Innovations Financial CU to buy First National Bank NW Florida
Innovations Financial Credit Union in Panama City, Fla., has agreed to buy First National Bank Northwest Florida in Panama City – the third credit union-bank deal announced this week. The $390 million-asset credit union did not disclose the price it will pay for the $179 million-asset First National. First National had agreed last year to […]
Western Alliance hires treasury, C&I executives
Western Alliance Bancorp. in Phoenix has hired executives to oversee treasury management and commercial and industrial (C&I) banking. The $65 billion-asset company said in a press release that Todd Sondrini had become its head of treasury management, a new position. He previously served as executive director of treasury management at Fifth Third Bancorp. Sondrini’s “global […]
Integro in Phoenix forms mortgage division
Integro Bank, a Phoenix de novo, has created a mortgage division. The $42.6 million-asset bank said in a press release that the division is led by Steven Zielsdorf, its director of residential mortgage lending. “We offer a wide variety of loan programs to meet your mortgage financing needs whether you are a traditional residential home […]
How PacWest juggled deposit outflows and merger talks
PacWest Bancorp in Beverly Hills, Calif., held “more advanced” talks with two potential buyers before it began negotiating its agreement to sell to Banc of California in Santa Ana. The $9.3 billion-asset Banc of California agreed in July to buy the $38.3 billion-asset PacWest in a roughly $1 billion deal backed by entities tied to […]
American Bank of Oklahoma settles DoJ mortgage claims
American Bank of Oklahoma in Collinsville has settled claims by the Justice Department that it failed to meet the mortgage lending needs of minority neighborhoods around Tulsa. The $383 million-asset bank, which denied the allegations, said in a press release that agreed to resolve the matter “to avoid the cost and distraction of protracted litigation.” […]
Proposed Ohio bank gets approval from state regulator
Fortuna Bank, a proposed de novo in Grandview Heights, Ohio, has received conditional approval from the Ohio Department of Financial Institutions. The proposed women-owned bank still needs approval from the Federal Deposit Insurance Corp. “We are now permitted to initiate our capital raise and accept investor dollars,” Lisa Berger, the proposed bank’s chairman, said in […]
Regulators propose debt rules for large U.S. banks
Federal bank regulators want regional banks to hold more debt and update their resolution plans. U.S. banks with at least $100 billion of assets would be required to hold enough long-term debt to absorb losses should they fail, according to a notice of proposed rulemaking from the Treasury Department, Office of the Comptroller of the […]
Fourth Capital, Volunteer State in Tennessee to merge
Gaylon Lawrence Jr. is looking to combine two banks he owns. Fourth Capital Bank in Nashville, Tenn., is planning to merge with Volunteer State Bank in Portland, Tenn., to create a $1.5 billion-asset bank with 18 branches. “Middle Tennessee is known for its vibrant and diverse economic climate, and it continues to be one of […]
Michigan State FCU inks first-ever bank acquisition
Michigan State University Federal Credit Union in East Lansing, Mich., has agreed to buy McHenry Savings Bank in McHenry, Ill. The $7.6 billion-asset credit union said in a press release that it expects to buy the $312 million-asset unit of McHenry Bancorp in the first quarter. The credit union plans to pay $39 to $41 […]
Five Star Credit Union lines up third bank acquisition
Five Star Credit Union in Dothan, Ala., has lined up its third bank acquisition. The $775 million-asset credit union said in a press release that it has agreed to buy the $215 million-asset OneSouth Bank in Macon, Ga. The price wasn’t disclosed. The deal is expected to close in the second quarter. Five Star bought […]
Banks in Miss., La. file applications for pending acquisitions
A pair of banks has filed with regulators to proceed with pending acquisitions. Commerce Bancorp in Greenwood, Miss., applied to acquire Morton Bancorp in Morton, Miss., and $80.9 million-asset unit Bank of Morton. No terms were disclosed when the deal was announced in July. Commerce, the parent of the $810 million-asset Bank of Commerce, expects […]
Potential hostile takeover brewing in California
Summit State Bank in Santa Rosa, Calif., is dealing with a potential hostile takeover by Big Poppy Holdings in Santa Rosa. Big Poppy, the parent of the $5.7 billion-asset Poppy Bank, applied with the Federal Reserve for a “change in control” that would allow it to boost its 4.9% stake in the $1.2 billion-asset Summit […]
Sandy Spring in Md. to incur charge from ending pension plan
