PacWest: Deposits fell 9.5% last week
PacWest Bancorp in Los Angeles reported another large outflow of deposits. The $44.3 billion-asset company disclosed in its quarterly filing that deposit balances fell by 9.5% last week. While First Republic Bank in San Francisco failed on May 1, PacWest said that most of the outflows took place on May 4-5 after news reports said […]
Proposed N.H. de novo plans to raise $25 million
Organizers of a proposed bank in Bedford, N.H., plan to raise at least $25 million in initial capital. Granite First Bank would serve small and midsize businesses, professional services firms, nonprofits, and individuals, organizers said in their application with the Federal Deposit Insurance Corp. David Cassidy is expected to serve as president and CEO. He […]
First Citizens lost quarter of SVB deposits after deal
First Citizens BancShares in Raleigh, N.C., had a mammoth quarter for profitability after booking a $9.8 billion gain from buying the failed Silicon Valley Bank. The $214.7 billion-asset company earned $9.5 billion in the first quarter, an astronomical increase from the $271 million of net income from a year earlier. First Citizens also disclosed that […]
Fintech Marqeta to cut 15% of its workforce
Marqeta, a card issuing platform, plans to cut about 15% of its workforce. The fintech disclosed in a regulatory filing that it will lay off roughly 150 employees in the coming months as part of a plan to lower operating costs, prioritize high-return projects and put it on a path to profitability. The plan is […]
New Hampshire group proposes de novo bank
A group in Bedford, N.H., has applied to form a bank. Organizers of Granite First Bank submitted an application on Tuesday with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. The organizers are H. Andrew Crews, David Cassidy and Samuel Figler, according to a public noticed filed in conjunction with […]
Cadence in Miss. to close 35 branches in 2023
Cadence Bank in Tupelo, Miss., plans to close 35 branches this year, or roughly 8.5% of its network. The $48.7 billion-asset bank, formed through the merger of Cadence and BancorpSouth, had 412 branches in mid-2022, according to data compiled by the Federal Deposit Insurance Corp. “In order to best optimize and strengthen our branch network, […]
Lakeland in Indiana selects insider as new president
Lakeland Financial in Warsaw, Ind., has a new president. The $6.4 billion-asset company said in a press release that Kristin Pruitt had also become president of its Lake City Bank. She also joined the boards of the company and the bank. Pruitt succeeded David Findlay, who remains CEO. Pruitt joined the company in 2008 and […]
MVB Financial in W.Va., IFHI in N.C. terminate merger
MVB Financial in Fairmont, W.Va., and Integrated Financial Holdings in Raleigh, N.C., have terminated MVB’s proposed purchase of IFHI. The $3.6 billion-asset MVB said in a press release that the decision reflected “changing market conditions that have pressured bank industry stock prices” and “understandable delays in regulatory processes.” Neither company will pay termination fees. MVB […]
Illinois bank enters into written agreement with Fed
Perry County Bancorp has entered into a written agreement with the Federal Reserve that instructs the Du Quoin, Ill., company to improve oversight over liquidity and interest rate risk. The Fed entered into the agreement with Perry County and its $137 million-asset Du Quoin State Bank in April but it was just disclosed last week. […]
California regulator looks inward after SVB collapse
The California Department of Financial Protection has joined the Federal Reserve in accepting some responsibility for the March 10 failure of Silicon Valley Bank. While the regulator asserted in its report that SVB was slow to remediate regulator-identified deficiencies, it acknowledged that its examiners did not take adequate steps to ensure the bank quickly addressed […]
Goldman Sachs: Regulators looking at SVB dealings
Goldman Sachs in New York said that U.S. agencies are looking into its dealings with SVB Financial leading up to the March seizure of Silicon Valley Bank. The investment bank disclosed in its quarterly filing that it is “cooperating with and providing information to various governmental bodies.” The filing did not disclose which agencies were […]
PacWest in California cuts dividend to a penny
PacWest Bancorp in Los Angeles cut its dividend to a penny. The $44.3 billion-asset company said late Friday that it had lowered the quarterly payout, which previously was 25 cents a share. The reduction is a “prudent step” that reflects economic uncertainty, banking sector volatility and potential regulatory changes to capital requirements, CEO Paul Taylor […]
Blue Ridge Bankshares hires industry vet as bank CEO
