Restaurant fintech Toast to cut 550 jobs
Toast, a digital technology platform for the restaurant industry, plans to cut about 550 jobs. The fintech said in a press release that it also plans to reorganize its facilities and operations as part of an effort “to promote overall operating expense efficiency.” Toast said it plans to cut the positions between now and the […]
Finward in Indiana splits chairman, CEO roles
Finward Bancorp in Munster, Ind., has split the roles of chairman and CEO. The $2.1 billion-asset company disclosed in a regulatory filing that Joel Gorelick had become chairman, succeeding Benjamin Bochnowski, who remains CEO. Gorelick retired as the company’s president and chief operating officer in January 2013. He has served on the board since 2000. […]
Community Bank System revises 4Q profit due to legal settlment
Community Bank System in Syracuse, N.Y., revised its fourth-quarter earnings to take into account a decision to settle a potential class-action lawsuit alleging unpaid wages to branch employees. The $15.6 billion-asset company disclosed in a regulatory filing that it agreed to pay $5.8 million to settle the litigation. As a result, quarterly earnings were reduced […]
Hometown in Massachusetts to buy North Shore Bancorp
Hometown Financial Group in Easthampton, Mass., has agreed to buy North Shore Bancorp in Peabody, Mass. The $4.7 billion-asset Hometown said in a press release that it expects to buy the $1.7 billion-asset North Shore in the second half of the year. The financial terms weren’t disclosed. Hometown said that no branch closures or staff […]
Quaint Oak in Pa. sells shares to Puerto Rican investor
Quaint Oak Bancorp in Southampton, Pa., is selling stock to another Puerto Rican investor. The $754 million-asset company disclosed in a regulatory filing that it sold about 85,000 shares of common stock to Fintech Holdings, or roughly 3.4% of its outstanding shares, for $1 million. Fintech Holdings has an option to buy another 39,000 shares […]
Fintech Mission Lane taps director as next CEO
Mission Lane, a Richmond, Va., consumer fintech company, has replaced its CEO after raising more capital. The company said in a press release that Brandon Black, who joined its board in 2019, is its new leader. He succeeded Shane Holdaway, who will serve as a special adviser. Black once was CEO of Encore Capital Group. […]
ValueBank in Texas promotes CFO to serve as president
ValueBank Texas in Corpus Christi has promoted an insider as its next president. Seth Watts announced on his LinkedIn profile that he had taken on the added role. He remains the $292 million-asset bank’s chief financial officer. Watts, who is also a director, succeeded R. Scott Heitkamp, who remains ValueBank’s CEO. Prior to joining ValueBank […]
SaaS fintech Parlay raises $1.3 million in pre-seed financing
Parlay, which developed a B2B SaaS platform for alternative credit scoring, has raised $1.3 million of pre-seed financing. The fintech announced that Fenway Summer led the financing round. Other participants included Hivers & Strivers Capital, Capacity Capital, Service Provider Capital, Alumni Ventures and Techstars Boulder Accelerator. Angel investors were also involved. Parley also creates new loan […]
Guild Mortgage agrees to buy Academy Mortgage
Guild Mortgage in San Diego has agreed to buy Academy Mortgage in Salt Lake City. The price wasn’t disclosed. Academy has about 200 branches and more than 1,000 employees, including 600 licensed mortgage originators. Academy’s loan volume represents a roughly 25% increase in annual origination volume for Guild. The lenders “share a commitment to the […]
Capital Funding Bancorp in Md. shakes up management roles
Capital Funding Bancorp in Baltimore didn’t have to look far to find its new bank CEO. The holding company for the $5 billion-asset CFG Bank said in a press release that Jack Dwyer had become the bank’s CEO. Dwyer is the company’s chairman and CEO. Dwyer succeeded Bill Wiedel. Separately, Erik Howard was named president […]
Cambridge Savings hires USAA exec as next CEO
Cambridge Savings Bank in Cambridge, Mass., has a new CEO. The $6 billion-asset mutual bank said in a press release that Ryan Bailey will also become its president on Feb. 28. He will succeed Wayne Patenaude, who is retiring. Bailey previously served as head of retail banking at USAA. “After over a decade of such […]
PNC announces plan to open 100 branches, renovate more
PNC Financial Services Group in Pittsburgh plans to invest $1 billion over the next five years to open more than 100 branches and renovate another 1,200 locations. The $562 billion-asset company said in a press release that it will focus on several markets, including Dallas, Denver, Houston, Miami and San Antonio. “Our branch network is the heartbeat of our […]
Liberty in Conn. expands digital bank to Georgia, Carolinas
