Community Bank Holdings in Texas to buy CapTex Bancshares
Community Bank Holdings of Texas in Corsicana has agreed to buy CapTex Bancshares in Fort Worth, Texas. Community Bank Holdings, the parent of the $1.3 billion-asset Community National Bank & Trust of Texas, expects to complete its purchase of the holding company for the $344.5 million-asset CapTex Bank in the second quarter. The price wasn’t […]
Anchor State in Illinois promotes insider to become CEO
Anchor State Bank in Anchor, Ill., has a new CEO. The $56.4 million-asset bank announced on LinkedIn that its board had named Chris Crider to succeed Jim Eckert. Crider has been the bank’s president since January 2024. Eckert, who had been CEO since 1979, will serve as a part-time executive vice president until his retirement. […]
Fintech-focused group in Texas selects new CEO
Bankers Helping Bankers, a fintech-focused group affiliated with the Independent Bankers Association of Texas, has a new CEO. Matthew Smith was named to lead the group, which provides a variety of resources for community banks. “Matthew Smith has been an instrumental leader in building Bankers Helping Bankers into what it is today,” Dave Mayo, the […]
CFPB sues Vanderbilt Mortgage for alleged risky lending practices
The Consumer Financial Protection Bureau has filed a lawsuit against Vanderbilt Mortgage and Finance in Maryville, Tenn., alleging risky lending practices tied to manufactured home sales. The bureau claimed in a press release that Vanderbilt, a unit of Berkshire Hathaway subsidiary Clayton Homes, had a business model that “ignored clear and obvious red flags that […]
Reading Co-operative, Wakefield Co-operative in Mass. to merge
Reading Co-operative Bank in Reading, Mass., and Wakefield Co-operative Bank in Wakefield, Mass., are planning to merge. The surviving bank will operate as Reading Co-operative and will be led by Julieann Thurlow, the $922 million-asset Reading Co-operative’s president and CEO. Jeffrey Worth, the $313 million-asset Wakefield Co-operative’s president and CEO, will serve as president. “We […]
Finastra hires former Avantax CEO as next leader
Finastra has a new leader. The U.K. company, which provides financial services software applications, said in a press release that Chris Walters had become its CEO. Walters, who was CEO of Pluralsight and Avantax, succeeded Simon Paris. “I’m excited to join Finastra at this pivotal moment in its journey and am impressed by the significant […]
UKG hires banking veteran to lead proposed national trust bank
UKG, a company that focuses on human resources, payroll and workforce management, has hired a veteran banker to lead its proposed national trust bank. Nancy Graves shared on her LinkedIn profile that she had been hired as the proposed bank’s president. UKG had actively sought to fill the role by posting on several job search […]
Cogent Bancorp in Florida raises $6.6M through private placement
Cogent Bancorp in Orlando, Fla., has raised nearly $6.6 million. The parent of the $1.9 billion-asset Cogent Bank completed a private placement of common stock on Jan. 2, according to data compiled by Performance Trust Capital Partners. The data did not include the amount of stock sold, the pricing, or the investors.
KeyCorp sets up rewards pool for top execs after Scotiabank investment
KeyCorp in Cleveland granted five executives, including CEO Chris Gorman, a total of $16.7 million in performance-based equity awards that will vest in two years. The company disclosed in a regulatory filing that the executives will receive the awards if it meets capital requirements and earnings goals. Gorman would receive nearly $7.6 million in equity […]
Peoples Savings in Ohio selects insider as its new CEO
The Peoples Savings Bank in Urbana, Ohio, has a new CEO. The $159.8 million-asset bank said in a press release that Marsha Bumgardner had also become its president. Bumgardner, who was a senior vice president and has been at the bank since 1997, succeeded Brian Nicol.
Bogota in N.J. uses sale-leaseback to offset hit from securities sales
Bogota Financial in Teaneck, N.J., used proceeds from a sale-leaseback transaction to offset the costs of selling underwater securities. The $979 million-asset company said in a press release that it sold three branches to Mountainseed Real Estate Services for a $9 million pretax gain. Bogota said it will cost $1 million to rent the branches […]
Great Southern in Mississippi promotes CFO to lead bank
Great Southern Bank in Meridian, Miss., has a new CEO. The $338 million-asset bank also named Steven Cooksey to serve as its president. Cooksey, who joined the bank in 2015, was chief financial officer and chief operating officer.
