Old Second to buy five Chicago-area branches from First Merchants
Old Second Bancorp in Aurora, Ill., has agreed to buy five Chicago-area branches from First Merchants in Muncie, Ind. The $5.7 billion-asset Old Second said in a press release that it will gain $304 million of deposits and $12 million of loans. The company will pay a 7.5% deposit premium, or roughly $23 million, in […]
La Plata Bancshares in Texas raises $10.9M via private placement
La Plata Bancshares in Hereford, Texas, raised $10.9 million. The $283 million-asset company completed a private placement of common stock on Aug. 20, according to a regulatory filing. The total offering amount was $12 million, meaning that about $1.1 million of shares were not sold.
Merchants & Marine in Miss. hires banking vet as bank’s brand CEO
Merchants & Marine Bancorp in Pascagoula, Miss., has hired a veteran banker to serve as brand president and CEO of its bank. The $687 million-asset company said in a press release that it recruited Paige Oliver to fill the newly created role. Oliver was president and CEO of the Bank of Oak Ridge in Oak […]
Alabama group applies to form Solutions Plus Bank
A group in Albertville, Ala., has applied to form a new bank. Organizers are planning Solutions Plus Bank, according to a legal notice tied to an application with the Federal Deposit Insurance Corp. The application wasn’t immediately available. The notice listed 13 organizers: John Weathers, Myra Pierce, Thomas Carroll, Susan Armstrong, Tony Cochran, Jeannie Courington, […]
Columbia Financial in N.J. to merge its two banks
Columbia Financial in Fair Lawn, N.J., is planning to merge its banks. The $10.8 billion-asset company said in a press release that the Office of the Comptroller of the Currency approved its application to merge its Freehold Bank into Columbia Bank. The transaction is expected to close on Oct. 5.
OP Bancorp in Los Angeles lines up next CEO
OP Bancorp in Los Angeles will have a new CEO next year. The $2.3 billion-asset company said in a press release that Sang Oh will also become its president after its June 2025 annual meeting. Oh, the company’s chief credit officer, will succeed Min Kim, who will retire. She will become chairman after she retired, […]
RBB Bancorp freed from BSA/AML-related consent order
RBB Bancorp in Los Angeles has been freed from an October 2023 consent order. The $3.9 billion-asset company and its bank were required by the Federal Deposit Insurance Corp. and the California Department of Financial Protection and Innovation to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance. “Our directors and […]
TD Bank sells Schwab shares to offset hit from BSA/AML issues
TD Bank Group in Toronto has reduced its stake in Charles Schwab Corp. as it looks to offset costs tied to addressing Bank Secrecy Act and anti-money laundering compliance. The company said in a press release that it sold 40.5 million shares of Schwab common stock, lowering its stake in the brokerage firm from 12.3% […]
U.S. Bancorp buys fintech Salucro Healthcare Solutions
U.S. Bancorp in Minneapolis has acquired healthcare fintech Salucro Healthcare Solutions in Tempe, Ariz. The $680.1 billion-asset U.S. Bancorp said in a press release that the deal closed on Wednesday. The price wasn’t disclosed. Salucro, founded in 2004, specializes in patient payments and billing. U.S. Bancorp first invested in Salucro in 2022; the fintech’s platform […]
Virginia Association of Community Banks selects next CEO
The Virginia Association of Community Banks has a new leader. The association said in a press release that Corey Connors had become its president and CEO. Connors was executive director for the Virginia Forestry Association. “Corey’s strategic drive and his long, distinguished career in the association management community make him the perfect choice to further […]
Cornerstone Bank to buy Bank of Orchard in Nebraska
Cornerstone Bank in York, Neb., has agreed to buy Bank of Orchard in Nebraska. The $2.7 billion-asset Cornerstone said in a press release that it expects to buy the $35 million-asset Bank of Orchard in the fourth quarter. The price wasn’t disclosed. Bank of Orchard has $30 million of deposits and $9 million of loans. […]
Proposed business-focused Calif. bank secures state regulator approval
Organizers of a proposed community bank in California have received conditional approval from the California Department of Financial Protection and Innovation. The proposed Altos Bank would be based in Los Altos and focus on small businesses. “We are thrilled to receive the approval … and embark on this exciting journey,” Steven Chang, Altos […]
Investor group buys Monterey County Bank, hires new CEO
PCB Financial in Costa Mesa, Calif., has acquired Northern California Bancorp in Monterey. PCB, a group formed for the purpose of buying the parent company of the $197 million-asset Monterey County Bank, did not disclose the price it paid. Bill Wilson was named the bank’s CEO. He was chief risk officer at Nano Banc. “This […]
