Avenu BaaS platform to launch in late April
MainStreet Bankshares in Fairfax, Va., said its Banking-as-a-Service (BaaS) platform should launch at the end of this month. The $2.1 billion-asset company said in a press release that Avenu should debut on April 30. MainStreet said it is making a final push to strengthen its cyber architecture and implement a debit card for funding. Three […]
Fed Gov. Bowman: ‘Viable’ de novo pipeline needed
Regulators should rethink their approach to de novo bank activity, Federal Reserve Gov. Michelle Bowman said in a Friday speech. Bowman, who chairs the Fed Board of Governors’ subcommittee on smaller regional and community banks, said the upfront capital requirements – which require organizers to raise capital to meet forward-looking projections of a bank’s future […]
Capital Bancorp in Md. taps insider as next bank president
Capital Bancorp in Rockville, Md., has a new bank president. The $2.1 billion-asset company said in a regulatory filing that Steve Poynot, chief operating officer of Capital Bank, will take on the added role on Monday. Poynot will be responsible for commercial banking production, along with the bank’s credit and operations. Poynot will succeed Scot […]
Mary Mack to retire from Wells Fargo
Wells Fargo in San Francisco said that veteran executive Mary Mack is retiring. The $1.9 trillion-asset company said in a press release that Mack will step down as CEO of consumer and small business banking on May 15. She will be succeeded by Saul Van Beurden, the company’s head of technology. Tracy Kerrins, head of […]
Minnesota Credit Union Network names new CEO
The Minnesota Credit Union Network has lined up its next CEO. The St. Paul, Minn., association said in a press release that Mara Humphrey will also become its president at the end of April. Humphrey, who holds the association’s chief advocacy position, will succeed Mark Cummins, who announced his intention to retire last summer. Cummins […]
Fintech Altruist raises $112M in latest funding round
Altruist, a fintech custodian for registered investment advisers, has raised $112 million in a funding round led by Insight Partners and Adams Street. The company, which recently announced plans to buy Shareholder Services Group and the launch of its self-clearing custodian, said in a press release that the Series D round brought its total […]
U.S. Bancorp shifting duties amid high-profile retirements
U.S. Bancorp in Minneapolis is shifting some executive responsibilities. The $675 billion-asset company said in a press release that Kate Quinn, its vice chair and chief administrative officer, and Jim Kelligrew, vice chair of corporate and commercial banking, will retire on June 30. Quinn, 58, has been with the company for 10 years, while Kelligrew, […]
Huntington in Ohio sells retirement planning service
Huntington Bancshares in Columbus, Ohio, has sold its retirement planning service business. The $182.9 billion-asset company disclosed in a regulatory filing that it sold the business to OneDigial Investment Advisors, a registered investment adviser, on March 31. The business handles about 1,200 plans and $5.6 billion in retirement plan assets under management. Huntington said it […]
Walmart aims to end Capital One card relationship
Walmart wants to end its credit card relationship with Capital One Financial in McLean, Va. Capital One disclosed in a regulatory filing that the giant retailer filed a lawsuit in the Southern District of New York in an effort to terminate their private label and cobranded card programs. The lawsuit, filed on April […]
F&M in Va. names new president, CEO
F&M Bank in Timberville, Va., has new leadership. The $1.3 billion-asset company said in a press release that Mike Wilkerson had become its CEO and that Barton Black was named president. They succeeded Mark Hanna, who is leaving the company and stepping down from its board. Wilkerson previously served as chief lending officer and chief […]
CoastalSouth in SC completes $9M private placement
CoastalSouth Bancshares in Hilton Head, S.C., has raised $9 million through a private placement of common stock. The $2 billion-asset company said in a press release that it will use the net proceeds for a range of purposes that could include continued growth and maintaining bank-level regulatory capital ratios. The company did not disclose the […]
How First Miami found a buyer in United Community
First Miami Bancorp in South Miami, Fla., considered four offers before deciding to negotiate with United Community Banks in Greenville, S.C. The $24 billion-asset United agreed in February to buy the $1 billion-asset First Miami for $115.9 million in stock. First Miami initially considered finding a merger partner in early 2020 but put that effort […]
Former Boston Fed CEO joins Berkshire’s board
