Bank OZK, BankUnited, Flushing bid on failed Republic First
Eight companies, including Bank OZK, BankUnited and Flushing Bank, bid on buying all or some of Republic First Bank in Philadelphia. Fulton Financial in Lancaster, Pa., prevailed after placing a bid with a $374 million asset discount and no loss-sharing agreement, according to information released by the Federal Deposit Insurance Corp. Fulton’s bid excluded any deposits […]
CCBank in Utah buys mortgage lender
Capital Community Bank in Provo, Utah, has acquired Security Home Mortgage in Orem, Utah. The $871 million-asset CCBank said in a press release that the purchase expands its financial services portfolio. SHM will operate as an independent division of the bank. The price wasn’t disclosed. “Today, we bring together two established Utah companies to better serve our […]
PromiseOne to buy two Virginia branches from Hope Bancorp
PromiseOne Bank in Duluth, Ga., has agreed to buy two branches in Virginia from Hope Bancorp in Los Angeles. The $715 million-asset PromiseOne just filed its application with the Federal Deposit Insurance Corp. to buy the offices, located in Annandale and Centreville. The sales are expected to close in the second half of 2024. The […]
U.S. Bancorp taps insider as next president
U.S. Bancorp in Minneapolis has a new president. The $684 billion-asset company said in a press release that Gunjan Kedia had taken over the role from Andy Cecere, who remains chairman and CEO. “During her more than seven years with U.S. Bank, Gunjan has shown herself to be a visionary leader who understands our business […]
Catalyst in La. posts Q1 loss after selling underwater securities
Catalyst Bancorp in Opelousas, La., reported a quarterly loss after selling securities. The $282 million-asset company lost $4.7 million in the first quarter, which included a $5.5 million loss from selling underwater securities. The company said it plans to reinvest the $42.6 million of proceeds from the sales into new loans, higher-yielding securities, share repurchases […]
Iowa Bankers Association begins search for next CEO
The Iowa Bankers Association is searching for its next leader. The association said in a press release that John Sorenson will retire as president and CEO at the end of this year. The QTI Group was hired to assist the association in its search for Sorenson’s successor. Sorensen joined the IBA in 1986; he became […]
Fintech Altruist raises $169M in latest funding round
Fintech custodian Altruist raised $169 million in a Series E funding round. The Los Angeles company said in a press release that the round was led by ICONIQ Growth with participation from new investor Granite Capital Management. Adams Street Partners and Sound Ventures also participated. Altruist has raised more than $450 million. Yoonkee Sull, a […]
1st Source in Ind. promotes insider as next president
An insider has been promoted to serve as president of 1st Source Corp. in South Bend, Ind. The $8.7 billion-asset company said in a press release that Andrea Short will remain president and CEO of 1st Source Bank. She is already a member of the company’s board. Short succeeded Christopher Murphy III, who remains chairman […]
Encore in Arkansas announces CEO’s sudden departure
Encore Bancshares in Little Rock, Ark., has parted ways with its CEO. The $4 billion-asset company said in a press release that Chris Roberts had also resigned as chairman. Phillip Jett was named acting chairman and CEO; he has served as vice chairman and chief banking officer. Burt Hicks will remain president. Encore “is a […]
AI fintech Baselayer raises $6.5 million in seed round
Baselayer, which uses AI to mitigate fraud and improve onboarding, has raised $6.5 million in its seed round. The fintech said in a press release that the investors included Torch Capital, Afore Capital, Founder Collective, Picus Capital and Gilgamesh Ventures. Individual investors included Eric Woodward, former president of Early Warnings Services, and executives from Stripe, […]
NYCB’s Otting braces investors to two-year turnaround plan
New York Community Bancorp in Hicksville will have a long road to return to profitability. The $113 billion-asset company lost $327 million in the first quarter after posting a $2.7 billion loss a quarter earlier. The first quarter included a $315 million loan-loss provision. “While this year will be a transitional year for the company, […]
FirstSun switching charters due to delay getting HomeStreet deal approved
FirstSun Capital Bancorp in Denver will raise more capital to buy HomeStreet in Seattle and scrap plans to have a national charter with the Office of the Comptroller of the Currency. The $7.8 billion-asset FirstSun said in a press release that it now plans to raise up to $235 million to buy the $9.5 billion-asset […]
BayFirst in Fla. stops lending to certain sectors, ends small-dollar SBA product
