FDIC assessment, securities loss cut into BOK Financial profit
BOK Financial in Tulsa, Okla., reported a sharp decline in net income that reflected securities losses and its special assessment from the Federal Deposit Insurance Corp. The $49.8 billion-asset company said in a press release that its fourth-quarter profit fell by 51% from a year earlier, to $82.5 million. The results included a $43.7 million […]
National Bankshares in Va. to buy Frontier Community Bank
National Bankshares in Blacksburg, Va., has agreed to buy Frontier Community Bank in Waynesboro, Va. The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter. “We believe that our compatible […]
OFG Bancorp profit rises on higher revenue, loan sales
OFG Bancorp in San Juan, Puerto Rico, reported slightly higher quarterly profit after a gain from selling nonperforming small business loans offset charges tied to a cost-cutting effort. The $11.3 billion-asset company said in a press release that its fourth-quarter net income available to shareholders increased by 0.5% from a year earlier, to $46.6 million. […]
Fintech Brex laying off one-fifth of its staff
Brex, an expense management fintech, has laid off 20% of its staff. The company said in a note published on its website that it cut 282 positions and that Michael Tannenbaum, its chief operating officer, transitioning from his role to become a board member. Camilla Morais, who was senior vice president of global operations, will […]
Business First in La. reports lower profit on securities sales
Business First Bancshares in Baton Rouge, La., reported lower quarterly profit that reflected securities losses and costs tied to a customer fraud/operational loss. The $6.6 billion-asset company said in a press release that its fourth-quarter profit fell by 12% from a year earlier, to $15.8 million. Business First said it sold $71.5 million […]
Reciprocal deposits fintech ModernFi raises $19 million
ModernFi, a fintech that helps banks retain and attract deposits, has closed an $18.7 million Series A funding round that involved several banks. ModernFi said in a press release that the round was led by Canapi Ventures (which has ties to Live Oak Bancshares) and included investment by Andreessen Horowitz, Remarkable Ventures, Huntington Bancshares, First […]
Community Bancorp in Vermont sets up CEO succession
Community Bancorp in Derby, Vt., has a new bank president. The $1.1 billion-asset Community Bancorp said in a press release that Christopher Caldwell succeeded Kathryn Austin, who will remain the company’s president and CEO and the bank’s CEO. Caldwell, a vice president, joined the company and bank boards on Jan. 1. He had […]
Comerica cuts 250 jobs, plans to close 26 branches
Comerica in Dallas will cut 250 jobs and close 26 branches as part of a broad expense-cutting plan. The $84.1 billion-asset company also said during its earnings call that it incurred about $25 million in severance expenses during the fourth quarter. Comerica is “streamlining” its management structure and taking “incremental actions to recalibrate expenses in […]
Plumas in Nevada pursuing sale-leaseback transaction
Plumas Bancorp in Reno, Nev., has agreed to sell 12 properties as part of a sale-leaseback transaction. The $1.6 billion-asset company disclosed in a regulatory filing that it plans to sell the properties to Mountainseed Real Estate Services for $33.6 million in cash. Eleven are in California; one is in Nevada. Plumas is selling nine […]
Central Bancshares in Iowa sets stage for CEO’s retirement
Central Bancshares in Muscatine, Iowa, has finalized the succession plan for its CEO. Central said in a press release that Dwayne Sieck had become president of its $1.2 billion-asset CBI Bank & Trust, succeeding Greg Kistler. Sieck will also succeed Kistler as Central’s president and CEO and CBI Bank’s CEO on Dec. 31. “Dwayne is […]
Fed extends comment deadline for debit interchange proposal
The Federal Reserve has extended the deadline for commenting on its proposal to lower certain debit interchange fees. The Fed said in a press release that it moved the deadline from Feb. 12 to May 12 “to allow the public more time to analyze the proposal and prepare their comments.” The Fed’s proposal would […]
NBT Bancorp in N.Y. lines up CEO succession for May
NBT Bancorp in Norwich, N.Y., will soon have a new leader. The $13.8 billion-asset company said in a press release that Scott Kingsley will become its president and CEO on May 21. Kingsley, NBT’s chief financial officer, will succeed John Watt Jr. Watt, who has led NBT since 2016, will remain on the company’s board […]
Jack Henry selects insider to become its next CEO
Jack Henry in Monett, Mo., will promote an insider to become its new CEO. The company said in a press release that Greg Adelson will succeed David Foss on July 1. Foss, who is retiring, will remain executive chairman. Adelson, who joined the company in 2011, is president and chief operating officer. He is responsible […]
First Security Bank in Iowa promotes insider as its CEO
First Security Bank & Trust in Charles City, Iowa, has a new CEO. The $570 million-asset bank said in a press release that Brad Miller had also become its president. Miller, who had been chief financial officer, also joined the board. Miller succeeded Kurt Herbrechtsmeyer, who was elected chairman.
