Community Bank System in NY names next CEO
Community Bank System in Syracuse, N.Y., will have a new CEO in 2024. The $15.2 billion-asset company said in a press release that Mark Tryniski will retire as president and CEO on Dec. 31. Tryniski, who had led the company since 2006, plans to remain a director until the end of next year. Dimitar Karaivanov, […]
Former Zions exec to launch investment fund
Veteran bank executive James Abbott is planning to strike out on his own to launch an investment fund. Abbott, who served as director of investor relations at Zions Bancorp. for 14 years, announced on his LinkedIn account that he had formed Diligence Capital USA. Abbott, who is CEO and chief investment officer of the new […]
First Merchants in Ind. discloses MOVEit exposure
First Merchants in Muncie, Ind., is the latest bank to disclose that customer data was exposed in the global incident involving Progress Software. The $18.2 billion-asset company said in a regulatory filing that, while the MOVEit transfer incident, did not involve its bank’s internal network or IT systems, customers that use online and mobile banking […]
Native American focused neobank Totem launches app
Totem Technologies has launched its app. The Tulsa, Okla., neobank, which is focused on Native Americans, announced the app’s launch on social media. The announcement came eight months after Totem raised $2.2 million of preseed funding. “I am feeling such a complex rush of emotions today that it’s hard to know what to say,” Totem […]
De novos debut in California, Michigan
Two new banks opened last month. Beach Cities Commercial Bank opened in Irvine, Calif., on June 12, according to the Federal Deposit Insurance Corp. Organizers had to raise $25 million before opening the bank. Separately, Community Unity Bank in Birmingham, Mich., opened on June 26. The organizing group behind Community Unity had to raise $23.2 […]
Hilltop vendor hit with file transfer cyberattack
Hilltop Holdings in Dallas disclosed that an unauthorized party likely obtained customer data due to a security incident at a third-party vendor. The $17 billion-asset company disclosed in a regulatory filing that the incident was tied to a vulnerability in the MOVEit transfer application – a managed file transfer software. Hilltop said its […]
Premier Financial in Ohio sells insurance agency
Premier Financial in Defiance, Ohio, has sold an insurance business to Risk Strategies, a specialty insurance company in Boston. The $8.6 billion-asset Premier sold First Insurance Group for an undisclosed amount, according to a press release. The agency handles a wide range of insurance products. “The First Insurance Group and Risk Strategies teams share a […]
Lake Shore in N.Y. agrees to written agreement with Fed
Lake Shore Bancorp in Dunkirk, N.Y., has entered into a written agreement with the Federal Reserve that bars it from making a number of capital-related moves without Fed approval. The $700 million-asset company disclosed in a regulatory filing the new agreement follows a Feb. 9 consent order with the Office of the Comptroller of the […]
Republic First in Pa. expands board ahead of annual meeting
Shareholders of Republic First Bancorp will vote to fill three board seats at the next annual meeting after the Philadelphia company decided to add another director slot. The $6.2 billion-asset company said in a press release that it will increase the size of its board from seven to eight directors prior to the Oct. […]
Pathfinder in NY adds Castle Creek exec to its board
Pathfinder Bancorp in Oswego, N.Y., has added an executive at a high-profile bank investor to its board. The $1.4 billion-asset company said in a press release that Anthony Scavuzzo had joined its board. He is a managing principal at Castle Creek Capital in San Diego. Castle Creek is a private equity firm that specializes in […]
How CCFNB, Muncy Bank rekindled merger talks
CCFNB Bancorp in Bloomsburg, Pa., and Muncy Bank Financial in Muncy, Pa., decided to take a second chance at romance. The $944 million-asset CCFNB and the $633 million-asset Muncy Bank were nearing a definitive agreement in April 2022 when talks ended over a disagreement on “operational matters,” according to a regulatory filing tied to their […]
Fed: 57 entities certified to use FedNow ahead of launch
Nearly 60 entities have been certified to use the Federal Reserve’s real-time payments system. The central bank said in a press release that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification for its FedNow Service. FedNow is expected to launch in late July. Early adopters are performing […]
First Bank in Mo. hires former Happy State exec as next CEO
First Bank in Creve Coeur, Mo., will have a new CEO in 2024. The $6.6 billion-asset bank said in a press release that Shelley Siefert will retire at the end of this year. Siefert, who has served as CEO since 2019, will be succeeded by Mikel Williamson, who recently stepped down as Texas president of […]
