Riverview in Washington hires credit union exec as next CEO
Riverview Bancorp in Vancouver, Wash., will soon have a new CEO. The $1.5 billion-asset company said in a press release that Nicole Sherman will also become president on July 1. She will also join Riverview’s board. Sherman was chief operating officer at Utah First Federal Credit Union. “With over 25 years of proven experience growing […]
Community Partners to merge with Guardian Savings in Illinois
Community Partners Savings Bank in Salem, Ill., has agreed to buy Guardian Savings Bank in Granite City, Ill. The $249 million-asset Community Partners said in a press release that it expects to buy the $32.4 million-asset Guardian this fall. The price wasn’t disclosed. “The best strategy to keep community banks alive and strong in small […]
Atlanta fintech Momnt taps next CEO after raising capital
Momnt, an Atlanta fintech that specializes in real-time lending and payment solutions, has a new CEO. The fintech said in a press release that it had promoted Chris Bracken, previously its chief revenue officer, to the top position. The move follows capital investments from Saluda Grade Ventures, Rockefeller Asset Management and TruStage Ventures. Bracken succeeded […]
FDIC approves proposals for resolution plans, faster merger approvals
The Federal Deposit Insurance Corp. approved a proposal that adjusts how banks submit resolution plans. The FDIC created two tiers based on a bank’s asset size – each tier has its own set of requirements. Banks with more than $100 billion of assets must provide full “living wills” that include comprehensive resolution strategies, valuation analysis, […]
Citi invests in Numerated as part of broader collaboration
Citigroup has invested in commercial lending platform Numerated. Citi will also engage Numerated to provide a financial spreading solution for the bank’s enterprise lending operations. The companies did not disclose the amount of the investment, which was made through Citi’s markets strategic investments unit. The investment “underscores our dedication to driving innovation on a global […]
Apple abandons BNPL product Apple Pay Later
That didn’t last long. Apple announced that it is abandoning Apple Pay Later roughly a year after introducing the program. The company said in a statement that its customers using Apple Pay will be able to apply for installment loans through credit cards, debit cards and lenders later this year. “With the introduction of this […]
Fintech Unit laying off 15% of its staff
Unit is laying off 15% of its staff. Itai Damti, the embedded finance fintech’s co-founder and CEO, announced the cuts in a post. “We believe that our company needs to think in longer time frames,” Damti said. “Banks in the fintech ecosystem have slowed down in the last year due to increased regulatory scrutiny,” he […]
Regulatory delays lead Louisiana banks to call off merger
MC Bancshares in Morgan City, La., and Heritage NOLA Bancorp in Covington, La., have called off their planned merger. The $454 million-asset MC Bancshares agreed in July 2023 to buy the $171 million-asset Heritage NOLA in a roughly $6.5 million deal that was supposed to close by the end of last year. MC Bancshares withdrew […]
ABCT Holdings in Texas raises $3 million via private placement
ABCT Holdings in Woodway, Texas, raised $3.1 million through a private placement. The parent company of the $954 million-asset Alliance Bank Central Texas raised the capital by selling common stock, according to data compiled by Performance Trust Capital Partners. The number of shares sold, pricing, and investors wasn’t disclosed.
