BCB in N.J. to record writedown tied to cannabis relationship
BCB Bancorp in Bayonne, N.J., will take some credit-related hits in the first quarter. The company disclosed in a regulatory filing that it will take a $15.1 million pretax writedown tied to an “isolated” cannabis-related real estate owned property. After charging off $12.7 million in the third quarter tied to the relationships, BCB determined that […]
Community State Bank in Pa. lines up next CEO
Community State Bank in Orbisonia, Pa., has finalized its CEO succession. The $400 million-asset bank said in a press release that Nicole Wilson will succeed Michael Bibak as president on Feb. 2. She will then become CEO when Bibak retires at the end of the year. Wilson is the bank’s chief financial officer. “Though Mike’s […]
High Plains Banking to buy First National Bank of Hugo in Colorado
High Plains Banking Group in Flagler, Colo., has agreed to buy First National Bank of Hugo in Colorado. The parent of the $446 million-asset High Plains Bank expects to buy the $146.3 million-asset First National in the first or second quarter, according to an announcement by Olsen Palmer, which represented High Plains. The price wasn’t […]
Cashmere Valley in Wash. to buy back $15M of stock via tender offer
Cashmere Valley Bank in Cashmere, Wash., will buy back $15 million worth of stock under a tender offer. The bank said in a press release that it expects to repurchase about 200,000 shares of common stock at $75 each. The shares represent about 5.1% of the bank’s outstanding stock. The purchase price represents a roughly […]
Community Financial System to buy death care industry specialist ClearPoint
Community Financial System in Syracuse, N.Y., has agreed to buy ClearPoint Federal Bank & Trust in Batesville, Ind. The $16 billion-asset Community Financial System said in a press release that it will pay $40 million in cash for the $131.5 million-asset ClearPoint. The deal is expected to close in the second quarter. ClearPoint is a […]
Checkout.com gets conditional approval for special Georgia charter
Checkout.com is the latest payments company to receive a special-purpose banking charter in Georgia. The payments processor said in a press release that it was approved for a merchant acquirer limited purpose bank charter. Conditional approval includes certain stipulations that must first be met. “Securing the charter allows Checkout.com to accelerate plans to operate as its […]
Metamore State Bank in Ohio rebrands as Bank419
Metamora State Bank in Toledo, Ohio, has rebranded. The $98 million-asset community bank said in a Facebook video that it is now Bank419. The name reflects the market’s area code. “We needed a name to reflect our commitment to all of northwest Ohio and southeast Michigan, not just one town,” Kathleen Fischer, the bank’s CEO, said […]
United Roosevelt in N.J. to convert to stock-owned company
United Roosevelt MHC in Carteret, N.J., is planning to convert from a mutual organization to a stock-owned company. The $352.6 million-asset mutual said in regulatory filings that it plans to form United Roosevelt Bancorp. Janney Montgomery Scott will help the company market its common stock. The company plans to sell 1.5 million to 2 million […]
Old Glory, SPAC to merge and form crypto-focused company
Old Glory Bank in Elmore City, Okla., and Digital Asset Acquisition Corp., a special purpose acquisition company, have agreed to merge to form a crypto-focused financial institution. The bank, created when a group tied to Ben Carson bought and rebranded First State Bank in 2023, and the SPAC plan to form OGB Financial, a Texas […]
U.S. Bancorp to buy advisory firm BTIG for up to $1 billion
U.S. Bancorp in Minneapolis has agreed to buy BTIG, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage. U.S. Bancorp said it will pay up to $725 million in cash and stock for BTIG, with up to $275 million in cash incentives in play over three years. The […]
First County in Connecticut hires Berkshire CEO as its new leader
First County Bank in Stamford, Conn., has hired Nitin Mhatre as its CEO. The $2.2 billion-asset bank said in a press release that Mhatre will succeed Robert Granata. Mhatre will become CEO on April 15, while Granata will remain chairman until July. Mhatre had been the CEO of Berkshire Bancorp in Boston since January 2021. […]
Proposed Echelon Bank in Florida receives conditional FDIC approval
Organizers of the proposed Echelon Bank in Clearwater, Fla., have received conditional approval from the Federal Deposit Insurance Corp. The group, which applied in July, must raise $23 million before opening the bank. Their plans include three branches and a loan production office in the first three years of operation. Echelon “will be a full-service, […]
Greenfield Savings in Massachusetts selects new CEO
