ICBA accelerator hires director
The Independent Community Bankers of America has hired a director for its ThinkTECH Accelerator. The banking association said in a press release that Stephanie Foster will be responsible for planning and executing the day-to-day operations of the accelerator’s programs. Foster previously served as chief administrative officer for XY Planning Network, an advisory service for Gen […]
ChoiceOne preps enhanced treasury services platform
ChoiceOne Financial Services in Sparta, Mich., plans to launch an enhanced treasury services online platform this year. The $2.4 billion-asset company said in a press release that the new platform will target midsize businesses and municipalities that require enhanced reporting, security and payment capabilities. The company also said it opened a loan production office in […]
Peoples in Miss. facing Stilwell Group proxy challenge
A well-known activist investor plans to nominate a director candidate to stand for election at the upcoming annual meeting of Peoples Financial in Biloxi, Miss. Stilwell Group in New York disclosed in a regulatory filing that it plans to nominate Rodney Blackwell, with Stewart Peck as its alternate nominee. “We believe management and the directors […]
First Internet provides update on BaaS platform
First Internet Bancorp in Fishers, Ind., has made progress with several fintech clients as it ramps up its Banking-as-a-Service platform. The $4.3 billion-asset company said in a press release that, during the fourth quarter, it went live with Increase and it provided payments services for Ramp’s small business bill pay product. First Internet also said […]
Court blocks Republic First from electing directors
A legal tussle will prevent Republic First Bancorp in Philadelphia from holding director elections at tomorrow’s annual meeting. The $5.6 billion-asset Republic First disclosed in a regulatory filing that the Court of Common Pleas issued an order barring it from conducting a shareholder vote on director seats until a hearing is held on April 25. […]
Spring Bank in Wis. splits president, CEO positions
Spring Bank in Brookfield, Wis., has a new president. The $375 million-asset bank said in a press release that Heather Nelson had succeeded David Schuelke, who will remain CEO. “Expanding our leadership team and splitting the responsibilities of the CEO and president reflect Spring Bank’s 15 years of success and positions us for future growth,” […]
Salisbury in Conn. warns of exposure to trust gaffe
Salisbury Bancorp in Lakeville, Conn., is looking to retrieve funds that were erroneously sent to a trust client. The $1.5 billion-asset company said in a press release that about $1 million was mistakenly distributed when a trust account was terminated in May 2020. The company’s management discovered the mishap in July 2022. Salisbury said it […]
Popular to invest $50M into tech initiatives in 2023
Popular in San Juan, Puerto Rico, plans to spend $50 million this year on technology initiatives. The $70.7 billion-asset company said in a press release that the investments are intended to expand its digital capabilities, modernize its technology platform and implement “agile and efficient business processes.” Popular said the effort is expected to continue through […]
Merchants in Ohio to consolidate president, CEO roles
Merchants Bancorp. in Hillsboro, Ohio, will combine the roles of president and CEO. The $1.2 billion-asset company said in a press release that Paul Pence Jr., its chairman and CEO, will also become president of Merchants National Bank, effective Jan. 31. Pence, who served as president from 1981 to 2014, will succeed Jim Evans. The […]
Premier Financial in Ohio buys insurance agency
Premier Financial in Defiance, Ohio, has acquired an insurance agency. The $8.5 billion-asset company said in a press release that its insurance unit bought Benham Insurance Associates on Dec. 30. The price wasn’t disclosed. Benham is a property and casualty insurance agency based in Holland, Ohio. It has annual revenues of about $200,000. Premier said […]
First Busey taps insider to run payments unit
First Busey in Champaign, Ill., disclosed that it has a new leader for its payments unit. The $12.3 billion-asset company said in a press release that Robin Elliott replaced Farhan Yasin as president and CEO of FirsTech late in the fourth quarter. Elliott is also president and CEO of Busey Bank. First Busey said the […]
Coastal Financial in Wash. hires head of technology
Coastal Financial in Everett, Wash., has hired an outsider to oversee tech initiatives. The $3.1 billion-asset company said in a press release that it hired Barb MacLean as its head of technology operations and implementation. She previously served as vice president of integration and analytics at Celero Solutions. “The capabilities and experience that Barb brings to […]
Fed fines Popular $2.3M for PPP deficiencies
