Dutch fintech bunq applies to open U.S. bank
Dutch neobank bunq BV has applied to open a bank in the U.S. The bank applied with the Federal Deposit Insurance Corp. on Thursday for deposit insurance for bung US Bank, which would be based in New York. Bunq, which applied for a U.S. bank license earlier this year, would be regulated by the Office […]
Plains State in Texas buys wealth management business
Plains State Bank in Humble, Texas, bought a wealth management and tax business. The $780 million-asset bank said in a press release that it bought Core+ Financial Strategies and Core+ Tax Strategies. The pricing wasn’t disclosed. “The principals at Core+ have been helping clients with investment planning for many years,” Lori Hilman, Plains State’s president […]
Republic First again delays 2022 annual meeting
Republic First Bancorp in Philadelphia will delay its 2022 annual meeting again. The $6.2 billion-asset company disclosed in a regulatory filing that its board moved the meeting from Oct. 5 to Dec. 19. The annual meeting was originally scheduled January after an investigation into certain third-party transactions kept the board from setting a date. A […]
Mass. mutuals to merge under a single holding company
Cape Cod 5 in Hyannis, Mass., and Fidelity Bank in Leominster, Mass., are merging under the same holding company. The $5.5 billion-asset Cape Cod 5 and the $1.5 billion-asset Fidelity said in a press release that they will operate independently as part of Mutual Bancorp. The mutuals have a combined total of 39 branches. Matt […]
Nebraska, N.J. banks share updates on mutual conversions
Central Plains Bancshares in Grand Island, Neb., and SR Bancorp in Bound Brook, N.J., are progressing with their mutual conversions. The $438 million-asset Central Plains said in a press release that it completed the subscription offering for its mutual-to-stock conversion. Given “sufficient orders,” Central Plains said a community offering or syndicated offering isn’t necessary. Separately, […]
Atlantic Union in Va. announces sale-leaseback agreement
Atlantic Union Bankshares in Richmond, Va., has sold 27 properties in Virginia as part of a sale-leaseback transaction. The $20.6 billion-asset company disclosed in a regulatory filing that it sold 25 branches, a drive through and a parking lot to an affiliate of Blue Owl Capital for $45.8 million. Atlantic Union agreed to lease the […]
Merchants & Marine expanding in La. with bank purchase
Merchants & Marine Bancorp in Pascagoula, Miss., has agreed to buy Mississippi River Bank in Belle Chasse, La. The $659 million-asset Merchants & Marine said in a press release that it expects to complete its purchase of the $128 million-asset Mississippi River Bank in the first quarter. The price wasn’t disclosed. Mississippi River Bank will […]
ICBA-backed fund invests in wholesale financing fintech
BankTech Ventures, an investment vehicle backed by several community banks, has invested in Vero Technologies, a wholesale financing and loan servicing platform. Vero said in a press release that it raised $8.5 million of Series A funding led by BankTech Ventures. Other participants included the Independent Community Bankers of America, Sopra Steria Ventures, Antler, Arcadia Funds and AAF […]
Glen Burnie Bancorp in Maryland hires next CEO
Glen Burnie Bancorp in Glen Burnie, Md., has lined up its next CEO. The $364 million-asset Glen Burnie said in a press release that Mark Hanna will join the company as an executive vice president on Oct. 2. He will succeed John Long as president and CEO on Oct. 16. Long had announced […]
Eastern in Boston buying Cambridge, selling insurance unit
Eastern Bankshares in Boston has agreed to buy Cambridge Bancorp in Cambridge, Mass., and sell its own insurance unit to Arthur J. Gallagher & Co. The $22 billion-asset Eastern said in a press release that it will pay $528 million in stock for the $5.5 billion-asset Cambridge. The deal, which is expected to close in […]
Proposed NJ bank would focus on Sikh-American needs
A group of Sikh-Americans is looking to form a bank in New Jersey that would serve their community. The proposed Five Rivers Bank in Paramus, N.J., would be state-chartered, according to organizers’ application with the Federal Deposit Insurance Corp. The group plans to raise $33.5 million to $43.5 million in initial capital. While Five Rivers […]
Oklahoma State Bank rebrands as Prism Bank
Oklahoma State Bank in Guthrie has a new name. The $274 million-asset bank said in a press release that it had rebranded as Prism Bank. The bank said its new name represents the full spectrum of services it provides. “The decision to rebrand was driven by our commitment to serve our customers and to adapt […]
Glacier’s latest acquisition has creative employment pact
The leader of Community Financial Group will defer most compensation tied to the Spokane, Wash., company’s pending sale to Glacier Bancorp in hopes of increasing the odds of its shareholders getting a special dividend. The $27.5 billion-asset Glacier, which is based in Kalispell, Mont., agreed on Aug. 8 to buy the $754 million-asset parent of Wheatland […]