Oakwood in Texas Nixed 11th-hour Offer to Finalize Sale to Business First
An eleventh-hour offer by an unnamed bank failed to sway the board of Oakwood Bancshares in Oakwood, Texas, from agreeing to sell to Business First Bancshares in Baton Rouge, La. The privately held bank sent an offer to the $843 million-asset Oakwood two days before its exclusivity period with the $6.7 billion-asset Business First was […]
Canada’s VersaBank gets one step closer to buying U.S. bank
VersaBank in Ontario, Canada, received approval from the Office of the Comptroller of the Currency to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business. The Fed recently approved the proposed acquisition. VersaBank said […]
Fed orders Evolve Bank in Ark. to improve oversight of fintech partners
Evolve Bancorp in West Memphis, Ark., which is embroiled in legal wrangling tied to the bankruptcy of Banking-as-a-Service middleware firm Synapse, is now dealing with an enforcement action from the Federal Reserve. The Fed said in a press release that the cease-and-desist order addresses deficiencies in the $1.6 billion-asset bank’s anti-money laundering, risk management and […]
First Interstate in Montana begins search for next CEO
First Interstate BancSystem in Billings, Mont., has begun a search for its next CEO. The $30 billion-asset company said in a press release that Kevin Riley also plans to retire as president after a successor is hired. The board retained an executive recruiting firm to handle the search. Riley joined First Interstate in 2013; he […]
AmeriServ buying out investor to resolve longstanding activist challenge
AmeriServ Financial in Johnstown, Pa., has reached a truce in a longstanding battle with an activist investor. The $1.4 billion-asset company said in a press release that it signed a cooperation and settlement agreement with Driver Opportunity Partners. Driver agreed to scrap plans to nominate director candidates at AmeriServ’s annual meeting and to […]
Monroe Federal in Ohio plans to convert to stock-owned company
Monroe Federal Savings and Loan Association in Kipp City, Ohio, is planning to convert to a stock-owned company. The $155 million-asset mutual said in a prospectus that it plans to sell 510,000 to 793,000 shares of stock in Monroe Federal Bancorp at $10 a share. Net proceeds would likely range from $3.7 million to $6.5 […]
Blue Ridge in Va. raises more capital selling shares on long-time director
Blue Ridge Bankshares in Charlottesville, Va., is bringing in a little more capital after selling shares to a long-time investor. The $3.1 billion-asset company disclosed in a regulatory filing that it sold common stock, preferred stock, and a warrant to buy more preferred shares to Richard Spurzem for gross proceeds of $11.6 million. Spurzem, who […]
Financial reporting fintech InScope raises $4.3M in seed round
InScope, an automated financial reporting fintech, has raised $4.3 million in a seed capital round. The round was led by Lightspeed Venture Partners with participation from individual investors such Vipul Ved Prakash, founder/CEO of Together AI; Jake Heller, founder/CEO of Casetext; Debbie Clifford, CFO at Autodesk; Justin Coulombe, CFO at Miro; and Nadia Asoyan, CFO […]
First Hope in N.J. keeps it in the family with latest CEO hire
First Hope Bank in Hope, N.J., has a new CEO. The $629 million-asset bank said in a press release that Daniel Beatty has also become its president. He succeeded Donald Somma, who had led the bank since 2016. Beatty, who represents the fourth generation of the bank’s founding family, previously served as a senior executive vice […]
Dallas Capital Bank promotes insider as next president
Dallas Capital Bank has a new president. The $1.1 billion-asset bank said in a press release that Jason Matthews, its chief banking officer, had taken on the additional role. Matthews, who joined the bank in 2015, succeeded Doug Hutt, who remains chairman and CEO. Matthews “has been a key contributor to the overall growth of […]
Bank of New Glarus in Wisconsin buys First National Bank at Darlington
The Bank of New Glarus in Wisconsin has acquired First National Bank at Darlington in Wisconsin. The $492 million-asset Bank of New Glarus said in a press release that it bought the $194.2 million-asset First National on May 31. The price wasn’t disclosed. “We are extremely proud to have acquired First National Bank at Darlington,” […]
Bank of New York Mellon to shorten its brand name to BNY
Bank of New York Mellon is embracing a shorter brand name. The $435 billion-asset company plans to rebrand as BNY, according to a memo obtained by Reuters. The move will include a new logo and signage. The company, which will retain its full name legally, had previously abbreviated its brand to BNY Mellon.
Provident in N.J. closing 22 branches following Lakeland purchase
Provident Financial Services in Iselin, N.J., will close nearly 15% of its branches following its purchase of Lakeland Bancorp in Oak Ridge, N.J. The $24.5 billion-asset Provident, which bought Lakeland in May for $1.3 billion, disclosed on its website that it will close 22 locations on Aug. 29. The closures reflect “overlap” in the combined […]
Proposed Four States Bank in Mo. receives regulatory approval
The proposed Four States Bank in Carthage, Mo., has received conditional regulatory approval. Jeffrey Williams, the proposed bank’s president and CEO, disclosed the approvals in a LinkedIn post. He added that organizers are working towards opening branches in Carthage and Joplin, Mo., later this summer. The Federal Deposit Insurance Corp. said in its order that […]
Canada’s VersaBank gets Fed approval to buy Stearns Bank in Minnesota
VersaBank in Ontario, Canada, has received Federal Reserve approval to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business. “Applicants have conducted comprehensive due diligence and are devoting sufficient financial and other […]
Enterprise in Mass. selects insider as new CEO
Enterprise Bancorp in Lowell, Mass., has a new leader. The $4.6 billion-asset company said in a press release that Steven Larochelle had become its CEO. Larochelle, who had been chief banking officer, succeeded Jack Clancy, who retired. Clancy, who had been CEO since 2007, was named an honorary director and will serve as an executive […]