Two CRE loans lead to NPL spike at New York Community
Issues with two commercial real estate loans caused a spike in nonperforming loans at New York Community Bancorp in Hicksville, N.Y. The $111 billion-asset company said in a press release that NPLs increased by 68% from a quarter earlier, to $392 million. New York Community noted that NPLs to total loans remains low by historical […]
Civista taking break from income tax refund business
Civista Bancshares in Sandusky, Ohio, is taking a break from the income tax refund business. The $3.7 billion-asset company said in a press release that it will remain on the sidelines for the 2024 tax season. The business had contributed $2.4 million of annual revenue from 2021 to 2023. Civista is still grappling with fallout […]
Tompkins in NY reports loss after repositioning its securities
Tompkins Financial in Ithaca, N.Y., reported a quarterly loss after repositioning its balance sheet. The $7.7 billion-asset company lost $33.4 million in the third quarter, reflecting a $47.5 million loss from securities sales. Tompkins sold nearly $430 million of securities in the quarter. Tompkins said the proceeds were largely reinvested in higher-yielding securities, estimating that […]
Primis in Virginia closing eight branches
Primis Financial in McLean, Va., is closing eight branches this month. The $3.8 billion-asset company said in a press release that it is closing the locations in late October. That represents about a quarter of Primis’ branches. Primis incurred about $1.5 million of one-time expenses in the second quarter tied to the planned closures. The […]
Old National to buy CapStar in Tenn. for $344 million
Old National in Evansville, Ind., has agreed to buy CapStar Financial Holdings in Nashville, Tenn. The $49 billion-asset Old National said in a press release that it will pay $344.4 million in stock for the $3.3 billion-asset CapStar. The deal, which is expected to close in the second quarter, priced CapStar at 106% of its […]
Morgan Stanley selects insider as next CEO
Morgan Stanley has selected a successor to its retiring CEO. The investment bank said in a press release that Ted Pick, its co-president, will take over for James Gorman on Jan. 1. Gorman, who has led Morgan Stanley for the past 14 years, will become executive chairman; Pick will join the board. Andy Saperstein, Morgan […]
Kearny in NJ, Premier in Ohio upgrade digital platforms
Kearny Financial in Fairfield, N.J., and Premier Financial in Defiance, Ohio, recently upgraded their digital platforms. The $8 billion-asset Kearny said in a press release that it launched an enhanced digital banking platform this month. The platform is expected to expand the bank’s client-facing online and mobile capabilities while providing an improved experience. “Our continued […]
Cambridge Savings CEO announces plans to retire
Cambridge Savings Bank in Massachusetts is in the market for a CEO. Wayne Patenaude announced his decision to retire from the $6.7 billion-asset bank in an internal email, according to the Boston Business Journal. Patenaude will continue to run the bank as it looks for his successor. Patenaude “is committed to actively participating in the […]
Third Coast in Houston cuts 5% of its workforce
Third Coast Bancshares in Houston has cut about 5% of its employees as part of a cost-cutting effort. The $4.2 billion-asset company said in a press release that the cuts are designed to “better align with current market conditions.” Roughly 20 jobs were cut based on the bank’s June 30 employment numbers. Third Coast incurred […]
Parke in Ohio takes earnings hit due to missing cash
Parke Bancorp in Washington Township, N.J., reported a sharp drop in quarterly profit after recognizing a $9.5 million hit tied to cash that went missing from an armored car earlier this year. The $2 billion-asset company said in a press release that third-quarter earnings fell 90% from a year earlier, to $1 million. The decision […]
First Busey announces bank president’s departure
First Busey in Champaign, Ill., has parted ways with its bank CEO. The $2.3 billion-asset company disclosed in a regulatory filing that Robin Elliott had also stepped down as the bank’s president and as chairman and CEO of payments technology subsidiary FirsTech. First Busey said that Elliott will serve in a consultative role until Dec. […]
Capitol Federal in Kan. sells most of its securities
Capitol Federal Financial in Topeka, Kan., sold most of its securities at a large loss in the third quarter – a move that will drop it below a key regulatory threshold. The $10.2 billion-asset company said in a press release that it sold $1.3 billion of securities – 94% of its portfolio – earlier this […]
High Plains Banking in Colo. raises $3.7M via private placement
High Plains Banking Group in Flagler, Colo., raised nearly $3.7 million through a private placement of common stock. The parent of the $388 million-asset High Plains Bank sold shares on Oct. 19, according to data compiled by Performance Trust Capital Partners. The data did not include the investors, pricing or planned use of proceeds.
