Metropolitan looks to resolve probe tied to fintech client
Metropolitan Bank Holding in New York is hopeful it can resolve an investigation by bank regulators tied to a former fintech client. The $6.3 billion-asset bank said in a press release that it reserved $35 million in the fourth quarter for the potential resolution of a probe by the Federal Reserve and the New York […]
BV Financial in Baltimore plans second-step conversion
BV Financial in Baltimore is planning to become a fully stock-owned company. BV Financial said in a press release that Bay-Vanguard, the mutual holding company, plans to undertake a second-step conversion. BV Financial is the holding company for the $841 million-asset BayVanguard Bank. Bay-Vanguard owns about 86.6% of the company’s outstanding common stock. Eligible accountholders […]
Oregon Pacific repositions its securities portfolio
Oregon Pacific Bank in Florence repositioned its securities portfolio during the fourth quarter. The $754 million-asset bank said in a press release that it sold $15.5 million of securities it bought in early 2021 and had a remaining weighted average life of roughly 5.4 years, at a pretax loss of $1.8 million. The securities have […]
Bank with FTX ties leaving the crypto business
Farmington State Bank in Farmington, Wash., is the latest bank to announce plans to get out of the crypto business. The $98.9 million-asset bank, which has operated as Moonstone Bank and gained notoriety when it was disclosed that it had received an $11.5 million investment from an FTX affiliate, said in a press release that […]
First Community was Surrey’s only serious suitor
First Community Bankshares in Bluefield, Va., found itself negotiating one-on-one with Surrey Bancorp in Mount Airy, N.C., after another potential bidder backed out early in the process. The $3.6 billion-asset First Community agreed in November to buy the $500 million-asset Surrey for $113.2 million in stock in a deal expected to close in the second […]
Old National forms new wealth management business
Old National Bancorp in Evansville, Ind., unveiled a new wealth management brand that combines a number of its wealth advisory and investment management businesses. The $46 billion-asset company said in a press release that 1834 was formed to meet the wealth advisory needs of high-net-worth individuals and institutions. The brand reflects the year the bank […]
AmeriServ in Pa. responds to looming proxy fight
AmeriServ Financial in Johnstown, Pa., has responded to Driver Management, stating that its board tried to work with the activist investor before it went public with a proxy challenge. Driver Management, led by Abbott Cooper, recently disclosed plans to nominate three directors to stand for election to the $1.4 billion-asset AmeriServ’s board. Driver owns about […]
Florence Bank in Mass. has new CEO
Florence Bank in Florence, Mass., has a new CEO. Matt Garrity was also named president of the $1.9 billion-asset bank, according to MassLive. Garrity succeeded Michael Lynch, a senior commercial lender who had been interim president and CEO since Kevin Day retired in late November. Garrity previously served as chief lending officer and head […]
Parke in N.J. missing ‘significant’ amount of money
Parke Bancorp in Washington Township, N.J., is missing a “significant” amount of cash that was held by a third party for its cannabis-related clients. The $2 billion-asset company said in a press release that an armored car company its uses to store and transport cash reported the money was missing. Parke didn’t state when the […]
Horizon in Indiana lines up its next CEO
Horizon Bancorp in Michigan City, Ind., has its next CEO lined up. The $7.7 billion-asset company said in a press release that Thomas Prame, its president, will succeed Craig Dwight on June 1. Dwight will remain chairman, while Prame will still serve as president after becoming CEO. Dwight has been the company’s CEO since 2001. […]
Encore in Ark. adds Patriot partner to its board
Encore Bancshares in Little Rock, Ark., has added a former banker with ties to one of its investors to its board. The $3.5 billion-asset company said in a press release that Kelly Brown had also joined the board of Encore Bank. Brown is a partner at Patriot Financial Partners, a private equity firm that became […]
Bank of Clarke County in Va. shortens name
Bank of Clarke County in Berryville, Va., has shortened its name. The $1.5 billion-asset bank said in a press release that it will now be known as Bank of Clarke. The move, which will include an updated logo and branding, reflects the bank’s expansion into other counties. “We are continuously looking for new opportunities to […]
Fed, OCC approve BMO Financial-Bank of the West deal
