps financial institutions develop Buy Now, Pay Later platforms. The fund did not disclose the size of the investment. “As we grow our portfolio of top-tier fintech companies like equipifi, we continue to position community banks at the forefront of industry disruption” […]
Eagle Financial in Va. raises $50M through stock offering
Eagle Financial Services in Berryville, Va., raised $5o million from selling common stock. The $1.8 billion-asset company completed a public offering on Feb. 6. Eagle plans to use the net proceeds for general corporate purposes that could include continued growth, selling securities to reposition its balance sheet and supporting capital ratios. Keefe, Bruyette & Woods […]
TD Bank to sell remaining stake in Charles Schwab
TD Bank Group in Toronto will sell its remaining stake in Charles Schwab. The Canadian company said in a press release that it will divest its 10.1% stake through a registered offering and selling shares back to the brokerage firm. Schwab has agreed to buy $1.5 billion of its shares from TD conditional on the […]
Capital One, Discover push merger deadline to mid-May
Capital One Financial in McLean, Va., and Discover Financial Services have pushed the deadline for their merger back as they wait for regulatory approvals. Capital One agreed a year ago to buy Discover for $35.3 billion in a deal that was expected to close in early 2025. The companies disclosed in a regulatory filing that […]