Bank-backed fund invests in six fintechs
BankTech Ventures, an investment fund backed by several community banks, disclosed that it has invested $13.5 million in six fintechs over the second half of 2023. $5 million in BillGo, which enables real-time customer bill pay $2.5 million in Vero Technologies, which helps bank offer wholesale finance to inventory-based businesses $2 million in Finosec, which […]
MainStreet in Va. debuts Software-as-a-Service platform
MainStreet Bancshares in Fairfax, Va., has debuted its Software-as-a-Service platform after signing its first client. The $1.9 billion-asset company said in a press release that its Avenu division is working to assist SafariPay with a product that allows for money transfers to people in Africa, the UK, the European Union and the Middle East. SafariPay […]
Plumas in Nevada to end dealer lending program
Plumas Bancorp in Reno, Nev., will discontinue its dealer loan program. The $1.6 billion-asset company said in a press release that it decided to exit the business due to long-term challenges tied to high interest rates, increasing compliance requirements and the need to update technology. Plumas said that increasing expenses for the business outweighed the […]
Mercantile Bank in Mich. lines up next CEO
Mercantile Bank Corp. in Grand Rapids, Mich., is set to have a new CEO. The $5.2 billion-asset company said in a press release that Raymond Reitsma will also become its president on June 1. Reitsma, Mercantile’s, chief operating officer, will succeed Robert Kaminski, who is retiring. Kaminski will remain on the company’s board. “The management […]
Taiwanese bank ends plan to buy California bank
Taichung Commercial Bank in Taipei, Taiwan, and American Continental Bancorp in City of Industry, Calif., have terminated their planned merger. TCB agreed in September 2022 to buy the parent of the $357 million-asset American Continental Bank for $82 million. TCB will pay American Continental $500,000. American Continental “will continue to explore strategic alternatives that it […]
FB Financial in Tenn. restructures securities portfolio
FB Financial in Nashville, Tenn., reported lower quarterly earnings after it restructured its securities portfolio and conducted an early retirement program. The $12.5 billion-asset company said in a press release that third-quarter profit fell by 9.3% from a year earlier, to $102 million. Net income rose slightly from the second quarter. FB Financial said it […]
Generations Bancorp NY CEO Menzo Case dies
Menzo Case, president and CEO of Generations Bancorp NY in Seneca Falls, has died. The $395 million-asset company disclosed in a regulatory filing that Case died on Friday. No other details were shared. Case, who was 59 when the company filed its last proxy statement, had been president and CEO since 2008. Generations said that […]
LendingClub moves ahead with new round of job cuts
LendingClub in San Francisco has cut more jobs. The online lender said it will lay off 172 employees, or roughly 14% of its workforce. The cuts come months after the company eliminated 225 positions in January. The company disclosed in a regulatory filing that it had eliminated the position of chief administrative officer currently held […]
Ethiopian-American bank organizers plan to raise $22M
A group of eight Ethiopian-Americans in Washington, D.C., plan to raise $22 million in initial capital for the planned Moodai International Bank. The organizers intend to operate the proposed de novo at a minority depository institution, according to their application with the Federal Deposit Insurance Corp. The organizers are Admassu Abebe, Takele Argaw, Moges Gebremariam, […]
Banks in Minn., Texas complete private placements
Banks in Minnesota and Texas have raised capital through private placements of common stock. Plato Holdings in in St. Paul, Minn., brought in $3.1 million on Oct. 10, according to data collected by Performance Trust Capital Partners. Plato is the parent company of the $215 million-asset Drake Bank. Texas State Bankshares in Harlingen raised $1.2 […]
PNC planning to cut 4% of its workforce
PNC Financial Services Group in Pittsburgh plans to cut about 4% of its workforce as part of a broader cost-cutting plan. The $557 billion-asset company said the layoffs should lower annual expenses by $325 million in 2024. PNC plans to incur a one-time charge of $150 million in the fourth quarter tied to the cuts. […]
SECU members replace three incumbents with new directors
State Employees’ Credit Union in Raleigh, N.C., has three new directors. The $50 billion-asset credit union said in a press release that its members voted for self-nominated directors instead of three incumbents at its annual membership meeting. The board has 11 members who serve three-year terms. One the incumbents was the board’s vice chairman. The […]
ORNL Federal Credit Union in Tennessee has new CEO
