SoFi to exit the crypto business
SoFi Technologies will exit the crypto business next month. Customers will need to liquidate their crypto accounts by Dec. 19, SoFi said in an email and a blog post. Customers can opt to automatically migrate their crypto to the Blockchain.com exchange and wallet provider. SoFi, in order to buy Golden Pacific Bank and gain a […]
OIG: First Republic failure highlights need for new assumptions
First Republic Bank’s failure has raised questions about regulators’ assumptions for uninsured deposits and the non-capital triggers for agency intervention. The San Francisco bank was closed in May after several waves of deposit outflows after the high-profile failures of Silicon Valley Bank and Signature Bank two months earlier. A material loss review conducted by Cotton […]
Synchrony to sell pet insurance subsidiary
Synchrony Financial in Stamford, Conn., has agreed to sell its pet insurance unit. The company disclosed in a regulatory filing that it will sell Pets Best Insurance Services to Poodle Holdings for a mix of cash and an equity stake in Independence Pet Holdings. Synchrony said it expects to record a $750 million after-tax gain […]
Generations Bancorp NY selects new CEO
Generations Bancorp NY in Seneca Falls has a new CEO. The $395 million-asset company disclosed in a regulatory filing that Angela Krezmer was also named president and appointed to its board with a term set to expire in 2025. Krezmer has been serving as principal executive officer since the death of predecessor Menzo Case. Prior […]
BofA to pay $12M penalty tied to mortgage lending data
Bank of America in Charlotte, N.C., was ordered by the Consumer Financial Protection Bureau to pay a $12 million penalty for submitting false mortgage lending data to the federal government. The CFPB claimed in a press release that the $2.4 trillion-asset BofA loan officers, for at least four years, failed to ask mortgage applicants certain […]
LCNB in Ohio to buy Eagle Financial Bancorp
LCNB in Lebanon, Ohio, has agreed to buy Eagle Financial Bancorp in Cincinnati. The $2.4 billion-asset LCNB said in a press release that it will pay $23.1 million in cash and stock for the $176 million-asset Eagle. The deal, which is expected to close in the second quarter, priced Eagle at 91% of its tangible […]
RBB Bancorp enters into BSA/AML consent order with FDIC
RBB Bancorp entered into a consent order with regulators requiring the Los Angeles company to improve its compliance with the Bank Secrecy Act and regulations governing anti-money laundering and countering the financing of terrorism. The Oct. 25 order between the $4.1 billion-asset RBB and the Federal Deposit Insurance Corp. and the California Department of Financial […]
Jack Henry banking executive to retire in 2024
Jack Henry & Associates said that the president of its bank solutions group is retiring. The core systems provider said in a press release that Stacey Zengel plans to retire on June 30. Zengel, who joined the company in 1999, has held his current post since 2015. “On behalf of the entire board and management team, […]
First Busey to buy M&M Bank in Illinois
First Busey in Champaign, Ill., is pushing deeper into Chicago with an agreement to buy Merchants and Manufacturers Bank in Oakbrook Terrace, Ill. The $12.3 billion-asset First Busey said in a press release that it will pay $41.6 million in cash and stock for the $417 million-asset M&M Bank. The deal, which is expected to […]
Benchmark Bankshares in Va. sets stage for new CEO
Benchmark Bankshares in Kenbridge, Va., will have a new leader in 2024. The parent of the $1 billion-asset Benchmark Community Bank said in a press release that E. Neil Burke will succeed Jay Stafford as president and CEO on Jan. 1. Stafford also plans to retire from the company and bank boards. Burke, who joined […]
Regulators extend comment deadline on long-term debt proposal
Federal regulators have extended the comment period on a proposed rule that would place long-term debt requirements on large banks. The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency moved the deadline from Nov. 30 to Jan. 16. “The agencies extended the comment period to allow interested parties […]
United Bancorp in Ohio to combine chairman, CEO roles
United Bancorp in Martins Ferry, Ohio, will combine the roles of chairman and CEO. The $814 million-company disclosed in a regulatory filing that Scott Everson, its president and CEO, will succeed Richard Riesbeck as chairman when Riesbeck retires next October. Riesbeck has been chairman since 2014. The company also said it has […]
Glacier Bancorp unit lines up next CEO
First Security Bank in Bozeman, Mont., will have a new CEO on Jan. 1. The unit of the $28 billion-asset Glacier Bancorp said in a press release that Kalli Ryti will also become president. Ryti will succeed Jim Ness, who will retire. Ryti previously served as the bank’s chief banking officer. “Kalli is a true […]
