Houston group reapplies to form de novo bank
A group in Houston has reapplied to form Houston Bank of Commerce & Trust. Organizers of Houston Bank of Commerce & Trust submitted new applications to state and federal regulators on May 31. The applications were not immediately available. The organizing group has grown from six people to eight. Mark Jacobs would serve as president […]
Agencies highlight due diligence in third-party guidance
Due diligence for third-party relationships took center stage in final joint guidance from federal bank regulators. The Federal Reserve, Federal Deposit Insurance Corp. and Treasury Department said that sound risk management must take into account the level of risk, complexity and size of the bank. The nature of the third-party relationship must also be considered. […]
Kinective formed from merger of three tech firms
A trio of technology firms have merged to create a single company. CFM, NXTsoft and IMM said in a press release that they had combined to form Kinective. The new company has 300 employees across offices in Phoenix; Orlando, Fla.; and New Jersey. Stephen Baker, who was the CEO of CFM, will serve in the […]
FDIC approves de novo application for Arizona bank
The Federal Deposit Insurance Corp. has given conditional approval for a group in Scottsdale, Ariz., to form Zenith Bank & Trust. Organizers must raise $22 million in capital before the proposed bank can open. The group behind Zenith Bank applied with the FDIC in June 2022. Organizers said in their application that they planned to […]
First Citizens brings back CIT exec to lead commercial finance group
First Citizens BancShares in Raleigh, N.C., has brought back a veteran banker to lead its CIT Commercial Finance group. The $215 billion-asset company said in a press release that Jim Hudak had become president of the group, effective immediately. Hudak supervised CIT’s commercial finance businesses from 2008 to 2019. First Citizens bought CIT Group last […]
Nusenda FCU agrees to buy Western Heritage in N.M.
Nusenda Federal Credit Union in Albuquerque, N.M., has agreed to buy Western Heritage Bank in Las Cruces, N.M. The $4.1 billion-asset Nusenda did not disclose the price it will pay for the $335 million-asset Western Heritage. The deal is expected to close late this year or early 2024. This would be the first bank acquisition […]
Members 1st FCU in Pa. sets up CEO succession
Members 1st Federal Credit Union in Enola, Pa., will soon have a new CEO. The $7 billion-asset credit union said in a press release that Mike Wilson will also become its president, effective July 1. Wilson is the credit union’s chief experience officer. Wilson will succeed George Nehodil, who has been president and CEO for […]
BOK Financial entering San Antonio with key hires
BOK Financial in Tulsa, Okla., has entered the San Antonio, Texas, market. The $46 billion-asset company said in a press release that its Bank of Texas division had hired Mark Johnson to serve as market chairman and Parker Hensley as market president. “We are thrilled to bring our brand of full-service, relationship-focused financial services to […]
Alabama, Virginia banks complete private placements
Banks in Alabama and Virginia have raised capital through private placements. First Southern Bancshares in Florence, Ala., brought in $7 million through a May 22 private placement, according to data compiled by Performance Trust Capital Partners. First Southern Bank has $554 million of assets. ODNB Financial in Tysons Corner, Va., raised $1 million on May […]
Five Star enters San Francisco after hiring Signature team
Five Star Bancorp in Rancho Cordova, Calif., will enter San Francisco after hiring a commercial team from Signature Bank. The $3.4 billion-asset company said in a press release that DJ Kurtze will serve as region president for the San Francisco Bay Area. The release did not say how many lenders are on the team it […]
Essa in Pa. to pay $3M to address redlining claims
Essa Bancorp in Stroudsburg, Pa., will pay about $3 million to resolve redlining claims. The Justice Department said in a press release that the $2 billion-asset company’s bank agreed to a consent order addressing allegations it engaged in lending discrimination towards majority Black and Hispanic neighborhoods. The claims covered a period from 2017 to 2021. […]
Central Bancshares in Iowa to buy SENB Bank in Ill.
