Associated in Wis. unveils new 3-year, $2B community development plan
Associated Banc-Corp in Green Bay, Wis., has agreed to a new three-year community commitment plan that pledges $2 billion of support to underserved groups in its markets. The $41 billion-asset company said in a press release that the agreement includes about $1 billion in residential mortgages and $9 million in down payment assistance. It also […]
Alerus in N.D. to buy HMN Financial in Minn. for $116 million
Alerus Financial in Grand Forks, N.D., has agreed to buy HMN Financial in Rochester, Minn. The $4.3 billion-asset Alerus said in a press release that it will pay $116.4 million in stock for the $1.2 billion-asset HMN. The deal, which is expected to close in the fourth quarter, priced HMN at 107% of its tangible […]
Home BancShares in Ark. promotes insiders to key management posts
Home BancShares in Conway, Ark., has shifted several executive roles. The $22.8 billion-asset company said in a press release that Kevin Hester had become its president. Hester, who was also named president of Centennial Bank, has been the company’s senior lender since its founding. Hester succeeded John Allison at the company level and Terry French […]
JPMorgan Chase buying $5B of New York Community loans
New York Community Bancorp in Hicksville agreed to sell about $5 billion of mortgage warehouse loans to JPMorgan Chase in New York. The $113 billion-asset New York Community said in a press release that the sale should close in the third quarter. It should add 65 basis points to the CET1 capital ratio, to 10.8%. […]
Kabbage reaches $120M settlement to address PPP fraud claims
Kabbage, a small-business lender going through bankruptcy, agreed to pay up to $120 million to settle claims it committed Paycheck Protection Program fraud. KServicing Wind Down, through a pair of settlements, addressed claims by the Justice Department that it “knowingly submitted thousands of false claims for loan forgiveness, loan guarantees and processing fees to the […]
International Finance Bank in Miami selects industry vet as CEO
International Finance Bank in Miami has a new CEO. The $1 billion-asset bank said in a press release that Abel Iglesias also became its president on May 14. Iglesias was president and CEO of Professional Bank when it was sold to Seacoast Banking Corp. Iglesias served as Miami-Dade market executive at Seacoast following Professional’s sale.
Provident in N.J. issues sub debt required to buy Lakeland Bancorp
Provident Financial Services in Jersey City, N.J., issued subordinated debt to comply with a regulatory prerequisite for its pending purchase of Lakeland Bancorp in Oak Ridge, N.J. The $14.1 billion-asset Provident disclosed in a regulatory filing that it issued $225 million of sub debt. Provident, which agreed in September 2022 to buy the $11 billion-asset […]
First Capital in S.C. raises $12 million through a private placement
First Capital Bancshares in Charleston, S.C., has raised $12 million through a private placement of common stock. The $811 million-asset company completed the offering on May 9, according to data compiled by Performance Trust Capital Partners. The report did not detail how many shares where sold, the pricing, or the investors.
Crossbridge Community Bank in Wis. taps insider as its president
Crossbridge Community Bank in Tomahawk, Wis., has a new president. The $204 million-asset bank said in a press release that PJ Childers had succeeded Kathy Rankin, who retired. She also became president of Crossbridge Mutual Holding Co. and Crossbridge Financial. Childers, who had been the bank’s senior vice president of commercial lending, is now responsible […]
Popular in Puerto Rico selects insider as its new president
Popular in San Juan, Puerto Rico, has a new president. The $71 billion-asset company said in a press release that Javier Ferrer will remain chief operating officer. He succeeded Ignacio Alvarez, who will remain CEO. Ferrer “has excelled in each position he has held, embracing growing responsibilities, contributing to the definition and implementation of [Popular’s] […]
Peoples National in Ohio to buy Pataskala Banking
Peoples National Bancshares in New Lexington, Ohio, has agreed to buy Pataskala Banking in Ohio. The $220 million-asset Peoples National said in a press release that it expects to buy the $39.9 million-asset Pataskala in the fourth quarter. The price wasn’t disclosed. Pataskala has two branches, $23.1 million in loans and $37.5 million of deposits. […]
Equity Bancshares in Kan. taps insider as next bank CEO
Equity Bancshares in Wichita, Kan., has a new bank CEO. The $5.2 billion-asset company said in a press release that Rick Sems had taken on the role at Equity Bank. Sems, who is the bank’s president, succeeded Brad Elliott, who remains the company’s chairman and CEO. Julie Huber was named chief operating officer. […]
United in W.Va. moving into Atlanta with Piedmont Bank acquisition
United Bankshares in Charleston, W.Va., has agreed to buy Piedmont Bancorp in Peachtree Corners, Ga. The $30 billion-asset United said in a press release that it will pay $267 million in stock for the $2.1 billion-asset Piedmont. The deal, which is expected to close in the fourth quarter, priced Piedmont at 145% of its tangible […]