Berkshire Hills Bancorp in Boston has added a former Federal Reserve official to its board. The $11.7 billion-asset company said in a press release that Eric Rosengren also joined its bank’s board on April 5. He joined the board’s risk management, capital and compliance and audit committees. Rosengren was president and CEO of the Boston […]
First Republic suspends some preferred stock dividends
First Republic Bank in San Francisco has suspended payment of quarterly cash dividends on its outstanding noncumulative perpetual preferred stock. The $213 billion-asset bank said in a press release that it decided to pause the payments “as a measure of prudent oversight.” Tim Coffey, an analyst at Janney Montgomery Scott, wrote in a note to […]
Climate-focused neobank Aspiration cutting 180 jobs
Aspiration, a climate-focused neobank, plans to lay off more than 180 employees. The Marina Del Ray, Calif., company disclosed the cuts as part of a Worker Adjustment and Retraining Notification (WARN) letter filed on March 24. The layoffs will happen between May 26 and June 1. The fintech cut roughly 100 positions in December. “The […]
FDIC hires Blackrock to market failed banks’ securities
The Federal Deposit Insurance Corp. has hired Blackrock Financial Market Advisory to assist in marketing the securities portfolios of the failed Silicon Valley Bank and Signature Bank. The agency said in a press release that the face value for the Signature securities is about $27 billion. The face value of the Silicon Valley securities is […]
Farmers Bank applies to buy Nelsonville H&S in Ohio
Farmers Bank and Savings in Pomeroy, Ohio, has applied to acquire Nelsonville Home and Savings in Nelsonville, Ohio. The $394 million-asset Farmers Bank submitted its application to the Federal Deposit Insurance Corp. to buy the $35.6 million-asset Nelsonville Home and Savings. The banks also filed a legal notice with the Athens Messenger. Comments are due […]
Organizers planning de novo bank in Florida
Organizers are looking to form a de novo bank in Ocala, Fla. A group filed an application for deposit insurance with the Federal Deposit Insurance Corp. for Gala Bank. A public notice sent to the Ocala StarBanner lists 13 organizers: Dennis Baxley, Larry Cheshire, Digvijay Gaekwad, William Gaston III, Roger McKellar, Matthew Gray, Richelle Pace, […]
Western Alliance says deposit balances have stabilized
Western Alliance Bancorp. in Phoenix said that deposit balances have stabilized in the past two weeks. The $65 billion-asset company said in a press release that it had “elevated net deposit outflows” in the wake of the failures of Silicon Valley Bank and Signature Bank. Most of those outflows came from its technology and innovation […]
NuMark CU agrees to buy Pioneer State in Illinois
NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $637 million-asset NuMark said in a press release that it will buy substantially all of the $122 million-asset bank’s assets and liabilities from NBE Bancshares in a cash transaction. The price wasn’t disclosed. The deal is expected to […]
Webster taps former Sterling exec as bank president
Webster Financial in Stamford, Conn., has a new bank president. The $71.3 billion-asset company said in a press release that Luis Massiani had accepted the post. He will remain chief operating officer. Massiani joined Webster following its January merger with Sterling Bancorp, where he was bank president and chief operating officer. Massiani succeeded John Ciulla, […]
BHB Fund makes first fintech investment
The Bankers Helping Bankers Fund has made its first investment, committing funds to RiskScout, a regtech company that specializes in compliance automation. RiskScout said in a press release that it plans to use the funds to accelerate growth, expand its products and invest in partnerships to better serve community banks. The amount of the investment and the […]
Frank founder charged with fraud tied to fintech’s sale to Chase
The founder of Frank faces four criminal charges from the Department of Justice tied to claims of “falsely and dramatically inflating” the fintech’s client numbers prior to its 2021 sale to JPMorgan Chase for $175 million. The DoJ said in a press release that Charlie Javice was arrested on Monday. The release said Javice, Frank’s […]
South Plains Financial sells insurance agency
South Plains Financial in Lubbock, Texas, sold its insurance agency to Alliant Insurance Services. The $3.9 billion-asset South Financial said in a press release that it sold Windmark Insurance Agency on April 1. The price wasn’t disclosed. “Windmark has been a terrific business for us since its inception in 1997,” Curtis Griffith, South Plains’ chairman […]
Deposits rebounding at small, midsize banks
Deposits at small and midsize U.S. banks are inching back up. Excluding the nation’s 25 biggest banks, deposits rose roughly $5.9 billion on a seasonally adjusted basis during the week that ended March 22, according to data collected by the Federal Reserve. That represents a 0.1% increase from the prior week. Deposits had fallen by […]