Illinois’ banking regulator has a new director
The Illinois Department of Financial and Professional Regulation has a new leader. The agency said in a press release that Gov. JB Pritzker had appointed Susana Soriano to serve as director of banking. Her appointment still needs to be confirmed by the Illinois Senate. Soriano has served as deputy director of banking since joining the agency […]
MidFirst in Okla. expands in SoCal with First Republic hires
MidFirst Bank in Oklahoma City is expanding in southern California after hiring nearly two dozen bankers who worked at the failed First Republic Bank. The $36.5 billion-asset MidFirst said in a press release that its 1st Century Bank division hired 22 bankers to enter San Diego, the South Bay and Santa Barbara. “Southern California is a strategic […]
Banking veteran joins board of 1895 Bancorp of Wisconsin
A former executive at U.S. Bancorp has joined the board at 1895 Bancorp of Wisconsin in Greenfield. The $553.4 million-asset company said in a press release that Clarence Harris also joined the board of its PyraMax Bank. He will serve on the company’s audit committee, compensation committee and the nomination and governance committee. Harris retired […]
AI-focused startup in NC raises $1.7 million
A Charlotte, N.C., startup focused on artificial intelligence has raised about $1.7 million in early stage funding. Rivet Solutions disclosed the offering for Vectari in a regulatory filing, listing 13 investors. Vectari, on its website, plans to offer AI that can assist with regulatory language, scam detection and prevention and policy insights for financial […]
Fed rethinking approach to ‘new and novel’ expansions
Regulators could have been more hands-on with a decision by Silvergate Bank in La Jolla, Calif., to work with the cryptocurrency industry. That was a key takeaway from a report issued by the Federal Reserve’s Office of the Inspector General. The report was limited in its disclosures because the bank, while in liquidation, remains in […]
Truist in NC announces departure of eight directors
Truist Financial in Charlotte, N.C., announced the departure of eight directors. The $555 billion-asset company disclosed in a regulatory filing that four directors, including former Chairman and CEO Kelly King, were stepping down after reaching its mandatory retirement age. Four other directors are leaving due to “other professional and personal commitment(s),” the filing said. “Our […]
Prosperity exec joins board of software firm inbanx
Inbanx, an Austin, Texas, software company focused on digital payments and business budgeting, has added a banker to its board. Ken Burgess, a regional president at Prosperity Bank in Houston, announced his appointment on his LinkedIn page. Burgess was chairman and CEO of FirstCapital Bank of Texas when it sold to Prosperity earlier this year.
Shinhan Bank America pays fines for BSA violations
The Financial Crimes Enforcement Network assessed a $15 million civil money penalty against Shinhan Bank America in New York for willful violations of the Bank Secrecy Act. Fincen said in a press release that the $1.8 billion-asset bank’s payment will also cover a $5 million penalty from the Federal Deposit Insurance Corp. The New York […]
Tompkins in NY repositions securities holdings
Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss. The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%. Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield […]
Former CFPB director to lead Florida Bankers Association
The Florida Bankers Association has hired a former director of the Consumer Financial Protection Bureau as its new CEO. Alex Sanchez, who is retiring as the association’s leader, wrote in a LinkedIn post that Kathy Kraninger will be his successor. “The FBA team is a family,” Sanchez wrote. “While this member of the family will […]
RBB Bancorp, Gateway Bank terminate merger
RBB Bancorp in Los Angeles and Gateway Bank in Oakland, Calif., have terminated their planned merger. The $4.1 billion-asset RBB agreed to buy the $185.6 million-asset Gateway in December 2021 for $22.9 million. The deal was meant to give RBB an entry point into the San Francisco market. Since then, RBB has changed […]
Univest in Pa. to combine chairman, CEO roles
Univest Financial in Souderton, Pa., plans to combine its chairman and CEO positions. The $7.6 billion-asset company disclosed in a regulatory filing that Jeffrey Schweitzer, its president and CEO, will become its chairman on Jan. 1. He is currently vice chairman. Schweitzer, who joined Univest in 2007, has led the company since January 2014. The […]
Touchstone in Va. eliminates jobs in cost-cutting effort
Touchstone Bankshares in Prince George, Va., laid off an undisclosed number of employees. The parent of the $644 million-asset bank said the job cuts should lower annual expenses by roughly $1 million. The restructuring is expected to lower third-quarter earnings by about $200,000; savings should kick in the following quarter. “We are continuing to implement […]
