United Prairie in Minn. hires director as next CEO
United Prairie Bank in Mountain Lake, Minn., has a new CEO. Scott Miller announced on his LinkedIn account that he had also become the $879.2 million-asset bank’s president. Miller, who was already on the bank’s board, previously served as a partner at Debt Advisors Network.
New York Community sells $899M of consumer loans
New York Community Bancorp in Hicksville just sold $899 million of consumer loans and shed more light on its recently disclosed material weakness. The $114.1 billion-asset company said in its annual report that it recently sold the consumer loans and a commercial co-op loan. The pricing wasn’t disclosed. The filing shared more insight into the […]
Three La. mutuals eye conversions to stock-owned companies
Three New Orleans area mutual banks are planning to convert to stock-owned companies. The $1.1 billion-asset Fidelity Bank and the $481 million-asset Fifth District Savings Bank have already disclosed their plans in regulatory filings, while Mutual Savings and Loan in Metairie, La., announced its planned conversion in a press release. Fidelity created FB Bancorp for […]
Activist investor to vie for board seat at Peoples Financial in Miss.
A prominent activist investor is looking to win a board seat at Peoples Financial in Biloxi, Miss. Stilwell Associates disclosed in a regulatory filing that it plans to nominate Stewart Peck to stand for election at the $798 million-asset Peoples’ April 24 annual meeting. Peck is senior counsel at Lugenbuhl, Wheaton, Peck, Rankin […]
Blank-check company formed to buy failed banks
A group has formed a blank-check company in hopes of buying failed banks. The Office of the Comptroller of the Currency in December granted conditional approval for Porticoes National Bank with an understanding that the group will apply for Federal Reserve membership and obtain deposit insurance. Final approval “will not be granted unless all pre-opening […]
Spring Bank in Wisconsin selects insider as next CEO
Spring Bank in Brookfield, Wis., has a new CEO. The $365 million-asset bank said that Heather Nelson succeeded founding CEO David Schuelke. Spring Bank was formed in 2008. Nelson, who had been the bank’s president since January 2023, also joined the board.
Dime in New York forms national deposits group
Dime Community Bancshares in Hauppauge, N.Y., has launched a national deposits group. The $13.6 billion-asset company said in a press release that the group will focus on areas such as death care services, escrow servicing, family offices, software and third-party payment processors. Martin Ball, who was head of national deposits at Bank OZK, was named […]
East Wisconsin Savings plans mutual-to-stock conversion
East Wisconsin Savings Bank in Kaukauna is planning to convert from a mutual holding company to a stock holding company. The $263 million-asset bank said in a regulatory filing that EWSB Bancorp, a newly formed holding company, plans to sell about 1 million shares of stock. EWSB must sell at least $743,750 shares and […]
Sound Credit Union plans to buy Washington Business Bank
Sound Credit Union in Tacoma, Wash., has agreed to buy Washington Business Bank in Olympia – the sixth credit union-bank deal announced this year. The $2.9 billion-asset Sound said in a press release that it will buy the $105 million-asset bank for $34 to $36 a share in cash. The deal is expected to close […]
Cross River in NJ forms investment banking division
Cross River Bank in Fort Lee, N.J., has formed an investment banking division. CRB Group, the parent of the $8.7 billion-asset Cross River, said in a press release that CRB Securities will be led by Benjamin Samuels and Henry Pinnell, who will serve as co-heads of investment banking. Samuels previously served as co-head of alternative […]
Bancorp 34: 4Q loss reflects merger expenses, funding costs
Bancorp 34 in Scottsdale, Ariz., reported a quarterly loss that largely reflected costs tied to a pending acquisition. The $581.3 million-asset company lost $1.7 million in the fourth quarter, which included $1.7 million in expenses tied to its plan to buy CBOA Financial in Tucson, Ariz. Bancorp 34 also said that higher funding costs […]
Five Star Bank in NY disclosed deposit-related fraud
Financial Institutions in Warsaw, N.Y., disclosed a case of fraudulent activity. The $6.2 billion-asset parent of Five Star Bank said in a regulatory filing that it discovered an issue with deposit transactions that took place over “several business days” earlier this month. The transactions involved an in-market business customer. The company estimated that its potential […]
Landmark in Kan. hires UMB exec as next CEO
Landmark Bancorp in Manhattan, Kan., will have a new CEO. Abby Wendel will also become the company’s president and join its board on March 29. She will succeed Michael Scheopner, who will serve in a non-executive role until he retires at the end of the year. Wendel previously served as president of the consumer division […]
New York Community to raise $1 billion, slash dividend to a penny
New York Community Bancorp in Hicksville will raise more than $1 billion by selling securities to Liberty Strategic Capital, Hudson Bay Capital Management, Reverence Capital Partners and other investors. Liberty will invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million. The sales are expected to close on March 11. […]
Berkshire Hills to sell 10 New York branches
Berkshire Hills Bancorp in Boston has agreed to sell 10 branches in New York to three buyers. The company said in a press release that it will sell eight branches to Hudson Valley Credit Union. It will sell one branch to Arrow Financial and another to Pathfinder Bank. The branches collectively have $485.5 million in […]
Bancorp 34 to rebrand bank after merger
Bancorp 34 in Scottsdale, Ariz., will rebrand its bank after it buys CBOA Financial in Tucson, Ariz. Bancorp 34 said on its LinkedIn page that its bank will become Southwest Heritage Bank. The $28 million deal is expected to close this year.
