Customers in Pa. replaces chief risk officer with Capital One executive
Customers Bancorp in West Reading, Pa., which was recently hit with an enforcement action, has a new chief risk officer. The $21 billion asset company said in a press release that Nick Robinson had taken over the role at its bank. It also created the new position of chief banking officer, which was filled by […]
Texas Capital to report 3Q loss following securities sales
Texas Capital Bancshares in Dallas continues to reshape its balance sheet. The $29.9 billion-asset company said in a press release that it bought a $400 million portfolio of committed exposure to the healthcare sector and sold $1.2 billion of securities at a $139 million after-tax loss. Texas Capital said it expects to report a net […]
QCR in Illinois to discontinue its equipment finance business
QCR Holdings in Moline, Ill., will stop offering new loans and leases through its equipment finance business. The $8.9 billion-asset company said in a press release that m2 Equipment Finance will continue to service its existing $360 million portfolio with a reduced staff. The majority of the portfolio should amortize over the next three years. QCR […]
Builtwell Bancorp in Tenn. to buy Bank of Cleveland parent
Builtwell Bancorp in Chattanooga, Tenn., has agreed to buy Bradley County Financial in Cleveland, Tenn. The $1.8 billion-asset parent of Builtwell Bank said in a press release that it plans to buy the holding company for the $352 million-asset Bank of Cleveland in the first quarter. The price wasn’t disclosed. Bank of Cleveland has four […]
ConnectOne to cross $10B of assets with First of Long Island deal
ConnectOne Bancorp in Englewood Cliffs, N.J., has agreed to buy The First of Long Island in Melville, N.Y. The $9.7 billion-asset ConnectOne said in a press release that it will pay $284 million in stock for the $4.2 billion-asset First of Long Island. The deal is expected to close in mid-2025. As part of the […]
REV FCU to buy First Neighborhood Bank in West Virginia
REV Federal Credit Union in Summerville, S.C., has agreed to buy First Neighborhood Bank in Spencer, W.Va. The $1.1 billion-asset credit union did not disclose the price it will pay for the $149 million-asset bank. “Our mission is growth with purpose,” Jason Lee, the credit union’s president and CEO, said in a press release. “This […]
Harker to step down as Philadelphia Fed president in June 2025
Patrick Harker will step down as president of the Federal Reserve Bank of Philadelphia next year. Harker, who has held the post since 2015, will relinquish the role in June. A search committee of six board members for the regional Fed bank, with help from Spencer Stuart, will look for his successor. Harker is the longest-serving […]
United Texas hit with C&D order over AML, virtual currency clients
United Texas Bank in Dallas is working under a cease-and-desist order after a Federal Reserve examination found “significant deficiencies” tied to foreign correspondent banking and virtual currency customers. Regulators said in the C&D that a May 2023 exam identified issues with the $1.1 billion-asset bank’s risk management and compliance with anti-money laundering laws and regulations. […]
Huntington signs 20-year sponsorship pact with Cleveland Browns
Huntington Bancshares in Columbus, Ohio, has agreed to a 20-year sponsorship deal that included naming rights to the Cleveland Browns stadium. The Browns said in a press release that the stadium was renamed Huntington Bank Field. Financial details were not disclosed. The $196 billion-asset Huntington will become the team’s official and exclusive banking partner. “The […]
De novo Four States Bank debuts in Missouri
Four States Bank in Carthage, Mo., has opened. The de novo raised the required $23.5 million in initial capital and opened on Aug. 26, according to the Federal Deposit Insurance Corp. The group applied with the FDIC in December, disclosing plans to open three branches. Jeffrey Williams, former Jopin, Mo., regional president and Guaranty Bank, […]
United in S.C. sells manufactured housing portfolio
United Community Banks in Greenville, S.C., sold most of its manufactured housing portfolio. The $27.1 billion-asset company said in press release that it sold a $318.2 million of loans to 21st Mortgage, a division of Clayton Homes. Including a roughly $11.5 million release of a reserve tied to the loans, transaction costs and other accounting influences, […]
Pittsfield Cooperative Bank agrees to absorb Arrha Credit Union
Arrha Credit Union in Springfield, Mass., has applied to merge into Pittsfield Cooperative Bank in Pittsfield, Mass. The National Credit Union Administration told multiple news outlets that it is reviewing an application for the proposed merger. “While we are unable to comment on specific bank transactions, we are always pleased to see FDIC-insured banking institutions […]
Gallatin Point buys 15% stake in Israel Discount Bank
Gallatin Point Capital bought a roughly 15% stake in Israel Discount Bank in New York. Gallatin paid about $150 million for the stake in the $12 billion-asset bank. Davis Polk advised on the transaction. Israel Discount Bank has offices in New York, Florida and California.