Synchrony to buy Ally Financial’s PoS financing business
Synchrony has agreed to buy Ally Financial’s point-of-sale financing business. The companies said in a press release that the sale includes $2.2 billion of loan receivables. The portfolio includes relationships with roughly 2,500 merchant locations and supports more than 450,000 active borrowers. The deal is expected to close in the first quarter. The financial terms were not […]
Rivermark CU, Advantis CU in Oregon planning merger
Rivermark Community Credit Union in Beaverton, Ore., and Advantis Credit Union in Oregon City are planning to merge. The $1.4 billion-asset Rivermark and the $2 billion-asset Advantis expect their merger to close later this year quarter. The combined credit, which would retain the Rivermark name and be based in Oregon City, would have 19 branches […]
Somerville Bank in Ohio selects insider as next CEO
Somerville Bank in Eaton, Ohio, has a new CEO. The $255.8 million-asset bank said in a press release that David Douglas Ulrich had succeeded Paul Taylor, who retired. Ulrich, who remains the bank’s president, joined Somerville in 2009.
Margin pressure, securities loss weigh down Banner’s 4Q profit
Banner Corp. in Walla Walla, Wash., reported lower quarterly profit that reflected balance sheet pressure and a securities loss. The $15.7 billion-asset company said in a press release that its fourth-quarter net income fell by 22% from a year earlier, to $42.6 million. Net interest income decreased by 13% to $138.4 million after the net […]
Patriot Bank in Tenn. to pay $1.9M to settle redlining claims
Patriot Bank in Millington, Tenn., will pay $1.9 million to settle a redlining probe. The Justice Department said in a press release that, under a proposed consent order, the $459.4 million-asset bank will invest at least $1.3 million in a loan subsidy fund to increase mortgages, refinances and home improvement loans in majority-Black and Hispanic […]
OCC seeks C&D order against Texas banks for securities strategy
The Office of the Comptroller of the Currency is looking to crack down on a bank holding company that is dealing with underwater securities. The agency said it is seeking cease-and-desist orders against three units of Industry Bancshares in Industry, Texas – First National Bank of Shiner, Bank of Brenham and First National Bank of […]
Citizens Bank in Miss. completes sale-leaseback transaction
Citizens Bank in Philadelphia, Miss., completed a sale-leaseback transaction involving three branches. The $1.4 billion-asset bank sold the locations for $10.8 million to MountainSeed, the buyer said in a press release. Citizens agreed to lease the branches for an initial 15-year term. The other lease terms were not disclosed. “Through the sale-leaseback … the bank […]
F.N.B. profit hampered by balance sheet moves, FDIC assessment
F.N.B. in Pittsburgh reported a decline in quarterly earnings after it sold underwater securities, set the stage for selling indirect auto loans and paid a special assessment to the Federal Deposit Insurance Corp. The $46 billion-asset company said in a press release that its fourth-quarter profit fell by 65% from a year earlier, to $48.7 […]
Indiana’s 1st Source sells AFS securities at a loss
Another banking company has shed underwater securities. The latest announcement comes from 1st Source in South Bend, Ind., which sold $40 million of available-for-sale securities in the fourth quarter at a roughly $2.9 million loss. Proceeds were used to buy about $40 million of higher-yielding securities. Separately, the $8.7 billion-asset 1st Source said it opened […]
Newly formed CU trade group to cut 80-plus jobs
The newly created America’s Credit Unions plan to lay off 25% to 30% of its workforce, or roughly 80 positions. The trade association, formed by the Jan. 1 merger of Credit Union National Association and the National Association of Federally-Insured Credit Unions, disclosed in a WARN Notice that it notified “potentially affected workers” on Jan. […]
David Stevens, retired MBA leader, dies unexpectedly
David Stevens, who led the Mortgage Bankers Association for seven years, has died. Stevens, 66, died unexpectedly, the MBA said in a statement. Stevens once battled cancer, but said he was in remission when he retired from the trade group in 2018. “To those who worked with him at MBA, Dave is remembered as a […]