Mode Eleven director has highest bid to buy its bank out of bankruptcy
A director of Mode Eleven Bancorp was the highest bidder for its bank. Summit National Bank in Hulett, Wyo., was put up for auction as part of a bankruptcy process. Court documents revealed that Victor Remsha had the highest bid, at about $5.5 million. Mode Eleven filed for Chapter 11 bankruptcy protection on June 9 […]
Scharf set to become chairman of Wells Fargo
Charlie Scharf is set to become chairman of Wells Fargo after navigating the San Francisco company out of several regulatory orders. The $2 trillion-asset Wells said in a press release that its board intends to appoint Scharf, the company’s CEO, to become chair. The board said it plans to appoint a lead independent director in […]
Oconee State in Ga. hires former bank president to run key market
Oconee State Bank in Watkinsville, Ga., recruited a veteran banker as market president for Middle Georgia. The $646 million-asset bank hired Andy Flowers to fill the position. Flowers just stepped down as president of American Pride Bank in Macon, Ga. “Leaving American Pride is bittersweet but looking forward to the next chapter of my life,” […]
Bank Midwest in Iowa reportedly closing its digital OnePlace Bank
Bank Midwest in Spirit Lake, Iowa, has decided to shut down its digital bank division. Keith Sexe, who was vice president of OnePlace Bank, disclosed the $1.3 billion-asset bank’s decision in a LinkedIn post. “While it wasn’t the outcome I expected, I’m incredibly proud of what we accomplished, and deeply grateful to Bank Midwest for […]
Peoples Savings applies to buy farmbank in Missouri
Peoples Savings Bank in Rhineland, Mo., has applied to buy farmbank in Green City, Mo. The $678.8 million-asset Peoples has submitted its application with the Federal Deposit Insurance Corp. to acquire the $78.1 million-asset farmbank. A June press release announcing the deal did not disclose the price Peoples will pay. The transaction is expected to […]
First Missouri buys Clay County Savings Bank
First Missouri Bancshares in Brookfield bought Clay County Savings Bank in Liberty, Mo. First Missouri, the parent of the $471.3 million-asset Verimore Bank, did not disclose how much it paid for the $137.3 million-asset Clay County Savings. “This merger represents a significant milestone in our growth strategy,” Kristie Stuewe, Verimore’s president and CEO, said in […]
First Foundation posts 2Q loss after selling CRE loans
First Foundation in Dallas posted a quarterly loss as new management attempts a turnaround. The $11.6 billion-asset company lost $7.7 million in the second quarter after selling about $858 million of commercial real estate loans held for sale in two transactions at a 6% discount. The move reduced the company’s CRE concentration to roughly 365% […]
1st Source in Ind. sets stage for CEO succession this fall
Leadership is shuffling at 1st Source in South Bend, Ind. The $9.1 billion-asset company said in a press release that Andrea Short will become president and CEO on Oct. 1. Short, who will remain CEO of 1st Source Bank, will succeed Christopher Murphy III, who is retiring. Murphy will become executive chairman. Kevin Murphy, the […]
CFPB seeks stay in data rule lawsuit as it plans new rulemaking
The Consumer Financial Protection Bureau has filed a motion to stay proceedings in a lawsuit brought by Forcht Bank, the Kentucky Bankers Association, and the Bank Policy Institute over last year’s rule on personal financial data rights. The plaintiffs, the U.S. District Court for the Eastern District of Kentucky, are challenging the rule on administrative […]
PeoplesBancorp to absorb Athol Savings Bank in Massachusetts
PeoplesBancorp in Worcester, Mass., has agreed to buy Athol Savings Bank in Athol, Mass. PeoplesBancorp, through its $1.7 billion-asset Cornerstone Bank, expects to buy the $650 million Athol Savings in the first quarter. The financial details were not disclosed. Athol Savings will operate as a division of Cornerstone Bank. “This is an incredibly exciting time […]
Campbell County Bank to buy Farmers State Bank in South Dakota
Campbell County Bank in Herreid, S.D., has applied to buy Farmers State Bank in Hosmer, S.D. The $215.3 million-asset Campbell County applied with the Federal Deposit Insurance Corp. on July 23 to buy the $21.7 million Farmers State Bank. The price wasn’t disclosed.
