FDIC to sell big Signature loan book this summer
The Federal Deposit Insurance Corp. will look to sell about $60 billion of former Signature Bank loans this summer. The agency said in a press release that the portfolio largely consists of commercial real estate loans, commercial loans and a smaller pool of mortgages. The CRE loans include a concentration of multifamily properties, mostly located […]
SoFi buys fintech mortgage company
SoFi Technologies in San Francisco has bought Wyndham Capital Mortgage. SoFi said in a press release that it paid cash for the fintech mortgage company. The price wasn’t disclosed. The deal is expected to be accretive within six months. SoFi said the acquisition will allow it to broaden its suite of mortgage products, enhance unit […]
Montana credit union group hires new CEO
Montana’s Credit Unions has its next CEO lined up. The association said in a press release that Gerry Singleton will also become its president. He will succeed Tracie Kenyon, who has led the association for nearly 22 years. Singleton has spent almost 25 years as the vice president of credit union system relations at CUNA […]
HBT in Illinois selects insider as next CEO
HBT Financial in Bloomington, Ill., has set the stage for its next CEO. The $4.3 billion-asset company said in a press release that J. Lance Carter will also become its president on May 24. Carter, president and CEO of HBT’s bank, will succeed Fred Drake. Drake will remain chairman of HBT and its bank. “In […]
BaaS fintech raises funds from bank-led investor group
Infinant, a Charlotte, N.C., fintech, has raised capital in a financing round involving FINTOP Capital and JAM FINTOP BankTech. Infinant said the funding will accelerate the product expansion and deployment of Interlace, a cloud-based platform that lets banks launch, scale and control Banking-as-a-Service (BaaS) and embedded programs. The amount of funding wasn’t disclosed. “Financial institutions […]
Why ICBA is making changes to its fintech accelerator
The Independent Community Bankers of America’s decision to bring its fintech accelerator in-house should expedite bringing products to member banks and allow for integrating relationships with established partners. The ICBA last year announced a plan to move its ThinkTECH Accelerator from Little Rock, Ark., to Atlanta. The accelerator also hired Stephanie Foster, former chief administration […]
Republic First CEO: We are NOT First Republic Bank
Republic First Bancorp in Philadelphia is looking to address confusion over its name and that of First Republic Bank, which has been under stress since the failures of two other regional banks. Thomas Geisel, the $5.6 billion-asset Republic First’s president and CEO, posted a letter on the company’s website in an effort to draw a […]
FDIC exercises rights tied to First Citizens, NY Community
The Federal Deposit Insurance Corp. has exercised its equity appreciation rights tied to common stock in First Citizens BancShares and New York Community Bancorp. First Citizens disclosed in a regulatory filing that the FDIC on Tuesday exercised its right to a payment of $500 million. An FDIC representative told Reuters that it also exercised its […]
Activist investor withdraws director nominees at Va. bank
An activist investor has backed off a plan to nominate two directors to run for board seats at National Bankshares in Blacksburg, Va. The $1.7 billion-asset company said in a press release that Driver Management had withdrawn its nominees. The company said it did not make any concessions, nor did it negotiate any settlement with […]
First Carolina hires banking vet to oversee fintech push
First Carolina Bank in Rocky Mount, N.C., has hired an executive from Pinnacle Financial Partners to oversee its fintech strategy. The $2.1 billion-asset bank said in a press release that it had named Pat Pritchard to serve as managing director of fintech and digital banking. First Carolina said Pritchard’s initial focus will be on the […]
White House wants to exempt small banks from special assessment
The White House is encouraging the Federal Deposit Insurance Corp. to exempt community banks from a special assessment tied to the failure of two regional banks. The FDIC is weighing options for replenishing an estimated $23 billion hit to the Deposit Insurance Fund, and current law requires the agency to level a special assessment on […]
CFBP issues rule on small-business loan reporting
The Consumer Financial Protection Bureau issued a rule that would require lenders to report data on small-business lending. The long-awaited rule, part of a mandate in the Dodd-Frank Act designed to address discrimination, will require lenders beginning next year to collect data on the approval and denial of small-business applications. Lenders will also have to […]
Wells fined $98M for lax sanctions compliance risk oversight
