Thread in Tenn. raises $30M to expand embedded banking platform
Thread Bancorp in Nashville, Tenn., raised $30.5 million. The company said in a press release that the funding round was led by Portage Ventures, with participation from Rockmont Partners and others. Proceeds will be used to support the continued growth and development of Thread’s embedded banking strategy. Thread aims to provide embedded “digital branches” through […]
Burke & Herbert in Va. to enter Pennsylvania with LINKBANCORP deal
Burke & Herbert Financial Services in Alexandria, Va., has agreed to buy LINKBANCORP in Camp Hill, Pa. The $8 billion-asset Burke & Herbert said in a press release that it will pay $354.2 million in stock for the $3.1 billion-asset LINKBANCORP. The deal, which is expected to close in the second quarter, priced LINKBANCORP at […]
Farm Credit Bank of Texas promotes COO as next leader
Farm Credit Bank of Texas has a new leader lined up. The lender hired Brandon Blaut as its CEO, effective Jan. 1, based on a LinkedIn post by Chartwell Partners, which handled the search. Blaut, who was the chief operating officer, will succeed the retiring Amie Pala. “We were honored to partner with the board […]
CVB to buy Heritage Commerce in California for $811 million
CVB Financial in Ontario, Calif., has agreed to buy Heritage Commerce in San Jose, Calif. The $15 billion-asset CVB said in a press release that it will pay $811 million in stock for the $5.6 billion-asset Heritage. The deal, which is expected to close in the second quarter, priced Heritage at 151% of its tangible […]
Community West to buy United Security in California
Community West Bancshares in Fresno, Calif., has agreed to buy United Security Bancshares in Fresno. The $3.6 billion-asset Community West said in a press release that it will pay $191.9 million in stock for the $1.2 billion-asset parent of United Security Bank. The deal, which is expected to close in the second quarter, priced United […]
FDIC approves deposit application for proposed Erebor Bank
Organizers of the proposed Erebor Bank in Columbus, Ohio, have received conditional approval from the Federal Deposit Insurance Corp. The proposed bank must have $276 million in initial capital, FDIC-compliant protocols for deposit account processing in the event of a bank failure, and maintain a 12% minimum Tier 1 leverage ratio during its first three […]
Paducah Bank in Ky. selects chief banking officer as next CEO
Paducah Bank and Trust in Paducah, Ky., will start the new year with a new leader. The $997 million-asset bank said in a press release that Ashley Johnson will become its president and CEO on Jan. 2. She will also join the board. Johnson, the bank’s chief banking officer, will succeed Mardie Herndon, who will […]
PayPal applies for Utah industrial loan charter
PayPal Holdings in San Jose, Calif., has applied for an industrial loan charter. The payments giant said in a press release that it plans to form PayPal Bank in Utah. The proposed bank would enable PayPal to more efficiently provide lending solutions to U.S. small businesses while reducing reliance on third parties. “Securing capital remains […]
West Union Bank in W.Va. selects senior lender as new CEO
West Union Bank in West Union, W.Va., will start 2026 with a new CEO. The $296 million-asset bank said in a press release that Michael Malfregeot will also become its president on Jan. 1. Malfregeot, who is a senior lender, will succeed Tom Whaling, who is retiring. “Michael has a strong vision for the future,” […]
Blue Foundry contacted Fulton after 20+ others passed on a deal
Blue Foundry Bancorp in Rutherford, N.J., approached Fulton Financial in Lancaster, Pa., about a merger after more than 20 other banks and credit unions passed on a deal. The $32 billion-asset Fulton agreed last month to buy the $2.2 billion-asset Blue Foundry for $243 million in a deal expected to close in the second quarter. […]
AI-focused startups dominate field in next ICBA accelerator class
The Independent Community Bankers of America has selected six startups to join its next ThinkTECH Accelator program. The new participants are: Crux Analytics: Specializes in agentic workflows to back small business acquisition, engagement, and retention Flatirons AI: Generative AI to streamline bank operations and strengthen compliance InvestiFi: Digital investment services directly from checking accounts, bypassing […]
Former Acting Comptroller Hsu partners with VC firm Core Innovation Capital
Former Acting Comptroller Michael Hsu has become a venture partner of Core Innovation Capital. The Los Angeles VC firm said in a press release that Hsu will partner with founders to anticipate regulatory hurdles, engage constructively with policymakers, and “design strategies that align innovation with safety, soundness, and fairness.” “After years focused on safeguarding the […]
Pioneer in New York forms broker-dealer subsidiary
Pioneer Bancorp in Albany, N.Y., has formed a broker-dealer subsidiary. The $2 billion-asset company said in a press release that Pioneer Capital Markets will initially focus on proprietary trading of investment-grade municipal bonds. “Pioneer Capital Markets enhances our core offerings by leveraging proprietary municipal bond trading and interest income to deliver diversified, market-driven revenue streams,” […]
Eagle Rock Bank in Minnesota co-CEO to retire at yearend
Eagle Rock Bank in Rochester, Minn., will soon have streamlined leadership. The $275 million-asset bank said in a press release that Brad Becker will retire as president and co-CEO at the end of this year. He will remain on the board. Larry Schminski, a former Federal Deposit Insurance Corp. examiner and the bank’s co-CEO, will […]
Enova to buy Grasshopper Bank in $369 million deal
Enova in Chicago has agreed to buy Grasshopper Bank in New York. The fintech said in a press release that it plans to pay $369 million in cash and stock for the $1.4 billion-asset Grasshopper. The deal, which is expected to close in the second half of next year, priced Grasshopper at 254% of its […]
Solutions Plus Bank debuts in Alabama after raising $27 million
Solutions Plus Bank has opened in Albertville, Ala. The bank debuted on Dec. 4, according to the Federal Deposit Insurance Corp. Organizers had to raise $27 million after they secured conditional FDIC approval in November 2024. The group applied with the FDIC the previous August.
