ESL Federal Credit Union agrees to buy Generations Bank in N.Y.
ESL Federal Credit Union in Rochester, N.Y., has agreed to buy Generations Bank in Seneca Falls, N.Y. The $9.2 billion-asset credit union said in a press release that it will pay Generations Bancorp about $26.2 million in cash for the $400 million-asset bank. The deal is expected to close in the second quarter or the […]
TowneBank to buy Village Bank and Trust in Virginia
TowneBank in Suffolk, Va., has agreed to buy Village Bank and Trust Financial in Midlothian, Va. The $17.1 billion-asset TowneBank said in a press release that it will pay $120 million in cash for the $748 million-asset Village Bank. The deal is expected to close in the first half of 2025. “We believe our partnership […]
Chain Bridge Bancorp in Virginia lines up initial public offering
Chain Bridge Bancorp in McLean, Va., is planning an initial public offering. The holding company for the $1.4 billion-asset Chain Bridge Bank said in a regulatory filing that it plans to list on the New York Stock Exchange. The size of the offering has yet to be determined. Proceeds will be used to repay borrowings […]
BNY to buy managed accounts software firm Archer
BNY in New York agreed to buy Archer, a company that provides cloud-based software for managed accounts. BNY said it expects to complete the deal in the fourth quarter. The price wasn’t disclosed. “Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer […]
Liberty Capital to buy Southwestern Bancorp in Texas
Liberty Capital Bancshares in Addison, Texas, has agreed to buy Southwestern Bancorp in Boerne, Texas. The transaction between the parent company of the $415 million-asset Liberty Capital Bank and the holding company for the $225 million-asset Texas Heritage Bank was announced by Performance Trust Capital Partners. Performance Trust advised Liberty Capital. The financial terms were […]
Silvergate Capital in California files for bankruptcy protection
Silvergate Capital, which voluntarily liquidated its bank, filed for Chapter 11 bankruptcy protection in Delaware. The holding company for the now-defunct Silvergate Bank in La Jolla, Calif., shut down amid the collapse of crypto exchange FTX. The decision to liquidate in March 2023 preceded the high-profile failures of Silicon Valley Bank, Signature Bank and First […]
TD Bank Group CEO Masrani to retire in 2025
TD Bank Group in Toronto will have a new CEO in 2025. The company said in a press release that Raymond Chun will succeed Bharat Masrani when he retires in April. Chun is group head, Canadian personal banking, will become chief operating officer and join the board on Nov. 1. Masrani will serve as an […]
OceanFirst in N.J. settles redlining claims
OceanFirst Financial agreed to settle claims by the Justice Department and the Department of Housing and Urban Development that it violated the Equal Credit Opportunity Act and Fair Housing Act in the New Brunswick-Lakewood, N.J., market. The company said in a press release that it committed $14 million to create a mortgage loan subsidy fund. […]
Kentucky First reports quarterly loss following goodwill charge
Kentucky First Federal Bancorp in Hazard reported a quarterly loss that reflected a $947,000 goodwill impairment charge. The $375 million-asset company said in a press release that it lost $1.1 million in the quarter that ended June 30. It earned $42,000 a year earlier. The impairment charge reflected goodwill from the company’s March 2005 purchase […]
Carver in N.Y. hires Citizens Financial exec as next CEO
Carver Bancorp in New York has a new leader. The company said in a press release that Donald Felix will become president and CEO on Nov. 1. He will also join Carver’s board. Felix, who was head of national banking and expansion at Citizens Financial Group, will succeed Craig MacKay, who has been interim president and […]
Financial Institutions in N.Y. to shut down BaaS business
Financial Institutions in Warsaw, N.Y., is shutting down its Banking-as-a-Service platform. The $6.1 billion-asset holding company for Five Star Bank said in a press release that “the orderly wind down” followed a review by its management team and board as part of the annual strategic planning process. The decision also considered the contribution of BaaS […]
EverBank in Florida to buy Sterling Bank in Michigan
Tom O’Brien has turned around and sold another bank. EverBank in Jacksonville, Fla., agreed to buy Sterling Bank and Trust in Southfield, Mich., in an all-stock deal valued at $261 million. The sale is expected to close in the first quarter. Sterling, as a condition of the deal, will sell its $373 million portfolio of […]
Idaho Bankers Association hires new CEO
The Idaho Bankers Association has a new leader. The association announced on LinkedIn that Stacey Satterlee had become its president and CEO. Satterlee, who previously served as the executive director of the Idaho Grain Producers Association, succeeded Trent Wright, who left to become director of government relations at Umpqua Bank.
