Proposed Fortuna Bank to close capital raise as opening nears
Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, are close to opening. The group behind the effort said in a LinkedIn post that it will formally close the capital raise on June 30. Fortuna Bank received conditional approval from the Federal Deposit Insurance Corp. in February. The agency required organizers to raise $20 […]
Fintech Torpago raises $10M in Series B funding round
Torpago, a commercial credit card and spend management provider, raised $10 million in a Series B funding round. The San Mateo, Calif., company said in a press release that the round was co-led by Priority Tech Ventures and EJF Ventures, with participation from BankTech Ventures and others. The investment will help Torpago serve demand for […]
R Bank in Texas hires VeraBank CFO as its new leader
R Bank in Round Rock, Texas, has a new leader. The $1 billion-asset bank said in a press release that Todd Engemoen had become its president and CEO. He succeeded Steve Stapp, who retired after leading the bank for 16 years. Engemoen was chief financial officer at VeraBank, according to his LinkedIn profile. Engemoen’s “depth […]
First State Bank in Iowa buying branch from Capra Bank
First State Bank in Lynnville, Iowa, has agreed to buy a branch from Capra Bank in Dubuque, Iowa. The $331 million-asset First State applied with the Federal Deposit Insurance Corp. to assume certain liabilities and assets tied to a branch in Montezuma, Iowa. Pricing wasn’t disclosed. The branch had $48.8 million of deposits in mid-2023.
Haven Savings in N.J. lines up next CEO, COO
Haven Savings Bank in Hoboken, N.J., will have new leadership next year. The $1.1 billion-asset bank said in a press release that Lisa Franconeri will become its president and CEO on Jan. 1. Franconeri, the bank’s CRA officer, will succeed the retiring John Wessling III. Wessling will remain chairman. The bank also said that Paul […]
Investor group completes purchase of two Texas banks
An investor group has completed its purchase of two banks in Texas. Patrons Holdings agreed last year to buy Eden Financial, the holding company for Texas Financial Bank and Amistad Bank. Connor Price, Patrons’ president and CEO, confirmed in a LinkedIn post that the deal had recently closed. “This monumental achievement was made possible by […]
BankTech Ventures invests in three fintechs
BankTech Ventures in Sandy, Utah, has invested in three fintechs. The fund said in a press release that it had invested in Equabli, Filejet and Monit. The amount of the investments was not disclosed. Equabli mitigates customer delinquency and default with a suite of solutions that streamlines the payment, debt collection, and recovery process. Filejet […]
Otting named chairman of New York Community Bancorp
Joseph Otting has added another title at New York Community Bancorp in Hicksville. The $112.9 billion-asset company said in a press release that Otting had become its chairman. He had recently been named president and CEO after investors infused about $1 billion into the company. Alessandro. DiNello, who was chairman, will remain on the board […]
D.L. Evans to buy Idaho branch from First Interstate
D.L. Evans Bank in Burley, Idaho, has agreed to buy a branch in Ketchum, Idaho from First Interstate BancSystem in Billings, Mont. The $3.2 billion-asset D.L. Evans applied with the Federal Deposit Insurance Corp. to buy the branch, which had $21.5 million of deposits in mid-2023. The price wasn’t disclosed. The deal is expected to […]
ELGA Credit Union to buy Marine Bank in Florida
ELGA Credit Union in Grand Blanc, Mich., has agreed to buy Marine Bank & Trust in Vero Beach, Fla. The $1.5 billion-asset credit union said in a press release that it will pay $43.75 a share in cash for the $650 million-asset unit of Marine Bancorp of Florida. The deal is expected to close early […]
Seacoast in Fla. taps banking veteran to join its board
Seacoast Banking Corp. of Florida in Stuart added a banking veteran to its board. The $14.8 billion-asset company disclosed in a regulatory filing that Eddy Arriola became a director on June 4. He also joined the board of Seacoast National Bank. Arriola was a market executive at Seacoast after it bought Apollo Bancshares, where he […]
German American in Indiana sells insurance business
German American Bancorp in Jasper, Ind., has sold its insurance business. The $6.1 billion-asset company said in a press release that it sold the assets of German American Insurance to Hilb Group for $40 million in cash. The after-tax gain was $27 million. The sale “ensures the continued access to the best insurance products and […]
ICBA hires former MVB fintech banker to run payments services unit
The Independent Community Bankers of America tapped an industry veteran to lead its payments services subsidiary. The ICBA said in a press release that Jacob Eisen had become president and CEO of ICBA Payments. Eisen previously served as president of fintech banking at MVB Bank. Eisen’s “extensive experience and forward-thinking approach align perfectly with our […]
