First Citizens puts its name on equipment finance unit
First Citizens BancShares in Raleigh, N.C., has rebranded its vendor equipment finance unit. The $109.3 billion-asset company said in a press release that CIT Business Capital has been renamed First Citizens Bank Equipment Finance. First Citizens obtained the business from its January 2022 purchase of CIT Group. “This brand transition is about much more than […]
Partners finds new merger partner in LINKBANCORP
LINKBANCORP in Camp Hill, Pa., has agreed to buy Partners Bancorp in Salisbury, Md. The $1.2 billion-asset LINK agreed to pay $167.8 million in stock for the $1.6 billion-asset parent of Bank of Delmarva and Virginia Partners Bank. The deal is expected to close in the third quarter. The announcement comes weeks after OceanFirst Financial […]
OIG: 136 FDIC-insured banks have crypto strategies
At least 136 banks insured by the Federal Deposit Insurance Corp. had ongoing or planned crypto-related activities in January. Many of the banks have third-party arrangements that let the bank’s customers buy and sell crypto assets, the FDIC said in its latest Office of Inspector General report. Banks also provide account deposit services, custody services […]
How Mid Penn landed a deal for Brunswick in NJ
Brunswick Bancorp in New Brunswick, N.J., considered six offers before agreeing to negotiate exclusively with Mid Penn Bancorp in Harrisburg, Pa. The $4.3 billion-asset Mid Penn agreed to buy the $382 million-asset Brunswick on Dec. 20 for $53.9 million. Brunswick’s search for a buyer began in 2021 when it “engaged in substantial discussions” with two […]
Provident in Mass. removes ‘interim’ from leaders’ titles
Provident Bancorp in Amesbury, Mass., has locked down its top leadership. The $1.6 billion-asset company said in a press release that Carol Houle and Joe Reilly are now its permanent co-presidents and co-CEOs. The executives had held interim titles since Dec. 23. Houle will continue to serve as Provident’s chief financial officer, a role she has […]
Buckeye State to buy Rockhold Bancshares in Ohio
Buckeye State Bancshares in Powell, Ohio, has agreed to buy Rockhold Bancshares in Bainbridge, Ohio. The parent of the $320 million-asset Buckeye State Bank expects to complete the purchase of Rockhold and its $46.6 million-asset bank in the third quarter, according to an announcement by Performance Trust Capital Partners, which advised Buckeye State. The price […]
Washington Business Bank’s sale called off
Washington Business Bank in Olympia no longer plans to sell itself to an individual investor. The $97.5 million-asset bank said in a press release that the proposed sale, which was announced in May 2022, has been terminated. “The regulatory approval process continued longer than we expected and the individual investor ultimately withdrew the […]
PacWest cutting 200 jobs at Civic Financial unit
PacWest Bancorp in Los Angeles plans to lay off 200 employees at a unit that lends to real estate investors. The $41.2 billion-asset company disclosed in a regulatory filing that the cuts are part of its previously announced plan to restructure Civic Financial Services in Redondo Beach, Calif. The restructuring plan includes reducing the number […]
Woodland Bank in Minn. names new president
Woodland Bank in Deer River, Minn., has a new president. The $138 million-asset bank named Kurt Werner to the post, according to BusinessNorth.com. Werner, who was an executive vice president at the bank, took over day-to-day operations and will oversee the lending department. “We have built a high-performing team that requires we recruit, retain and recognize […]
Huntington forming streamlined consumer segment
Huntington Bancshares in Columbus, Ohio, plans to streamline its consumer operations into a single segment. The $183 billion-asset company will combine its retail and business banking operations and its auto finance business into its wealth management, private banking and insurance segment. The move, expected to take place in April and will create a single consumer […]
Ohio Valley to shutter online consumer mortgage unit
Ohio Valley Banc Corp. in Gallipolis plans to close its online consumer mortgage company. The $1.2 billion-asset company disclosed in a regulatory filing that it will shutter Race Day Mortgage. The decision reflects “low loan demand, issues retaining personnel and lack of profitability.” Ohio Valley said it plans to see current in-progress loan applications to […]
BHB Fund completes initial fundraising round
The Bankers Helping Bankers Fund, a fintech-focused venture capital fund, has completed its first fundraising round. The BHB Fund, managed by Latitude38 Venture Partners, disclosed that investors included Woodforest Bank, Origin Bank, Texas First Bank, Dream First Bank, National Bank and Trust, Legend Bank, Fannin Bank and First State Bank of Louise. IBAT Services and […]
Fifth Third’s bank to absorb fintech Provide
