Startup Casap raises $8.5 million for fraud-prevention product
Casap, a startup created to help banks and fintechs combat first-party fraud, has raised $8.5 million in seed and pre-seed funding. Shanthi Shanmugam, the startup’s CEO, said in a LinkedIn post that the funding was led by Lightspeed, Primary Venture Partners, Commerce Ventures, Curql and Alloy Labs. The proceeds will be used to scale the […]
Investor group raises stakes in disruptive bid for Hawaii’s Territorial Bancorp
An investor group aiming to disrupt the sale of Territorial Bancorp to Hope Bancorp in Los Angeles has shared more information with Territorial and lowered their tender offer threshold for buying the Honolulu company. The group, which included banking veteran Allen Landon and Blue Hill Advisors, said in a press release that it disclosed the […]
First Northwest in Wash. freed from FDIC consent order
First Northwest Bancorp in Port Angeles, Wash., is no longer operating under an enforcement action. The company said in a press release that its bank had been freed from a November 2023 consent order from the Federal Deposit Insurance Corp. The order required the bank to address deficiencies in its compliance programs. The consent order […]
Canadian group applies to become SSO for CFPB’s open-banking push
The Canadian Digital Governance Council has become the second entity to apply with the Consumer Financial Protection Bureau to become a recognized standard-setting organization to facilitate data sharing under Section 1033 of the Dodd-Frank Act. The Financial Data Exchange submitted its application in September. The CFBP, which issued its open-banking rule earlier this week, has […]
First Northwest in Wash. restates 2Q results to report quarterly loss
First Northwest Bancorp in Port Angeles, Wash., is restating its second-quarter results after determining that it had another $6.6 million in chargeoffs during that period. The company disclosed in a regulatory filing that its quarterly results swung from a $1.8 million profit to a $2.2 million net loss due to the adjustment. The chargeoffs are […]
Peoples Financial in Pa. accelerates CEO succession plan
Peoples Financial Services in Scranton, Pa., has accelerated its CEO succession plan. The $5.5 billion-asset company said in a press release that Craig Best will step down as CEO on Dec. 31. Gerard Champi, the company’s president, will succeed Best. Thomas Tulaney will succeed Champi as president. Best had planned to step down on the […]
UniBank in Washington operating under Fed written agreement
U & I Financial in Lynwood, Wash., is operating under a written agreement with the Federal Reserve. The Fed disclosed the enforcement action with UniBank earlier this week. The agreement requires the bank to review and amend policies and practices tied to consumer compliance, lending administration and risk management, loan grading and review, credit loss […]
First Carolina Bank in N.C. to buy BM Technologies for $67 million
First Carolina Bank in Rocky Mount, N.C., has agreed to buy BM Technologies in Radnor, Pa. The $3.2 billion-asset bank said in a press release that it will pay $67 million in cash for the fintech in a deal expected to close in the first quarter. The sale is a reversal of fortune for BM […]
Griggsville Bancshares to buy Bank of Bluffs in Illinois
Griggsville Bancshares in Griggsville, Ill., has agreed to buy Scott Morgan Bancorp in Bluffs, Ill. The holding company for the $138 million-asset Farmers National Bank of Griggsville said in a press release that it expects to acquire the parent of the $59 million-asset Bank of Bluffs in the second quarter. The price wasn’t disclosed. “Bank […]
CVB in Calif. sells securities, complete sale-leaseback transaction
CVB Financial in Ontario, Calif., reported lower quarterly profit after selling some underwater securities. The $15.4 billion-asset company said in a press release that its third-quarter profit fell by 12% from a year earlier, to $51.2 million. CVB sold $312 million of securities at an $11.6 million loss during the quarter. The company offset some […]
EverBank to buy Primis’ life premium finance division
EverBank in Jacksonville, Fla., has agreed to buy the life premium finance division of Primis Bank in McLean, Va. The $4 billion-asset Primis said in a press release that the $39.4 billion-asset EverBank will pay a $6 million premium for the business, adding that it expects to record a $4.5 million pretax gain in the […]
Heritage Financial in Wash. reports lower profit from securities sales, chargeoff
Heritage Financial in Olympia, Wash., reported lower quarterly earnings after selling underwater securities and charging off a loan. The $7.2 billion-asset company said in a press release that its third-quarter profit fell by 37% from a year earlier, to $11.4 million. Heritage Financial sold $78 million of investment securities at a $6.9 million pretax loss. […]
MidWestOne posts 3Q loss after raising capital, selling securities