Central Bancshares in Muscatine, Iowa, has agreed to buy McLaughlin Holding Co. in Moline, Ill. Central, the parent of the $1.1 billion-asset CBI Bank & Trust, said in a press release that it expects to buy the parent of the $341 million-asset SENB Bank in the third quarter. The price wasn’t disclosed. The systems conversions […]
Fed order sets standards for Silvergate liquidation
The Federal Reserve ordered Silvergate Capital in La Jolla, Calif., to stick to its plan to liquidate itself. The Fed’s May 23 consent order gave the company 10 days to submit a self-liquidation plan that complies with California and federal requirements for shutting down. The order also requires quarterly reports on management’s progress. The order […]
Group plans de novo bank in California
A group in Los Altos, Calif., is looking to form a bank. Organizers of the proposed Entrust Bank filed an application on May 15 with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. A public notice tied to the application lists seven organizers: Steven Chang, Jinsong Guo, Sanjeev Khagram, Shih-Wei […]
Vendor issue delaying direct deposits at BOK Financial
BOK Financial in Tulsa, Okla., is apologizing for an issue that has delayed direct deposits and electronic payments. The $45.5 billion-asset company said in a Facebook post on Thursday that a third-party vendor suffered an outage. “We are working to get all systems back up and running as quickly as possible, and appreciate your patience […]
Republic First cutting more costs, evaluating real estate
Republic First Bancorp in Philadelphia announced a series of moves designed to trim expenses. The $6.2 billion-asset company said in a press release that the effort is expected to accommodate evolving customer preferences, better leverage technology and realize cost and operating efficiencies. Republic First said it will reduce hours at its branches, close a branch […]
All In FCU agrees to buy SunSouth Bank in Ala.
All In Federal Credit Union in Daleville, Ala., has agreed to buy SunSouth Bank in Dothan, Ala. The $2.8 billion-asset credit union did not disclose how much it will pay for the $114 million-asset SunSouth. The all-cash deal is expected to close in the first quarter of 2024. SunSouth, a unit of SunSouth Bancshares, has […]
How First Mid reentered the chat for Blackhawk deal
Blackhawk Bancorp in Beloit, Wis., attempted to sell itself to another bank before it began negotiating with First Mid Bancshares in Mattoon, Ill. The $6.7 billion-asset First Mid agreed in March to buy the $1.3 billion-asset Blackhawk for $90.3 million. First Mid was one of two banks that Blackhawk’s investment bank contacted last August about […]
CFPB fines OneMain $20M for imposing ‘extra charges’
The Consumer Financial Protection Bureau has ordered OneMain Financial in Evansville, Ind., to pay $20 million to resolve claims the installment lender failed to refund interest charged to 25,000 customers. The CFPB said in a press release that the enforcement action requires OneMain, a unit of OneMain Holdings, to refund $10 million to harmed consumers […]
UMB in Mo. to buy community bank consulting firm
UMB Financial in Kansas City, Mo., has agreed to buy Hybarger & Associates, a consulting firm focused on community bank performance. The $40.6 billion-asset UMB said in a press release that it expects to complete the acquisition in the second quarter. The price wasn’t disclosed. Hybarger offers advice in areas such as interest rate risk […]
Coastal in Wash. hires banking vet to oversee BaaS operations
Coastal Financial in Everett, Wash., has hired a veteran banker to oversee its Banking-as-a-Service platform. Chris Rigoni announced on his Twitter account that he had been named senior director of BaaS operations at the $3.5 billion-asset company. “Looking forward to working with the team to build on an already stellar program,” he tweeted. Rigoni previously […]
Madonna stepping down as Republic First chairman
Republic First Bancorp in Philadelphia will have a new chairman. The $6.2 billion-asset company said in a press release that Andrew Cohen, co-founder and chief investment officer at Cohen Private Ventures, will take over the post tomorrow. Cohen will succeed Harry Madonna, who founded the bank in 1988 and returned to a leadership role with […]
OneAZ Credit Union in Ariz. hires new CEO
OneAZ Credit Union in Phoenix has a new CEO. The $3 billion-asset credit union said in a press release that Brandon Michaels had also become its president. He succeeded Kim Reedy, who retired. Michaels previously served as head of corporate development at Allied Solutions. Before that, he was president and CEO of JSC Federal Credit […]
Mid-Southern investors approve investment bank proposal
Shareholders of Mid-Southern Bancorp approved an outside proposal that the Salem, Ind., company hire an investment bank to help it find a buyer. The $266.4 million-asset Mid-Southern disclosed in a regulatory filing that nearly 1.1 million shareholders backed the proposal by J. David Rosenberg that it retain an investment bank “to guide the company in […]
PacWest sells Civic Financial to New York real estate firm
Roc Capital Holdings in New York has acquired the origination assets of Civic Financial Services from PacWest Bancorp in Los Angeles. Roc360, a platform that serves residential real estate investors and originates business-purpose loans, said in a press release that it will use the Civic brand. The price wasn’t disclosed. Founded in 2014, Civic has […]