Fifth Third Bancorp in Cincinnati is planning to merge Provide, a heath care focused fintech, into its bank. The $207 billion-asset company disclosed in a legal notice that it applied with the Federal Deposit Insurance Corp. to merge the digital platform into its Fifth Third Bank. Fifth Third bought Provide in August 2021. The bank […]
Organizers plan women-owned bank in central Ohio
A group in Grandview Heights, Ohio, is planning a women-owned bank. Organizers have applied with the Federal Deposit Insurance Corp. to form Fortuna Bank. Ilaria Rawlins, a former executive at First Financial Bancorp in Cincinnati, would become the bank’s president and CEO. Lisa Berger is expected to serve as the bank’s chairman. While there are […]
Clarion County in Pa. forms division for market expansion
Clarion County Community Bank in Clarion, Pa., is planning a new division to focus on expansion in Erie, Pa. The $211 million-asset bank is planning Flagship Community Bank to coincide with opening its first branch in the market, according to GoErie.com. The bank, formed in 2004, has been making commercial loans in the area for […]
Nebraska credit union dealing with fraud issue
Creighton Federal Credit Union in Omaha, Neb., is slowly getting back to normal following a series of fraudulent online debit card purchases. The $66.8 million-asset credit union is now allowing members to make four online debit card purchases per day. Earlier in the week, Creighton had capped those transactions to once daily. “We have learned […]
FB Financial invests in manufactured home lender
FB Financial in Nashville, Tenn., has invested in a fintech that focuses on manufactured home loans. The $12.8 billion-asset company said in a press release that its FirstBank unit invested in Zippy. The amount of the investment and the size of the stake were not disclosed. Zippy operates in nine states – Texas, Arizona, Kansas, […]
Former bank president in N.D. sentenced for fraud
A former president of First Security Bank-West in Beulah, N.D., has been sentenced to two years in federal prison after pleading guilty to two counts of bank fraud. The Justice Department said in a press release that Brady Daniel Torgerson was also ordered to serve three years of supervised release and pay a $200 special […]
Customers in Pa. forms loan syndications team
Customers Bancorp in Malvern, Pa., has formed a new loan syndications banking team, marking an expansion in middle-market lending. The $20 billion-asset company said in a press release that it hired Kyle Silberman as a managing director and head of loan syndications. He previously served as head of syndications at Amerant Bank. The team will […]
Signature Bank in New York sets up CEO succession
Joe DePaolo, founding CEO of Signature Bank, plans to gradually step back from the New York bank. The $110 billion-asset bank said in a press release that DePaolo, its president and CEO, will transition to a senior adviser role this year. Eric Howell, Signature’s chief operating officer, will become president on March 1. Howell will […]
Truist selling 20% stake in insurance unit for nearly $2B
Truist Financial in Charlotte, N.C., has agreed to sell a 20% stake in its insurance unit for nearly $2 billion in cash. The $555 billion-asset company said in a press release that it plans to sell the stake to funds managed by Stone Point Capital. Mubadala Investment and other entities are also participating in the transaction. […]
Lake Shore in ‘troubled condition,’ suspends dividend
Lake Shore Bancorp in Dunkirk, N.Y. has suspended its quarterly dividend after its bank was classified as being in a “troubled condition” by the Office of Comptroller of the Currency. The $700 million-asset company disclosed in a regulatory filing that it will focus its capital resources on fixing “operational, compliance and governance deficiencies described in […]
TD Bank pledges $50B in five-year community plan
TD Bank in Toronto has pledged $50 billion to underserved communities as part of a community benefits plan tied to its pending purchase of First Horizon in Memphis, Tenn. TD Bank said in a press release that it worked with the National Community Reinvestment Coalition to create the five-year plan. “Banks have an important […]
Latino-focused neobank Comun raises $4.5 million
Comun, a challenger bank that will focus on the Latino community, has raised $4.5 million in seed funding. The neobank said in a press release that the funding round was led by Costanoa Ventures, with participation from South Park Commons and FJ Labs. Comun said it plans to use the funds to build a financial […]
Hiring challenges led Salisbury in Conn. to mull selling
Hiring challenges spurred Salisbury Bancorp in Lakeville, Conn., to start looking for a buyer last fall. The $1.5 billion-asset company agreed to sell itself to NBT Bancorp in Norwich, N.Y., in December for $204 million. Salisbury’s board also factored in limited growth opportunities, economic uncertainty and the state of consolidation when it decided to gauge […]