First Financial in Ohio sells securities, cuts jobs in noisy first quarter
First Financial Bancorp in Cincinnati had a noisy quarter that included an acquisition, layoffs, a restructured securities portfolio, and an increase in classified assets. The $17.6 billion-asset company said in a press release that first-quarter profit fell by 28% from a year earlier, to $50.7 million. First Financial bought Agile Premium Finance, which lends primarily […]
Business First in La. to expand in Dallas with Oakwood Bank deal
Business First Bancshares in Baton Rouge, La., has agreed to buy Oakwood Bancshares in Oakwood, Texas. The $6.7 billion-asset Business First said in a press release that it will pay $85.7 million in stock for the $843 million-asset Oakwood. The deal, which is expected to close in the fourth quarter, priced Oakwood at 106% of […]
Citizens in Penn. sells digital bank Braavo for $7.2 million
Citizens Financial Services in Mansfield, Pa., sold a business it recently inherited from an acquisition. The $2.9 billion-asset company said in a press release that it sold loans and software associated with digital banking division Braavo to an unnamed buyer during the first quarter for $7.2 million. The company also transferred certain contracts, processes and […]
Valley in New York purges $300M of loans from its balance sheet
Valley National Bancorp in New York sold nearly $300 million of loans in the first quarter – with plans to unload more as it looks to reduce its reliance on commercial real estate lending. The $61 billion-asset company said in a press release that it sold its commercial premium finance lending business in February and […]
First Financial Bank in Texas switches to state bank charter
First Financial Bankshares in Abilene, Texas, has switched from a national bank charter to a state bank charter. The company said in a press release that First Financial Bank is new a state banking association while First Financial Trust and Asset Management became a state-chartered chartered trust company. The bank had operated under […]
Sterling Bancorp founder, former CEO fined, barred from banking
Sterling Bancorp in Southfield, Mich., seems to be getting closer to putting a mortgage scandal in the rearview mirror. The Office of the Comptroller of the Currency has barred the company’s founder and a former CEO from the banking industry in connection to their roles in the defunct Advantage Loan Program. The OCC issued penalties […]
Farmers National in Ohio restructures securities portfolio
Farmers National Banc Corp. in Canfield, Ohio, restructured its securities portfolio during the first quarter. The $5.1 billion-asset company said in a press release that sold $44.3 million of securities at a $2.1 million pretax loss. Proceeds were reinvested into securities with yields 200 basis points higher than those sold. Farmers National said it should […]
OCC announces reg orders with three banks
The Office of the Comptroller of the Currency announced enforcement actions against three banks. The agency entered into a formal agreement with First Federal Savings & Loan Association of Lorain in Ohio. The bank was cited for unsafe or unsound practices, including those related to the failure of the board and management to develop and […]
Southwest Bancshares in Texas rebranding its banks as Texas Partners
Southwest Bancshares in San Antonio will rebrand all of its banks as Texas Partners Bank. The $2 billion-asset company said in a press release that its three banks – Bank of San Antonio, Bank of Austin and Texas Hill Country Bank – will all use the Texas Partners brand by the end of this year. […]
Trustmark in Miss. to sell insurance agency for $345 million
Trustmark in Jackson, Miss., is the latest bank to agree to sell its insurance agency. The $18.7 billion-asset company said in a press release that it will sell Fisher Brown Bottrell Insurance to Marsh & McLennan Agency for $345 million in cash. The sale is expected to close in the second quarter. The purchase price […]
WaFd to sell multifamily loans gained from Luther Burbank deal
WaFd in Seattle is planning to sell a multifamily portfolio it recently gained from an acquisition. The $30.1 billion-asset company said in a press release that it plans to sell up to $3.2 billion of loans it inherited from Luther Burbank Corp. WaFd bought the bank on Feb. 29. “We have engaged a third party […]
Renasant sets stage for CEO succession in 2025
Renasant in Tupelo, Miss., will have a new leader next year. The $17.4 billion-asset company said in a press release that Kevin Chapman will succeed C. Mitchell Waycaster as CEO in May 2025. Waycaster would remain executive vice chairman, and Chapman will continue to serve as president. Chapman has served on the board since 2018. […]
Virginia National sells membership interests in Masonry Capital Management
Virginia National Bankshares in Charlottesville has sold its membership interest in an advisory company. The $1.6 billion-asset Virginia National said in a press release that it sold its membership interests in Masonry Capital Management on April 1 to an officer of the company. Financial terms were not disclosed. Virginia National will receive an annual revenue-share […]