U.S. Bancorp to offer co-branded products to Edward Jones clients
U.S. Bancorp in Minneapolis has created a strategic partnership to offer co-branded products to Edward Jones clients. The $680.1 billion-asset U.S. Bancorp, beginning in late 2025, will offer deposit and credit card products to the brokerage firm’s 8 million clients. Edward Jones already has a card-issuing relationship with U.S. Bancorp’s Elan division. Edward Jones has […]
Wells Fargo sells most of CRE mortgage-servicing business
Wells Fargo in San Francisco has agreed to sell the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont in Atlanta. The $1.9 trillion-asset Wells Fargo said in a press release that the sell should close early next year. The price wasn’t disclosed. Wells Fargo said it will continue servicing agency/government-sponsored enterprise […]
Texas bank in dispute with OCC to recapitalize, bring in new executives
Industry Bancshares in Industry, Texas, which has been embroiled in a battle with one of its regulators, is being recapitalized. The $5.1 billion-asset company said in a press release that it is raising $195 million by selling common stock to a group led by CSBH LLC. The lead investor is the holding company of New […]
Proposed BankMiami gets conditional approval from FDIC
A proposed bank in Miami has received conditional approval from the Federal Deposit Insurance Corp. Organizers of BankMiami must raise $31.3 million before opening the bank, according to the FDIC’s approval. Florida’s Office of Financial Regulation signed off on BankMiami in July, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers submitted […]
Former CEO of failed Kansas bank sentenced to 24 years in prison
The former CEO of the failed Heartland Tri-State Bank has been sentenced to over 24 years in prison. The U.S. Attorney’s Office in Wichita said that Shan Hanes was sentenced to 293 months in prison Monday after pleading guilty in May to one count of embezzlement by a bank officer. Hanes had been accused of embezzling […]
U.S. Eagle FCU to buy Southwest Capital Bank in N.M.
U.S. Eagle Federal Credit Union in Albuquerque, N.M., has agreed to buy Southwest Capital Bank in Albuquerque. The $1.5 billion-asset U.S. Eagle did not disclose how much it will pay to buy the $434 million-asset Southwest Capital. The deal is expected to close in the second quarter. U.S. Eagle said the deal will help it […]
Monzo hires adviser to serve as U.S. CEO
Monzo has hired one of its advisers to run its U.S. bank. The U.K. neobank said that Carol Nelson will serve as U.S. CEO tasked with overseeing expansion in the market. Nelson has years of banking experience, including serving and president and CEO of Cascade Bank. Monzo recently raised nearly $65 million from a group […]
Freedom Bank, BCBank in West Virginia apply for merger of equals
Freedom Bancshares in Belington, W.Va., and Appalachian Financial in Philippi, W.Va., have filed the application for their planned merger of equals. Freedom, the parent of the $204 million-asset Freedom Bank, and the holding company for the $217 million-asset BCBank agreed to merge in April. The deal is expected to close in the fourth quarter; the […]
Spokane Teachers Credit Union to buy Community Bank in Wash.
Spokane Teachers Credit Union in Washington has agreed to buy Community Bank in Joseph, Ore. The $6.4 billion-asset STCU said in a press release that it expects to buy the $550 million-asset bank early next year. The price wasn’t disclosed. STCU plans to keep all Community Bank employees. Community Bank is the 16th bank to […]
SB Financial to buy Marblehead Bancorp in Ohio
SB Financial Group in Defiance, Ohio, has agreed to buy Marblehead Bancorp in Marblehead, Ohio. The $1.3 billion-asset SB Financial said in a press release that it will pay $5 million in cash for the $58.3 million-asset Marblehead. The deal is expected to close in the fourth quarter. Marblehead has two full-service branches […]
KeyCorp selling big stake to Scotiabank
KeyCorp in Cleveland agreed to sell a 14.9% stake in itself to The Bank of Nova Scotia for about $2.8 billion. The investment should increase Key’s CET1 capital ratio by 195 basis points to 12.4% and its tangible book value per share by more than 10%. Key said it intends to evaluate repositioning its available-for-sale […]
Customers in Pa. hires former TD exec to step up BSA, AML compliance
Customers Bancorp in West Reading, Pa., which just received an enforcement action requiring it to improve Bank Secrecy Act and anti-money laundering compliance, just hired a chief compliance and AML officer. The $22 billion-asset company said in a press release that Allen Love will lead its bank’s enterprise-wide compliance program, “ensuring it continues to evolve […]