OCC to rescind notable merger approval clause
The Office of the Comptroller of the Currency plans to revoke a rule that limits the amount of time it has to consider a merger application. The agency, which oversees nationally chartered banks, issued a notice of proposed rulemaking to do away with a 1990s rule that requires merger applications to be considered approved on […]
Advia Credit Union agrees to buy NorthSide Community Bank
Advia Credit Union in Kalamazoo, Mich., has agreed to buy NorthSide Community Bank in Gurnee, Ill. The $3 billion-asset Advia said in a press release that it expects to buy the $255 million NorthSide in the third quarter. The price wasn’t disclosed. “NorthSide has a very talented team, and we are excited to have them […]
Bank of Marin has narrow 4Q profit after selling more securities
Bank of Marin in Novato, Calif., continued to purge its balance sheet. The $3.8 billion-asset company said in a press release that it earned just $610,000 in the fourth quarter after it sold $131.9 million of securities at a net pretax loss of $5.9 million. Proceeds were largely directed toward new loan originations and repaying borrowings, which […]
Sale-leaseback offsets securities loss at Sierra Bancorp
Sierra Bancorp in Porterville, Calif., offset the costs of selling securities with proceeds from a sale-leaseback transaction. The $3.7 billion-asset company’s said in a press release that its fourth-quarter earnings fell by 11% from a year earlier, to $6.3 million. Sierra sold $196.7 million of bonds at a $14.5 million loss. Though the sales took […]
Beacon CU to buy Mid-Southern Savings Bank in Indiana
Beacon Credit Union in Wabash, Ind., has agreed to buy substantially all of the assets and liabilities of Mid-Southern Savings Bank in Salem, Ind. The $1.5 billion-asset credit union said in a press release that it will pay at least $43 million in cash for the $265 million-asset Mid-Southern, subject to adjustment based on the […]
TD Bank commits $20B to community development
TD Bank has unveiled a three-year, $20 billion community development plan. The Canadian bank said in a press release that the plan, developed with the National Community Reinvestment Coalition, will back lending, philanthropy and bank access in underserved communities in 15 states and Washington, D.C. The plan is much smaller than the five-year $50 billion […]
Choice Financial in ND hit with consent order tied to third parties
CORRECTION: A previous version of this article identified the wrong company and the regulatory order was incorrect. The errors have been corrected. Choice Financial Group has been hit with a consent order that is largely tied to how the Fargo, N.D., company handles third-party relationships. The order, from the Federal Deposit Insurance Corp. and […]
Primis in Va. discloses 19% stake in doctor-focused fintech
Primis Financial in McLean, Va., acquired a 19% stake in Panacea Financial Holdings as part of the fintech’s recent Series B financing round. The $3.9 billion-asset company said in a press release that it was part of the funding round, where Valar Ventures was the only institutional investor. Primis, which has a partnership agreement with […]
First Hawaiian profit falls on margin pressure, one-time items
First Hawaiian in Honolulu reported lower earnings that reflected margin pressure, securities losses and a special assessment from the Federal Deposit Insurance Corp. The $24.9 billion-asset company said in a press release that its fourth-quarter profit fell by 40% from a year earlier, to $47.5 million. Net interest income fell by 12% to […]
OCC order says Blue Ridge Bank in ‘troubled condition’
The Office of the Comptroller of the Currency now considers Blue Ridge Bank in Charlottesville, Va., to be in a “troubled condition.” The $3.3 billion-asset Blue Ridge disclosed in a regulatory filing that it has entered into a consent order with the OCC – the second for the bank since September 2022. The consent order […]
WSFS offsets FDIC assessment, BOLI costs with Spring EQ gain
WSFS Financial in Wilmington, Del., had a noisy fourth quarter. The $20.6 billion-asset company said in a press release that its quarterly profit fell by 24.2% from a year earlier, to $63.9 million. WSFS paid a $5.1 million special assessment to help replenish the Federal Deposit Insurance Corp. Deposit Insurance Fund. It also recorded a […]
Kearny in NJ sheds OREO, restructures BOLI holdings
Kearny Financial in Fairfield, N.J., said it recently sold some real estate holdings and restructured its bank-owned life insurance portfolio. The $7.9 billion-asset company said in a press release that it sold a $12 million other real estate owned asset this month. Proceeds were redeployed into interest-earning assets. The company said the move will improve […]
HomeTrust in NC to exit indirect auto, right-size mortgage ops