Greenfield Savings Bank in Greenfield, Mass., has a new CEO. The bank said in a press release that Peter Albero had also become its president. Albero, who was chief financial officer and treasurer, succeeded Thomas Meshako, who retired. “Peter’s leadership and financial acumen make him the ideal choice to guide Greenfield Savings Bank into the […]
AI-focused fintech Onsetto raises $2.2 million in new funding round
Onsetto, a Minneapolis fintech that helps financial institutions activate and establish primary operating relationships, raised $2.2 million in funding. The AI-focused fintech said in a press release that the funding round was led by EJF Ventures, with participation from Idea Fund of La Crosse, The Perch Fund, and angel investors Daren Cotter and Bobby Astrup. The […]
Coastal in Washington buys GreenFi brand of climate-friendly products
Coastal Financial in Everett, Wash., bought the GreenFi brand of climate-friendly consumer financial services products from Mission Financial Partners. The $4.6 billion-asset Coastal said in a press release that, as part of the deal, Mission Financial will continue to partner with the bank to operate and market the GreenFi program through its existing technology platform. […]
Zeal Credit Union to buy Miners State Bank in Michigan
Zeal Credit Union in Livonia, Mich., has agreed to buy Miners State Bank in Iron River, Mich. The $1 billion-asset credit union said in a press release that it expects to buy the $100 million-asset Miners State in the fourth quarter. The price Zeal plans to pay MSB Bankshares in the all-cash transaction wasn’t disclosed. Following […]
Trump-founded crypto firm seeking national trust bank charter
World Liberty Financial in New York has applied with the Office of the Comptroller of the Currency to form a national trust bank. WLTC Holdings applied to create World Liberty Trust Co. The proposed trust bank would issue and redeem stablecoin, offer on-ramp and off-ramp services, and allow for custody and conversion. “This application marks […]
Foreign neobank bunq again seeks U.S. bank charter
European neobank bunq has reapplied for a national bank charter. The company, which withdrew a similar application in early 2024, is looking to form bunq US Bank through a charter with the Office of the Comptroller of the Currency. Bunq said in a press release that it plans to use the charter to offer services […]
Vermont credit union association selects next CEO
The Association of Vermont Credit Unions has a new leader. The association promoted Carrie Allen as its president and CEO. Allen had been the AVCU’s chief operations officer since August 2024. Before that, she was chief marketing and strategy officer at Heritage Family Credit Union.
Amerant in Florida sells three loans for nearly $50 million
Amerant Bancorp in Coral Gables, Fla., sold three loans. The company disclosed in a regulatory filing that it agreed to sell up to five loans with a total balance of $74 million to Peachtree Group. Peachtree Group ended up buying three of the loans for $49.7 million.
New buyer emerges for troubled Summit National Bank in Wyoming
A new buyer has emerged for Summit National Bank in Hulett, Wyo. Greg Jacobson, who initially came in third place in a bankruptcy auction to buy the bank, now has a deal after the two higher bidders were unable to gain regulatory approval, according to court documents. Victor Remsha initially won the auction last summer […]
Proposed Dallas de novo would have dealings in stablecoins
A proposed de novo in Dallas plans to work stablecoin into its business plan. The proposed Augustus National Bank plans to have a subsidiary called Juno Moneta that would provide issuance, custody, conversion, and payment of U.S. dollar-denominated, reserve-based stablecoins, according to an application with the Office of the Comptroller of the Currency. The bank […]
HNB National to buy Kearney Trust in merger of Missouri banks
HNB National Bank in Hanibal, Mo., has agreed to buy Kearney Trust in Kearney, Mo. The $957 million-asset HNB said in a press release that it plans to buy the $313 million-asset Kearney in the second quarter. The price wasn’t disclosed. “By partnering with HNB, our customers will gain access to a broader range of […]
First Resource Bank in Minnesota passes leadership from father to son
First Resource Bank in Minneapolis has new leadership. The $830 million-asset bank said in a press release that Aaron Siegle became CEO, and Charlie Anderson became president and chief operating officer on Jan. 1. Siegle succeeded his father, Tim, who remains chairman of holding company Ameri Financial Group. The elder Siegle is the bank’s vice […]
Founding CEO steps aside at Integro Bank in Arizona
Integro Bank in Phoenix has made a switch at the top. The bank said in a press release that Jim Malerba had become acting CEO. Malerba, a retired accountant, is on Integro’s board. Malerba succeeded Thomas Inserra, who concluded his tenure with the bank on Dec. 31. “Integro Bank is entering its next chapter from […]