BankFirst in Wis. pulls lever to offset securities losses, other charges
BankFirst in Manitowoc, Wis., reported a significant increase in net income after the sale of a minority stake in a tech services company offset one-time losses elsewhere. The $4.2 billion-asset company said in a press release that its fourth-quarter profit nearly tripled that of a year earlier, to $34.9 million. The results were largely due […]
Banks in Michigan, Ohio, NY completes private placements
Banks in Michigan, Ohio and New York completed private placements of common stock. Bank Michigan Financial in Brooklyn sold $4.1 million of stock on Jan. 3, according to a regulatory filing. The $119 million-asset bank disclosed that the minimum purchase was $25,000. Grasshopper Bancorp in New York raised $10 million, based on data compiled by […]
Amerant in Fla. discloses long list of 4Q expenses, charges
Amerant Bancorp in Coral Gables, Fla., has agreed to sell $401 million of multifamily loans at a loss. The $9.3 billion-asset company disclosed in a regulatory filing that it will sell the Houston-based loans to an affiliate of Prime Finance Advisor at a $23 million after-tax loss. The portfolio was classified as held-for-sale on Dec. […]
FirstSun in Denver to buy HomeStreet in Seattle for $286M
FirstSun Capital Bancorp in Denver has agreed to buy HomeStreet in Seattle. The $7.8 billion-asset FirstSun said in a press release that it will pay $286 million in stock for the $9.5 billion-asset HomeStreet. The deal, which is expected to close in mid-2024, priced HomeStreet at 56% of its tangible book value. FirstSun also agreed […]
Ally Financial decides on interim CEO while it conducts search
Ally Financial in Detroit has an interim CEO. The company said in a press release that Douglas Timmerman will take over for Jeffrey Brown on Feb. 1. Timmerman is president of dealer financial services. “Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally,” Franklin […]
Fiserv applies for limited purpose bank charter in Georgia
Payment processor Fiserv is trying to become the first company to obtain a merchant acquirer limited purpose bank charter in Georgia. The move would allow Fiserv to authorize, settle and clear payment transactions for merchants. Doing so would let the Brookfield, Wis., company, which typically uses bank partners as part of payment processing, control the […]
Forward Bank in Wis. applies to buy Lake City in Minn.
Forward Bank in Marshfield, Wis., has agreed to buy Lake City Federal Bank in Lake City, Minn. The $964 million-asset Forward recently submitted its applications with regulators. It plans to complete its purchase of the $76 million-asset Lake City in the second quarter. The financial terms weren’t disclosed. “Our banks will work closely to ensure […]
Stablecoin issuer Circle files paperwork for IPO
Stablecoin issuer Circle has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering. The company, which issues USDC, disclosed the filing on Thursday. The amount Circle plans to raise, along with the number of shares it wants to sell, were not disclosed. The SEC must first review the paperwork. Circle […]
AmeriServ to report 4Q loss on Rite Aid exposure, securities loss
AmeriServ Financial in Johnstown, Pa., expects to report a large quarterly loss after pursuing cost-cutting measures, selling underwater securities, and charging off loans tied to a national pharmacy chain’s bankruptcy. The $1.4 billion-asset company, which has been locked in a battle with an activist investor, disclosed in a regulatory filing that it plans to report […]
Merger to create third-biggest credit union in Virginia
Virginia Credit Union in Richmond and Member One Federal Credit Union in Roanoke, Va., plan to merge. The combination of the $5.1 billion-asset Virginia Credit Union and the $1.6 billion-asset Member One would create a financial institution with 37 branches and nearly 500,000 members. It would be Virginia’s third-largest credit union. The merger is expected […]
Esquire in N.Y. buys big stake in payments fintech Payzli
Esquire Financial Holdings in Jericho, N.Y., has acquired a large stake in United Payment Systems. The $1.5 billion-asset Esquire said in a press release that it invested $6 million in the payments fintech, which operates as Payzli, for a 24.99% ownership interest. Payzli is a registered independent sales organization of the bank. The investment “will […]
Global FCU to buy First Financial Northwest Bank for $231M
The second credit union-bank deal of 2024 is a doozy. Global Federal Credit Union in Anchorage, Alaska, agreed to buy First Financial Northwest Bank in Renton, Wash., for $231.2 million in cash. The deal is expected to close in the fourth quarter. First Financial is the bank unit of the $1.5 billion-asset First […]
Proposed N.Y. de novo bank to cater to first responders