Fed looks inward in review of Silicon Valley Bank failure
Federal Reserve examiners should have stepped up their oversight of Silicon Valley Bank prior to its March failure, according to the central bank’s post-mortem of the California bank’s collapse. The “supervisory approach for SVB did not evolve with SVB’s growth and increased complexity,” the Fed’s Office of the Inspector General said in its report. Examiner […]
Camino Financial to buy online lender Fundation
Camino Financial in Los Angeles has agreed to buy Fundation in Reston, Va., in a merger of online small business lenders. The deal is being led by private equity firm LL Funds, with further funding from BankUnited and Community Investment Management. They are providing $250 million of equity and debt. Fundation has a focus on […]
Republic First reaches truces with vocal activist investor group
Republic First Bancorp in Philadelphia has reached a truce with an activist investor by involving them in a planned capital raise and reconstituting its board. The $6.2 billion-asset Republic said in a press release that George Norcross III, Gregory Braca and Philip Norcross will invest $35 million in the company. Republic will raise at least […]
Peoples Financial to buy FNCB Bancorp in Pennsylvania
Peoples Financial Services in Scranton, Pa., has agreed to buy FNCB Bancorp in Dunmore, Pa. The $3.7 billion-asset Peoples said in a press release that it will buy the $1.9 billion-asset FNCB for $129 million in stock. The deal is expected to close in the first half of 2024. Peoples will remain headquartered in Scranton, […]
Carver in New York facing hostile takeover bid
Carver Bancorp in New York, one of the nation’s biggest black-run banks, is facing a hostile takeover. Dream Chasers Capital Group, which owns a 5.5% stake in the $712 million-asset Carver, said in a press release that it had offered to boost its stake to 35%. The investor offered $3 a share, a 39% premium […]
Former MBNA, Allfirst exec Frank Bramble dies
Former MBNA executive Frank Bramble has died. Bramble, who was executive vice chairman of the monoline credit card company when it was sold to Bank of America in 2006, had a heart attack, according to the Baltimore Sun. He was 75. Bramble was still serving as a director at Bank of America, a post he […]
Washington Trust in RI settles DoJ fair lending case
Washington Trust Bancorp in Westerly, R.I., has reached a settlement with the Justice Department over claims its bank violated fair lending laws. The $7 billion-asset company said in a press release that the settlement addressed violations that allegedly took place between 2016 and 2021. Washington Trust denied the allegations, stating that it entered into the […]
MidWestOne in Iowa to buy Denver Bankshares
MidWestOne Financial Group in Iowa City has agreed to buy Denver Bankshares a day after agreeing to sell its Florida operations. The $6.5 billion-asset company said in a press release that it will pay $32.6 million in cash for the parent of the $271.5 million-asset Bank of Denver. The deal, which is expected to close […]
River Financial in Ala. raises $33M via private placement
River Financial in Prattville, Ala., raised $32.9 million through a private placement of common stock. The $3.1 billion-asset company sold shares to 312 investors on Sept. 12, according to a notice of exempt offering of securities. Performance Trust Capital Partners also reported the offering. The pricing and plans for using net proceeds weren’t disclosed. River […]
MidWestOne in Iowa selling Fla. ops to credit union
MidWestOne Financial Group in Iowa City has agreed to sell its Florida operations to DFCU Financial in Dearborn, Mich. The $6.5 billion-asset MidWestOne said in a press release that the $6.4 billion-asset credit union will pay a 7.5% premium, or $11.9 million, for the transfer of $158.8 million of deposits. The sale also includes two […]
HomeStreet rejected ‘inadequate’ offer for DUS license
HomeStreet in Seattle rejected an unsolicited offer to buy its Fannie Mae delegated underwriting and servicing (DUS) license. The $9.5 billion-asset company recently received a nonbinding offer to acquire the license, along with its $32 million loan servicing portfolio, for $57 million, Chairman and CEO Mark Mason divulged in a letter to shareholders. HomeStreet’s […]
Investor group looks to buy, rebrand Michigan bank
An investor group is looking to buy First State Bank of Decatur in Michigan. A group led by Gregg Bigger has applied to buy the $54 million-asset bank, according to the Traverse Ticker. They plan to rebrand First State as Grand Traverse State Bank. The group must raise $14.5 million by early November to move […]