The Federal Reserve and Treasury Department have fined Wells Fargo in San Francisco a total of $97.8 million for unsafe and unsound practices tied to “historical inadequate oversight of sanctions compliance risks.” The Fed said in a press release that it fined the company $67.8 million. Wells was hit with a separate $30 million fine […]
CEO of SkyPoint FCU in Maryland retiring
SkyPoint Federal Credit Union in Germantown, Md., said its CEO is retiring. The $210 million-asset credit union said in a press release that Jim Norris will also retire as president. SkyPoint didn’t identify his successor. Norris has been SkyPoint’s leader for the past 12 years. He spearheaded a rebranding from Montgomery County Employees FCU in […]
First Financial in N.D. to buy Harwood State Bank
First Financial in Arthur, N.D., has agreed to buy HSB Financial in Harwood, N.D. The parent of the $515 million-asset BankNorth did not disclose the price it will pay for the parent of the $47 million-asset Harwood State Bank. The deal is expected to close this summer. “This purchase will be a great fit for […]
Patriot National in Conn. names new bank CEO
Patriot National Bancorp in Stamford, Conn., will have a new bank CEO. The $1.1 billion-asset company said in a press release that David Lowery will also become president of Patriot Bank in late April. He succeeded Robert Russell, who is leaving to “pursue another career opportunity.” Lowery, who joined the company in 2021, is the […]
Fuller family bringing new bank to Dubuque, Iowa
The Fuller family is again running a bank in Dubuque, Iowa. Capra Bank is set to open next month in the city after an investor group bought and relocated the $62 million-asset Peoples Savings Bank in Montezuma, Iowa, according to the Telegraph Herald. Capra’s chairman and CEO is Lynn “Tut” Fuller. His brother, Thomas Fuller, […]
German American taps insider as next president
German American Bancorp in Jasper, Ind., has tapped an insider to serve as its president. The $6.2 billion-asset company disclosed in a regulatory filing that Bradley Rust will take over the role on May 18. Rust, who will remain chief operating officer and chief financial officer, will succeed D. Neil Dauby. Dauby, who will remain […]
Gruenberg gives behind-the-scenes look at bank failures
The Federal Deposit Insurance Corp. received 27 offers from 18 bidders looking to buy Silicon Valley Bridge Bank and/or Silicon Valley Private Bank before the agency decided to sell the bridge bank to First Citizens BancShares in Raleigh, N.C. Four parties submitted five bids for Signature Bridge Bank before it was sold to a unit […]
FDIC to seek special assessment to address bank failures
The Federal Deposit Insurance Corp. plans to impose special assessments on the banking industry to replenish losses to the Deposit Insurance Fund (DIF) stemming from the failures of Silicon Valley Bank and Signature Bank. FDIC Chairman Martin Gruenberg, in written testimony released prior to a Tuesday hearing of the Senate Banking Committee, said the agency […]
FinWise in Utah taps insider as new bank president
FinWise Bancorp in Murray, Utah, has a new bank president. The $402 million-asset company said in a regulatory filing that James Noone had accepted the post at FinWise Bank. He will remain the bank’s chief strategy officer and chief credit officer. Noone succeeded Kent Landvatter, who remains the company’s president and CEO and the bank’s […]
BankMobile parent hires outsider as co-CEO
BM Technologies in Radnor, Pa., has hired an experienced banker to serve as co-CEO. The parent company of BankMobile said in a press release that Raj Singh will share responsibilities with Luvleen Sidhu, who has been CEO. BM Technologies said that Singh, who is on its board, most recently served as vice chairman of […]
First Citizens buys SVB bridge bank deposits, loans
First Citizens BancShares in Raleigh, N.C., has entered into a purchase and assumption agreement to buy deposits and loans tied to Silicon Valley Bridge Bank from the Federal Deposit Insurance Corp. The FDIC said in a press release that the bridge bank’s 17 branches will open as First–Citizens Bank & Trust locations today. All deposits […]
Vizo Financial in NC lines up next CEO
Vizo Financial Corporate Credit Union in Greensboro, N.C., has lined up its next CEO. The $6 billion-asset credit union said in a press release that Fred Eisel will also succeed David Brehmer as president on Jan. 5, 2024. Eisel is Vizo’s chief investment officer. He had been a member of the credit union’s executive team […]
Next ICBA fintech program to focus on deposit strategies
The Independent Community Bankers of America’s first fintech accelerator of 2023 will focus on retaining and attracting deposits – a timely endeavor given the recent fluidity of accounts. The ICBA’s ThinkTECH Accelerator, which will run from April 24 to June 30, will also look at real-time and instance payments ahead of the July launch of […]