Wisconsin Credit Union League selects insider as next CEO
The Wisconsin Credit Union League has its next president and CEO lined up. The association said in a press release that Sarah Wainscott was selected to succeed Brett Thompson, who is retiring after leading the group for 23 years. Wainscott was the league’s senior vice president of advocacy. “Brett’s steadfast leadership has built a solid […]
FDIC gives conditional approval to proposed California de novo
Organizers of a proposed community bank in California have received conditional approval from the Federal Deposit Insurance Corp. The proposed Altos Bank in Los Altos, which plans to focus on small businesses, must raise $25 million before opening. Tom Vertin is set to become the bank’s CEO. He was president and CEO of Golden State […]
Primis in Va. restating more financial results to address ‘material weakness’
Primis Financial in McLean, Va., plans to restate more financial results to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that its financial statements for 2022 “should no longer be relied upon” due to errors in the methodology used to account for consumer loans originated and serviced through an unidentified third […]
Mountain America CU to sell Albuquerque, N.M., branches
Mountain America Credit Union in Sandy, Utah, has agreed to sell its branches in Albuquerque, N.M., to Sandia Laboratory Federal Credit Union in Albuquerque. The $19.6 billion-asset Mountain America said it is selling two branches to the $4.1 billion-asset Sandia Laboratory FCU. The financial details of the deal, which is expected to close in the […]
Loan servicer Navient agrees to ban from most federal student lending
Navient, a loan servicing company based in Delaware, will pay $120 million in fines and be prohibited from most of the federal student loan market following a settlement with the Consumer Financial Protection Bureau. Navient will no longer offer servicing services under the Direct Loan program and it was barred from servicing or buying most loans […]
Group led by Al Landon makes unsolicited bid for Territorial Bancorp
A group represented by veteran banker Allan Landon made an unsolicited bid to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope Bancorp in Los Angeles agreed in April to buy the $2.2 billion-asset Territorial for $78.6 million in a deal that is expected to close by the end of this year. Territorial disclosed in […]
Wells Fargo dealt formal agreement for AML deficiencies
Wells Fargo is operating under a formal agreement with the Office of the Comptroller of the Currency that requires the San Francisco company to enhance its anti-money laundering and sanctions risk management practices. The $1.9 trillion-asset Wells disclosed that it will also need to obtain OCC acceptance of its program. The company must give the […]
Fieldpoint in Conn. operating under written agreement with regulators
Fieldpoint Private Bank & Trust agreed to a written agreement with regulators that requires the Greenwich, Conn., bank to improve in areas such as funding, liquidity, budgeting and strategic planning. The $1.4 billion-asset bank, under the agreement with the Federal Reserve Bank of New York and the Connecticut Department of Banking, agreed to add and […]
Capitol National Bank in Michigan hires insider as president
Capitol National Bank in Lansing, Mich., has a new president. The $192.5 million-asset bank said in a press release that Joseph Campbell now has the role. Campbell, who joined the bank in 2020 as vice president of commercial lending, succeeded the retiring Ed Harden. Campbell “is a natural to fill this role,” Cristin Reid, the […]
TD Bank to pay $28M to address CFPB claims tied to customer data
TD Bank was ordered by the Consumer Financial Protection Bureau to pay $28 million for sharing inaccurate customer data with credit reporting agencies. The CFPB also cited the Canadian bank for failing to investigate customer disputes, a move that could have impacted their ability to access credit. The amount includes about $7.8 million in redress […]
Warsaw Federal in Ohio raises $5 million as it looks to become an MDI
Warsaw Federal Savings & Loan in Cincinnati raised $5 million as part of a plan to become a minority depository institution. The $105 million-asset mutual said in a press release that it sold 8% non-cumulative additional Tier 1 capital instruments to investors. Warsaw Federal plans to use the net proceeds to provide “focused financial services, tools […]
1st Federal in South Carolina completes sale-leaseback transaction
MountainSeed Real Estate Services entered into a sale-leaseback transaction with 1st Federal Savings Bank of SC in Walterboro. The $164 million-asset 1st Federal sold properties that included its headquarters to MountainSeed for an undisclosed amount. The bank will lease the properties for an initial 15-year term with an option for another 15 years. “We are […]