Cadence in Miss. to sell insurance business for $904 million
Cadence Bank in Tupelo, Miss., has agreed to sell its insurance agency to Arthur J. Gallagher & Co. The $48.8 billion-asset bank said in a press release that it will sell Cadence Insurance for $904 million in cash in a deal expected to close in the fourth quarter. The sale will allow Cadence to take advantage of […]
Peoples in Ohio terminates pension plan
Peoples Bancorp in Marietta, Ohio, terminated its pension plan. The $8.9 billion-asset company said in a press release that it settled the remaining benefit obligation of $7.7 million during the third quarter. Peoples said it doesn’t expect any more expenses tied to ending the plan, which had been closed to new entrants since January 2010. […]
Security Bank to buy Cambridge State in Minnesota
Flagship Financial Group in Eden Prairie, Minn., and Security Bancshares in Glencoe, Minn., are planning to merge before buying another bank. The companies, which are under common control, plan to complete their merger by the end of this year, Andy Schornack, Flagship’s CEO, tweeted. Flagship is the parent of the $319 million-asset Flagship Bank, while […]
SmartFinancial in Tenn. restructures securities portfolio
SmartFinancial in Knoxville, Tenn., repositioned its securities portfolio during the third quarter. The $4.8 billion-asset company said in a press release that it sold $159.6 million of available-for-sale securities at a $6.8 million pretax loss. It reinvested the proceeds into higher-yielding assets. “We strategically took advantage of a balance sheet optimization opportunity,” Billy Carroll, SmartFinancial’s […]
Huntington Bancshares plans to close 34 branches
Huntington Bancshares in Columbus, Ohio, plans to close 34 branches early next year. The $187 billion-asset company said that 11 of the branches are located inside Cub stores around Minneapolis, according to published reports. Another seven branches are in Ohio and nine are in Michigan. The closures represent about 3% of Huntington’s total branch network. […]
Hope in LA announces big chargeoff, cost-cutting plan
Hope Bancorp in Los Angeles announced a cost-cutting plan that includes an undisclosed number of layoffs. The $20.1 billion-asset company said in a press release that the goal is to reduce annual expenses by $40 million with about 85% coming from layoffs. The plan includes reduced staffing, branch closures, the wind-down of noncore businesses and […]
Regions discloses another large case of check fraud
Quarterly profit at Regions Financial in Birmingham, Ala., took a hit after another large instance of check fraud. The $153.6 billion-asset company disclosed in a press release that it incurred $53 million of losses in the third quarter tied to a check fraud scheme that occurred in the prior quarter. Regions didn’t discover the scheme […]
Macatawa in Mich. selects insider as next CEO
Macatawa Bank Corp. in Holland, Mich., will have a new CEO next month. The $2.6 billion-asset company said in a press release that Jon Swets will also become president on Nov. 1, succeeding the retiring Ronald Haan. Swets, who joined Macatawa in 2002, has been the company’s chief financial officer. The company said Bryan Barker, […]
Metropolitan in NY to pay $30M fine for prepaid card mistakes
Metropolitan Bank Holding in New York will pay $30 million in penalties to address claims it had deficient third-party risk management practices and violated customer identification rules of the Bank Secrecy Act. The Federal Reserve and New York Department of Financial Services each hit the $6.3 billion-asset bank with $15 million penalties. The regulators had […]
Ameris commits $9M to settle DoJ fair lending claims
Ameris Bancorp has settled Department of Justice claims that the Atlanta company violated fair lending laws in Jacksonville, Fla., from 2016 to 2021. The $25.8 billion-asset Ameris said in a press release that its bank agreed to a consent order and will provide $7.5 million of mortgage subsidies over the next five years in majority […]
F.N.B. reports higher profit despite large chargeoff
F.N.B. Corp. in Pittsburgh reported higher earnings despite fully charging off a large commercial loan. The $45 billion-asset company said in a press release that its earnings rose by 2% from the second quarter and by 5.8% from a year earlier, to $143.3 million. The third quarter loan-loss provision included $18.8 million tied to a […]
Guaranty Capital to buy Lafayette Bancorp in Mississippi
Guaranty Capital in Belzoni, Miss., has agreed to buy Lafayette Bancorp in Oxford, Miss. The $2.3 billion-asset Guaranty said in a press release that it expects to complete its purchase of the $245 million-asset parent of Oxford University Bank in the first quarter. The price wasn’t disclosed. “We are pleased to partner with Oxford University […]