North Valley in Ohio to buy Commodore Bank
North Valley Bancshares in Zanesville, Ohio, has agreed to buy Commodore Financial Network in Somerset, Ohio. The deal is expected to close in the second or third quarter. The price of the all-cash deal wasn’t disclosed. The acquisition “aligns perfectly with our vision of expanding our footprint and enhancing our ability to deliver exceptional financial […]
Beacon CU to buy Mid-Southern Savings in Indiana
Beacon Credit Union in Wabash, Ind., has agreed to buy Mid-Southern Savings Bank in Salem, Ind.. The deal is expected to close in the fourth quarter; the price wasn’t disclosed. MSB has three branches and two loan production offices. “We’re excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank’s customers and […]
New York Community hires Regions exec as chief risk officer
New York Community Bancorp in Hicksville has filled two high-profile vacancies. The $113.9 billion-asset company said in a press release that it hired George Buchanan III as its chief risk officer and Colleen McCullum as chief audit executive. Buchanan previously served in the credit review area at Regions Financial. McCullum was chief audit executive at United […]
Primis in Va. to restate, amend fourth quarters of financial results
Primis Financial in McLean, Va., will restate three quarters of financial statements – and amend a fourth – to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that, following discussions with its accounting firm, it will restate filings for the first three quarters of 2023. The issue is tied to $33.7 […]
Metropolitan Bank in NY to quit Banking-as-a-Service
Metropolitan Bank Holding in New York is getting out of Banking-as-a-Service. The $7.1 billion-asset company disclosed in a regulatory filing that it decided early this year to exit all BaaS relationships. Metropolitan said that deposits obtained through BaaS relationships totaled $781 million, or 13.6% of deposits, at Dec. 31. Though Metropolitan expects “minimal financial impact” […]
New York Community discloses Cangemi departure, big goodwill charge
New York Community Bancorp in Hicksville said that Thomas Cangemi had resigned as president and CEO, it had identified a material weakness, and that a goodwill impairment charge had deepened its fourth-quarter loss by $2.4 billion. The $116.3 billion-asset company disclosed in a regulatory filing that Cangemi will remain on its board. His departure “was […]
Indiana State University FCU leader to retire this fall
Indiana State University Federal Credit Union in Terre Haute is looking for a CEO. The $130 million-asset credit union said that Marie Shanks will also retire as president this fall. Shanks has been president and CEO since 2021.
Investor group ends Republic First securities purchase agreement
A group has terminated an agreement to invest in Republic First Bancorp in Philadelphia. The group, which includes George Norcross III, Gregory Braca and Philip Norcross, agreed in September to invest $35 million in the $6.2 billion-asset Republic. The plan was for Republic will raise another $40 million from other investors. Republic First disclosed in […]
Green Dot warns of potential consent order
Green Dot in Austin, Texas, has set aside $20 million to cover a proposed consent order from the Federal Reserve tied to its compliance with anti-money-laundering regulations. The $4.8 billion-asset bank and fintech company said in a press release that the proposed order also covers consumer compliance matters that took place before George Gresham became […]