Liberty Bank in Middletown, Conn., has expanded its digital-only bank to three new states. The $7.5 billion-asset mutual bank has introduced its Owners Bank platform to Georgia, North Carolina and South Carolina, according to the Hartford Business Journal. Owners, which caters to small business owners, already operated in Rhode Island, Massachusetts, Connecticut, Pennsylvania and Florida. […]
NYCB says executive chairman is now in charge
New York Community Bancorp in Hicksville made it clear that Alessandro DiNello is in charge. The $116.3 billion-asset company disclosed in a regulatory filing that Thomas Cangemi, its president and CEO, now reports directly to DiNello, who became executive chairman on Feb. 7. New York Community’s board also changed the company’s bylaws to require support […]
Heartland to sell nine branches in Montana
Heartland Financial USA in Denver has agreed to sell nine Montana branches. The $19.4 billion-asset Heartland said in a press release that will sell six branches to Glacier Bancorp in Kalispell, Mont., and three to Stockman Bank of Montana. The sales include $594 million of deposits and $363 million of loans. Heartland said it plans […]
Community State in Iowa selects new president
Community State Bank in Ankeny, Iowa, has a new president. The $1.4 billion-asset bank said in a press release that Brian Hannah had succeeded Kurt Gibson, who remains CEO. Hannah previously served as commercial sales manager at Bankers Trust. “The addition of Brian to our organization’s leadership strengthens our ability to concentrate on the most […]
Primary Bank in N.H. selects CFO to become its new leader
Primary Bank in Bedford, N.H., has a new CEO. The $700 million-asset company said in a LinkedIn post that Crystal Dionne had also become its president. She was the bank’s chief financial officer. “We are fortunate to have strong and experienced leaders like Crystal Dionne to assume this top leadership role,” Bill Greiner, the bank’s […]
Honda’s financing arm discloses CFPB probe
American Honda Finance, automaker Honda’s financing arm, said it is being investigated by the Consumer Financial Protection Bureau over its “furnishing of credit reporting information on consumer accounts.” The consumer finance company said in a regulatory filing that the CFPB sent it a “civil investigative demand” November. The investigation is connected to the financing arm’s […]
First Financial in Ohio strikes new community benefits pact
First Financial Bancorp in Cincinnati has agreed to a five-year, $2.4 billion community benefits agreement. The $17.5 billion-asset company, under the accord reached with the National Community Reinvestment Coalition and other groups, will provide $700 million in mortgage lending and $600 million in small business lending in underserved communities. The agreement includes more than $1 […]
Grove Bank in Miami taps insider as next president
Grove Bank & Trust in Miami has a new president. The $1 billion-asset bank named Ed Joyce to fill the position. Joyce has been the bank’s vice chairman since August 2021. He said in his LinkedIn profile that he handles client engagement efforts. Joyce joined Grove from Northern Trust, where he was an executive client […]
SouthState in Fla. reports cybersecurity incident
SouthState in Winter Haven, Fla., was the victim of a cyberattack. The $44.9 billion-asset company disclosed in a regulatory filing that its bank was hit on Feb. 6. The company said it initiated “incident response and business continuity protocols” and began taking measures to disrupt the unauthorized activity. It isolated parts of its […]
Provident in Mass. ends co-CEO management structure
Provident Bancorp in Amesbury, Mass., is back to having just one president and CEO. The $1.7 billion-asset company disclosed in a regulatory filing that Carol Houle also stepped down as its chief financial officer. Joseph Reilly is now Provident’s sole president and CEO. Reilly was chairman in December 2022, when he was appointed with Houle […]
BankFinancial in Ill. signs standstill agreement with investor
BankFinancial in Burr Ridge, Ill., has reached a truce with an activist investor and added two directors to its board. The $1.5 billion-asset company said in a press release that Benjamin Mackovak had become a director as part of a standstill agreement with Strategic Value Bank Partners and Strategic Value Investors. Mackovak is managing […]
Fortuna Bank organizers more than halfway to capital goal
Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, are more than halfway to hitting their initial capital target. The planned de novo posted on LinkedIn that it has raised about $10.5 million. The group plans to raise $20 million of capital before opening. “We are excited to bring this to a close, ASAP,” […]
Former CEO of failed Kan. bank charged with embezzlement
The former CEO of Heartland Tri-State Bank in Elkhart, Kan., which failed in July, has been indicted on charges of embezzling $47.1 million from the bank. Prosecutors, in U.S. District Court for Kansas, allege that Shan Hanes took the funds out of the $139 million-asset bank and its customers from May 30 through at least […]