Silvergate, former CEO pay fines to settle claims they misled investors
Silvergate Capital in La Jolla, Calif., and its bank will pay $63 million in penalties to settle claims it misled shareholders about the strength of its Bank Secrecy Act and anti-money laundering compliance. Silvergate was fined by the Federal Reserve and the California Department of Financial Protection and Innovation. Separately, the Securities and Exchange Commission […]
Amerant in Fla. shares more details on sale of Houston operations
Amerant Bancorp in Coral Gables, Fla., shared more information on the pending sale of its Houston operations. The $9.8 billion-asset company agreed in April to sell five branches, $576 million of deposits and $529 million of loans to MidFirst Bank in Oklahoma City in a deal expected to close by the end of this year. […]
Southern Bankshares in Ga. raises $19M from private placement
Southern Bankshares in Claxton, Ga., which was sold to an investor group last year, raised $19.1 million through a private placement. The $170 million-asset company sold common stock on June 27, according to data compiled by Performance Trust Capital Partners. The data did not include the number of shares sold, pricing, or the investors. An […]
How Independent Bank in Texas Went from Buyer to Seller
Merger talks between SouthState in Winter Haven, Fla., and Independent Bank Group in McKinney, Texas, were briefly halted in February to allow South State to respond to a cybersecurity incident. The $46 billion-asset SouthState agreed on May 17 to buy the $18.9 billion-asset Independent for $2 billion in one of the biggest bank deals announced […]
Patelco CU in California dealing with ‘serious security’ incident
Patelco Credit Union in Dublin, Calif., had to shut down some day-to-day banking systems in response to a cyberattack. The $9 billion-asset credit union informed members that it has been dealing with a “serious security” incident. Patelco said it has been working with cybersecurity teams over the past few days to resolve the issue and […]
Webster Financial, Marathon form private credit joint venture
Webster Financial in Stamford, Conn., and Marathon Asset Management in New York have formed a private credit joint venture. The $76 billion-asset Webster and Marathon will provide direct lending solutions to sponsor-backed middle-market companies, pairing Marathon’s asset management experience with the bank’s products and services. Financial terms were not disclosed. “Both companies possess deep private […]
Brazilian investment bank agrees to buy M.Y. Safra Bank in NY
Brazilian investment bank BTG Pactual has agreed to buy M.Y. Safra Bank in New York. BTG Pactual did not disclose how much it will pay for the $404 million-asset M.Y. Safra Bank. M.Y. Safra Bank has $275 million of loans. The acquisition “is another step in expanding our product and service offerings to our Latin […]
Thumb Bancorp to buy Freeland State Bank in Michigan
Thumb Bancorp in Pigeon, Mich., has agreed to buy Freeland State Bank in Freeland, Mich. The $617.1 million-asset Thumb will pay an undisclosed amount of cash for the $54 million-asset Freeland, according to a notice issued by Hovde Group, which represented the buyer. Freeland has one branch, $45 million of deposit and just $2 million […]
Thread Bank is latest BaaS provider to receive enforcement action
Thread Bank in Rogersville, Tenn., has been dealt an enforcement by the Federal Deposit Insurance Corp. The $723 million-asset bank’s consent order instructs management and the board to address concerns over compliance with the Bank Secrecy Act and anti-money laundering laws, third-party risk management, and liquidity management, among other things. Thread, which is a Banking-as-a-Service […]
First Kentucky Bank president to also serve as CEO
First Kentucky Bank in Mayfield didn’t have to look too far to find its next CEO. The $575 million-asset said in a press release that Will Hayden will take on the new role on July 1. He will remain president, a post he filled last year. ” I look forward to leading a great staff […]
Mutuals Ion Bank in Conn., NVE Bank in N.J. plan to merge
Ion Financial in Naugatuck, Conn., and NVE Bancorp in Englewood, N.J., have agreed to merge. The mutual holding companies said in a press release that Ion, the parent of the $2.1 billion-asset Ion Bank, will absorb the $600 million-asset NVE Bank. The other terms of the deal were not disclosed. NVE Bank will be operated […]
Chime buys employee rewards fintech Salt Labs
Chime in San Francisco has acquired Salt Labs, which provides incentive programs for businesses and employee rewards. The Salt Labs team, led by founder and CEO Jason Lee, and its offerings will become a part of Chime. Chime also said it will gain immediate access to Salt Labs’ enterprise client relationships. Lee will lead a […]
Bank of North Dakota begins search for new CEO
The Bank of North Dakota, the only state-owned bank in the U.S., is looking for a new leader. Todd Steinwand resigned as the bank’s president and CEO, effective July 2. He took over the top post in July 2021. Rob Pfennig, the bank’s chief financial officer, was named interim president and CEO, while a search […]