Mutual Federal, Pulaski Savings in Chicago plan merger
Mutual Federal Bancorp and Pulaski Savings Bank are planning to merge. The $99.8 million-asset Mutual Federal expects to absorb the $50.7 million-asset Pulaski Savings in the first quarter. Both are based in Chicago. “This transaction brings together two customer-centric and highly-respected institutions,” Stephen Oksas, Mutual Federal’s president, said in a press release. “Mutual Federal and Pulaski have […]
Fulton in Pa. laying off 111 people under branch closure plan
Fulton Financial in Lancaster, Pa., plans to lay off 111 people in conjunction with recently announced branch closings. The $31.8 billion-asset company disclosed the layoffs in a WARN notice filed earlier this month. The cuts will occur in November and December. Fulton disclosed in July that it planned to close 13 branches in New Jersey and […]
Georgia Heritage FCU hires outsider as new CEO
Georgia Heritage Federal Credit Union in Savannah has a new leader. The $149 million-asset credit union said in a press release that it hired Matt Selke as its president and CEO. Selke, who was CEO of Pinnacle Credit Union in Atlanta, will succeed Dale Taratuta, who is retiring at the end of this month. Georgia […]
Pathward to sell commercial insurance premium finance business
Pathward Financial in Sioux Falls, S.D., has agreed to sell its commercial insurance premium finance business to AFS IBEX Financial Services. The $7.5 billion-asset Pathward said in a press release said that AFS, a unit of Honor Capital Holdings, will pay a $31.2 million premium on top of the net asset value of the assets, […]
Bridgewater to buy First Minnetonka City Bank in Minnesota
Bridgewater Bancshares in St. Louis Park, Minn., has agreed to buy First Minnetonka City Bank in Minnetonka, Minn. The $3.7 billion-asset Bridgewater said in a press release that it will pay cash for the $242 million-asset First Minnetonka City Bank. The deal is expected to close in the fourth quarter. First Minnetonka City Bank has […]
Northwest FCU buys naming rights to Washington Commanders stadium
Northwest Federal Credit Union in Washington, D.C., has acquired the naming rights for the Washington Commanders stadium. The $4.6 billion-asset credit union and the NFL team did not disclose the financial details of the eight-year deal. Northwest, in 2023, became the Commanders’ official credit union partner. The announcement comes days after Umpqua Bank, a unit […]
U.K. bank OakNorth approved to open U.S. representative office
Regulators approved an application by OakNorth Bank Plc in London to open a representative office in New York. The office “would act as a liaison with current and prospective U.S. customers of the bank,” the Fed said in its order approving the office. ‘It would promote and market the bank’s products and services, perform back-office […]
Louisiana mutual to convert to stock-owned company
Mutual Savings and Loan Association in Metairie, La., plans to raise up to $8.2 million by converting to a stock-owned company. Magnolia Bancorp is offering 616,250 to 833,750 shares of common stock at $10 each. The company could sell up to 958,813 shares if there is sufficient demand. Net proceeds could range from $4.8 million […]
Digital banking startup Linker Finance raises $3.7M in seed financing
Linker Finance, a Pasadena, Calif., company that offers mobile and online banking services to community banks, raised $3.7 million in seed financing. The startup said in a press release that the funding round was led by Ten One Ten Ventures and Chingona Ventures. Other participants included Audaz Capital, Techstars, Commerce Ventures, Bank of Brodhead, and Angeles […]
FDIC gives conditional approval to proposed Gala Bank in Florida
The Federal Deposit Insurance Corp. has given conditional approval to another proposed Florida bank. Organizers of the planned Gala Bank in Ocala, Fla., must raise $11 million in capital before the bank can open. They filed their application in April 2023. A public notice tied to the original application listed 13 organizers: Dennis Baxley, Larry […]
First Busey to buy CrossFirst Bankshares for $917 million
First Busey in Champaign, Ill., has agreed to buy CrossFirst Bankshares in Leawood, Kan. The $12 billion-asset First Busey said in a press release that it will pay $916.8 million in stock for the $8 billion-asset CrossFirst. The deal is expected to close in the first half of 2025. “The partnership between our high-quality franchises […]
Happy Money hires former Sunlight Financial leader as its CEO
Happy Money, which provides unsecured lending services to credit unions, has a new CEO. The company said in a press release that it hired Matt Potere. He was CEO of Sunlight Financial, which provides loans for clean energy projects. “Matt is a seasoned leader with deep experience in end-to-end digital lending, which will bring considerable […]