BayFirst Financial in St. Petersburg, Fla., is being more cautious with its Small Business Administation lending. The $1.1 billion-asset BayFirst stopped lending to the transportation and marketing/advertising sectors and began to limit exposure to hotels and restaurants, CEO Thomas Zernick said during a conference call to discuss quarterly earnings. Those industries “present higher risk or […]
Maine Credit Union League hires permanent president
The Maine Credit Union League finally has a permanent president. The trade group said in a press release that Elise Baldacci will take on the role on June 3. She will succeed Cris Wescott, who has served as interim president since Todd Mason’s left the group last June. Baldacci previously served as deputy chief of […]
League of Southeastern Credit Unions shakes up leadership
The League of Southeastern Credit Unions & Affiliates announced the sudden departure of its CEO. The trade group said in a press release that Patrick La Pine had stepped down. LSCU & Affiliates gave no reason for his departure. The group said that Samantha Beeler, its president, and Steve Wills, president of affiliated consolidated services […]
TDECO agrees to buy Sabine State Bank and Trust in Louisiana
TDECO in Houston has agreed to buy Sabine State Bank and Trust in Many, La. The $4.8 billion-asset credit union said in a press release that it expects to complete the purchase of the $1.2 billion-asset Sabine early next year. The price wasn’t disclosed. “TDECU is on a growth journey to expand across the state […]
Arrow in N.Y. close to settling shareholder litigation
Arrow Financial in Glens Falls, N.Y., said it has agreed to settle a class-action complaint. The $4.2 billion-asset company said in a press release that it reached an agreement in principle to settle the complaint, filed in U.S. District Court for the Northern District of New York by Robert Ashe. The lawsuit, filed against Arrow […]
Civista in Ohio steps away from income tax refund business
Civista Bancshares in Sandusky, Ohio, reported lower profit that reflected a narrower net interest margin and a decision to step away from its income tax refund business. The $3.9 billion-asset company said in a press release that its first-quarter net income fell by 50.4% from a year earlier, to $6.4 million. Net interest income decreased […]
Fulton in Pa. to raise $250M to back purchase of failed Republic First
Fulton Financial in Lancaster, Pa., will sell $250 million of common stock to support its purchase of the failed Republic First Bank. The $27.6 billion-asset Fulton said in a press release that it will sell about 16.7 million shares of stock at $15 each. The underwriters could sell another 2.5 million shares if there is […]
Hope Bancorp to enter Hawaii with Territorial Bancorp acquisition
Hope Bancorp in Los Angeles has agreed to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope said in a press release that it will pay $78.6 million in stock for the $2.2 billion-asset Territorial. The deal is expected to close by the end of this year. Territorial has 28 branches, $1.3 billion of loans […]
UMB Financial to buy Heartland Financial for $2 billion
UMB Financial in Kansas City, Mo., has agreed to buy Heartland Financial USA in Denver. The $45.1 billion-asset UMB said in a press release that it will pay $2 billion in stock for the $19.4 billion-asset Heartland. The deal, which is expected to close in the first quarter, priced Heartland at 153% of its tangible […]
Fulton Bank buys Republic First after Philadelphia bank’s failure
Republic First Bank in Philadelphia was closed by regulators, ending a lengthy saga that included an ousted CEO, shareholder fights and a failed attempt to raise capital. Fulton Bank in Lancaster, Pa., agreed to assume substantially all of Republic First’s $6 billion of assets and $4 billion of deposits, the Federal Deposit Insurance Corp., said […]
Western Illinois Bancshares to buy Princeville State Bank
Western Illinois Bancshares in Monmouth has agreed to buy Main Street Bancorp in Princeville, Ill. The parent of the $670 million-asset Midwest Bank said that its bank and Main Street’s $121 million-asset Princeville State Bank will operate as “independent, separately chartered banks” after the deal closes. The price of the all-stock deal wasn’t disclosed. Main […]
Fed approves investor group’s planned purchase of Mich. bank
An investor group has received approval from the Federal Reserve to buy First State Bank of Decatur in Michigan. A group led by Gregg Bigger applied last fall to buy the $54 million-asset bank. They plan to rebrand First State as Grand Traverse State Bank. The group has been looking to raise $14.5 million with […]
Hanover in N.Y. and Castle Creek reach exchange agreement
Hanover Bancorp is taking steps to let Castle Creek Capital Partners boost its stake in the Mineola, N.Y., company to 9.9%. The $2.3 billion-asset company disclosed in a regulatory filing that it entered into an exchange agreement with Castle Creek to let the investor exchange 125,000 shares of voting common stock for 125,000 shares […]