Hustisford State Bank in Wisconsin names its next CEO
Hustisford State Bank in Wisconsin has a new CEO. The $80 million-asset bank said in a press release that Tanya Ewert will also remain its chief financial officer. Ewert’s “journey from within the ranks to the helm of the organization is a testament to her unwavering passion for our town and its residents,” the bank […]
Merchants National in Ohio selects insider as next president
Merchants National Bank in Hillsboro, Ohio, has a new president. The $1.3 billion-asset bank said in a press release that Denise Fauber had taken on the role. She succeeded Paul Pence, who remains chairman and CEO. Fauber will remain chief operating officer. “Denise’s leadership and guidance to translate strategy into actionable steps for growth are […]
Bank Midwest in Iowa launches digital bank with healthcare focus
Bank Midwest in Spirit Lake, Iowa, has formed a digital bank to focus on the healthcare industry. The $1.3 billion-asset bank debuted OnePlace.bank after working with Finastra on the project. Bank Midwest said the digital bank represents “a natural progression” of its OnePlace Capital business, which serves dental, medical and veterinary practices. The digital bank […]
Evolve Bancorp confirms cyberattack
Evolve Bancorp in West Memphis, Ark., confirmed that it was the victim of a cyberattack. The $1.6 billion-asset company, which was recently hit with an enforcement action from the Federal Reserve, announced on social media that “a known cybercriminal organization” had released “illegally obtained” data. “We take this matter extremely seriously and are working tirelessly […]
United Fidelity in Indiana hit with C&D order from Fed
United Fidelity Bank in Evansville, Ind., and its parent companies are now operating under a cease-and-desist order from the Federal Reserve. The C&D order is tied to the $6.4 billion-asset bank’s capital planning, risk management, contingency funding and oversight by senior executives and directors. United agreed to file a strategic plan for addressing the issues within […]
Funding Circle to sell U.S. business to Ready Capital subsidiary
Funding Circle has agreed to sell its U.S. business to iBusiness Funding, a unit of Ready Capital. The U.K. company said in a press release that it will sell the business for about $41.7 million in cash. The deal includes all loan portfolios; Funding Circle expects to generate a $12.6 million gain from the sale. […]
Heritage Financial in Wash. finalizing CEO succession
Heritage Financial in Olympia, Wash., will soon have a new president. The $7.1 billion-asset company said in a press release that Bryan McDonald will also become CEO of its bank on July 1. He will succeed Jeffrey Deuel, who will remain the company’s CEO until May 2025 when he will take on an advisory role. McDonald has […]
OCC aims to require recovery planning standards from more banks
The Office of the Comptroller of the Currency wants to expand its guidelines for recovery planning standards to more banks. The agency, in a notice of proposed rulemaking, said it wants to expand the application of enforceable guidelines to include banks with at least $100 billion of assets. The current cutoff is $250 billion. Acting […]
PeoplesBancorp, SSB Community in Mass. to merge MHCs
PeoplesBancorp in Holyoke, Mass., and SSB Community Bancorp in Spencer, Mass., have agreed to merge their mutual holding companies. PeoplesBancorp is the MHC for the $4.2 billion-asset PeoplesBank, while SSB Community Bancorp is the parent of the $1.6 billion-asset Cornerstone Bank. The banks expect to operate independently, under separate names and brands “for the foreseeable […]
GM withdraws application to form industrial bank in Utah
General Motors Financial has withdrawn its application to form an industrial bank and receive deposit insurance. The captive finance unit of General Motors submitted its applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions in late 2020. The state regulator approved GM Financial Bank’s application earlier this month. “GM Financial […]
Greenback Fincorp in Texas raises $2M through private placement
Greenback Fincorp in Austin, Texas, raised $2 million through a private placement. Greenback, the holding company for the $310 million-asset Austin Capital Bank, sold common stock on June 21 as part of the offering, according to data compiled by Performance Trust Capital Partners. Performance Trust did not list the amount of shares sold, pricing, or […]
FDIC approves Thrivent’s plan to form industrial bank and absorb its credit union
The Federal Deposit Insurance Corp. approved a plan by Thrivent Financial for Lutherans to obtain deposit insurance and merge its credit union into a newly created bank. Thrivent had applied for form Thrivent Bank, a proposed industrial bank based in Salt Lake City. Thrivent plans to merge Thrivent Federal Credit Union in Appleton, Wis., into […]