Proposed Puerto Rican bank gets conditional FDIC approval
A proposed digital bank in San Juan, Puerto Rico, has received conditional approval from the Federal Deposit Insurance Corp. Organizers of Nave Bank will need to raise $96 million of capital, according to the FDIC’s approval. The group first applied to form the bank in January 2022. Nave would use “highly scalable and state of […]
Georgia, NC banks complete private placements
Banks in Georgia and North Carolina recently raised capital through private placements of common stock. Signature Bank of Georgia in Sandy Springs raised $7 million on Aug. 15. The $197 million-asset bank said the proceeds will be used to support ongoing operations and growth initiatives. “During the raise, it was great to hear the confidence […]
Fifth Third taps former U.S. Bancorp CFO to join board
Fifth Third Bancorp in Cincinnati has selected a former U.S. Bancorp executive to join its board. The $207 billion-asset company said in a press release that Kathleen Rogers had joined its board. She recently retired from U.S. Bancorp, where she was chief finance administration officer. Rogers also served as chief financial officer at the Minneapolis […]
CEO of Congressional FCU in Virginia dies
Cory Montez Hairston, president and CEO of Congressional Federal Credit Union in Oakton, Va., died last week. The $1.2 billion-asset credit union said that Hairston, who became president and CEO in October, died on Aug. 16. He joined the credit union in 2005. “The entire Congressional Federal family mourns this loss,” the credit union said […]
Edward Jones, Citi ink checking account partnership
Edward Jones, which last fall withdrew an application to create a bank, has entered into a strategic partnership with Citigroup to offer checking and savings accounts to its customers. The St. Louis brokerage said in a press release that it will focus on U.S. clients in 2024. It plans to expand into securities-based lending and […]
Bank of the West in California cutting 248 jobs
Bank of the West in San Francisco, which sold to Bank of Montreal earlier this year, plans to lay off 248 employees, according to a Worker Adjustment and Retraining Notification filing. The bank plans to cut 203 jobs in its Camino Ramon office and another 45 at its former headquarters at 180 Montgomery St. The cuts […]
Farmington State Bank in Wash. hit with C&D order
Farmington State Bank in Farmington, Wash., which is in the midst of selling itself to Bank of Eastern Oregon, was hit with a cease-and-desist order from regulators. The Fed said in a press release that the $22 million-asset bank “improperly changed its business plan without notifying … supervisors and obtaining prior approval for those changes.” […]
Cambridge Savings’ digital bank tops $530M of deposits
Ivy Bank, the digital-only platform created by Cambridge Savings Bank in 2021, has surpassed $530 million of deposits. The $6 billion-asset bank said in a press release that the platform has more than 6,600 customers two years after its launch. “Our mission has always been to treat every customer like our only customer, and with […]
Silvergate CEO departs as liquidation continues
Silvergate Capital in La Jolla, Calif., which is in the midst of voluntarily winding down its operations, announced the departure of CEO Alan Lane. The company disclosed in a regulatory filing that Lane also resigned as president, effective Aug. 15. John Bonino, Silvergate’s chief legal officer, also stepped down. Antonio Martino, the company’s chief financial […]
Vista hires former Professional bankers for Fla. expansion
Vista Bank in Dallas has hired a team from Professional Bank to oversee its expansion into Florida. The $2 billion-asset bank said in a press release that it hired six bankers: Michael Woody, Mandi Friedman, Steven Quinn, Melissa Norman, Cindy Rey and Jill Garic. Each worked at Professional with Dan Sheehan, who is Vista’s president. Professional sold to Seacoast Banking […]
Stock Yards in Ky. lines up next wealth management head
Stock Yards Bancorp in Louisville, Ky., will have a new head of wealth management in 2024. The $7.7 billion-asset company said in a press release that Kathy Thompson will retire as director of its wealth management and trust group on Jan. 2. She will be succeeded by Shannon Budnick, who is managing director of investments. […]
Citizens in Okla. launches military-focused digital bank
Citizens Bank of Edmond in Oklahoma has launched a digital bank for members of the military. The $350 million-asset bank launched Roger, which builds off a mortgage platform it created last year. An app is also available for the platform. “Years in the making, this moment is a testament to the unwavering dedication of countless […]
Franklin Bancorp in Ky. raises $2.8 million
Franklin Bancorp in Franklin, Ky., has raised $2.8 million through a private placement. The parent of the $715 million-asset Franklin Bank & Trust sold common stock, according to data compiled by Performance Trust Capital Partners. The data did not detail how much stock was sold, the pricing or the investors.