Pennsylvania CUSO invests in fintech CryptoFi
CU Digital One, a credit union service organization created by Frankenmuth Credit Union in Michigan, has made its first fintech investment. The CUSO said in a press release that it made “a multi-million dollar investment” in CryptoFi, which provides cryptocurrency-based financial services for credit unions. The investment will be used to accelerate the growth and […]
First Federal in Idaho creates wealth management division
First Federal Bank of Twin Falls in Idaho has created a wealth and investment management division. The $1.4 billion-asset bank said that the new division will offer investment advising, retirement planning, estate planning, tax optimization and wealth management strategies. “Our members will have access to products and services to further enhance their financial well-being,” Jason […]
Zions outlines plan to cut jobs over rest of 2023
Add Zions Bancorp. in Salt Lake City to the growing list of banks cutting jobs. The $87.2 billion-asset company said its workforce will be 3% lower in early 2024 compared to a year earlier. That equates to roughly 300 positions. The cuts will be broad-based in terms of geography and departments, with much of the […]
Liberty Bank’s digital division launches business card
Owners Bank, the digital bank division of Liberty Bank in Middletown, Conn., has launched a new business credit card. The Owners Bank Business Credit Card is open to businesses of all sizes, including sole proprietors. The credit limit can be allocated as needed among up to six cardholders. “We believe business credit cards are a […]
A look at Atlantic Union’s whirlwind courtship of American National
Atlantic Union Bankshares in Richmond, Va., acted quickly to seal a deal to buy American National Bankshares in Danville, Va.. The $20.6 billion-asset Atlantic Union agreed on July 24 to buy the $3.1 billion-asset American National for $416.8 million. Talks began just three months earlier when John Asbury, Atlantic Union’s president and CEO, met with […]
OceanFirst expects chargeoff tied to loan participation
OceanFirst Financial in Red Bank, N.J., will report higher chargeoffs in the third quarter due to a loan participation. The $13.5 billion-asset company disclosed in a regulatory filing that it has a $17 million participation in a $98 million credit to a borrower managed by a real estate fund. OceanFirst said it could end up […]
GreenState Credit Union in Iowa searching for new CEO
GreenState Credit Union in North Liberty, Iowa, is looking for a new CEO. The $11.2 billion-asset credit union, a serial bank acquirer, said that Jeff Disterhoft had retired. Todd Fanning, GreenState’s chief financial officer, was named interim CEO. The credit union hired executive research firm Spencer Stuart to identify a permanent CEO. Disterhoft, who joined […]
Illinois, Louisiana, Colorado banks raise $50M via stock sales
Three community banks raised a total of $50 million in capital by completing private placements of common stock. Illinois National Bancorp in Springfield brought in $29.5 million on Aug. 25, according to data compiled by Performance Trust Capital Partners. Illinois National is the holding company for the $2 billion-asset INB National Association. Synergy Bancshares in […]
Key aims to shed $10B of risk-weighted assets this year
KeyCorp in Cleveland aims to reduce its risk-weighted assets by $10 billion this year. The $195 billion-asset company disclosed during the Barclays Global Financial Services Conference that it will exit non-relationship businesses and shed non-strategic assets. “We will continue to prioritize full relationships,” Christopher Gorman, Key’s chairman, president and CEO, said during his presentation. The […]
Bank M&A slowly accelerating with August spike
Bank consolidation bounced back in August. Eighteen banks agreed to sell last month, representing the busiest month since July 2022, according to data compiled by S&P Global Market Intelligence. They accounted for most of the 26 deals announced so far in the third quarter. There were 20 deals announced in the first quarter and 25 […]
Citigroup to pursue major reorganization
Citigroup in New York announced a major reorganization designed to streamline management layers and hasten decisions. The $2.4 trillion-asset Citi will be divided into five main business lines that will report directly to Jane Fraser, the company’s CEO. The divisions are services (treasury and custody work), markets, banking (investment banking and commercial/corporate banking), wealth and […]
United Community in Ga. discloses big chargeoff
United Community Banks in Blairsville, Ga., expects an increase in third-quarter chargeoffs tied to a syndicated loan. The $26 billion-asset company disclosed in a regulatory filing that the issue is tied to a large loan to a wholesale oil distributor led by First Horizon Bank. The borrower filed for bankruptcy protection in March, at which […]