Blue Ridge in Va. raises $150M, reaffirms timeline for BaaS exit
Blue Ridge Bankshares in Charlottesville, Va., has completed its capital raise led by Kenneth Lehman and Castle Creek Capital and confirmed that will fully exit its Banking-as-a-Service business by the end of this year. The $3.1 billion-asset company disclosed in a regulatory filing that it raised $150 million by selling common stock, convertible preferred stock, […]
Michigan State FCU’s CUSO invests $6.2M in eight fintechs
Reseda Group, a wholly owned CUSO of Michigan State University Federal Credit Union in East Lansing, has invested $6.2 million in eight fintechs. The $7.6 billion-asset credit uni0on said in a press release that its CUSO made new investments CU Lift Fund, direct auto loan funding; CURevl, college planning and education finance; Debbie, personal financial […]
KeyCorp to invest $25M in pact with community advocacy group
KeyCorp and the National Community Reinvestment Coalition have reached an agreement to invest $25 million into minority and underserved markets. Jesse Van Tol, the NCRC’s CEO, made the announcement at the organization’s Just Economy conference, starting that the agreement resolves a dispute between the parties. The NCRC had raised concerns in the past about the […]
Fintech Brim Financial raises $85 million in funding
Brim Financial, a Toronto company that sells tech to help banks launch and manage credit card programs, has raised $85 million of Series C funding. The fintech, founded in 2017, said in a press release that the funding round was led by EDC Investments and included Vistara Growth, White Owl Group, Epic Venture and Zions […]
Climate First raising capital as end of de novo period nears
Climate First Bancorp in Orlando, Fla., is planning to raise more capital. The $600 million-asset company said in press release that it will run the capital raise through September. The bank, which opened in 2021 after raising $44 million, will shed its de novo status in June. The bank is looking to raise $100 million, […]
South Ottumwa Savings in Iowa selects insider as new president
South Ottumwa Savings Bank in Ottumwa, Iowa, has a new president. The $547 million-asset bank said that Natalie Bolin had taken over the position. She has been the bank’s senior vice president of operations and chief financial officer. “Natalie has played a crucial role in the success of South Ottumwa Savings Bank,” Teri Messerschmitt, the […]
Cadance Bank reshuffles executives ranks
Cadance Bank has shuffled several high-level executives. The $50 billion-asset bank said in a press release that Hank Holmes, its chief banking officer, is leaving to pursue opportunities tied to entrepreneurship, start-ups and building organizations. Holmes will serve as a special adviser to Billy Braddock, who succeeded him as chief banking officer, until June 30. […]
Union State Bank agrees to buy Exchange State Bank in Iowa
Union State Bank in Greenfield, Iowa, has agreed to buy Exchange State Bank in Adair, Iowa. The $96.5 million-asset Union State filed its application with Federal Deposit Insurance Corp. on March 29 to buy the $39 million-asset Exchange State. The deal is expected to close in the second quarter. The price wasn’t disclosed. “It was […]
FinWise in Utah names new president, chief financial officer
FinWise Bancorp in Murray, Utah, has a new president. The $586.2 million-asset company disclosed in a regulatory filing that James Noone will remain president of unit FinWise Bank. He succeeded Kent Landvatter, who remains chairman and CEO. Separately, Finwise hired Robert Wahlman as chief financial officer. Wahlman, who previously served as CFO at Axiom Bancorp, […]
OptimumBank in Fla. raises $8M from private placement
OptimumBank Holdings in Ft. Lauderdale, Fla., raised nearly $8 million by selling common and preferred stock. The $791 million-asset company disclosed in a regulatory filing that it entered into subscription agreements with six investors to sell 1.5 million shares of common stock and 526,000 preferred shares. OptimumBank also entered into registration rights agreements […]
Five Star in Calif. to raise $71M in common stock offering
Five Star Bancorp in Rancho Cordova, Calif., is looking to raise about $71 million from selling common stock. The $3.6 billion-asset company said in a press release that it should complete the offering on April 1. Five Star plans to use the offering’s net proceeds for general corporate purposes and to support continued growth. Keefe, […]
Old National CFO on leave as he faces molestation charges
Old National Bancorp in Evansville, Ind., has put its chief financial officer on leave following his arrest on child molestation charges. The $52.4 billion-asset company disclosed in a regulatory filing that its board placed Brendon Falconer on leave after becoming “aware of a situation involving … Falconer relating to a personal matter unrelated to the […]
Five Star Bank parent in New York sells insurance agency
Financial Institutions in Warsaw, N.Y., has sold its insurance agency to NFP Property & Casualty Services. The $6.2 billion-asset parent of Five Star Bank said in a press release that it sold SDN Insurance Agency for an undisclosed amount. William Gallagher, the agency’s president, joined NFP as part of the deal. “In the nearly 10 […]
Northrim in Alaska selects insider as its new CEO
Northrim BanCorp in Anchorage, Alaska, has its next leader lined up. The company said in a press release that Mike Huston will become its CEO on April 6. Huston, who was named president in 2022, will also serve as chief operating officer. Huston will succeed Joe Schierhorn, who will remain chairman. “We continue to implement […]
Former Marcus head to oversee retail banking at Santander U.S.