ORNL Federal Credit Union in Oak Ridge, Tenn., has a new CEO. The $3.4 billion-asset credit union said in a press release that Jenny Vipperman also became its president on Oct. 1. She succeeded Colin Anderson, who retired. Vipperman joined ORNL from VyStar Credit Union in Jacksonville, Fla., where she was chief lending officer. Prior […]
Goldman to sell GreenSky unit to investor group
Goldman Sachs in New York has agreed to sell its GreenSky platform to a group of institutional investors led by Sixth Street. The deal, which also includes KKR, Bayview Asset Management and CardWorks, is expected to close in the first quarter. The transaction includes support from PIMCO via an asset acquisition and strategic financing from […]
Ally Financial CEO stepping down in 2024
Ally Financial in Charlotte, N.C., said CEO Jeffrey Brown will step down next year. The company said in a press release that Brown is leaving on Jan. 31 to become president of Hendrick Automotive Group. Ally’s board has hired an executive search firm to find a successor for Brown, who has been its leader since […]
Central Valley to buy Community West in California
Central Valley Community Bancorp in Fresno, Calif., has agreed to buy Community West Bancshares in Goleta, Calif. The $2.5 billion-asset Central Valley said in a press release that it will pay $99.4 million for the $1.1 billion-asset Community West. The deal, which is expected to close in the second quarter, priced Community West at 87.2% […]
Monterey County Bank in Calif. selling to investor group
A group of investors in Costa Mesa, Calif., has agreed to buy Northern California Bancorp in Monterey, Calif. PCB Financial, formed for the purpose of the acquisition, will pay an undisclosed amount of cash and stock for the parent of the $212 million-asset Monterey County Bank, according to the Monterey County Weekly. The deal is […]
Organizers planning Ethiopian-American bank
A group in Washington, D.C., is looking to form a bank to serve Ethiopian-Americans. Organizers of the proposed Moodai International Bank submitted an application on Oct. 5 with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. The Ethiopian American Investment Group said on the proposed bank’s website that it would […]
First Savings in Ind. to exit national mortgage lending
First Savings Financial Group in Jeffersonville, Ind., is getting out of national mortgage lending. The $2.3 billion-asset company said in a regulatory filing that it will exit the business by the end of this year. First Savings said that loan applications fell to their lowest level in two decades this year due to […]
Primis in Va. taps insider as next bank president
Primis Financial in McLean, Va., has a new bank president. The $3.9 billion-asset company said in a press release that Rick Fulk had become president of Primis Bank. Fulk previously served as the bank’s regional executive for Virginia’s Richmond and Hampton Roads areas. Fulk succeeded Dennis Zember Jr., who remains president and CEO of the […]
SVB completes sale of investment banking business
SVB Financial Group in Santa Clara, Calif., has sold its investment banking business to the unit’s management team. The company, which saw its bank fail in March, said in a press release that SVB Securities was rebranded as Leerink Partners. The investment bank’s management team, led by CEO Jeff Leerink, was backed by funds managed […]
Activist investor finds banking vet to join in AmeriServ fight
An activist investor has recruited a banking veteran to aid in his quest for board seats at AmeriServ Financial in Johnstown, Pa. Driver Management, run by Abbott Cooper, said in a regulatory filing that it will nominate Keith Mestrich, retired CEO of Amalgamated Financial in New York, to stand for election to the $1.4 billion-asset […]
Riverview in Wash. to pay ex-CEO’s salary for next year
Riverview Bancorp in Vancouver, Wash., agreed to pay a salary to its former president and CEO over the next year. The $1.6 billion-asset company disclosed in a regulatory filing that it will pay Kevin Lycklama his $410,000 monthly salary for the next 12 months – or roughly $4.9 million. Lycklama, in exchange, agreed to certain […]
PNC buys Signature private equity loans from FDIC
PNC Financial Services Group in Pittsburgh has acquired a portfolio of capital commitments facilities from Signature Bridge Bank. The $554 billion-asset PNC said in a press release that the transaction was facilitated by the Federal Deposit Insurance Corp., which took over Signature Bank when it failed in March. The portfolio includes $16.6 billion of total commitments, including $9 […]
Discover Bank agrees to FDIC consent order
Discover Financial Services in Riverwood, Ill., disclosed that its bank agreed to a consent order with the Federal Deposit Insurance Corp. The company said in a regulatory filing that the Sept. 25 order requires Discover Bank to address compliance shortcomings with consumer protection laws. Discover Bank agreed to improve its consumer compliance management system and […]