Customers in Pa. buys venture banking loans from FDIC
Customers Bancorp in West Reading, Pa., has acquired a portfolio of venture banking loans from the Federal Deposit Insurance Corp. The $21 billion-asset company said in a press release that it gained $631 million of loans, paying 85% of book value. Customers also said it hired 30 people from the group that originated the loans. […]
RBB hires East West exec as its new president
RBB Bancorp in Los Angeles has a new president. The $4.1 billion-asset company said in a press release that Johnny Lee had also been named chief banking officer. Lee previously served as head of international and commercial banking at East West Bank. He was at East West for a decade. “We are […]
F&M Bank in Tenn. selects banking vet as its president
F&M Bank in Clarksville, Tenn., has promoted a veteran banker as its president. The $1.7 billion-asset bank said in a press release that Jim Peck had taken on the role. Peck, who joined F&M as an executive vice president in 2021, succeeded Sammy Stuard, who remains chairman and CEO. Peck “is a proven leader and […]
OCC orders MUFG Union to pay $15M civil money penalty
MUFG Union Bank in San Francisco, which was sold in December to U.S. Bancorp, was ordered to pay a $15 million civil money penalty for failing to waive certain charges tied to private bank and consumer accounts. The Office of the Comptroller of the Currency claimed in a May 8 consent order that the bank […]
Planned Houston de novo to have wealth management focus
A proposed de novo bank in Houston plans to have a big focus on trust and wealth management services. Organizers of Houston Bank of Commerce & Trust also plan to raise $30 million to $40 million of initial capital, according to their latest application with the Federal Deposit Insurance Corp. The group initially applied with […]
Investor group plans to buy Southern Bankshares in Ga.
An investor group has agreed to buy Southern Bankshares in Claxton, Ga. The group planning to buy the $160 million-asset company is led by individuals from Jacksonville, Fla. A press release gave no more information on the group. The transaction is expected to close in the fourth quarter. The price wasn’t disclosed. Philip Williams, the […]
Atlantic Union in Va. plans layoffs, indirect auto exit
Atlantic Union Bankshares in Richmond, Va., plans to lay off 4% of its staff and exit indirect auto lending as part of a broader series of expense cuts. The $20.1 billion-asset company disclosed in a regulatory filing that the job cuts will take place by the end of July. Atlantic Union also said it is […]
BaaS platform Synapse lays off a fifth of its staff
Synapse, a Banking-as-a-Service (BaaS) platform, is laying off nearly a fifth of its staff. The company made cuts in areas “that were staffed for unrealized growth or redundancy,” founder and CEO Sankaet Pathak said in a Medium post. “The current macroeconomic conditions have begun to impact our clients and platforms, affecting our anticipated growth,” he […]
SECU in North Carolina taps insider as new CEO
State Employees’ Credit Union in Raleigh, N.C., has a new CEO. The $50 billion-asset credit union said in a press release that Leigh Brady had succeeded Jim Hayes, who resigned to become CEO of State Department Federal Credit Union in Alexandria, Va. Leigh has been SECU’s chief operating officer since 2021. “No one understands SECU […]
Comerica to exit mortgage warehouse lending by yearend
Comerica in Dallas plans to “organically” exit the mortgage warehouse business. The $91.2 billion-asset company disclosed in a presentation for a banking conference hosted by Morgan Stanley that the exit will be largely completed by the end of this year. Comerica said the exit should improve capital efficiency and improve its loan-to-deposit ratio by 150 […]
Neobank Majority raises $9.8M in latest funding round
Majority, a challenger bank aimed at U.S. migrants, has raised nearly $9.8 million in its fourth round of funding. Valar Ventures and Heartcore Capital, existing Majority investors, participated in the latest round. The neobank plans to open a community meetup space in Laredo, Texas, and publish a financial handbook for Mexicans later this year, according […]
The Bancorp, Chime extend banking services agreement
The Bancorp in Sioux Falls, S.D., has renewed its banking services agreement with Chime Financial. The $7.6 billion-asset company said in a press release that it entered into a “long-term extension” that will allow it to continue to hold Chime member deposits, among other things. “We are thrilled to not only renew, but to also […]
Plains State Bank in Kan. plans acquisition, rebrand