HomeTrust Bancshares in Asheville, N.C., has decided to exit indirect auto lending and “right-size” its mortgage operations. The $4.7 billion-asset company said in a press release that the changes, which are expected to take place at the end of this quarter, should save $800,000 annually. The company had $115,000 in expenses in the fourth quarter […]
Valley National profit stung by higher provision, one-time expenses
Valley National Bancorp in New York reported lower quarterly profit that included a higher loan-loss provision and costs tied to core conversion and a special assessment from the Federal Deposit Insurance Corp. The $60.9 billion-asset company said in a press release that its fourth-quarter net income fell by 60% from a year earlier, to $71.6 […]
Banks continue to scrub securities portfolios in fourth quarter
More banks continued to absorb losses from securities sales during the fourth quarter. Carter Bankshares in Martinsville, Va., sold $30 million of securities at a $1.5 million loss. The $4.5 billion-asset company, which reported a $1.9 million net loss in the fourth quarter, said it should take less than a year to earn back the […]
Profit falls at Origin in La. from NIM pressure, securities loss
Origin Bancorp in Ruston, La., posted a decline in quarterly profit that reflected margin pressure and the sale of securities. The $9.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 54.5% from a year earlier, to $13.4 billion. Net interest income fell by 13.9%, to $73 million. The net interest […]
Hanover in N.Y. files paperwork to raise up to $50M in capital
Hanover Bancorp in Mineola, N.Y., filed a shelf registration to raise up to $50 million in capital over time. The $2.2 billion-asset company said in the filing that it could sell common and preferred stock, warrants, debt securities or depositary share units. Hanover did not provide a timeline for selling securities or issuing debt. The […]
FVCB reports 4Q loss due to securities losses, branch closing
FVCBankcorp in Fairfax, Va., reported a net loss in the fourth quarter after it purged its securities portfolio and closed a branch. The $2.2 billion-asset company said in a press release that it lost $5.1 million in the quarter, a reversal from the $4.9 million it earned a year earlier. The company sold $61.4 million […]
Simmons in Ark. has sharp earnings drop after series of charges
Simmons First National in Pine Bluff, Ark., reported a messy fourth quarter that included a securities loss, a higher loan-loss provision and expenses tied to cost-cutting initiatives. The $27.3 billion-asset company said in a press release that its quarterly profit decreased by 71% from a year earlier, to $23.9 million. Revenue fell by 25% to […]
FDIC assessment, securities loss cut into BOK Financial profit
BOK Financial in Tulsa, Okla., reported a sharp decline in net income that reflected securities losses and its special assessment from the Federal Deposit Insurance Corp. The $49.8 billion-asset company said in a press release that its fourth-quarter profit fell by 51% from a year earlier, to $82.5 million. The results included a $43.7 million […]
National Bankshares in Va. to buy Frontier Community Bank
National Bankshares in Blacksburg, Va., has agreed to buy Frontier Community Bank in Waynesboro, Va. The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter. “We believe that our compatible […]
OFG Bancorp profit rises on higher revenue, loan sales
OFG Bancorp in San Juan, Puerto Rico, reported slightly higher quarterly profit after a gain from selling nonperforming small business loans offset charges tied to a cost-cutting effort. The $11.3 billion-asset company said in a press release that its fourth-quarter net income available to shareholders increased by 0.5% from a year earlier, to $46.6 million. […]
Fintech Brex laying off one-fifth of its staff
Brex, an expense management fintech, has laid off 20% of its staff. The company said in a note published on its website that it cut 282 positions and that Michael Tannenbaum, its chief operating officer, transitioning from his role to become a board member. Camilla Morais, who was senior vice president of global operations, will […]
Business First in La. reports lower profit on securities sales
Business First Bancshares in Baton Rouge, La., reported lower quarterly profit that reflected securities losses and costs tied to a customer fraud/operational loss. The $6.6 billion-asset company said in a press release that its fourth-quarter profit fell by 12% from a year earlier, to $15.8 million. Business First said it sold $71.5 million […]
Reciprocal deposits fintech ModernFi raises $19 million
ModernFi, a fintech that helps banks retain and attract deposits, has closed an $18.7 million Series A funding round that involved several banks. ModernFi said in a press release that the round was led by Canapi Ventures (which has ties to Live Oak Bancshares) and included investment by Andreessen Horowitz, Remarkable Ventures, Huntington Bancshares, First […]