The Federal Reserve has fined Popular Bank $2.3 million for deficiencies processing six Paycheck Protection Program loans. The Fed said in a press release that the New York unit of the $70.7 billion-asset Popular processed the PPP loans, totaling $1.1 million, “despite having detected that the loan applications contained significant indications of potential fraud.” Popular […]
Former PPP official to lead BaaS Association
The White House official who oversaw the Paycheck Protection Program has been hired to serve as the first CEO of the Banking-as-a-Service (BaaS) Association. The association said in a press release that Bill Briggs had accepted the post. He previously served as the acting associate administrator in the Small Business Administration Office of Capital Access where […]
North Shore Bank in Wis. selects insider as new CEO
North Shore Bank in Brookfield, Wis., has a new CEO with a familiar name. The $2.6 billion-asset bank said in a press release that Jay McKenna had succeeded his father, Jim McKenna. The younger McKenna, the bank’s president and chief operating officer, will retain his title as president, while his father will remain the bank’s […]
Northwest in Ohio laying off 12% of its employees
Northwest Bancshares in Columbus, Ohio, plans to close eight branches and lay off 12% of its staff. The $14.1 billion-asset company said in a press release that the closures will take place in April. “In-branch activity continues to slow as customers prefer to transact through online and mobile channels,” Louis Torchio, the company’s president and […]
Citizens Holding in Miss. recruits new bank CEO
Citizens Holding in Philadelphia, Miss., has lined up its next bank CEO. The $1.4 billion-asset company said in a press release that Stacy Brantley will take over the role on Feb. 13. He will succeed Greg McKee, who will remain the company’s president and CEO. Brantley previously served as chief banking officer at Morris Bank […]
Bank of Marin in Calif. to close four branches
Bank of Marin Bancorp in Novato, Calif., plans to close four branches. The $4.1 billion-asset company said in a press release that it will shutter branches in Santa Rosa, Healdsburg, Tiburon and Buckhorn. Two closures are due to overlap created by the company’s purchase of American River Bank. The branches, which represent 13% of Bank […]
Carver Bank in NY freed from OCC formal agreement
Carver Bancorp in New York has been freed from an enforcement action. The $756 million-asset company disclosed in a press release that the Office of Comptroller of the Currency terminated a formal agreement against its bank. The agreement had been in place since May 2016. Carver said the agreement’s individual minimum capital ratio – which requires the bank to […]
Triumph in Dallas adds banking veteran to its board
Triumph Financial in Dallas has added a banking veteran to its board. The $5.6 billion-asset company said in a press release that it appointed Davis Deadman, its former chief lending officer, to its board. He also serves on the board of Triumph’s bank. Davis was CEO of NexBank from 2004 to 2010. Before that, he […]
NBKC Bank becomes BaaS provider for Acorns
NBKC Bank in Kansas City, Mo., has agreed to become the Banking-as-a-Service (BaaS) provider to Acorns, a fintech that helps people with savings and investments. The $1.1 billion-asset NBKC said in a press release that it will provide Acorns-branded checking accounts and debit cards to qualifying the fintech’s customer. With Acorns Checking, subscribers can invest […]
Silvergate: Genesis relationship limited to deposits
Silvergate Capital in La Jolla, Calif., said its relationship with Genesis Global Holdco was limited to deposits. The $11.4 billion-asset Silvergate said in a press release that it holds less than $2.5 million of deposits tied to Genesis, which recently filed for bankruptcy protection, or its subsidiaries. Silvergate said that Genesis is not a custodian […]
Lending marketplace for credit unions raises $5M
A new fintech plans to offer speedy loan approvals and one-click loan activation for credit union members after raising $5 million in initial funding. Union Credit in Santa Rosa, Calif., said in a press release that the seed funding was led by CMFG Ventures and was supported by Marin Sonoma Impact Ventures, Array and other […]
CapStar hires director for growing SBA division
CapStar Financial Holdings in Nashville, Tenn., has a new leader for its Small Business Administration lending division. The $3.1 billion-asset company said in a press release that Marc Gibson had been named the division’s director. CapStar also said it had hired a team of experienced SBA professionals, increasing the division’s staff to three […]
Texas credit union agrees to buy bank branch
First Central Credit Union in Waco, Texas, has agreed to buy a branch from Citizens State Bank in Woodville, Texas. The $264 million-asset Citizens applied with the Federal Deposit Insurance Corp. to sell assets and liabilities tied to a branch in Marlin, Texas. “It is contemplated that this branch location will continue to be operated […]