OceanFirst receives “needs to improve” CRA rating
OceanFirst Financial in Red Bank, N.J., received a “needs to improve” Community Reinvestment Act rating from the Office of the Comptroller of the Currency. The $13.5 billion-asset company’s rating reflects “evidence of discriminatory or other illegal credit practices,” the agency said in a report. While the rating was disclosed last week, the OCC’s public documents are […]
Androscoggin in Maine offers Sharia-compliant mortgage
Androscoggin Savings Bank in Lewiston, Maine, has created a Sharia-compliant mortgage product. The $1.5 billion-asset bank hired Ayesha Baye, an Ethiopian immigrant with extensive banking experience, to serve Muslim customers. It took a year to develop the mortgage program in collaboration with ProsperityME and the Greater Portlan Immigrant Welcome Center. The Halal Mortgage Program helps […]
Oconee in Ga. raises $4M tied to Elberton Federal deal
Oconee Financial in Watkinsville, Ga., raised about $4.3 million tied to its acquisition of Elberton Federal Savings & Loan in Elberton, Ga. The $588 million-asset Oconee said in a press release that it sold roughly 149,000 shares of common stock at $28.94 each to Elberton Federal depositors and borrowers. The stock offering was oversubscribed. “We […]
Texas State Bankshares to buy municipal underwriter
Texas State Bankshares in Harlingen has agreed to buy Dallas investment bank Estrada Hinojosa & Co. The $2.6 billion-asset Texas State did not disclose the price it will pay. The deal is expected to close in the fourth quarter. Estrada Hinojosa has 48 employees and offices in cities such as Dallas, Houston, San Antonio, Miami, Chicago and New York. The bank […]
InBank in Colo. hires UMB banker as next president
InBank in Denver has a new president. The $1.3 billion-asset bank said in a press release that Bo Scott had also become its chief commercial banking officer. He succeeded Ed Francis, who remains chairman and CEO of the bank and holding company InBankshares. Scott previously served as an executive vice president at UMB Bank, where […]
Riverview in Wash. puts CEO on administrative leave
Riverview Bancorp in Vancouver, Wash., has put its president and CEO on administrative leave pending an internal investigation. The $1.6 billion-asset company disclosed in a press release that the investigation tied to Kevin Lycklama does not involve its financial condition. No other details were shared. Dan Cox, the company’s chief credit officer, was named acting […]
Investor group agrees to buy Eureka Homestead in La.
Eureka Homestead Bancorp in Metairie, La., has agreed to sell to an investor group. The $104 million-asset company said in a press release that Eureka Investor Group, comprised of bank investors, will pay about $13 million in cash. Prior to closing, the company will be allowed shareholder a special dividend. The investor group plans to […]
Investor urges HomeStreet to sell Fannie Mae license
A big shareholder at HomeStreet is pushing the Seattle company to sell its Fannie Mae delegated underwriting and servicing (DUS) license and restructure its balance sheet. Blue Lion Capital, which has sparred with the $9.5 billion-asset company in the past, wrote in a letter to shareholders board that it believes the DUS license could be […]
Harborstone Credit Union plans to buy First Sound
First Sound Bank in Seattle has agreed to sell to Harborstone Credit Union in Lakewood, Wash. The $1.9 billion-asset credit union said in a press release that it will pay $6.90 to $7.10 a share for the $154 million-asset First Sound. The deal is expected to close in the first quarter. First Sound would be […]
Wells Fargo bracing for $1.8B special assessment
Wells Fargo in San Francisco is bracing for a $1.8 billion invoice from the Federal Deposit Insurance Corp. The FDIC is planning to collect a special assessment to replenish the Deposit Insurance Fund. The amounts would be based on a bank’s uninsured deposits. The $1.9 trillion-asset Wells Fargo said in a quarterly filing that its […]
EverBank hires former Umpqua exec as CEO
EverBank in Jacksonville, Fla. – now under new ownership – also has a new CEO. The investor group that bought and rebranded TIAA Bank said in a press release that Greg Seibly had taken on the role. Siebly recently served as president and head of regional banking at Umpqua Bank. David DePillo, who recently served […]
NAFCU, CUNA line up association merger
The nation’s leading credit union associations are planning to merge. The National Association of Federally-Insured Credit Unions and the Credit Union National Association plan to combine and form America’s Credit Unions next year. Jim Nussle, CUNA’s president and CEO, would lead the combined association. Dan Berger, who earlier this year announced plans to step down […]
Blue Ridge in Va. has 2Q loss due to specialty finance loans