Silvergate in Calif. repays all deposit liabilities
Silvergate Capital in La Jolla, Calif., has fully repaid all remaining deposit liabilities. The company, which is in the process of winding down its operations, said in a press release that every depositor has been fully repaid without risk to the Deposit Insurance Fund. Silvergate said it still has excess cash and cash equivalent balances […]
OneMain to buy auto finance company for $115 million
OneMain Holdings in New York has agreed to buy Foursight Capital, an auto finance company. OneMain said in a press release that it will pay $115 million in cash to Jefferies Financial Group for Foursight and its roughly $900 million loan portfolio. The deal is expected to close in the first quarter. Foursight buys and […]
Pioneer in NY to receive $6M from legal settlement
Pioneer Bancorp in Albany, N.Y., is set to receive nearly $6 million after settling a lawsuit against an accounting firm. Teal, Becker & Chiaramonte agreed to make the payment to the $2 billion-asset Pioneer to resolve claims the accounting firm provided inaccurate financial statements for a loan applicant. Pioneer has alleged that the borrower, Valuewise, […]
Fintech Brex selects insider as first president
Brex, a San Francisco expense management platform, has promoted its chief product officer to serve as its first president. The fintech said in a press release that Karandeep Anand had taken on the new role. He joined Brex in January 2022 from Meta, where he lead the business products group. Anand was involved with the […]
BM Technologies transferring higher ed deposits to NC bank
BM Technologies in Radnor, Pa., is set to start transferring higher education customer deposits to First Carolina Bank in Rocky Mount, N.C. The technology company said in a press release that it expects to complete the transferal of customer deposits by Dec. 1. First Carolina has said it expects to gain $525 million of […]
PlainsCapital Bank CEO to retire in May
Hilltop Holdings in Dallas is moving around several executives due to the pending retirement of its bank CEO. The $16.4 billion-asset company said in a press release that Jerry Schaffner will also retire as president of PlainsCapital Bank on May 1. He has been in those roles since 2010. Jeremy Ford, Hilltop’s president and […]
Investment fund boosts offer for big Carver Bancorp stake
Dream Chasers Capital, a New York-based minority-run investment fund, has raised its offer to buy a large stake in Carver Bancorp in New York. The investment group said in a press release that it wants to buy a 35% stake in the $743 million-asset Carver for $3.25 a share. That amount is 8% higher than […]
Pacific Premier in Calif. latest bank to unload securities
Pacific Premier Bancorp in Irvine, Calif., sold nearly $1.3 billion of securities at a loss. The $20 billion-asset company said in a press release that its sold the securities, largely consisting of lower-yielding agency and mortgage-backed debt securities, for an estimated $182.3 million after-tax loss. Pacific Premier said it plans to deploy the net proceeds […]
Organizers of proposed NJ de novo aim to raise $23 million
A group looking to form a bank in Jersey City, N.J., plans to raise at least $23 million of capital. Chroma Community Bank would be state-chartered, according to organizers’ application with the Federal Deposit Insurance Corp. for deposit insurance. “The bank intends to offer a full range of business and retail banking services focused primarily […]
Citizens Bank of Edmond in Okla. receives MDI designation
Citizens Bank of Edmond in Oklahoma has been designated as a minority depository institution (MDI) by the Treasury Department. The announcement was made on LinkedIn by Jill Castilla, the $375 million-asset bank’s CEO. “This program further enhances deposit options [and] our long-term growth and relevancy,” she said in the post. Citizens’ biggest shareholder is its […]
OCC hits Vast Bank in Okla. with consent order
Vast Bank in Tulsa, Okla., an early pioneer in dealings with cryptocurrency, has entered into a consent order with the Office of the Comptroller of the Currency. The $1 billion-asset bank must form a compliance committee with at least three independent directors and submit a three-year capital and strategic plan. Vast must also have a […]
Performance Trust buying small bank-focused Monroe Financial
Performance Trust Capital Partners has agreed to buy Monroe Financial Partners to bolster its services for community banks and depository investors. Monroe, which will continue to operate under its brand, is a market maker in more than 350 smaller banks. “Given the challenging operating environment for banks, we expect there will be opportunity for growth […]