Blue Ridge Bankshares in Charlottesville, Va., has hired a veteran banker to serve as CEO of its bank. The $2.9 billion-asset company said in a press release that Billy Beale will oversee Blue Ridge Bank, succeeding Brian Plum. Beale was president and CEO of Community Bankers Bank from November 2018 to July 2020, where he […]
FNCB, Quaint Oak to terminate share purchase pact
FNCB Bancorp in Dunmore, Pa., has decided not to buy any more shares in Quaint Oak Bancorp in Southampton, Pa. The $812 million-asset Quaint Oak disclosed in a regulatory filing that FNCB will terminate an agreement that would have allowed it to buy roughly 116,000 shares of Quaint Oak common stock. The agreement was signed […]
Pacific West in Ore. addresses PacWest brand confusion
Pacific West Bancorp in Portland, Ore., is the latest bank to take steps to avoid brand confusion. The parent of the $282 million-asset Pacific West Bank used a post on its website to address any confusion with PacWest Bancorp, a Los Angeles company that has been the subject of speculation since two high-profile bank failures […]
Republic First in Pa. exits mortgages, cuts N.Y. staff
Republic First Bancorp in Philadelphia is getting out of the mortgage business. The $6.2 billion-asset company also said in a press release that it cut an undisclosed number of jobs in its New York lending and credit teams under an effort to streamline its operations in the market. Republic First said its mortgage business primarily […]
First Internet’s 1Q loss widens with extra chargeoff
First Internet Bancorp in Fishers, Ind., is reporting a larger first-quarter loss after recording an additional charge off for a commercial loan. The $4.7 billion-asset company, which had previously announced a $4.7 million partial chargeoff for the participation loan, wrote off another $2.2 million after gathering more information about the relationship. First Internet said in […]
Update on Bank Term Funding Program participation
At least 19 banks have tapped into the Federal Reserve’s Bank Term Funding Program. Those banks have borrowed more than $32 billion in BTFP funds, according to data compiled by S&P Global Market Intelligence. The funding facility was formed in the wake of the high-profile failures of Silicon Valley Bank and Signature Bank to provide […]
Western Alliance weighing legal options against FT
Western Alliance Bancorp. said it is weighing its legal options after the Financial Times published an article saying the Phoenix company is considering a sale. The $50 billion-asset Western Alliance said in a press release that the article is “categorically false in all respects.” The company said it is not exploring a sale and has […]
Proposed Houston de novo aims to become MDI
Inspire Bank, a proposed Houston de novo, plans to apply to become a minority depository institution (MDI). Organizers also plan to form Inspire Holdings, a holding company for the proposed bank, according to an application with the Office of the Comptroller of the Currency. The bank plans to focus on entrepreneurs and small and midsize […]
Noble Credit Union in California selects its next CEO
Noble Credit Union in Fresno, Calif., has a new CEO. The $1.2 billion-asset credit union said in a press release that Gino Cayanan had also become its president. Cayanan succeeded Susan Ryan, who retired after leading the credit union for 22 years. Cayanan recently served as chief financial officer at Los Angeles Police Federal Credit […]
Equity in Kansas hires next bank president
Equity Bancshares in Wichita, Kan., has hired a new bank president. The $5.1 billion-asset company said in a press release that Rick Sems will oversee its sales and service teams and will join Equity Bank’s board. He succeeded Craig Anderson, who resigned. Sems, who recently served as chief banking officer at First Bank in St. […]
PacWest having ‘ongoing’ talks with potential partners
PacWest Bancorp in Los Angeles said it hasn’t experienced any “out-of-the-ordinary deposit outflows” since Monday’s failure of First Republic Bank. The $44.3 billion-asset company also said in a press release that it is having discussions after being approached by several potential partners. “Discussions are ongoing,” PacWest said. “The company will continue to evaluate […]
TD Bank, First Horizon call off $13 billion merger
TD Bank Group in Toronto and First Horizon in Memphis, Tenn., have called off their planned merger. The $1.9 trillion-asset TD and the $80.7 billion-asset First Horizon said in a press release that the deal was terminated due to uncertainty over TD getting regulatory approval for the $13.4 billion acquisition. TD agreed to pay First […]
Greenwood buys digital neobank Kinly
Greenwood, an Atlanta digital bank focused on the Black and Latino communities, has acquired Kinly, a neobank that also serves Black clients. Greenwood said in a press release that the purchase will help grow its ecosystem of more than a million members and provide Kinly’s 300,000 users with more financial products. The purchase price wasn’t […]