Blue Ridge Bankshares in Charlottesville, Va., reported a quarterly loss that reflected issues with a group of specialty finance loans. The $3.2 billion-asset company said in a press release that it lost $19.5 million in the second quarter. The results reflected a higher loan-loss provision and reversal of interest income tied to $58.1 million of […]
Heartland in Denver gives update on charter consolidation
Heartland Financial USA in Denver is close to completing a large-scale charter consolidation. The $20.2 billion-asset company said in a press release that it consolidated Bank of Blue Valley and First Bank & Trust into its HTLF Bank during the second quarter. Rocky Mountain Bank was recently rolled up. Nine banks have been consolidated, with […]
NBT in N.Y. buys retirement plan administrator
NBT Bancorp in Norwich, N.Y., has acquired a retirement plan administrator. The $11.9 billion-asset company said in a press release that its EPIC Retirement Plan Services unit bought Retirement Direct in Charlotte, N.C. The price wasn’t disclosed. Retirement Direct serves more than 500 plans and has over $2 billion of assets under management. EPIC RPS […]
New fund to back minority- and women-owned banks
West Potomac Capital in Arlington, Va., plans to raise $250 million for a social impact fund that would invest in minority depository institutions (MDIs) and women-owned banks. The WPC Financials Impact Fund I, set to launch in the second half of this year, would also invest in community development financial institutions (CDFIs) and low-income designated […]
Heartland Tri-State Bank in Kansas fails
Heartland Tri-State Bank of Elkhart, Kan., failed on Friday. The Federal Deposit Insurance Corp. said in a press release that the Kansas Office of the State Bank Commissioner closed the $139 million-asset bank. The Kansas Office of the State Bank Commissioner said in a separate release that it determined the bank “was insolvent” following “an […]
Dime in NY taps insider as next CEO
Dime Community Bancshares in Hauppauge, N.Y., has lined up its next CEO. The $3.8 billion-asset company said in a press release that Stuart Lubow will succeed Kevin O’Connor on Aug. 31. Lubow has been Dime’s president and chief operating officer. O’Connor will remain on the board until Dec. 31. Lubow will join the board. O’Connor […]
MVB in W.Va. sells large batch of subprime auto loans
MVB Financial in Fairmont, W.Va., sold a large portion of its subprime auto loans during the second quarter. The $3.5 billion-asset company said in a press release that it sold $20.4 million of subprime loans, allowing it to release the loan-loss reserve for those loans. MVB still has $27 million of subprime auto loans on […]
First Interstate in Montana thins mortgage staff
First Interstate BancSystem in Billings, Mont., laid off 70 mortgage employees in the second quarter. The $31 billion-asset company said in a press release that the cuts should help it save $6.9 million annually. Separately, the company said it plans to introduce a new suite of consumer credit cards in August. “We believe these initiatives […]
Pioneer Bancorp in NY buys investment advisory
Pioneer Bancorp in Albany, N.Y., has acquired Hudson Financial, an advisory firm in Hudson, N.Y. The $1.8 billion-asset Pioneer said in a press release that Hudson has $225 million of assets under management. The price wasn’t disclosed. “Pioneer is committed to providing a wide range of seamless, integrated products and services under one roof that […]
Eagle in Md. closes two branches, plans layoffs
Eagle Bancorp in Bethesda, Md., closed two branches and laid off some employees as part of a cost-cutting effort. The $11 billion-asset company said in a press release that it closed locations in the Georgetown neighborhood of Washington, D.C., and Chantilly, Va. The closures should save Eagle $408,000 annually. Eagle now has 13 branches. Eagle […]
Banc of California to buy PacWest in California
Banc of California in Santa Ana has agreed to buy PacWest Bancorp in Beverly Hills, Calif. The companies said in a press release that it the deal is expected to close in late 2023 or early next year. Banc of California said that affiliates of funds managed by Warburg Pincus and certain investment vehicles managed […]
Atlantic Union to buy American National in Virginia
Atlantic Union Bankshares in Richmond, Va., has agreed to buy American National Bankshares in Danville, Va. The $20.6 billion-asset Atlantic Union said in a press release that it will pay $416.8 million in stock for the $3.1 billion-asset American National. The deal, which is expected to close in the first quarter, valued American National at […]
Organizers of proposed Houston bank plan to raise $37M
Organizers of the proposed Integrity Bank in Houston plan to raise $37 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the planned bank’s holding company, Integrity Bancorp, would conduct a private placement. Integrity, which would operate as a state savings bank, will focus on serving as […]