Bank of Montreal has received approval from the Federal Reserve and the Office of the Comptroller of the Currency to buy Bank of the West in San Francisco. As part of the approval, BMO Financial, the U.S. parent of the $164.8 billion-asset BMO Harris Bank agreed to provide the Fed and the Federal Deposit Insurance […]
Silvergate in California continuing to sell securities
Silvergate Capital in La Jolla, Calif., which lost $1 billion in the fourth quarter amid “a crisis of confidence” in the digital assets industry, continues to sell securities to reduce borrowings. The $11.4 billion-asset company said in a press release that it has received $1.5 billion of proceeds and recognized $11.4 billion of losses and $5 […]
Newtek taps insider to serve as bank president
Newtek Business Services in Boca Raton, Fla., has selected one of its own to become president of its newly acquired bank. The company disclosed in a regulatory filing that Nicolas Young had also become chief operating officer of Newtek Bank. Newtek said it agreed to pay Young an annual base salary of $500,000, though the […]
Driver Management launching two proxy challenges
A well-known activist investor has set its sights on two banks. Driver Management in New York intends to nominate directors for the boards of First Foundation in Dallas and AmeriServ Financial in Johnstown, Pa. J. Abbott Cooper, who founded Driver, disclosed in a regulatory filing that he plans to nominate three candidates to join AmeriServ’s […]
Executive among LendingClub’s 225 job cuts
LendingClub in San Francisco plans to lay off 225 employees to offset reduced marketplace revenue tied to rising interest rates. The lender said in a press release that cutting 14% of its workforce should result in annualized run-rate savings of $25 million to $30 million. The layoffs include Valerie Kay, the company’s chief capital officer, […]
House subcommittee formed for fintech, digital assets
The House Financial Services Committee has formed a new subcommittee to focus on digital assets and fintech. Rep. French Hill (R-Ark.) will chair the Subcommittee on Digital Assets, Financial Technology and Inclusion. Hill was chairman and CEO of Delta Trust and Banking when it was sold to Simmons First National in 2014. The subcommittee’s jurisdiction […]
City National to pay $31M to settle DoJ redlining claims
City National Bank in Los Angeles has agreed to commit more than $31 million to increase lending to Black and Hispanic homebuyers as part of a settlement with the Department of Justice. The $90.7 billion-asset unit of Royal Bank of Canada was accused of violated the Fair Housing Act by redlining, the DoJ said in […]
How Prosperity juggled M&A talks with two banks
The management team at Prosperity Bancshares in Houston had a busy summer. The $37.8 billion-asset company’s executives juggled negotiations and due diligence for its pending purchases of Lone Star State Bancshares in Lubbock, Texas, and First Bancshares of Texas in Midland. Prosperity announced in October that it would buy both companies for a total of […]
Centier in Ind. sets up next-generation leadership
Centier Bank in Merrillville, Ind., latest promotion continues a longstanding practice at the family-owned bank. The $6.3 billion-asset bank said in a press release that Chris Campbell had become its president. He succeeded Michael Schrage, who remains chairman and CEO. Schrage, who succeeded his father as bank president in the late 1970s, is Campbell’s father-in-law. […]
Forbright in Md. to build new digital bank
Forbright Bank in Potomac, Md., has hired a veteran banker to oversee the creation of a digital bank. The $6.4 billion-asset bank said in a press release that hired Matthew Quale as its president of digital banking. Quale previously served as executive vice president of consumer banking and marketing at Texas Capital Bank. Quale was […]
Wells Fargo to exit correspondent lending
Wells Fargo in San Francisco plans to exit correspondent lending and reduce the size of its servicing portfolio. The $1.9 trillion-asset company said in a press release that it will shift its focus, including plans to broaden its Special Purpose Credit Program, a $150 million investment to refinance loans to minority homeowners, to include purchase […]
Sturdy Savings in NJ selects insider as next CEO
Sturdy Savings Bank in Stone Harbor, NJ, has a new CEO. The $1.3 billion-asset bank said in a press release that Gregory Matuson has also become its president. Matuson succeeded Gerald Reeves, who had held the top posts for 15 years. Matuson previously served as Study’s chief operating officer. He will also join the bank’s […]
4Front Credit Union to buy Old Mission Bank in Mich.
Old Mission Bank in Sault Sainte Marie, Mich., has agreed to be sold to 4Front Credit Union in Traverse City, Mich. The $1 billion-asset 4Front said in a press release that it expects to buy the $130 million-asset bank from Old Mission Bancorp by the end of this year. The price wasn’t disclosed. “We believe […]