SVB Financial sells investment platform SVB Capital
SVB Financial Group in Santa Clara, Calif., sold its investment platform business. The former holding company to Silicon Valley Bank, which failed last year, said in a press release that it sold SVB Capital to affiliates of Pinegrove Capital Partners, backed by evergreen capital from Brookfield Asset Management and Sequoia Heritage. The consideration included cash […]
CNB Community Bancorp in Mich. buying $5.6M of stock via tender offer
CNB Community Bancorp in Hillsdale, Mich., will buy 145,000 shares of its common stock after completing a tender offer. The $1.2 billion-asset company said in a press release that it paid about $5.6 million, or $38.50 a share, for the tendered shares. The stock represented about 6.5% of the company’s shares outstanding. Overall, shareholders were […]
Interstate Bank in Texas taps insider as new CEO
Interstate Bank in Perryton, Texas, has a new leader. The $264 million-asset bank said in a press release that Blair Berg had become its chairman and CEO. Berg, who was the bank’s chief financial officer, succeeded Danny Skarda, who retired. Skarda had been CEO since 1981.
Digital Federal Credit Union, First Tech unveil large merger
Digital Federal Credit Union in Marlborough, Mass., and First Tech Federal Credit Union in San Jose, Calif., are planning a merger of equals that would create one of the nation’s biggest credit unions. The $12 billion-asset Digital FCU and the $17 billion-asset First Tech said in a press release that they plan to complete their […]
Territorial in Hawaii again rejects unsolicated investor bid
Territorial Bancorp in Honolulu doubled down on its commitment to selling itself to Hope Bancorp in Los Angeles despite an increased offer from a shareholder group. The $2.2 billion-asset Territorial said in a press release that the offer from a group led by Allan Landon and Blue Hill Advisors has “so many unanswered questions” and […]
Byline to buy First Security Bancorp in Illinois
Byline Bancorp in Chicago has agreed to buy First Security Bancorp in Elmwook Park, Ill. The $9.6 billion-asset Byline said in a press release that it will pay $41 million in cash and stock for the $355 million-asset First Security. The deal, which is expected to close in the second quarter, priced First Security at […]
Ponce Financial in New York opens Florida office
Ponce Financial Group in New York has expanded into Florida. The company said in a press release that it opened a representative office in Coral Gables. Jay Sanchez will split time between New Jersey and Florida as the new office’s customer relationship officer. “Many of our customers have businesses in Florida or spend their winter […]
Fiserv, Wells Fargo set to end merchant services joint venture
Wells Fargo in San Francisco and Fiserv in Milwaukee are planning to end joint venture Wells Fargo Merchant Services. Fiserv disclosed in a regulatory filing that it expects to record a noncash impairment charge in the third quarter. The company, which inherited a 40% stake in the WFMS from its 2019 purchase of First Data, […]
Ukrainian-American-focused credit unions to merge
A pair of credit unions focused on the Ukrainian-American community are planning to merge. The $1.4 billion-asset Self Reliance New York Federal Credit Union and the $535 million-asset Ukrainian Selfreliance Federal Credit Union in Feasterville Trevose, Pa., said in a press release that they expect to complete their merger next year. The combined credit union would have […]
Pathward discloses delay selling commercial insurance premium finance business
Pathward Financial in Sioux Falls, S.D., and AFS IBEX Financial Services said they remain committed to the sale of Pathward’s commercial insurance premium finance business despite a fast-approaching termination date. AFS, a unit of Honor Capital Holdings, agreed in August to buy the business for a $31.2 million premium above the net asset value of […]
Rhinebeck Bancorp in N.Y. restructures securities portfolio
Rhinebeck Bancorp in Poughkeepsie, N.Y., repositioned its securities portfolio. The company said in a press release that it sold $71 million of available-for-sale securities at a pretax loss of $12 million. The proceeds were reinvested into new securities offering higher yields. The transaction is projected to increase earnings per share by 12 cents and the […]
MidWestOne in Iowa raises $104M to reposition its securities portfolio
MidWestOne Financial Group in Iowa City raised $103.5 million by selling common stock. The company said in a press release that it sold about 4.3 million shares in a public offering at $25 each. The underwriters have permission to sell another 652,000 shares. MidWestOne said it plans to invest all of the net proceeds into its […]
Investor group increases unsolicited bit for Hawaii’s Territorial