Affinity Bank in Ga. selling to Atlanta Postal Credit Union
Atlanta Postal Credit Union has agreed to buy Affinity Bank in Covington, Ga. The $2.5 billion-asset credit union said in a press release that it will pay $22.50 a share in cash for the $870 million-asset unit of Affinity Bancshares. The deal is expected to close in the fourth quarter or the first quarter of […]
Merrick Bank buys $500M of loan participations from GreenSky
Merrick Bank in South Jordan, Utah, bought about $500 million of home improvement loan participations from GreenSky Holdings. CardWorks, the parent company for the $6 billion-asset Merrick, said in a press release that it also entered into a forward flow agreement with GreenSky to buy more loan participations. The financial details weren’t disclosed. The deal […]
First National Bank & Trust of Okmulgee is now Patrons Bank
First National Bank & Trust of Okmulgee has rebranded as Patrons Bank. The bank said in a press release that the change will take place on June 1. “With many financial institutions having similar names, we’re rebranding to stand out and better reflect our commitment to the evolving needs of our customers and communities,” President […]
Savings Bank of Danbury in Conn. rebrands as Ives Bank
Savings Bank of Danbury in Connecticut has rebranded. The $1.6 billion-asset bank said in a press release that will now use Ives Bank as its brand. The new name reflects the bank’s founding in 1849. The bank was first opened in the home of George W. Ives. “We have always valued the connection between our […]
First Keystone in Pa. to record goodwill charge tied to past acquisitions
First Keystone in Berwick, Pa., disclosed that it will record a $19.1 million goodwill impairment charge in the second quarter. The $1.4 billion-asset company said in a press release that the noncash charge is tied to goodwill tied to a 2004 branch purchase and its 2007 acquisition of Pocono Community Bank. A decrease […]
First Guaranty in La. selects insider as new president and CEO
First Guaranty Bancshares in Hammond, La., has a new CEO. The $3.6 billion-asset company said in a press release that Michael Mineer had also become its president. Mineer, who was Midwest area president, succeeded Alton Lewis, who retired. Lewis, who had led the company since 2009, will remain vice chairman. “I would like to thank […]
Former Goldman exec to lead Cleveland Fed
The Federal Reserve Bank of Cleveland has selected its next CEO. The Cleveland Fed said in a press release that Beth Hammack will also become its president on Aug. 21. She will succeed Loretta Mester, whose tenure will conclude on June 30, consistent with the Fed’s mandatory age and length-of-service policies. Hammack “is the ideal […]
Citizens & Northern in Pa. plans for CEO’s 2027 retirement
Citizens & Northern in Wellsboro, Pa., disclosed that its CEO plans to retire in 2027. The $2.5 billion-asset company said in a regulatory filing that J. Bradley Scovill intends to step down as president at that time. The company, in preparation for Scovill’s retirement, entered into a new employment agreement that is set to expire […]
Investor terminates property deal with PB Bankshares in Pa.
PB Bankshares in Coatesville, Pa., disclosed that a real estate sale fell through. The $450 million-asset company disclosed in a press release that Ferfeldt Investments had terminated an agreement to buy vacant land next to a branch in New Holland, Pa. The investor had agreed to pay $950,000 for the property. “The agreement provided that […]
Gesa Credit Union agrees to buy Security State in Washington
Gesa Credit Union in Richland, Wash., has agreed to buy Security State Bank in Centralia, Wash. The $5.5 billion-asset Gesa did not disclose the price it will pay for the $606 million-asset Security State. The deal is expected to close next year. Security State has 12 branches. “Gesa and Security State Bank have shared the […]
Failed Heartland Tri-State CEO pleads guilty to embezzlement
The former CEO of Heartland Tri-State Bank pleaded guilty to embezzling funds that led to the Elkhart, Kan., bank’s failure. Shan Hanes had been accused of embezzling $47.1 million for personal cryptocurrency purchases, executing 10 wire transfers between May and July 2023. The bank was seized by regulators in July 2023 and sold to Dream […]
Fed issues rare master account status to tier 3 financial institution
Numisma Bank in Greenwich, Conn., has received conditional approval for a Federal Reserve master account. Numisma, which focuses on banknote distribution, is a tier 3 institution that is state-chartered but isn’t backed by the Federal Deposit Insurance Corp. The approval gives the bank access to the Fed’s liquidity facilities. The Fed has rejected applications by […]