MidWestOne Financial Group in Iowa City posted a big quarterly loss after repositioning its balance sheet. The $6.6 billion-asset company lost $95.7 million in the third quarter after selling $1 billion of debt securities. MidWestOne used the proceeds to buy $590 million of higher-yielding debt securities; the earnback period will be between four and five […]
Midland States in Ill. continues to pull back in equipment finance
Midland States Bancorp in Effingham, Ill., is scaling back in equipment finance and some consumer lending segments. The $7.8 billion-asset company said in a press release that total loans in the third quarter fell by 1.8% from a quarter earlier, to $5.7 billion. Equipment finance balances declined by $30 million as the company reduces its […]
HarborOne in Mass. absorbs earnings hit from nonaccural CRE loan
HarborOne Bancorp in Brockton, Mass., reported lower quarterly profit due to an issue with a commercial real estate loan. The $5.8 billion-asset company said in a press release that its third-quarter earnings fell by 54% from a year earlier, to $3.9 million. HarborOne recorded a $4.7 million specific reserve tied to a suburban office property. The […]
Valley in N.Y. to sell $800M of commercial real estate loans
Valley National in New York is continuing to derisk its balance sheet. The $62.1 billion-asset company said in a press release that it recently agreed to sell an $800 million portfolio of commercial real estate loans to a single investor at a roughly 1% discount. The sale is expected to close by the end of […]
Pathward in S.D. receives $1M advance as finance unit sale remains delayed
Pathward Financial in Sioux Falls, S.D., will receive a $1 million advance for its patience with selling its commercial insurance premium finance business. The company agreed in August to sell the business to AFS IBEX Financial Services. A month later, the companies disclosed that the sale faced delays “primarily related to a longer-than-expected operational implementation […]
First Bancorp in NC sets $13M aside for potential hurricane-related losses
First Bancorp in Southern Pines, N.C., reported lower quarterly profit as it braces for the potential financial impact of Hurricane Helene. The $12 billion-asset company said in a press release that third-quarter net income fell by 37% from a year earlier, to $18.7 million. The company said it recorded a $13 million loan-loss provision “in […]
Independent in Texas to exit warehouse lending ahead of planned sale
Independent Bank Group in McKinney, Texas, which is in the process of selling itself to SouthState in Winter Haven, Fla., is exiting the mortgage warehouse business. The $18.6 billion-asset company said in a press release that the move should increase capital and liquidity. Independent said it began notifying customers and that it will stop funding new […]
Y-12 Federal Credit Union to buy First State Bank of the Southeast
Y-12 Federal Credit Union in Oak Ridge, Tenn., has agreed to buy First State Bank of the Southeast in Middlesboro, Ky. The $2 billion-asset Y-12 said in a press release that it expects to buy the $415 million-asset First State in early 2025. The price wasn’t disclosed. First State is the 19th bank to announce […]
CFPB hits Goldman, Apple with penalties tied to Apple Card
The Consumer Financial Protection Bureau hit Goldman Sachs and Apple with $89 million in financial penalties tied to their handling of the Apple Card. Goldman was hit with a $45 million civil money penalty, while Apple must pay $25 million. In addition, Goldman must pay at least $19.8 million in redress to impacted Apple Card users. […]
Farmers National in Ohio earnings fall due to single loan issue
Farmers National Banc Corp. in Canfield, Ohio, reported lower quarterly profit after an issue with a commercial credit backed by an office property. The $5.2 billion-asset company said in a press release that its third-quarter earnings fell by 36% from a year earlier, to $8.5 million. Farmers said the lower profit was due to a […]
First Commerce to buy Peoples Bank of Middle Tennessee
First Commerce Bancorp in Lewisburg, Tenn., has agreed to buy Peoples Bank of Middle Tennessee in Shelbyville. The holding company for the $653 million-asset First Commerce Bank expects to complete its purchase of the $185 million-asset Peoples Bank in the first quarter. The price wasn’t disclosed. Peoples Bank has one branch. Olsen Palmer advised Peoples […]
Finovate’s owner buys company behind Money20/20
Informa Group, which operates the Finovate conference series, has acquired Ascential. Ascential is the company behind the annual Money20/20 conference in Las Vegas. The financial terms were not disclosed. Informa Group said it will form Informa Festivals, a new business for its conference events, on Jan. 1. “The completion of the Ascential acquisition, creation of […]
Smaller banks exempted from CFPB’s open-banking rule
The Consumer Financial Protection Bureau created an exemption for smaller banks when it comes to the agency’s new open banking rule. Banks with less than $850 million in assets will not be required to implement Section 1033 of the Dodd-Frank Act, according to the massive 594-page rule. That would exempt about 3,370 banks, based on […]