First United in Md. to close four branches
First United in Oakland, Md., plans to close four branches in February. The $1.9 billion-asset company disclosed in a regulatory filing that two branches are in Maryland – Frederick and Cumberland – and the others are in West Virginia – Bridgeport and Morgantown. First United expects to incur $1.3 million of one-time charges tied to […]
Proposed Mo. devo to raise $25M, open three branches
Organizers of a proposed bank in Carthage, Mo., plan to raise $25 million of initial capital. Four States Bank would start with three branches – two in Carthage and one in nearby Joplin, Mo., according to organizers’ application with the Federal Deposit Insurance Corp. The bank would have 11 directors: Gary Metzger, Jeffrey Williams, Carter […]
1895 Bancorp of Wisconsin sells more AFS securities at loss
A second balance sheet restructuring has taken place at 1895 Bancorp of Wisconsin in Greenfield. The $553 million-asset company said in a press release that it sold $28.1 million of lower-yielding investment securities for a $2.7 million pretax loss. The proceeds were redeployed into about $28.7 million of U.S. government-sponsored mortgage-backed securities. The move should […]
Former KeyCorp CFO joins board at Atlantic Union in Virginia
Atlantic Union Bankshares in Richmond, Va., has added a former chief financial officer at KeyCorp to its board. The $21 billion-asset company disclosed in a regulatory filing that Donald Kimble was one of three new directors. Atlantic Union expanded its board to 14 directors to accommodate the additions. Kimble was also Key’s vice chairman when […]
Atlantic Union in Va. addresses overdraft issue with CFPB order
The Consumer Financial Protection Bureau has ordered Atlantic Union Bankshares to pay $6.2 million to address concerns with the Richmond, Va., company’s overdraft fees. The CFPB said in a press release an enforcement action is requiring the $21 billion-asset Atlantic Union Bank to refund at least $5 million in overdraft fees and pay a $1.2 […]
OCC emphasizes risk management in BNPL guidance
The Office of the Comptroller of the Currency issued guidance that focuses on the risk management tied to Buy Now, Pay Later (BNPL) platforms. The guidance, which applies to national banks and federal savings associations, emphasizes the importance of underwriting, repayment terms, pricing and safeguards to minimize “adverse customer outcomes.” “Supporting a fair and inclusive […]
Gorham Savings, Maine Community announce merger
Gorham Savings Bank in Maine and Maine Community Bank in Biddeford have agreed to merge. The $1.6 billion-asset Gorham Savings and the $1.1 billion-asset Maine Community said in a press release that the combined mutual will be based in Portland, Maine. It will retain the Maine Community brand. The merger is expected to close in […]
Former Guaranty Federal execs behind Mo. de novo effort
Two former executives at Guaranty Federal Bancshares are behind an effort to create a new bank in Carthage, Mo. Jeffrey Williams and Carter Peters were listed as founders of the proposed Four States Bank in a legal notice filed with the Joplin Globe. Their application with the Federal Deposit Insurance Corp. wasn’t immediately available. Peters […]
Tenn. appeals court rules in favor of credit union-bank deal
A Tennessee appeals court unanimously ruled that Orion Federal Credit Union in Memphis, Tenn., can buy Financial Federal Bank in Memphis. The $1.2 billion-asset Orion agreed in August 2021 to buy the $950 million-asset Financial Federal, but the Tennessee Department of Financial Institutions obtained an injunction to block the transaction. A judge ruled in May […]
Equity in Kan. buying Mo. bank, selling AFS securities
Equity Bancshares in Wichita, Kan., has agreed to buy Rockhold Bancorp in Kirksville, Mo. The $4.9 billion-asset Equity also said in a press release that it sold $442 million of available-for-sale securities at an after-tax loss of $38.2 million. Proceeds will be redeployed in cash, investment and loan assets – producing $16.2 million of annual interest income […]
Mi Bank in Michigan selects insider as next CEO
Mi Bancorp in Bloomfield, Mich., has a new CEO. The parent of the $200 million-asset Mi Bank said in press release that Jenny Meier had taken on the role and that Matt Agone had become its chairman. Meier and Agone succeeded Rob Farr, who announced on his LinkedIn profile that he had become president of […]
Warsaw Federal in Ohio receives MDI designation
Warsaw Federal Savings & Loan in Cincinnati has become a minority depository institution (MDI). The $97 million-asset mutual said in a press release that it had received the designation from the Office of the Comptroller of the Currency. Warsaw Federal noted that a majority of its directors represent minority groups. MDIs are minority-owned or operated […]
CU Digital One invests $5 million in CryptoFi
