Liberty Bank in Utah ordered to find buyer or liquidate
The clock is ticking for Liberty Bank in Salt Lake City. The $12.8 million-asset bank entered into a consent order with the Federal Deposit Insurance Corp. to boost capital levels, then find a buyer or liquidate. The bank consented to the Nov. 21 order without admitting or denying any charges of unsafe or unsound banking […]
Olney Bancshares of Texas finalizes CEO succession
Olney Bancshares of Texas will soon have a new CEO. The company said in a press release that CK Lee will succeed Pascal Hosch, who is retiring on Dec. 31. Lee will remain Olney’s president. Lee will also become CEO of the $4 billion-asset InterBank in Oklahoma City. Hosch will remain on the company and […]
United Community in Ga. details special assessment, bond sales
United Community Banks in Blairsville, Ga., repositioned its securities portfolio and disclosed the impact of a special assessment from the Federal Deposit Insurance Corp. The $26.9 billion-asset company disclosed in a regulatory filing that it sold $316 million of available-for-sale securities at a $52 million pretax loss. The proceeds were reinvested in higher-yielding bonds. United […]
Needham Bank in Mass. converts to stock holding company
NB Bancorp in Needham, Mass., completed its conversion from a mutual holding company to a stock holding company. The $4.2 billion-asset company said in a press release that it sold nearly 41 million shares of common stock at $10 each, or roughly $410 million. It contributed roughly 1.7 million shares and $2 million cash to […]
Arthur State Bank in S.C. announces CEO retirement
Arthur State Bank in Union, S.C., announced that its CEO is retiring. The $748 million-asset bank said in a LinkedIn post that Danny Cook planned to retire. The post did not give a retirement date or name a successor. “His administration has inspired us all and his impact will resonate with Arthur State Bank for […]
First Guaranty in La. raises another $10M via private placement
First Guaranty Bancshares in Hammond, La., raised $10 million through a private placement. The $3.4 billion-asset company disclosed in a regulatory filing that it sold a million shares of common stock for $10 each. The company did not disclose the investors or what it plans to do with the proceeds. First Guaranty sold 710,000 shares […]
BancPlus in Miss. adds investment banker to its board
BancPlus in Ridgeland, Miss., added a veteran investment banker to its board. The $7.6 billion-asset company disclosed in a regulatory filing that Charles White will become a director on Jan. 1. White is a managing director in the fixed income capital markets division of Stifel Financial. He was a director at State Bank & Trust […]
NSTS in Ill. sells securities, recognizes DTA valuation allowance
NSTS Bancorp in Waukegan, Ill., sold lower-yielding securities at a loss. The $252 million-asset company said in a press release that it sold $30.5 million of securities at an after-tax loss of $1.8 million. The securities included U.S. Treasury notes, agency, mortgage-backed securities and collateralized mortgage obligations. A portion of the proceeds will […]
Bancorp 34 revises 3Q results to loss due to sour CRE loan
Bancorp 34 in Scottsdale, Ariz., revised its third-quarter results, turning a narrow gain into a net loss. The $575 million-asset company said in a press release that, because of a loan-loss reserve for a commercial real estate loan, it lost nearly $2.3 million in the quarter. The company previously reported net income of $3,000. “The […]
Auburn National in Ala. to report 4Q loss after selling securities
Auburn National Bancorp. in Auburn, Ala., expects to report a fourth-quarter loss after selling available-for-sale securities. The $1 billion-asset company said in a press release that it sold $117.6 million of securities at a $4.7 million after-tax loss. Auburn National said it will use a portion of the $111.3 million of proceeds to repay $48 […]
Blue Ridge in Va. raising $150M through private placement
Blue Ridge Bankshares in Charlottesville, Va., has received a much-needed capital infusion. The $3.3 billion-asset company said in a press release that it has agreements to raise $150 million through a private placement led by private investor Kenneth Lehman with participation from Castle Creek Capital Partners and existing investors, directors and officers. The company will […]
First United in Md. discloses securities sales
First United in Oakland, Md., sold a batch of securities at a loss. The $1.9 billion-asset company disclosed in a regulatory filing that it sold $20.4 million of securities at an after-tax loss of $3.2 million. The securities had a book value of $24.6 million. Proceeds will be used to fund loans with a conservative […]
Allegacy in NC lines up new CEO for 2025
