Pulaski Savings in Chicago becomes first bank failure of 2025
Pulaski Savings Bank of Chicago is the first bank to fail in 2025. The $49.5 million bank was closed by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold the bank’s $42.7 million of deposits to Millennium Bank of Des Plaines, Ill. Millennium also […]
American Honda Finance to pay $12.8M to settle CFPB claims
American Honda Finance in Torrance, Calif., will pay $12.8 million to address claims by the Consumer Financial Protection Bureau that it inaccurately reported that 300,000 borrowers were delinquent when their payments were paused during the pandemic. The CFPB asserted that, because the payments were deferred, the accounts should have been reported as current. The company […]
Glenwood State Bank president leaving to take role at ICBA
The president of Glenwood State Bank in Glenwood, Minn., is leaving to take a job at the Independent Community Bankers of America. Peter Nelson, who is leaving the $556 million-asset bank on Feb. 7, will become the ICBA’s senior executive vice president of member engagement. Kari Nelson was named to succeed Peter Nelson as interim […]
WaFd exiting mortgage lending, discloses ‘needs to improve’ CRA rating
WaFd in Seattle is getting out of mortgage lending. The $27.7 billion-asset company said in a press release that it recorded a $5.4 million restructuring expense tied to exiting the single-family mortgage lending market. The move, expected to take place between now and June, will save WaFd about $17 million annually. WaFd will cut about […]
FDIC files lawsuit against Silicon Valley Bank execs, directors
The Federal Deposit Insurance Corp. filed a lawsuit against 17 former executives and directors of Silicon Valley Bank that alleges gross negligence and breaches of fiduciary duty tied to the bank’s March 2023 failure. The lawsuit, filed in U.S. District Court for the Northern District of California, is seeking billions of dollars from the defendants, […]
Block to pay at least $130M to resolve issue with CFPB
The Consumer Financial Protection Bureau ordered Block, which operates Cash App, to refund customers $75 million to $120 million and pay a $55 million fine to the bureau’s victims’ relief fund. The CFPB said in a press release that it had determined that Block had weak security protocols for Cash App that put users at […]
Capital One, BOK Financial working through systems outages
Some customers at Capital One Financial in McLean, Va., and BOK Financial in Tulsa, Okla., have experienced issues accessing their accounts. Capital One acknowledged following social media complaints that it had experienced a “tech outage” that impacted “a variety of functions.” Downdetector.com, a site that tracks user complaints about digital services, reported that 2,000 reports […]
First National Bank of Bellvue in Ohio begins CEO search
First Bancshares in Bellevue, Ohio, has begun a search for its next CEO. The parent company of the $306 million-asset First National Bank of Bellevue said that Dean Miller plans to retire as president by the end of this year. The company hired York and Associates to help find Miller’s successor. Miller plans to stay […]
Block to pay $80M fine, address BSA compliance concerns
Block will pay an $80 million fine to settle claims by 48 state regulators that the fintech behind Cash App violated the Bank Secrecy Act and anti-money laundering laws. The company will also take corrective action to address the violations, including hiring an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program. […]
Palmetto State Bank in S.C. selects insider as its new CEO
Palmetto State Bank in Hampton, S.C., has a new leader. The $597 million-asset bank promoted Andy Westbrook to serve as its CEO. Westbrook, who was president and chief operating officer, will remain president. “With a wealth of experience in financial management and strategic planning, Andy brings invaluable expertise to our leadership team,” the bank said […]
OCC fines three former Wells Fargo execs a total of $18.5 million
The Office of the Comptroller of the Currency has fined three former Wells Fargo executives an aggregate of $18.5 million tied to the San Francisco company’s 2016 fake-accounts scandal. The OCC fined Claudia Russ Anderson, Wells’ former community bank group risk officer, $10 million and issued her a lifetime ban from working in the banking […]
Franklin Financial in Pa. hires banking veteran as next CEO
Franklin Financial Services in Chambersburg, Pa., has selected its next CEO. The $2.2 billion-asset company disclosed in a regulatory filing that Craig Best had become its president. He will succeed the retiring Timothy Henry as CEO on April 29. Best, who stepped down as CEO at Peoples Financial Services last month, will join Franklin’s board. […]
JPMorgan Chase shifts exec roles ahead of Pinto’s retirement
