Bank of Marin purges securities from its balance sheet
Bank of Marin Bancorp in Novato, Calif., recently purged securities from its balance sheet. The $4.1 billion-asset company said in a press release that it sold $82.7 million of securities in July at a net loss of $2.8 million. The proceeds will be held in cash as part of the company’s liquidity strategy. The loss […]
BM Technologies deposit deal with NC bank faces delay
BM Technologies in Radnor, Pa., is dealing with regulatory approvals delays for its planned deposits partnership with First Carolina Bank in Raleigh, N.C. BM Technologies agreed in March to have First Carolina Bank support its higher education business. The regulatory delay is expected to negatively impact the company’s core EBITDA results from $1 million […]
John Marshall Bancorp in Va. sells securities at a loss
John Marshall Bancorp in Reston, Va., has sold nearly $162 million of securities at a loss. The $2.4 billion-asset company said it sold lower-yielding available-for-sale investment securities on July 17 at a $13.5 million after-tax loss. It also redeemed $21.4 million of bank-owned life insurance (BOLI) assets – incurring an after-tax loss of $1.1 million […]
Lakeland in Ind. falls victim to international wire fraud
Lakeland Financial in Warsaw, Ind., reported lower second-quarter profit after it fell victim to international wire fraud. The $6.5 billion-asset company said in a press release that its earnings fell by 43% from a year earlier, to $14.6 million. The results included a $13.6 million wire fraud loss, net of tax. Lakeland said it discovered […]
Windsor Federal in Conn. has new CEO
Windsor Federal Savings and Loan in Windsor, Conn., has a new CEO. Luke Kettles also became the $750 million-asset bank’s president following its annual meeting. Kettles succeeded George Hermann, who retired. “I can say it was the best job of my career,” Hermann, who is still serving as executive chairman, said in a LinkedIn post. […]
FedNow instant-payments platform goes live
FedNow, the Federal Reserve’s instant-payments system, is live. The Fed said in a press release that 35 early adopting banks and credit unions and the Treasury Department are ready to go. Sixteen service providers are ready to support payment processing. The Fed “built the FedNow Service to help make everyday payments over the coming years […]
Columbia Banking sells $373M of non-relationship loans
Columbia Banking System in Tacoma, Wash., sold some loans and plans to sell some mortgage-servicing rights. The $53.6 billion-asset company said in a press release that it sold $373 million of non-relationship loans and reclassified another $118 million as held for sale. As a result, overall loans fell slightly in the second quarter from a […]
California, Oklahoma banks complete private placements
Banks in California and Oklahoma have raised capital through private placements of common stock. First Altus Bancorp, the parent of the $414 million-asset Frazer Bank in Altus, Okla., brought in $2.4 million in capital on July 13, according to data compiled by Performance Trust Capital Partners. Friendly Hills Bancorp, the $393 million-asset holding company for […]
Countrywide co-founder Angelo Mozilo dies
Angelo Mozilo, one of the most-recognized faces of the 2008 financial crisis, has died. Mozilo, co-founder and former CEO of Countrywide Financial, died of natural causes at 84, according to a statement from his family foundation. Countrywide rode the subprime wave to become the nation’s biggest mortgage lender. Mozilo received a liftetime achievement award from American […]
Republic First in Pa. scraps $125M private placement
Republic First Bancorp in Philadephia, Castle Creek Capital and Cohen Private Ventures have agreed to terminate a $125 million private placement of common stock. The $6.2 billion-asset Republic First said in a press release that current market conditions, particularly tightening of access to equity capital, has made it difficult to find additional investors prior to […]
Large group planning Integrity Bank in Houston
Another group is planning a bank in Houston. Organizers of the proposed Integrity Bank applied with the Federal Deposit Insurance Corp. on June 30. The application wasn’t immediately available. Integrity would be a state savings bank. A legal notice submitted for the planned de novo listed 19 organizers. The organizers are Charles Neff Jr., Hazem […]
Blue Ridge Bankshares in Va. discloses CEO resignation
Blue Ridge Bankshares in Charlottesville, Va., has a new leader. The $3.3 billion-asset company disclosed in a regulatory filing that Brian Plum resigned as its president and CEO on July 12. He also resigned from the board. William Beale, who recently became bank CEO, succeeded Plum and joined the company’s board. Beale was president and […]
Guaranty in Texas restructured AFS securities in 2Q