Santander U.S. has hired the former head of Marcus. The bank said in a press release that Swati Bhatia, as head of retail banking and transformation, will oversee consumer and business banking, along with digital transformation efforts. Bhatia succeeded Pierre Habis, who joined Synchrony Financial last year. Santander “has reached an inflection point as we progress […]
Houston group taps new CEO for proposed de novo bank
The organizers for a proposed Houston bank have added more directors, hired a new CEO, and again reapplied for deposit insurance. The group first applied with the Federal Deposit Insurance Corp. in February 2022 to form Houston Bank of Commerce & Trust, reapplying in May 2023. The latest application has shortened the proposed de novo’s […]
Ally Financial snags top Discover exec as its new CEO
Ally Financial in Charlotte, N.C., has hired Michael Rhodes as its new CEO. Ally said in a press release that Rhodes will start on April 29. He will also join Ally’s board. Rhodes recently served as CEO of Discover Financial Services, which is being acquired by Capital One Financial. He will replace Jeffrey Brown, who […]
Gouverneur Bancorp in N.Y. selects outsider as next leader
Gouverneur Bancorp in Gouverneur, N.Y., has a new CEO. The $204.9 million-asset company said in a press release that Robert Barlow was also named president of the company. He succeeded Charles Van Vleet Jr., who will remain president and CEO of GS&L Municipal Bank and assist with the executive transition. Barlow was vice […]
Capital Bancorp in Md. to buy government-guaranteed lender IFH
Integrated Financial Holdings, a government-guaranteed lender in Raleigh, N.C., has found a new buyer. The $548 million-asset parent of West Town Bank & Trust, which had a proposed sale to MVB Financial called off in May 2023, agreed to sell itself to Capital Bancorp in Rockville, Md. The $2.2 billion-asset Capital agreed to pay $66 […]
BNA Bank in Mississippi promotes insider as next CEO
BNA Bank in New Albany, Miss., has a new CEO. The $770 million-asset bank said that Mike Staten had succeeded Bo Collins, who retired. Staten has been the bank’s president since 2020. Collins had been CEO since 2013. Bob Spencer, the bank’s chief financial officer, will also serve as president. He will oversee the bank’s […]
LCNB in Ohio hires investment bank to explore sale
LCNB Corp. has hired an investment bank to “begin evaluation” of the Lebanon, Ohio, company’s potential sale. The $2.3 billion-asset company, which is in the process of buying another bank, disclosed in a letter to the Securities and Exchange Commission that it hired Hovde Group in December to help it weigh its options. The disclosure […]
First National in Virginia agrees to buy Touchstone Bankshares
First National in Strasburg, Va., has agreed to buy Touchstone Bankshares in Prince George, Va. The $1.4 billion-asset First National said in a press release that it will pay $47 million in stock for the $658.7 million-asset Touchstone. The deal, which is expected to close in the fourth quarter, priced Touchstone at 106% of its […]
BOK Financial to offset securities loss with Visa stock sales
BOK Financial in Tulsa, Okla., plans to offset losses tied to a recent securities sale with proceeds from converting its Visa shares. The $48.2 billion-asset company disclosed in a regulatory filing that it sold about $783 million of debt securities at a $45 million pretax loss. It reinvested the proceeds into higher-yielding securities. The company […]
Group applies to open new commercial bank in SoCal
Organizers are planning a de novo bank in Culver City, Calif. A group filed an application earlier this year with the Federal Deposit Insurance Corp. for Culver Community Bank. The Bank Slate recently obtained the redacted version of the application. Benjamin Donel is listed as the proposed bank’s chairman. He is the managing member of […]
Organizers propose Korean-American bank in Los Angeles
A group of Korean-Americans is looking to form a new bank in Los Angeles. Organizers of QIB Bank applied on March 8 with the Federal Deposit Insurance Corp. The group is looking to raise $35 million to form a minority-depository institution. “The bank intends to operate as a full-service commercial bank providing a wide range […]