An investor group has sweetened the pot in its effort to uproot Hope Bancorp’s purchase of Territorial Bancorp in Honolulu. The group, which includes banking veteran Allan Landon and Blue Hill Advisors, said in a press release that it increased its cash offer for the $2.2 billion-asset Territorial by 4.2%, to $12.50 a share. The […]
CEO successor at Orrstown in Pa. suddenly retires
Orrstown Financial Services in Harrisburg, Pa., disclosed that the successor to its CEO is leaving. The $3.2 billion-asset company said in a regulatory filing that Craig Kauffman will retire as chief operating officer on Sept. 30. Orrstown said his departure “is for personal reasons and is not a result of any disagreement with the company.” […]
Amerant in Florida to raise $150M by selling common stock
Amerant Bancorp in Coral Gables, Fla., is looking to raise at least $150 million in capital. The $9.7 billion-asset company disclosed in a regulatory filing that it hired Stephens and Piper Sandler to handle the sale of Class A voting common stock. Net proceeds will be used for a variety of purposes, including supporting the […]
Financial Data Exchange applies to become SSO for CFPB’s open-banking push
The Financial Data Exchange (FDX) has applied with the Consumer Financial Protection Bureau to become a recognized standard-setting organization to facilitate data sharing under Section 1033 of the Dodd-Frank Act. The CFBP has stated that implementing Section 1033 will “accelerate a shift toward open banking, where consumers would have control over data about their financial […]
Mifflinburg Bancorp to buy Northumberland Bancorp in Pennsylvania
Mifflinburg Bancorp in Mifflenburg, Pa., has agreed to buy Northumberland Bancorp in Northumberland, Pa. The $567 million-asset Mifflinburg said in a press release that it will pay $34.2 million in stock for the $685 million-asset Northumberland Bancorp. The deal is expected to close in the first or second quarter of 2025. Mifflingburg said it will […]
Organizers of proposed Calif. bank change headquarters city
A group planning a bank in California has changed the location of the proposed de novo. Organizers of Elemi Bank have refiled an application with the Federal Deposit Insurance Corp. for the proposed bank, moving its headquarters to Encino from Burbank. The new application wasn’t immediately available. The original application, submitted in December, stated that […]
Northeast Bank in Maine buys $805 million loan portfolio
Northeast Bank in Portland, Maine, bought a large loan portfolio. The bank said in a press release that it acquired an $805 million portfolio that largely consists of commercial real estate loans. Northeast did not disclose the seller or the price it paid. Northeast said it plans to fund the loans with brokered deposits and […]
ESL Federal Credit Union agrees to buy Generations Bank in N.Y.
ESL Federal Credit Union in Rochester, N.Y., has agreed to buy Generations Bank in Seneca Falls, N.Y. The $9.2 billion-asset credit union said in a press release that it will pay Generations Bancorp about $26.2 million in cash for the $400 million-asset bank. The deal is expected to close in the second quarter or the […]
TowneBank to buy Village Bank and Trust in Virginia
TowneBank in Suffolk, Va., has agreed to buy Village Bank and Trust Financial in Midlothian, Va. The $17.1 billion-asset TowneBank said in a press release that it will pay $120 million in cash for the $748 million-asset Village Bank. The deal is expected to close in the first half of 2025. “We believe our partnership […]
Chain Bridge Bancorp in Virginia lines up initial public offering
Chain Bridge Bancorp in McLean, Va., is planning an initial public offering. The holding company for the $1.4 billion-asset Chain Bridge Bank said in a regulatory filing that it plans to list on the New York Stock Exchange. The size of the offering has yet to be determined. Proceeds will be used to repay borrowings […]
BNY to buy managed accounts software firm Archer
BNY in New York agreed to buy Archer, a company that provides cloud-based software for managed accounts. BNY said it expects to complete the deal in the fourth quarter. The price wasn’t disclosed. “Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer […]
Liberty Capital to buy Southwestern Bancorp in Texas
Liberty Capital Bancshares in Addison, Texas, has agreed to buy Southwestern Bancorp in Boerne, Texas. The transaction between the parent company of the $415 million-asset Liberty Capital Bank and the holding company for the $225 million-asset Texas Heritage Bank was announced by Performance Trust Capital Partners. Performance Trust advised Liberty Capital. The financial terms were […]
Silvergate Capital in California files for bankruptcy protection
Silvergate Capital, which voluntarily liquidated its bank, filed for Chapter 11 bankruptcy protection in Delaware. The holding company for the now-defunct Silvergate Bank in La Jolla, Calif., shut down amid the collapse of crypto exchange FTX. The decision to liquidate in March 2023 preceded the high-profile failures of Silicon Valley Bank, Signature Bank and First […]