Guaranty Bancshares in Addison, Texas, restructured a portion of its securities portfolio during the second quarter. The $3.2 billion-asset company said in a press release that it retooled about $14.3 million of available-for-sale securities “with minimal realized losses” that should be earned back in less than a year. Several other moves offset the losses, including […]
Texas bankers’ association forms fintech accelerator
The Independent Bankers Association of Texas has formed a fintech accelerator program. The association said in a press release that IBATx is designed to provide rapid commercialization and streamline bank access to fintechs. As part of the launch, IBATx formed a partnership with CollateralEdge, a Texas fintech that specializes in providing commercial loan support to […]
Former Howard Bank CEO joins Capital Bank’s board
Capital Bank in Washington, D.C., has recruited a veteran banker to its board. The $2.2 billion-asset bank said in a press release that Mary Ann Scully had become a director. Scully, dean of the Joseph A. Sellinger, S.J., School of Business and Management at Loyola University Maryland, is the former chairman and CEO of Howard […]
Digital-only Jenius Bank debuts with personal loan product
Jenius Bank, the digital-only division of Manufacturers Bank in Los Angeles, has debuted a new personal loan product. Jenius, which is supported by Japan’s Sumitomo Mitsui Banking, is planning other products, including savings and checking accounts and a mobile app. “Jenius Bank’s personal loans launch continues to fuel our mission to empower customers with smarter […]
Blue Ridge Bankshares in Va. skips 3Q dividend payment
Blue Ridge Bankshares in Charlottesville, Va., will not pay a dividend in the third quarter. The $3.3 billion-asset company disclosed in a regulatory filing that its board decided to forego the payment, “based on the desire to preserve capital and available cash.” The company’s net income fell by 91% in the second quarter from a […]
Bank-to-bank marketplace CapStack raises $6 million
CapStack, a startup that is aiming to create an integrated operating system for banks, has raised $6 million. CapStack was launched in March by Michal Cieplinksi, co-founder of alternative financing startup Pipe, and Tzvika Perelmuter. The plan is to serve as a bank-to-bank marketplace, giving banks a way to buy and sells deposits and loans. […]
Former bank analyst Jennifer Demba joins Synovus
Another veteran bank analyst has accepted a job at a bank. Jennifer Demba announced on LinkedIn that she has become the director of investor relations at Synovus Financial in Columbus, Ga. Demba had been a bank analyst for two decades, most recently at Truist Securities. She was at SunTrust Robinson Humphrey when BB&T bought SunTrust […]
Central Bancshares in Iowa to buy SENB Bank in Ill.
Central Bancshares in Muscatine, Iowa, has agreed to buy McLaughlin Holding in Moline, Ill. The $1.1 billion-asset Central Bancshares said in a press release that it plans to buy the holding company for the $337 million-asset SENB Bank in the third quarter. The price wasn’t disclosed. SENB Bank has six branches in Illinois, Iowa and […]
1st Source in Ind. discloses exposure to MOVEit breach
Another bank has disclosed exposure to the MOVEit file transfer cyberattack. The $8.3 billion-asset 1st Source in South Bend, Ind., disclosed in a regulatory filing that an unauthorized third-party gained access to sensitive client data, including personally identifiable information. The company said it deployed cybersecurity defenses which included patching the software, hardening the host server […]
BofA fined $150M for fake accounts, ‘junk fees’
Bank of America in Charlotte, N.C., was fined $150 million by regulators based on claims it double charged overdraft fees, opened unauthorized card accounts, and withheld card-related bonuses from some customers. The $2.4 trillion-asset company will pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the […]
Peoples in Ohio lines up CEO succession in 2024
Peoples Bancorp in Marietta, Ohio, has set the stage for CEO succession. The $8.8 billion-asset company said in a press release that Chuck Sulerzyski will also retire as president and as a director on March 31, 2024. Tyler Wilcox, Peoples’ executive vice president of community banking, will succeed Sulerzyski and join the board on April […]
Global Credit Union in Alaska cuts 185 jobs
Global Credit Union in Anchorage, Alaska, has cut 185 jobs in five states, or roughly 8% of its workforce. The $11.7 billion-asset credit union told the Credit Union Times that the layoffs reflect reduced loan volume tied to elevated interest rates. Most of the cuts were lending-related, though the credit union plans to cut some […]
Quontic in NY enters into written agreement with Fed
Quontic Bank Holdings in New York faces limitations on distributing capital under an enforcement action with the Federal Reserve. The parent of the $584 million-asset Quontic Bank entered into a written agreement that requires Fed approval before it can pay dividends, repurchase stock or make any other capital distributions. Fed approval is also required before […]