Allegacy Federal Credit Union in Winston-Salem, N.C., is playing the long game with CEO succession. The $2.2 billion-asset credit union said in a press release that Nathanael Tarwasokono will succeed Cathy Pace as president and CEO when she retires on Jan. 1, 2025. Tarwasokno, who will join the credit union on Feb. 15, was selected […]
Former Professional Bank exec planning new Miami bank
A veteran South Florida banker has applied to form a new bank. BankMiami would operate as a state-chartered bank, with plans to open by mid-2024. Mary Usategui would serve as the proposed de novo’s president and CEO, according to her LinkedIn profile. She was chief financial officer of Professional Bank when it was sold to […]
BCB in NJ hires former MSB leader as its next CEO
BCB Bancorp in Bayonne, N.J., will have a new leader in 2024. The $3.8 billion-asset company disclosed in a regulatory filing that Michael Shriner will become its president and CEO on Jan. 1. Shriner was president and CEO of MSB Financial from 2012 until it was sold to Kearny Financial in July 2020. He was a […]
Fulton in Pa. promotes insider to serve as its president
Fulton Financial in Lancaster, Pa., will soon have a new president. The $27 billion-asset company said in a press release that Angela Snyder will also become president of Fulton Bank on Jan. 1. Snyder, Fulton’s chief banking officer, joined the company in 2002. She will oversee all business lines while leading efforts to optimize costs […]
J.C. Flowers buys minority stake in Baltimore bank
Capital Funding Bancorp in Baltimore has received a $125 million investment from J.C. Flowers & Co. The investment firm said in a press release that it could increase its investment in the parent of the $5 billion-asset CFG Bank to $165 million over the next five years. Louis Vachon, J.C. Flowers’ operating partner and a […]
Santander buys stake in venture with former Signature loans
Santander Bank is the latest financial services company to scoop up former Signature Bank assets. The Federal Deposit Insurance Corp. said in a press release that it sold a 20% stake in a newly created venture to SBNA Investor LLC, which is directly controlled by Santander, for $1.1 billion. The venture has $9 billion of […]
Kearny in NJ sells $122M of debt securities
Kearny Financial in Fairfield, N.J., repositioned a portion of its investment securities portfolio. The $8 billion-asset company said in a press release that it sold $122.2 million of debt securities, including $78.9 million of pandemic-era securities, at an after-tax loss of $12.9 million. Proceeds will be used to retire higher-cost wholesale funding and make loans. […]
Provident, Lakeland in NJ extend deadline to complete merger
Provident Financial Services in Iselin, N.J., and Lakeland Bancorp in Oak Ridge, N.J., have extended the deadline for their merger agreement to give regulators more time to approve the deal. The $14.1 billion-asset Provident agreed in September 2022 to buy the $11.2 billion-asset Lakeland for $1.3 billion. The deal was initially expected to close by […]
Webster in Conn. to buy medical funds custodian
Webster Financial in Stamford, Conn., has agreed to buy Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements. The $70 billion-asset Webster said in a press release that its bank will pay $350 million in cash to funds managed by Long Ridge Equity Partners. The deal is expected to close in […]
U.S. Bank hit with $36M in fines tied to prepaid program
U.S. Bancorp in Minneapolis was ordered to pay fines to address issues with a pandemic-era prepaid card program for distributing unemployment benefits. The Consumer Financial Protection Bureau ordered the $668 billion-asset company to pay $21 million, including a $15 million penalty and $5.7 million in restitution to consumers. The Office of the Comptroller of the […]
CrossFirst in Kan. reduces municipal securities holdings
CrossFirst Bankshares in Leawood, Kan., repositioned its securities portfolio to reduce its concentration in municipal securities. The $7.2 billion-asset company said in a press release that it sold about $80 million of available-for-sale municipal securities at an $800,000 after-tax loss. CrossFirst plans to pay off wholesale borrowings and buy higher-yielding agency mortgage-backed products. […]
Fifth Third combines chairman, CEO roles
Fifth Third Bancorp in Cincinnati has combined the roles of chairman and CEO. The $213 billion-asset company said in a press release that Timothy Spence, its president and CEO, will become its chairman on Jan. 2. He will succeed Nicholas Akins, who will become lead independent director. Separately, Fifth Third said that Jamie Leonard will […]
M1 Bancshares in Mo. raises $3M via private placement
M1 Bancshares in Clayton, Mo., has raised capital. The parent of the $978 million-asset M1 Bank brought in more than $2.6 million through a private placement of common stock, according to data compiled by Performance Trust Capital Partners. The data did not include the pricing, shares sold, or the investors.