JPMorgan Chase in New York is shuffling managerial chairs before Daniel Pinto retires. The company said in a press release that Pinto will step down as president and chief operating officer on June 30. He will remain vice chairman until he fully retires at the end of 2026. Jennifer Piepszak will become COO. She is […]
CFPB sues Capital One on claims it shorted depositors
The Consumer Financial Protection Bureau has accused Capital One Financial in McLean, Va., of illegally avoiding paying more than $2 billion in interest to customers who had its high-interest savings account. The CFPB, in a lawsuit filed in U.S. District Court for the Eastern District of Virginia, claimed that the $354 billion-asset company promised depositors […]
QCR Holdings in Ill. selects new president for its Guaranty Bank
Guaranty Bank has a new president. The $2 billion-asset bank, a unit of QCR Holdings in Moline, Ill., said in a press release that Becky Scorse had taken on the role. She will remain the bank’s chief lending officer. “Becky’s exceptional leadership and deep understanding of our market have been instrumental in Guaranty Bank’s growth […]
Mechanics Bank in Calif. removes ‘interim’ from CEO’s title
Mechanics Bank in Walnut Creek, Calif., has removed “interim” from its CEO’s title. The $17 billion-asset bank said in a press release that C.J. Johnson is its permanent president and CEO. The bank’s former chief financial officer, Johnson has been interim president and CEO since February 2024. “C.J. is a strong leader who knows our […]
Glacier in Montana to buy Bank of Idaho for $245 million
Glacier Bancorp in Kalispell, Mont., has agreed to buy Bank of Idaho Holding Co. in Idaho Falls. The $28.2 billion-asset Glacier said in a press release that it will pay $245.4 million in stock for the $1.3 billion-asset Bank of Idaho. The deal, which is expected to close in the second quarter, priced the seller […]
SouthState in Fla. enters sale-leaseback deal for 170 branches
SouthState in Winter Haven, Fla., entered into a sale-leaseback transaction involving 170 branches. The $65 billion-asset company, which recently bought Independent Bank in Texas, said in a press release that it will sell the locations to Blue Owl Real Estate Capital for $475 million. South State said it will report a $225 million pretax gain […]
CNB Financial to buy ESSA Bancorp in Pennsylvania
CNB Financial in Clearfield, Pa., has agreed to buy ESSA Bancorp in Stroudsburg, Pa. The $6.3 billion-asset CNB said in a press release that it will pay $214 million in stock for the $2.2 billion-asset ESSA. The deal, which is expected to close in the third quarter, priced ESSA at 99% of its tangible book […]
First Interstate in Montana to record larger-than-expected 4Q provision
First Interstate BancSystem in Billings, Mont., warned it will record a larger-than-expected loan-loss provision in the fourth quarter after recording a $49.3 million charge-off tied to a commercial-and-industrial loan. The company disclosed in a regulatory filing that it already had a $26.5 million specific reserve set up on Sept. 30 tied to the loan. The […]
Ally Financial announces layoffs, to exit mortgage lending
Ally Financial laid off hundreds of employees while also disclosing plans to fully exit mortgage lending. The company told multiple media outlets that the cuts amount to less than 5% of its workforce. Ally aims to shut down its mortgage lending operations during the first quarter. “We remain confident in our long-term strategy and our […]
Bank of Idaho to sell trust and wealth management division
Bank of Idaho in Idaho Falls has agreed to sell its trust and wealth management division to Idaho Trust Co. in Boise. The $1.3 billion-asset Bank of Idaho said the sale should close in the first quarter; the price wasn’t disclosed. The bank said the sale allows it to focus on its core business of […]
Central Bancshares in Iowa promotes insider as new CEO
Central Bancshares in Muscatine, Iowa, has a new leader. The parent of the $1.6 billion-asset CBI Bank & Trust said in a press release that Dwayne Sieck had become its president and CEO. Sieck, who was president of CBI Bank, also joined the company’s board. Sieck succeeded Gregory Kistler, who retired. “Dwayne’s strategic vision, passion […]
Next-gen leaders announced at investment bank Stephens
Stephens in Little Rock, Ark., is opting for two leaders as part of its succession plan. The family-owned investment bank said in a press release that brothers Miles Stephens and John Stephens have been named co-CEOs, succeeding their father, Warren Stephens. Their sister, Laura Brookshire, will chair the executive committee. Warren Stephens, who ran the […]
First Keystone in Pa. snags banking vet as next CEO
First Keystone in Berwick, Pa., has hired a veteran banker as its next CEO. The company disclosed in a regulatory filing that Jack Jones had become its chief operating officer. He will become president and CEO on Jan. 31 when Elaine Woodland retires. Jones was chief banking officer and a regional president at Penns Woods […]