Fulton in Pennsylvania forms capital markets business
Fulton Financial in Lancaster, Pa., has created a capital markets business. The $32.1 billion-asset company said it created the operation after naming Christopher Bigos as head of capital markets. Bigos previously served as a senior vice president of commercial real estate at Fulton. “As our clients continue to grow, we want to be there to […]
First Bancorp in N.C. promotes insider to serve as bank CEO
First Bancorp in Southern Pines, N.C., has a new bank CEO. The company said in a press release that G. Adam Currie took over the post from Michael Mayer. Currie will remain the bank’s president. “This transition is the culmination of a succession plan that has been in place for many years,” Richard Moore, the […]
CB Financial in Pa. cutting staff, parts ways with CFO
CB Financial Services in Carmichaels, Pa., laid off seven employees and announced the resignation of its chief financial officer. The $1.5 billion-asset company said in a regulatory filing that the layoffs account for about 5% of its staff. The company also entered into a severance agreement with Jamie Prah that includes $558,000 in severance. Including […]
Northpointe in Michigan files to conduct IPO
Northpointe Bancshares in Grand Rapids, Mich., is planning an initial public offering. The $5.4 billion-asset company, in its registration statement, did not disclose how many shares it plans to sell or how much it expects to raise. Northpointe said that some of the offering’s proceeds would be used to increase its on-balance sheet hold of […]
Bosshard family to merger pair of Wisconsin banks
Intercity State Bank in Schofield, Wis., will be absorbed by One Community Bank in Oregon, Wis. The $266 million-asset Intercity and the $2.2 billion-asset One Community are owned by the Bosshard family. The merger is expected to close later this year. Randy Balk, Intercity’s president and CEO, will retire on Feb. 28. Chris Pfender, the […]
Stablecoin-focused Telecoin gets conditional approval in Nebraska
Nebraska’s Department of Banking and Finance has given conditional approval for Telcoin Bank to open a digital asset bank. The proposed Norfolk, Neb., company said in a press release that it plans to offer fully regulated, bank-issued “Digital Cash” stablecoins, in addition to blockchain banking products and services. Telcoin Bank expects to open early this […]
Finovifi buys core processing company Modern Banking Systems
Finovifi in Birmingham, Ala., has acquired Modern Banking Systems in Omaha, Neb. Finovifi, which did not disclose how much it paid for the core processing company, said in a press release that it plans to integrate many of its products, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, with the MBS platform. “This acquisition represents a unique […]
OMB Bank in Missouri forms embedded finance division
OMB Bank in Springfield, Mo., has created an embedded finance division. The $1.4 billion-asset bank said that OMBX will offer banking solutions to fintechs and other digital companies. The platform will include compliance support, fraud prevention, payment processing, and analytics tools. “Embedded finance is revolutionizing the way businesses and consumers interact with banking services,” Steve […]
Fed releases Wells Fargo from 2011 consent orders
The Federal Reserve has freed Wells Fargo in San Francisco from a pair of consent orders. The orders, levied on the $1.9 trillion-asset company in 2011, involved past mortgage servicing activities and the legacy Wells Fargo Financial business. One order address claimed that Wells and nine other institutions had engaged in a pattern of misconduct […]
nCino selects insider as next president and CEO
Technology company nCino has a new leader. The company said in a press release that Sean Desmond had become its president and CEO and had joined its board. Desmond, who was chief product officer, succeeded Pierre Naudé, who will remain executive chairman. “After a thoughtful board-led succession planning process and robust search that thoroughly assessed […]
Santander has new U.S. CEO
Santander has a new CEO at its U.S. bank. Ana Botin, the bank’s executive chair, wrote in a LinkedIn post that Christiana Riley had taken on the role, succeeding Tim Wennes. Wennes did “an outstanding job in transforming Santander US and laying the foundations for continued growth and success,” Botin wrote, adding that Wennes had […]
General Motors resubmits application to receive deposit insurance
General Motors Financial resubmitted its paperwork to form an industrial bank and to receive deposit insurance less than a year after withdrawing its previous application. The new application for GM Financial Bank was filed with the Federal Deposit Insurance Corp. on Jan. 31. The proposed bank “will directly support our business model by providing stable, […]
First National Bank of Pasco in Florida has new CEO
