New York Community aims to assuage investor concerns
New York Community Bancorp in Hicksville is looking to ease concerns about its balance sheet and management team. The $116.3 billion-asset company said in a press release that it has been engaged in “an orderly process” to hire a chief risk officer and chief audit executive with large bank experience. “We currently have qualified personnel […]
Fed ends Farmington State order due to bank wind-down
The Federal Reserve terminated an enforcement action with Farmington State Bank in Washington. The Fed said that it ended the July 2023 enforcement action because Farmington, which once had ties to collapsed crypto exchange FTX, had “completed its wind-down plan and no longer functions as a bank.” Farmington gained notoriety when it rebranded as Moonstone […]
Star Bank to buy Community Development Bank in Minn.
Star Bank in Maple Lake, Minn., has applied to buy Community Development Bank in Hancock, Minn. The $380 million-asset Star filed its application to buy the $189 million-asset Community Development Bank on Friday. The purchase is expected to close in late March. The price wasn’t disclosed. “We are excited about this opportunity to expand our […]
UMB promotes bank CEO to become company president
UMB Financial in Kansas City, Mo., has a new president. The $44 billion-asset company said in a press release that Jim Rine succeeded Mariner Kemper, who is still chairman and CEO. Rine will remain president and CEO of UMB Bank. “During his nearly three decades at UMB, he has helped our company grow, steered […]
NorthEast Community in NY sells wealth management division
NorthEast Community Bancorp in White Plains, N.Y., has sold its wealth management division. The $1.8 billion-asset company said in a press release that it sold Harbor West Wealth Management in December to an unnamed third party. The price wasn’t disclosed. As a result, goodwill fell to zero on Dec. 31 from $200,000 a year earlier. […]
LendingClub exits three-year OCC operating agreement
LendingClub in San Francisco has been released from an operating agreement tied to its 2021 purchase of Radius Bancorp. The three-year agreement with the Office of the Comptroller of the Currency expired on Friday, removing capital constraints and opening up more opportunities for the company to expand. The agreement also required LendingClub to discuss changes […]
F.N.B. to pay $13.5M to settle redlining claims in North Carolina
F.N.B. Corp. in Pittsburgh agreed to pay $13.5 million to settle redlining claims in North Carolina. The Department of Justice said in a press release that the amount resolves claims that the $45 billion-asset company used discriminatory lending practices in certain neighborhoods in Charlotte and Winston-Salem. The allegations covered a period from 2017, when F.N.B. […]
CoastalSouth in S.C. raises $12M via private placement
CoastalSouth Bancshares in Hilton Head Island, S.C., raised $12 million through a private placement of common stock. The $2 billion-asset company said in a press release that it raised the funds on Jan. 26. It did not disclose any of the investors. CoastalSouth said it plans to use the proceeds for general corporate purposes, including […]
Truist agrees to sell investment manager unit
Truist Financial in Charlotte, N.C., agreed to sell investment manager Sterling Capital Management to Guardian Capital Group in Toronto. Guardian said in a press release that it will pay $70 million (plus future payout incentives) for Sterling, which has about $76 billion of assets under management and advisement. The deal is expected to close in […]
Peoples Bank, Arcola First in Illinois to merge
Peoples Bank & Trust in Pana, Ill., has agreed to buy Arcola First Bank in Arcola, Ill. The $539 million Peoples applied with regulators on Jan. 31 to acquire the $123 million-asset Arcola. The deal is expected to close in late spring or early summer. The banks originally announced the deal on Jan. 2. The […]
First National in Va. posts loss from third-party C&I loans
First National in Strasburg, Va., reported a quarterly loss due to issues with commercial loans originated by a third-party lender. The $1.4 billion-asset company said in a press release that it lost $851,000 in the fourth quarter. The company set aside $6 million in the quarter to cover potential loan losses. First National said the […]
Regions in Alabama to cut 600 positions
Regions Financial in Birmingham, Ala., plans to cut 600 jobs, or roughly 3% of its workforce. Roughly 70% of the cuts are outside of Birmingham, with many of the layoffs taking place in the $152 billion-asset company’s mortgage operations. “Our focus is to operate efficiently and effectively while providing the quality service our customers expect. […]
Vast Bank shuts down crypto banking mobile app
Vast Bank in Tulsa, Okla., once a pioneer in serving as a custodian of cryptocurrency, disabled and removed its crypto mobile banking app. The bank, which shut down the app on Wednesday, informed customers that their crypto mobile banking accounts, including any digital assets held in custody, would be liquidated and closed. Vast’s announcement comes […]