Amerant in Florida sells residential mortgage loans at $12.6 million loss
Amerant Bancorp in Coral Gables, Fla., sold a portfolio of mortgages at a $12.6 million loss. The company disclosed in a regulatory filing that it sold 323 investment property, residential mortgage loans to Temple View Capital Funding and TVC Funding VII for $58.9 million in cash. The loans had an outstanding principal balance of $71.4 million. […]
MVB in West Virginia to book $11.8M gain from sale-leaseback transaction
MVB Financial in Fairmont, W.Va., entered into a sale-leaseback transaction tied to four properties. The company disclosed in a regulatory filing that it sold the properties to Mountainseed Real Estate Services for $17.6 million, or a pretax gain of $11.8 million. MVB then signed a 15-year lease for the properties, with three five-year renewal options. […]
Honesdale National in Pennsylvania promotes insider as new CEO
Honesdale National Bank in Honesdale, Pa., has a new leader. The $1 billion-asset bank posted on its website that Kate Bryant had become its president and CEO. Bryant, who has worked at the bank for more than 20 years, succeeded Thomas Sheridan, who retired. She was the bank’s CFO.
Gesa Credit Union forms military-focused digital bank
Gesa Credit Union in Richland, Wash., has created a digital bank for military veterans. The credit union said in a press release that it worked with Nymbus to launch ValorFI Heroes. The platform is also available to educators, healthcare workers, first responders, and law enforcement officers. The platform offers savings accounts, money market accounts and […]
Employer.com buys Bench days after accounting fintech shut down
Employer.com, a human resources firm, bought Bench Accounting days after the fintech’s shutdown. Employer.com said in a press release that the acquisition reflects a commitment to expanding its portfolio of services and adding value to small business owners. Financial terms were not disclosed. The deal closed on Jan. 1 on the heels of Bench’s Dec. […]
Banking veteran Steven Sugarman named president of Patriot National
Patriot National Bancorp in Stamford, Conn., has hired Steven Sugarman as its president. The company, which had recently announced a plan to evaluate its strategic options, disclosed in a regulatory filing that Sugarman had taken on the role, effective immediately. Sugarman “is well suited to successfully lead the company’s strategic restructuring,” the filing said. “This […]
American Savings in Hawaii sold to investor group for $405 million
Hawaiian Electric Industries sold a 90.1% stake in American Savings Bank in Honolulu to a group of investors. The stake in the $9.3 billion-asset bank was sold for $405 million in cash. Hawaiian Electric said in a press release that it retained a 9.9% stake. The bank will continue to be led by its management […]
Taylor Bank in Maryland selects insider as next leader
Taylor Bank in Berlin, Md., has a new CEO. The $1 billion-asset bank said in a post on its website that Dean Lewis had also become its president. Lewis, who was the bank’s chief financial officer, succeeded Ray Thompson, who had held both roles for the past 16 years. Lewis joined the bank in 2012. […]
Community Bancorp in Vermont taps new CEO
Community Bancorp in Derby, Vt., has a new CEO. The company said in a press release that Christopher Caldwell will also become its president on Jan. 1. Caldwell, who is a president of Community Bancorp’s bank, will succeed Kathy Austin, who will remain on the board. Caldwell joined the company in 2021.
Atlanta Postal Credit Union to withdraw application to buy Ga. bank
Atlanta Postal Credit Union and Affinity Bank in Covington, Ga., have called off their planned merger. The credit union agreed in May to buy the $870 million-asset bank unit of Affinity Bancshares for $22.50 a share in cash in a deal that was expected to close by the first quarter of 2025. The boards of […]
Zeal Credit Union agrees to buy Gegebic Range Bank in Michigan
Zeal Credit Union in Livonia, Mich., has agreed to buy Gegebic Range Bank in Ironwood, Mich. The $839 million-asset Zeal said in a press release that it will pay an undisclosed amount of cash to West End Financial. The deal is expected to close in the third quarter. “Gogebic is a well-managed bank, and we look […]
First Carolina in N.C. raises $45 million in private placement
First Carolina Financial Services in Rocky Mount, N.C., has raised $45.4 million. The $3.2 billion-asset company sold common stock through a private placement, according to data compiled by Performance Trust Capital Partners. The pricing, shares sold and investors were not disclosed. First Carolina agreed earlier this year to buy BM Technologies in Radnor, Pa., for […]
Skowhegan Savings in Maine lines up next CEO
Skowhegan Savings Bank in Skowhegan, Maine, will soon have a new leader. Dan Tilton was named the $850 million-asset bank’s president, succeeding David Cyr. He will also replace Cyr as CEO on Dec. 31. Tilton is the bank’s executive vice president of sales and customer relations. Cyr, who joined the bank in 2005, has been […]