Remittance fintech Sendwave plans neobank
Sendwave, a Boston-based remittance firm owned by Zepz, plans to open a neobank backed by Piermont Bank in New York. The fintech said in a press release that Sendwave Pay will offer U.S. customers a debit card and reimbursement for international transaction fees when the card is used internationally. “Investing in meaningful innovations to serve […]
Bangor Savings to launch first credit card products
Bangor Savings Bank in Maine is planning to introduce its first suite of credit card products. The $7.4 billion-asset Bangor Savings is set to launch “everblue” for retail and commercial clients, Bob Montgomery-Rice, the bank’s president and CEO, told the Bangor Daily News. Business credit cards are set to debut, while consumer cards will launch […]
Fed’s Bowman: Improvements needed for contested applications
While the Fed approved a branch application by Vantage Bank Texas in San Antonio, a member of its board raised questions about the review process. The $3.5 billion-asset Vantage was seeking permission to open a location in Houston. At least two commenters objected, claiming that Vantage had discriminatory lending practices. Despite unanimous board support,Fed Gov. […]
Fed approves U.S. offices for Dominican Republic bank
The Federal Reserve has approved an application by Banco de Reservas de la República Dominicana in Santo Domingo, Dominican Republic, to open representative offices in New York and Miami. The $18.5 billion-asset Banreservas is the biggest commercial bank in the Dominican Republic. The bank is 100% owned by the Dominican Republic. The offices would act […]
Coastal Financial in Wash. creates virtual Coastal World
Coastal Financial in Everett, Wash., has created a virtual world to promote its Banking-as-a-Service fintech partners. The $3.5 billion-asset company launched Coastal World, an immersive 3D web platform that “promotes, educates, and informs visitors about digital banking solutions that best fit their lifestyle, values, or specific financial situations through a fun and engaging online experience.” […]
TIAA Bank to revert to EverBank brand when sale closes
What once was old is new again. TIAA Bank in Jacksonville, Fla., will revert back to EverBank after a group of investors buys the $38.6 billion-asset bank from TIAA. TIAA Bank Field, where the NFL’s Jacksonville Jaguars play, will rebrand as EverBank Stadium for next season. “The EverBank brand has always represented forward-looking optimism, confidence […]
Piedmont Financial to buy Wake Forest Bancshares in N.C.
Piedmont Financial Holding in Winston-Salem, N.C., has agreed to buy Wake Forest Bancshares in Wake Forest, N.C. The parent of the $1.2 billion-asset Piedmont Federal Savings Bank said in a press release that it will pay $36.8 million for the parent of the $118 million-asset Wake Forest Federal Savings and Loan Association. The transaction is […]
Cullen/Frost plans big expansion in Austin, Texas
Cullen/Frost Bankers in San Antonio plans to double its branches in Austin, Texas, by 2026. The $51.2 billion-asset company said in a press release that it expects to hire 170 people as part of the expansion. The bank already has 17 branches in Austin. Frost Bank has already expanded in Houston and Dallas, where year-to-date […]
First Foundation fights off activist threat for board seat
First Foundation in Dallas prevailed in a proxy battle with an activist investor. The $13.6 billion-asset company said in a press release that shareholders elected its 10 candidates during this year’s annual meeting. The release did not break down vote totals. Driver Capital Management had nominated Allison Ball, a partner at Hanover Technology […]
BofA entering four new states with branch push
Bank of America in Charlotte, N.C., plans to enter four new states by opening branches across nine markets over the next four years. The $3.1 trillion-asset company said in a press release that it will open locations in Nebraska, Kentucky, Alabama and Louisiana. Branches are planned in cities such as New Orleans; Birmingham, Ala.; Milwaukee; […]
CUES hires credit union exec as next CEO
The Credit Union Executives Society has a new CEO. The association said in a press release that Heather McKissick, former executive vice president of community impact, marketing and communication at the $4.6 billion-asset University Federal Credit Union in Austin, Texas, had taken on the role She succeeded John Pembroke, who died in November. “Throughout my […]
PacWest in California selling lender finance loans
PacWest Bancorp in Los Angeles continues to shed assets. The $44.3 billion-asset company disclosed in a regulatory filing that it agreed to sell a portfolio of lender finance loans with a total commitment amount of roughly $3.5 billion to alternative credit strategy funds managed by Ares Management. The portfolio includes an aggregate outstanding […]