Florida Bancshares in Dade City has a new CEO. The parent of the $321 million-asset First National Bank of Pasco said on LinkedIn that John Zazzera had also become its president following a nationwide search. “John is the ideal leader to steer our organization into the future and match a shared commitment to excellence that […]
First Savings in Ind. shifts strategy for home equity lines of credit
First Savings Financial Group in Jeffersonville, Ind., sold a large pool of home equity lines of credit as it shifted its strategy for those originations. The $2.4 billion-asset company said in a press release that it sold $87.2 million of home equity lines of credit in the final quarter of 2024 for a net gain […]
FB Bancorp logs goodwill impairment tied to sluggish mortgage market
FB Bancorp in New Orleans warned that it will record a $5.8 million goodwill impairment charge tied to a decade-old acquisition. The $1.4 billion-asset company disclosed in a regulatory filing that it recorded the noncash charge after conducting periodic testing of goodwill impairment. The review took into account a decrease in mortgage origination volume due […]
CFPB orders Wise to pay $2.5M to address concerns over rate disclosures
The Consumer Financial Protection Bureau ordered Wise to pay nearly $2.5 million to address claims that the U.K. remittance company advertised inaccurate fees and failed to properly disclose exchange rates and other costs. The CFPB said in a press release that it determined that Wise misled U.S. customers about its ATM fees and failed to […]
First Foundation in Texas loses $14M as turnaround begins
First Foundation in Dallas is starting to use some of the capital it raised last year as part of its turnaround. The $12.6 billion-asset company lost $14.1 million in the fourth quarter after selling $489 million of multifamily loans at a 4.9% discount. The company also set aside $20.1 million in the quarter to cover […]
Lake Shore Bancorp in N.Y. plans second-step conversion
Lake Shore Bancorp in Dunkirk, N.Y., is planning a second-step conversion to a fully stock-owned company. The company said in a press release that its parent company, Laks Shore MHC, plans to convert in the third quarter. The bank will seek regulatory approval to become a New York-chartered commercial bank. Lake Shore MHC owns about […]
Bank of Frankewing in Tennessee hires new CEO
Bank of Frankewing in Frankewing, Tenn., has a new leader. Richard Burleson announced on his LinkedIn page that he had become the $549 million-asset bank’s president and CEO. Burleson was president and CEO of Community First Bank in South Carolina from 2015 to 2024, according to his LinkedIn profile.
First Bancorp in N.C. says securities sales took bite out of 4Q profit
First Bancorp in Southern Pines, N.C., posted significantly lower net income after repositioning its securities portfolio. The $12.1 billion-asset company said in a press release that its fourth-quarter profit fell by 88% from a year earlier, to $3.6 million. First Bancorp said it sold $280 million of securities in November at a $36.8 million loss. […]
Amalgamated Bank of Chicago has new CEO
Amalgamated Bank of Chicago has selected an insider as its new CEO. The $1.2 billion-asset bank said in a statement that Nick Weaver had succeeded Robert Wrobel, who remains chairman. Weaver rejoined the bank as COO in 2023 and became president a year later.
Why Enterprise in Mass. chose to sell to Independent
The banking industry is changing fast, with new technology, tougher regulations, and increased competition. To stay competitive, financial institutions must decide whether to grow independently or merge with stronger partners. Enterprise Bancorp in Lowell, Mass., recently chose the latter, agreeing in December to sell to Independent Bank Corp. in Rockland, Mass., to create a stronger, […]
Central Pacific in Hawaii posts lower profit due to securities sales
Central Pacific Financial in Honolulu posted lower quarterly profit that reflected a decision to sell securities at a loss. The $7.5 billion-asset company said in a press release that its fourth-quarter net income fell by 24% from a year earlier, to $11.3 million. The company sold $106.5 million of debt securities at a $9.9 million […]
Plumas to buy Cornerstone Community Bancorp in northern California
Plumas Bancorp in Reno, Nev., has agreed to buy Cornerstone Community Bancorp in Red Bluff, Calif. The $1.6 billion-asset Plumas said in a press release that it will pay $64.6 million in cash and stock for the $658 million-asset Cornerstone. The deal, which is expected to close in the second half of this year, priced […]
Flushing in N.Y. uses capital raise to restructure its balance sheet
Flushing Financial in Uniondale, N.Y., which recently raised $70 million, had a noisy quarter as it restructured its balance sheet. The $9 billion-asset company lost $49.2 million in the fourth quarter. The company sold $445 million of securities and moved $73.9 million of loans to held-for-sale status, resulting in a $76.4 million pretax loss. Flushing […]