Plains Bancshares in Plains, Kan., has applied with regulators to buy Alden Bancshares in Sterling, Kan. The parent of the $381.4 million-asset Plains State Bank also plans to rebrand as Bank of the Plains on June 20. The bank will pay an undisclosed amount of common stock to buy the parent of the $21.9 million-asset […]
Planned California bank aims to become an MDI
Entrust Bank, a de novo planned for Los Altos, Calif., aims to become a minority depository institution (MDI) focused largely on the area’s Asian-American population. Organizers said in their application with the Federal Deposit Insurance Corp. that most of the proposed bank’s board represent minority groups. Entrust will primarily target small and midsize businesses, real […]
CFPB’s Chopra: Expect open banking rule in 2024
The Consumer Financial Protection will soon seek comments for an open banking rule with plans to finalize the rule next year. CFPB Director Rohit Chopra provided the update in a blog post. The bureau is required by a section of the Dodd-Frank Act to finalize the rule. The CFPB aims to use a new personal […]
Citizens in R.I. hires 50 former First Republic bankers
Citizens Financial Group in Providence, R.I., has hired about 50 private bankers and support staff that had been at First Republic Bank. The $222 billion-asset Citizens said in a press release that the bankers are in Boston, New York, San Francisco and Florida. “The addition of these talented and seasoned private bankers helps Citizens significantly […]
First State Bank in Neb. rebrands as RVR Bank
First State Bank & Trust in Fremont, Neb., has rebranded as RVR Bank. The $460.4 million-asset bank said on its website that the name change took place on June 1. The change applied to First State and Two Rivers Bank, which was acquired in December 2021. “The signs on the outside might be changing, but […]
Meredith Whitney ends hiatus to relaunch research firm
Meredith Whitney is back. Whitney, who famously became bearish on the banking sector prior to the 2008 Financial Crisis, has relaunched her eponymous research and advisory practice. Whitney, in a LinkedIn post, said she had spent her hiatus as an institutional investor (she ran a hedge fund from 2013 to 2015) and as CFO of […]
Fulton hires OceanFirst exec for top tech position
Fulton Financial in Lancaster, Pa., has hired a former executive at OceanFirst Financial in Red Bank, N.J., to oversee its technology operations. The $27 billion-asset Fulton said in a press release that Karthik Sridharan will serve as chief operations and technology officer. Sridharan will be responsible for leading a team responsible for the bank’s digital […]
Needham Bank in Mass. plans mutual conversion
Needham Bank in Needham, Mass., is planning a standard conversion to become a fully stock-owned company. The $3.7 billion-asset bank disclosed in a regulatory filing that NB Bancorp, a newly formed corporation, plans to sell 34.5 million shares of stock at $10 each – for gross proceeds of $34.5 million. The company should raise up […]
USAlliance FCU in N.Y. appoints interim CEO
USAlliance Federal Credit Union in Rye, N.Y., has appointed an interim CEO while it looks for a permanent leader. The $2.8 billion-asset credit union said in a press release that Brett Wheeler will fill the role temporarily. He is USAlliance’s chief financial officer. USAlliance said its board will continue to search for a permanent president […]
Former Happy State CEO leaving Home BancShares
Home BancShares in Conway, Ark., is parting ways with the former CEO of a bank it recently bought. The $22.5 billion-asset company disclosed in a regulatory filing that Mikel Williamson plans to resign as Texas president of Happy State Bank on June 14. Happy State is a division of Home’s Centennial Bank. Williamson served as […]
Lone Star delaying shareholder vote on First Guaranty deal
Lone Star Bank in Houston is delaying a shareholder vote on its pending sale to First Guaranty Bancshares in Hammond, La., to solicit more votes in support of the deal. The $160.8 million-asset Lone Star said in a press release that it plans to convene and immediately adjourn its June 13 special meeting. The meeting […]
Citizens Financial in R.I. to exit indirect auto lending
Citizens Financial Group in Providence, R.I., will end its indirect auto lending program on July 1. The $222 billion-asset company said in a press release that the move is part of a strategy to optimize its balance sheet and emphasize relationship-based lending. Citizens will retain and service existing auto loans on its balance sheet. “This […]
Activist investor wants Republic First CEO to resign
A shareholder group that has been sparring with Republic First Bancorp for months is now calling for the resignation of the Philadelphia company’s president and CEO. The group, which includes George Norcross III, Philip Norcross and Gregory Braca, said in a regulatory filing that it also wants Thomas Geisel to step down from the $6.2 […]