Park National in Ohio selects insider as next CEO
Park National in Newark, Ohio, will have a new CEO in 2026. The $9.9 billion-asset company said in a press release that Matthew Miller will take over its top spot on Jan. 1. Miller, who will remain president, will succeed David Trautman, who will continue to serve as chairman. “I have worked closely with Matt […]
Group files for form de novo bank in Florida
A group in Florida is looking to form a bank in Clearwater. Organizers of the proposed Echelon Bank submitted an application to the Federal Deposit Insurance Corp. on July 23. The application wasn’t immediately available. Robert Shaw recently shared on his LinkedIn profile that he would be the proposed bank’s CEO. He stepped down as […]
Seneca Bancorp in N.Y. plans to convert to stock-owned company
Seneca Bancorp in Baldwinsville, N.Y., is looking to raise up to $12.3 million as it looks to convert from a mutual holding company to a stock holding company. The $280.2 million-asset company disclosed in a regulatory filing that it plans to sell 892,500 to 1.2 million shares of common stock at $10 each. It could […]
Business First sells Louisiana branch and $50M of deposits
Business First Bancshares in Baton Rouge, La., sold a branch. The $7.9 billion-asset company said in a press release that it sold a location in Kaplan, La., to an unnamed bank for a net capital injection of $3.4 million. The sale, which closed in early April, included $50.7 million of deposits that landed an 8% […]
Trustmark seeking Mississippi state charter for its bank
Trustmark in Jackson, Miss., plans to convert to having a state-chartered bank. The company disclosed in a regulatory filing that Trustmark National Bank would switch from a national banking association. Trustmark said it already received approval to become a member of the Federal Reserve System. The application is pending with the Mississippi Department of Banking […]
Comerica investors pushing company to find a buyer
Comerica in Dallas is facing pressure from an investor to find a buyer. HoldCo Asset Management in Florida, which owns about 1.8% of the $tk billion-asset company’s stock, released a presentation urging a sale to maximize shareholder value. “The firm has also been vocal with bank positions in the past,” Scott Siefers, an analyst at […]
America First Credit Union plans big purchase of Meadows Bank in Nev.
America First Credit Union in Riverdale, Utah, has agreed to buy Meadows Bank in Las Vegas. The $22.5 billion-asset credit union said in a press release that it plans to rebrand the $1.4 billion-asset Meadows as Meadows Financial to operate as a division. The price wasn’t disclosed. Meadows has six branches in Nevada and Arizona.
U.S. Eagle FCU deal to buy Southwest Capital Bank falls through
U.S. Eagle Federal Credit Union in Albuquerque, N.M., is no longer set to buy Southwest Capital Bank in Albuquerque. The $1.5 billion-credit union agreed last August to buy the $434 million-asset Southwest Capital in a deal that was expected to close in the second quarter. Chez Steel, Southwest Capital’s CEO, indicated that the recent losses at […]
Big paydays, big titles: Exec payments revealed for Pinnacle–Synovus
The pending sale of Synovus Financial in Columbus, Ga., to Pinnacle Financial Partners in Nashville, Tenn., includes a series of high-stakes compensation arrangements for the team that will lead the newly combined company. The $54.8 billion-asset Pinnacle announced last week that it would pay $8.6 billion in stock for the $61 billion-asset Synovus in a deal […]
East Texas Financial to buy Texas National Bancorp
East Texas Financial in Kilgore has agreed to buy Texas National Bancorp. in Jacksonville. The parent of the $488 million-asset Citizens Bank did not disclose how much it plans to pay for the $836 million-asset Texas National. The deal is expected to close in the fourth quarter. The acquisition “represents a strategic step forward … […]
Simmons First in Ark. sells securities at $604 million net loss
Simmons First National in Pine Bluff, Ark., shed underperforming securities. The company, which recently raised $327 million by selling common stock, disclosed in a regulatory filing that it sold about $3.2 billion of investment securities to Morgan Stanley at an after-tax loss of about $604 million. The loss will be recorded in the third quarter.
Customers Bancorp in Pa. preps for CEO transition
Customers Bancorp in West Reading, Pa., didn’t have to look far for its next CEO. The $22.5 million-asset company said in a press release that Sam Sidhu will succeed his father, Jay Sidhu, on Jan. 1. Jay Sidhu will remain chairman. Jay Sidhu bought a $200 million-asset bank in 2009 and rebranded it as Customers […]
Heritage Financial in Wash. keeps purging underperforming securities
Heritage Financial in Olympia, Wash., reported lower quarterly profit after it sold more underperforming securities. The $7.1 billion-asset company said in a press release that its second-quarter net income fell by 14% from a year earlier, to $12.2 million. During the quarter, Heritage sold $91.6 million of securities at a pretax loss of $6.9 million. […]
Flagstar in N.Y. plans to dissolve its holding company
Flagstar Financial in Hicksville, N.Y., plans to dissolve its holding company. The $97.6 billion-asset company said in a press release that the unusual move should reduce annual expenses by $15 million and eliminate oversight by the Federal Reserve. The Office of the Comptroller of the Currency would become the primary regulator. Flagstar CEO Joseph Otting […]