CU Digital One, a fintech-focused credit union service organization (CUSO), has invested in CryptoFi. The CUSO said in a press release that it funded a $5 million investment in CryptoFi, which helps financial institutions add digital assets products and services. CU Digital One plans to make a second investment in the fintech early next year. […]
Proposed Calif. de novo plans to raise $25M in initial capital
Organizers of the proposed Elemi Bank in Burbank, Calif., are planning to raise $25 million of initial capital. The proposed bank would be state-chartered and focus on small and midsize companies and their owners, business professionals and real estate owners and investors, according to the application filed with the Federal Deposit Insurance Corp. Dana Johnson […]
Gateway Bank in Calif. hires new CEO, raises $15 million
Gateway Bank in Oakland, Calif., hired a new CEO and raised $15 million through a private placement of common stock. The $178 million-asse bank said in a press release Arnold Grisham also become its president on Nov. 30. He previously served as chairman, president and CEO of, Tri Valley Ban which was sold in 2018. […]
Texas Community Bancshares rebrands its bank
Texas Community Bancshares in Mineola has rebranded its bank. The $437 million-asset company disclosed in a regulatory filing that Mineola Community Bank is now known as Broadstreet Bank. The name change took place less than a month after James Herlocker III retired as the company’s president and CEO and as CEO of the bank. He […]
CB Financial in Pa. to sell insurance business
CB Financial Services in Washington, Pa., has agreed to sell its insurance business to World Insurance Associates. The $1.4 billion-asset CB said in a press release that it will sell Exchange Underwriters for $30.5 million in cash, plus added revenue-based earn-out payments. The deal is expected to close in the fourth quarter. The net gain […]
First Western in ND buys State Bank of Lismore in Minn.
First Western Bank & Trust in Minot, N.D., bought State Bank of Lismore in Minnesota. The $2.2 billion-asset First Western said in a press release that it acquired the $65 million-asset State Bank on Nov. 30. The price wasn’t disclosed. State Bank “is a longstanding, family owned bank with a very well-respected banking history,” Brenda […]
BOK Financial to sell insurance business
The list of banks selling insurance businesses keeps getting longer. BOK Financial in Tulsa, Okla., has agreed to sell BOK Financial Insurance to USI Insurance Services in Valhalla, N.Y. The sale will result in a $28 million pretax gain. The $49 billion-asset BOK Financial plans to use the gain to realize an equivalent amount of […]
Republic in Pa. moves deadline for investor capital infusion
Republic First Bancorp and an investor group have extended the deadline for the Philadelphia company to sell a large stake in itself to the shareholders. The $6.2 billion-asset company said in a press release that the deadline was moved to Feb. 29. A special shareholder meeting will take place on Feb. 16 to vote […]
Discover exploring sale of student loan business
Discover Financial Services in Riverwoods, Ill., is exploring the sale of its student lending business. The company said in a press release that its board approved the process, which could include transferring the servicing of student loans to a third party. Discover said it will stop accepting new student loan applications on Feb. 1. The […]
First Northwest in Wash. hit with fintech-related consent order
First Northwest Bancorp in Port Angeles, Wash., is the latest banking company to face scrutiny over a fintech relationship. The $2.2 billion-asset company disclosed in a regulatory filing that its bank entered into a consent order with the Federal Deposit Insurance Corp. that requires it to correct certain violations of consumer protection laws. The order […]
Groups planning de novo banks in California, Missouri
Organizers are planning new banks in California and Missouri. A group filed an application on Nov. 22 with the Federal Deposit Insurance Corp. for Four States Bank. The proposed de novo would be based in Carthage, Mo., which is close to the borders with Arkansas, Kansas and Oklahoma. A separate group submitted an application with […]
CSBS hires FDIC staffer as its next president and CEO
The Conference of State Bank Supervisors has lined up its next CEO. The CSBS said in a press release that Brandon Milhorn will also become its president on Dec. 4. He will succeed James Cooper, who is retiring. Milhorn is deputy to FDIC Vice Chairman Travis Hill. He previously served as chief operating officer, chief […]
WaFd, Luther Burbank extend deadline to complete merger
WaFd in Seattle and Luther Burbank in Santa Rosa, Calif., have extended the deadline to complete a merger they announced a year ago. The $22.5 billion-asset WaFd agreed in November 2022 to buy the $8.1 billion-asset Luther Burbank for $654 million. The deal has yet to be approved by the Federal Reserve and the Federal […]