Carver director to serve as interim president, CEO
Carver Bancorp in New York has tapped an interim CEO while it looks for a permanent successor for Michael Pugh. The $723.2 million-asset company said in a press release that Craig MacKay will also become interim president on Oct. 1. Carver previously announced that Pugh is stepping down on Sept. 30 to become CEO of […]
WSFS unit buys accounts tied to Blue Rock Capital
A unit of WSFS Financial in Wilmington, Del., has bought accounts tied to an investment advisory firm in Rehoboth Beach, Del. Bryn Mawr Capital Management will also gain six associates who worked at Bell Rock Capital, including Jackie Reeves, who will lead the Florida office. Bell Rock founder Cassandra Toroian, who has been fighting legal […]
Failed Chicago bank’s directors enter guilty pleas
Three former directors of a failed Chicago bank have pleaded guilty to trying to hide embezzlement from the Office of the Comptroller of the Currency. George Kozdemba, William Mahon and Janice Weston conspired to falsify Washington Bank for Savings’ records shared with the OCC, according to pleas given in U.S. District Court for the Northern District of […]
Wealth manager plans to buy Wyoming Bank & Trust
Savile Capital Group, a wealth management firm in Sheridan, Wyo., has agreed to buy Farmers State Bankshares in Cheyenne, Wyo. Savile said in a press release that it expects to buy the parent of the $295 million-asset Wyoming Bank & Trust in 2024. The price wasn’t disclosed. Wyoming Bank & Trust has two branches, $245 […]
Riverview in Wash. cutting ties to CEO
Riverview Bancorp in Vancouver, Wash., has ended its CEO’s employment. The $1.6 billion-asset company, which had placed Kevin Lycklama on paid administrative leave, said in a subsequent press release that its board voted to remove him “without cause.” The termination of employment is effective Sept. 6. Dan Cox, Riverview’s chief credit officer, was named acting […]
Rate hikes led Ariz. banks to briefly pause merger talks
Aggressive interest rate hikes by the Federal Reserve led Bancorp 34 in Scottsdale, Ariz., and CBOA Financial in Tucson, Ariz., to temporarily suspend merger discussions. The $574.9 million-asset Bancorp 34 would eventually agree in April to buy the $372.2 million-asset CBOA for $28 million. The banks’ leaders first met in November 2020 and a nondisclosure […]
New Peoples in Virginia says CEO to leave in 2024
New Peoples Bankshares in Honaker, Va., said its CEO will retire next year. The $794 million-asset company said in a press release that C. Todd Asbury will step down as bank president and CEO on Dec. 1. He will stop serving as the company’s president and CEO on May 31. Asbury will serve […]
Synovus in Ga. selling $1.6B of consumer, CRE loans
Synovus Financial in Columbus, Ga., is selling more than $1.6 billion of loans. The $60.7 billion-asset company disclosed in a regulatory filing that it sold $316 million of consumer loans, with another $22 million set to sell in the third quarter. The loans, originated by third parties, were sold at a 5.7% loss. Synovus also […]
Guaranty in Miss. applies to buy First American National
Guaranty Bank and Trust in Belzoni, Miss., has applied to buy First American National Bank in Iuka, Miss. The $1.9 billion Guaranty filed it application to buy the $385 million-asset FANB with the Federal Deposit Insurance Corp. on Aug. 4. The deal, which was announced in late June, is expected to close later this year. […]
Glacier to buy Wheatland Bank in eastern Washington
Glacier Bancorp in Kalispell, Mont., has agreed to buy Community Financial Group in Spokane, Wash. The $28 billion-asset Glacier said in a press release that it will pay $80.6 million in stock for the $754 million-asset parent of Wheatland Bank. The deal, which is expected to close in the fourth quarter, valued the seller at […]
Carver in NY begins search for next CEO
Carver Bancorp in New York is looking for a new CEO. The $723.2 million-asset company said in a press release that Michael Pugh will also step down as president on Sept. 30 to “pursue professional and philanthropic interests on a national level.” Carver will conduct a national search for a successor. No interim […]
NCUA approved 36 mergers in second quarter
The National Credit Union Administration approved 36 mergers in the second quarter, including seven designed to address challenges filling CEO or board positions. The NCUA approved 33 mergers during the first quarter and 35 combinations a year earlier. Three mergers approved in the first quarter were meant to address succession issues. The agency said that […]