FDIC gives conditional approval to proposed Georgia Skyline Bank
Organizers of the proposed Georgia Skyline Bank in Roswell have received conditional approval from the Federal Deposit Insurance Corp. The group, which submitted its application in June, needs to raise at least $25 million in initial capital prior to opening. Ryan Floyd would be the proposed bank’s president and CEO. He was a senior vice […]
FirstBanc to buy FBDC Financial in merger of Alabama banks
FirstBanc of Alabama in Talladega has agreed to buy FBDC Financial in Fort Payne, Ala. The $1.1 billion-asset FirstBanc will pay $20.5 million in cash and stock for the parent of the $162 million-asset First Fidelity Bank. The deal is expected to close in the second quarter. One FBDC director will join FirstBanc’s board. Olsen […]
KeyCorp in Ohio swears off bank M&A, raises buyback projections
KeyCorp in Cleveland is taking itself off the board when it comes to buying banks. The company made it clear during its presentation at a conference hosted by Goldman Sachs, stating in a slide that it is “not pursuing depository acquisitions.” Key also noted in a slide that it expects to repurchase about $200 million […]
Home in Ark. to enter Tennessee with Mountain Commerce acquisition
Home BancShares in Conway, Ark., has agreed to buy Mountain Commerce Bancorp in Knoxville, Tenn. Home said in a press release that it will pay $150.1 million in stock for the parent of the $1.8 billion-asset Mountain Commerce Bank. The merger, which is expected to close early in the first half of 2026, priced Mountain Commerce […]
Organizers aim to raise $27M for proposed Private Bank in Georgia
The organizers of the proposed Private Bank & Trust plan to raise at least $27 million in initial capital. The group recently applied to open the bank in Gainesville, Ga. Private Bank is being positioned as a high-touch, relationship-driven institution focused on small businesses, professionals and affluent households. Organizers expect up to three-fourths of banking […]
Beal-owned Monet Bank in Texas setting sights on crypto operations
Monet Bank in Plano, Texas, is planning a push into crypto lending and custody. The $4.5 billion-asset bank, owned by Andy Beal, is now positioning itself as an “infrastructure bank” that will focus on digital assets. “Monet is focused on being the premier digital asset financial institution, providing innovative and forward-facing solutions for the digital […]
CEO of West Union Bank in W.Va. to retire in early 2026
West Union Bank in West Virginia is setting the stage for a new president and CEO. West Union said in a press release that Thomas Whaling, who has spent more than two decades leading the bank, will retire in January. “Tom has always led by example, treating other people the way he wants to be […]
Primis in Va. to sell securities, enter sale-leaseback deal for branches
Primis Financial in McLean, Va., entered into a sale-leaseback transaction for 18 branches. The $4 billion-asset company said in a press release that it sold the locations to MountainSeed for a pretax gain of $50 million. Separately, Primis plans to sell $144 million of securities at a pretax loss of $14.8 million. About $50 million […]
Fintech Pipe replaces CEO
Pipe, a fintech that offers embedded payments services, has a new leader a month after disclosing a large number of layoffs. The company said that Claurelle Rakipovic had replaced Luke Voiles as CEO. Rakipovic was the company’s chief product officer. Voiles had served as CEO since early 2023.