A proposed bank in New York plans to offer special products to first responders. Organizers of Greater Gotham Bank is in talks with the International Association of Fire Fighters/AFL-CIO to provide specialized services to union members who are professional firefighters and paramedics. Those products could include free or discounted checking accounts; premium rate CDs; free […]
Citi records $1.3B reserve build for Argentina, Russia dealings
Citigroup in New York recorded a $1.3 billion reserve build in the fourth quarter tied to exposure in Argentina and Russia. The $2.4 trillion-asset company also disclosed in a regulatory filing that it took a roughly $880 million hit in the quarter due to recent devaluations to the Argentine peso. Citi also said it recorded […]
Security Federal in S.C. eliminates mandatory retirement age
Security Federal in Aiken, S.C., changed it bylaws to remove a mandatory retirement provision for its officers. The $1.5 billion-asset company disclosed in a regulatory filing that its board eliminated the section of the bylaws that set an age limit of 70.5 years. The change was effective immediately. Chris Verenes, the company’s CEO, is 66, […]
Blue Ridge in Va. aims to settle lawsuit against acquired bank
Blue Ridge Bankshares in Charlottesville, Va., is looking to resolve a longstanding lawsuit filed by former employees of a processor bank. The $3.3 billion-asset company has offered to pay $6 million to settle claims that executives at Virginia Community Bank breached their fiduciary obligations by improperly using an employee pension fund. Blue Ridge bought Virginia […]
Caltech Employees CU selects insider as next leader
Caltech Employees Credit Union in La Cañada Flintridge, Calif., has lined up its next CEO. The $2 billion-asset credit union said in a press release that John Meeker will also become president on April 2. Meeker, the credit union’s chief financial officer, will succeed Rich Harris, who is retiring. Meeker “is an experienced credit union […]
Hudson Valley CU to buy Catskill Hudson Bank in N.Y.
Hudson Valley Credit Union in Poughkeepsie, N.Y., has agreed to buy Catskill Hudson Bank in Kingston, N.Y. The $7 billion-asset credit union said in a press release that it will pay about $28.6 million in cash for the $400 million-asset bank unit of Catskill Hudson Bancorp. The deal is expected to close in the second […]
Wells Fargo exec tapped to become Mr. Cooper president
A former Wells Fargo and JPMorgan Chase executive is set to become the next president of Mr. Cooper Group. The mortgage company said in a press release that Mike Weinbach will succeed Chris Marshall on Feb. 1 and will be responsible for operations, including originations, servicing and technology. Weinbach previously served as CEO of consumer […]
Clark Street Capital creates platform for selling small loans
Clark Street Capital in Chicago created a platform that helps community banks and other lenders quickly sell small loans. The firm’s Accelerated Bank Asset Network, which is designed to handle assets and portfolios of $5 million or less, pairs sellers with an established buyer network, according to American Banker. The sales can happen in as […]
Pacific Financial in Wash. hires lending team from First Interstate
Pacific Financial in Aberdeen, Wash., has hired a commercial banking team from First Interstate Bank. The $1.2 billion-asset company said in a press release that the seven-member team will operate out of Lake Oswego, Ore., near Portland. The team includes Katherine Ledson, who was named commercial banking team leader, and Jon Little, commercial real estate […]
Susser Bank parent raises $40M via private placement
Susser Banc Holdings in Dallas has raised $40.3 million through a private placement of common stock. The parent of the $2.1 billion-asset Susser Bank completed the private placement on Jan. 2, based on data compiled by Performance Trust Capital Partners. PTCP did not detail how many shares were sold, the pricing, or the investors who […]
1st University Credit Union in Texas has new CEO
Kevin Hood has been named CEO of 1st University Credit Union in Waco, Texas. Hood, who was an executive vice president, succeeded Gary Parker, who retired at the end of last year. Before joining the credit union, Hood was at Cornerstone Resources. “I have known Kevin Hood since he started at the credit union and […]
Comerica discloses items that will weigh down 4Q results
Comerica in Dallas disclosed several special items that will impact fourth-quarter results. The $85.7 billion-asset company said in a regulatory filing that it expects to record a $109 million expense tied to the special assessment by the Federal Deposit Insurance Corp. The company said it has begun certain initiatives to “calibrate expenses to enhance earnings […]
BofA to record $1.6B charge in 4Q tied to Libor transition
Bank of America in Charlotte, N.C., plans to record a roughly $1.6 billion charge in the fourth quarter tied to the shift away from the London Interbank Offered Rate (Libor) benchmark. The $3.2 trillion-asset company disclosed in a regulatory filing that it expects the $1.6 billion noncash charge to be “recognized back” into interest income […]