Webster in Conn. posts noisy quarter with securities sales, MSR gains
Webster Financial in Stamford, Conn., reported slightly lower earnings that reflected a decrease in net interest income and several expenses. The $76.2 billion-asset company said in a press release that its first-quarter profit fell by 2% from a year earlier, to $212.2 million. The quarter included a $11.9 million increase to the Federal Deposit Insurance […]
Former U.S. Bancorp exec creates fintech advisory firm
A former U.S. Bancorp executive has formed a fintech consulting firm. Peter Gordon, who was head of emerging payments product and strategy at U.S. Bancorp, announced in a LinkedIn post that he had created Atlantic Fintech Advisors. Atlantic Fintech Advisors will advise on instant payment strategy, scaling payments businesses, and fintech enablement in areas such […]
Equity Bancshares to buy KansasLand Bancshares
Equity Bancshares in Wichita, Kan., has agreed to buy KansasLand Bancshares in Quinter. The $5.2 billion-asset Equity said in a press release that it will gain two branches and $43 million of deposits from buying the $55 million-asset KansasLand Bank. The price wasn’t disclosed. “This merger underscores our commitment to serving communities across […]
MidFirst in Okla. to buy five Houston branches from Amerant
MidFirst Bank in Oklahoma City has agreed to buy five Houston branches from Amerant Bancorp in Coral Gables, Fla. The $36.4 billion-asset MidFirst said in a press release that it expects to complete the deal in the second half of this year. The price wasn’t disclosed. The sale includes $576 million of deposits and $529 […]
Flagship Bank in Fla. hires SouthState exec as its new CEO
Flagship Bank in Clearwater, Fla., has hired a new CEO. The $633 million-asset unit of West Florida Bank Corp. said in a press release that David Key had also become its president. He succeeded James Nelson, who retired but will continue to serve as a senior adviser. “We’re extremely fortunate to be able to transition […]
Affiliated Arkansas banks plan to merge
Commercial Bank & Trust of Monticello in Arkansas will absorb First State Bank of Warren in Arkansas. The $253 million-asset Commercial Bank and the $118 million-asset First State are both owned by the Ryburn family. The merger is scheduled for June 24. “Joining the two banks together will remove back-office redundancies and allow us to […]
AmeriServ in Pa. reaches truce with investor SB Value Partners
AmeriServ Financial in Johnstown, Pa., has reached a cooperation agreement with investor SB Value Partners. SB Value Partners, which owns about 7.7% of the $1.4 billion-asset AmeriServ’s common stock, agreed to back the board’s nominees and support its recommended proposals at upcoming shareholder meetings. SB Value Partners and AmeriServ will regularly consult regarding […]
Northwest Bancshares in Ohio to reposition securities portfolio
Northwest Bancshares in Columbus, Ohio, plans to reposition its securities portfolio. The $14.5 billion-asset company said in a press release that it will sell up to 15% of its investment securities portfolio. Northwest expects to recognize a $40 million pretax loss from the sales. Proceeds will initially be used to lower borrowings while also reinvesting […]
U & I Financial in Wash. reports 4Q loss tied to equipment finance business
U & I Financial in Lynnwood, Wash., restated its fourth quarter results – leading a big net loss – and suspended its dividend after issues surfaced in its equipment finance business. The $610 million-asset company said it lost $18 million after increasing its loan-loss provision from $3.1 million to $26.1 million. The issues are […]
Synovus in Ga. reports lower profit after charging off aviation loan
Synovus Financial in Columbus, Ga., reported lower quarterly profit after charging off an $18 million loan to an aviation company. The $59.8 billion-asset company said in a press release that its first-quarter earnings fell by 41% from a year earlier, to $114.8 million. The loan-loss provision increased by 68% to $54 million. Nonperforming loans would […]
Three credit union mergers announced in Illinois
Three credit unions mergers were announced in Illinois. The $3.5 billion Consumers Credit Union in Lake Forest is planning to merge with the $417 million-asset KCT Credit Union in Elgin and the $39.1 million-asset Rockford Bell Credit Union in Loves Park. Members at KCT and Rockford Bell will vote on the mergers later this year. […]
Fintech Mercury adds personal banking service offering
Mercury has launched a personal banking service designed to simplify and optimize the banking needs of startups. The San Francisco fintech said in a press release that Mercury Personal is designed for founders and investors based on feedback from clients. “By offering personal banking for founders and investors, we’re able to deepen our relationship with […]