LINKBANCORP to sell NJ operations to American Heritage Credit Union
LINKBANCORP in Harrisburg, Pa., is selling its New Jersey operations to American Heritage Credit Union. The $2.8 billion-asset company said in a presentation that the sale includes three branches, $105 million of deposits and $125 million of loans. The company gained the locations when it bought Partners Bancorp last year. The $4.9 billion-asset American Heritage […]
ICBA picks variety of fintechs for latest ThinkTECH Accelerator
The Independent Community Bankers of America has selected six fintechs to participate in its latest ICBA ThinkTECH Accelerator program. The ICBA said in a press release that the new cohort will begin on May 19 and will focus on fintechs tied to artificial intelligence, financial health and wellness, subscription management, digital onboarding, and compliance. The […]
Quaint Oak in Pa. exited two underperforming businesses in first quarter
Quaint Oak Bancorp in Southampton, Pa., cut ties with two businesses in the first quarter. The $776 million-asset Quaint Oak said in a press release that it sold its 51% interest in Oakmont Capital Holdings, an equipment finance company. Quaint Oak bought the stake in January 2022 for an undisclosed price. Oakmont, which does business […]
Aspiration Partners spins off consumer financial services business
Aspiration Partners spun off its consumer financial services business into a separate company run by its former chief operating officer. The Fintech said in a press release that Tim Newell reached an agreement to spin out the neobank, which still operates under the Aspiration brand. The price wasn’t disclosed. Before joining Aspiration, Newell was a […]
First Community in Virginia to pay $5M to settle overdraft lawsuit
First Community Bankshares in Bluefield, Va., will settle a lawsuit tied to its overdraft practices. The $3.2 billion-asset company disclosed in a regulatory filing that its bank plans to create a $4.8 million settlement fund and forgive up to $500,000 in assessed but unpaid fees. The lawsuit, filed in the U.S. District Court for the […]
Pacific West Bancorp in Ore. finalizes CEO succession
Pacific West Bancorp in Portland, Ore., will soon have a new leader. The $320 million-asset company said in a press release that Jason Wessling will become its CEO on June 1. Wessling, who will remain president, will succeed Terry Peterson, who is retiring. Peterson will remain on the board. “We knew … Wessling was a special […]
Pinegrove Capital agrees to buy SVB Capital
Pinegrove Capital Partners has agreed to buy SVB Capital from SVB Financial Group. Pinegrove, backed by capital from Brookfield Asset Management and Sequoia Heritage, will pay with cash and “other economic consideration.” Pinegrove and SVB Capital will operate independently, led by their existing management teams. The deal requires bankruptcy court approval. The pricing wasn’t disclosed. […]
Chime to pay $4.5M as part of CFBP consent order
Chime Financial was ordered by the Consumer Financial Protection Bureau to pay more than $4.5 million for failing to give consumers timely refunds when their accounts were closed. The CFPB fined Chime roughly $3.3 million and ordered the San Francisco challenger bank to pay $1.3 million in restitution. The bureau said in a 28-page consent order that […]
Veteran bank leader joins board of MidWestOne in Iowa
MidWestOne Finacial Group in Iowa City recruited a banking veteran with ties to its CEO to join its board. The $6.7 billion-asset company said in a press release that Carl Chaney was one of three new board members. Cheney, a former president and CEO of Hancock Whitney, was chairman of Beach Bancorp in Florida when […]
FIS leverages Bond purchase to offer Banking-as-a-Service product
FIS has released a Banking-as-a-Service (BaaS) product that builds off of its purchase of Bond. Atelio is “an innovative fintech platform that provides the building blocks for financial institutions, businesses and software developers to embed financial services into their offerings,” FIS said in a press release. KeyCorp, payment solutions company Royal Pay, and private student […]
Truist uses insurance unit sale to offset balance sheet restructuring
Truist Financial in Charlotte, N.C., used proceeds from the sale of its insurance business to offset a restructuring of its balance sheet. The $535 billion-asset company said in a press release that it sold $27.7 billion of lower-yielding investment securities at a $5.1 billion after-tax loss. The securities had a book value of $34.4 billion and a […]
White River Bancshares in Ark. raises $12.5M via private placement
White River Bancshares in Fayetteville, Ark., raised nearly $12.5 million through a private placement of common stock. The $1.2 billion-asset company said in a press release that it sold about 226,000 shares to accredited investors at $55 each. Net proceeds will be used to support organic and strategic growth opportunities. “This additional capital will support […]