Sandy Spring Bancorp in Olney, Md., will incur an $8.2 million charge in the third quarter tied to pension settlement expenses. The $14 billion-asset company disclosed in a regulatory filing that it recently transferred $33.7 million of pension obligations tied to the termination of its pension plan. Pension obligations were distributed through a combination of […]
Live Oak in NC taps CFO as next bank president
Live Oak Bancshares in Wilmington, N.C., has a new bank president. The $10.8 billion-asset company said in a press release that BJ Losch had succeeded Huntley Garriott. Live Oak did not say why Garriott had left or where he was going. Losch will remain the company’s chief financial officer. Losch, who had also served as […]
Eagle in Va. sells marine finance business to Axos
Eagle Financial Services in Berryville, Va., has sold its marine finance business to Axos Financial in Las Vegas. The $1.8 billion-asset Eagle said in a regulatory filing that Axos agreed to buy LaVictoire Finance for $1.5 million. Axos agreed to assume the servicing of the bank’s marine finance loans, and those of third […]
Central Plains in Neb. planning mutual conversion
Central Plains Bancshares in Grand Island, Neb., plans to raise $36.8 million as part of a mutual conversion. The parent of the $438 million-asset Home Federal Savings and Loan Association of Grand Island said in a press release that it expects to sell about 3.7 million shares of common stock at $10 each. The company […]
Burke & Herbert, Summit Financial announce merger
Burke & Herbert Financial Services in Alexandria, Va., has agreed to buy Summit Financial Group in Moorefield, W.Va. The $3.6 billion-asset Burke & Herbert said in a press release that it will pay $371.5 million in stock for the $4.5 billion-asset Summit. The deal is expected to close in the first quarter. The combined entity, […]
TD Bank discloses DoJ probe into AML, BSA compliance
TD Bank disclosed that it is cooperating with a Justice Department probe into its compliance with anti-money laundering measures. The Canadian bank said in its earnings release that it “anticipates monetary and/or non-monetary penalties to be imposed” due to the issue. TD said it is “pursuing efforts to enhance” its Bank Secrecy Act compliance. The […]
CFPB sues fintech for alleged unfair lending practices
The Consumer Financial Protection Bureau has filed a lawsuit against a fintech for allegedly violating laws against unfair lending practices by pushing customers to refinance. The lawsuit, filed in the U.S. District Court for South Carolina, claims that Heights Finance Holding Co., a Greenville, S.C., unit of Curo Group Holdings, identified struggling borrowers, and then […]
Savi Financial gets FDIC approval to open second bank
Savi Financial in Mount Vernon, Wash., has received conditional approval from the Federal Deposit Insurance Corp. to create a new bank. Savi Financial plans to form Orca Bank, which would then buy SaviBank’s Bellingham, Wash., branch. Formation, capitalization, and the acquisition will occur simultaneously with plans to open Orca in the first quarter. “We are […]
New Peoples in Va. names next bank CEO
New Peoples Bankshares in Honaker, Va., has a new bank CEO lined up. The $794 million-asset company said in a press release that J.W. Kiser will also become president of New Peoples Bank on Dec. 1. He will succeed C. Todd Asbury, who had already announced plans to step down. Asbury will remain the company’s […]
Proposed Puerto Rican bank gets conditional FDIC approval
A proposed digital bank in San Juan, Puerto Rico, has received conditional approval from the Federal Deposit Insurance Corp. Organizers of Nave Bank will need to raise $96 million of capital, according to the FDIC’s approval. The group first applied to form the bank in January 2022. Nave would use “highly scalable and state of […]
Georgia, NC banks complete private placements
Banks in Georgia and North Carolina recently raised capital through private placements of common stock. Signature Bank of Georgia in Sandy Springs raised $7 million on Aug. 15. The $197 million-asset bank said the proceeds will be used to support ongoing operations and growth initiatives. “During the raise, it was great to hear the confidence […]
Fifth Third taps former U.S. Bancorp CFO to join board
Fifth Third Bancorp in Cincinnati has selected a former U.S. Bancorp executive to join its board. The $207 billion-asset company said in a press release that Kathleen Rogers had joined its board. She recently retired from U.S. Bancorp, where she was chief finance administration officer. Rogers also served as chief financial officer at the Minneapolis […]
CEO of Congressional FCU in Virginia dies
Cory Montez Hairston, president and CEO of Congressional Federal Credit Union in Oakton, Va., died last week. The $1.2 billion-asset credit union said that Hairston, who became president and CEO in October, died on Aug. 16. He joined the credit union in 2005. “The entire Congressional Federal family mourns this loss,” the credit union said […]