City National in LA to pay $65 million civil money penalty
The Office of the Comptroller of the Currency assessed a $65 million civil money penalty against Royal Bank of Canada’s U.S. bank. The OCC said in a press release that it also issued a cease-and-desist order to City National Bank in Los Angeles tied to “systemic deficiencies in the bank’s risk management and internal controls.” […]
Dogwood State in NC to buy Community First in SC
Dogwood State Bank in Raleigh, N.C., has agreed to buy Community First Bancorp. in Seneca, S.C. The $1.4 billion-asset Dogwood said in a press release that it will pay stock for the $685 million-asset Community First. The price wasn’t disclosed. The deal is expected to close in the second half of this year. Dogwood recently […]
Arrow Financial’s 4Q earnings reflect sale of securities, Visa stock
Arrow Financial in Glens Falls, N.Y., reported lower earnings that included margin pressure, a securities loss and a gain from selling Visa stock. The $4.2 billion-asset company said in a press release that its fourth-quarter profit fell by 36% from a year earlier, to $7.7 million. Net interest income declined by 16% to $25.6 million. […]
Business First in La. to buy SBA loan manager
Business First Bancshares in Baton Rouge, La., has agreed to buy Waterstone LSP, a company that helps small banks and business owners implement and manage Small Business Administration’s (SBA) loan programs. The $6.6 billion-asset Business First did not disclose the price it will pay for the Katy, Texas, company. “We have worked closely […]
Carver Bancorp ‘definitively rejects’ partial buyout offer
Carver Bancorp said it “definitively rejects” an investor’s offer to buy a 35% stake in the New York bank. The $743 million-asset Carver said in a press release that its board determined that selling the stake to Dream Chasers Capital could cause “unacceptable reputational risks” to the bank’s standing and mission credibility. The board also […]
MountainSeed agrees to third bank-related sale-leaseback deal
Get used to hearing more about MountainSeed Real Estate Services after it secured its third sale-leaseback transaction in the past month. Finward Bancorp in Munster, Ind., disclosed in a regulatory filing that it sold five properties to MountainSeed for $17.2 million. Four of the properties are in Indiana; the fourth is in Illinois. The $2.1 […]
Regulators finally back WaFd’s purchase of Luther Burbank
WaFd in Seattle has finally secured regulatory approval to buy Luther Burbank in Santa Rosa, Calif. The $22.6 billion-asset WaFd said in a press release that the Federal Reserve, Federal Deposit Insurance Corp. and the Washington State Department of Financial Institutions have approved the deal. WaFd agreed to buy the $8.2 billion-asset Luther Burbank in […]
Central Pacific in Hawaii posts lower profit after long-term moves
Central Pacific Financial in Honolulu reported lower quarterly profit that reflected margin pressure, a higher loan-loss provision and a securities loss. The $7.6 billion-asset company said in a press release that its fourth-quarter earnings fell by 26% from a year earlier, to $14.9 million. Net interest income fell by 9.1% to $51.1 million – the […]
New York Community slashes dividend after surprise 4Q loss
New York Community Bancorp in Hicksville, which bought the failed Signature Bank last year, slashed its dividend after credit issues led to a surprise quarterly loss. The $116.3 billion-asset company said in a press release that it lost $260 million in the fourth quarter, largely due to a $552 million loan-loss provision. The company cut […]
Cadence uses insurance sale to absorb securities sales
Cadence Bank used proceeds from the sale of its insurance business to more than offset a large securities sale. The $48.9 billion-asset bank, with offices in Tupelo, Miss., and Houston, said in a press release that its fourth-quarter net income was more than double that of a year earlier, at $257 million. Cadence sold its […]
Heritage Financial in Wash. reports lower profit on one-time items
Heritage Financial in Olympia, Wash., reported lower earnings that reflected securities sales and an expense-cutting effort. The $7.2 billion-asset company said in a press release that its fourth-quarter profit fell by 72% from a year earlier, to $6.2 million. The company sold $151.8 million of securities at a $10 million pretax loss, using the proceeds […]
Southern California Bancorp, California BanCorp to merge
Southern California Bancorp in San Diego has agreed to buy California BanCorp in Oakland. The $2.4 billion-asset Southern California said in a press release that it will pay $233.6 million in stock for the $2 billion-asset California BanCorp. The deal is expected to close in the third quarter. Southern California shareholders will own about 57.1% […]