Planned California bank aims to become an MDI
Entrust Bank, a de novo planned for Los Altos, Calif., aims to become a minority depository institution (MDI) focused largely on the area’s Asian-American population. Organizers said in their application with the Federal Deposit Insurance Corp. that most of the proposed bank’s board represent minority groups. Entrust will primarily target small and midsize businesses, real […]
CFPB’s Chopra: Expect open banking rule in 2024
The Consumer Financial Protection will soon seek comments for an open banking rule with plans to finalize the rule next year. CFPB Director Rohit Chopra provided the update in a blog post. The bureau is required by a section of the Dodd-Frank Act to finalize the rule. The CFPB aims to use a new personal […]
Citizens in R.I. hires 50 former First Republic bankers
Citizens Financial Group in Providence, R.I., has hired about 50 private bankers and support staff that had been at First Republic Bank. The $222 billion-asset Citizens said in a press release that the bankers are in Boston, New York, San Francisco and Florida. “The addition of these talented and seasoned private bankers helps Citizens significantly […]
First State Bank in Neb. rebrands as RVR Bank
First State Bank & Trust in Fremont, Neb., has rebranded as RVR Bank. The $460.4 million-asset bank said on its website that the name change took place on June 1. The change applied to First State and Two Rivers Bank, which was acquired in December 2021. “The signs on the outside might be changing, but […]
Meredith Whitney ends hiatus to relaunch research firm
Meredith Whitney is back. Whitney, who famously became bearish on the banking sector prior to the 2008 Financial Crisis, has relaunched her eponymous research and advisory practice. Whitney, in a LinkedIn post, said she had spent her hiatus as an institutional investor (she ran a hedge fund from 2013 to 2015) and as CFO of […]
Fulton hires OceanFirst exec for top tech position
Fulton Financial in Lancaster, Pa., has hired a former executive at OceanFirst Financial in Red Bank, N.J., to oversee its technology operations. The $27 billion-asset Fulton said in a press release that Karthik Sridharan will serve as chief operations and technology officer. Sridharan will be responsible for leading a team responsible for the bank’s digital […]
Needham Bank in Mass. plans mutual conversion
Needham Bank in Needham, Mass., is planning a standard conversion to become a fully stock-owned company. The $3.7 billion-asset bank disclosed in a regulatory filing that NB Bancorp, a newly formed corporation, plans to sell 34.5 million shares of stock at $10 each – for gross proceeds of $34.5 million. The company should raise up […]
USAlliance FCU in N.Y. appoints interim CEO
USAlliance Federal Credit Union in Rye, N.Y., has appointed an interim CEO while it looks for a permanent leader. The $2.8 billion-asset credit union said in a press release that Brett Wheeler will fill the role temporarily. He is USAlliance’s chief financial officer. USAlliance said its board will continue to search for a permanent president […]
Former Happy State CEO leaving Home BancShares
Home BancShares in Conway, Ark., is parting ways with the former CEO of a bank it recently bought. The $22.5 billion-asset company disclosed in a regulatory filing that Mikel Williamson plans to resign as Texas president of Happy State Bank on June 14. Happy State is a division of Home’s Centennial Bank. Williamson served as […]
Lone Star delaying shareholder vote on First Guaranty deal
Lone Star Bank in Houston is delaying a shareholder vote on its pending sale to First Guaranty Bancshares in Hammond, La., to solicit more votes in support of the deal. The $160.8 million-asset Lone Star said in a press release that it plans to convene and immediately adjourn its June 13 special meeting. The meeting […]
Citizens Financial in R.I. to exit indirect auto lending
Citizens Financial Group in Providence, R.I., will end its indirect auto lending program on July 1. The $222 billion-asset company said in a press release that the move is part of a strategy to optimize its balance sheet and emphasize relationship-based lending. Citizens will retain and service existing auto loans on its balance sheet. “This […]
Activist investor wants Republic First CEO to resign
A shareholder group that has been sparring with Republic First Bancorp for months is now calling for the resignation of the Philadelphia company’s president and CEO. The group, which includes George Norcross III, Philip Norcross and Gregory Braca, said in a regulatory filing that it also wants Thomas Geisel to step down from the $6.2 […]
Houston group reapplies to form de novo bank
A group in Houston has reapplied to form Houston Bank of Commerce & Trust. Organizers of Houston Bank of Commerce & Trust submitted new applications to state and federal regulators on May 31. The applications were not immediately available. The organizing group has grown from six people to eight. Mark Jacobs would serve as president […]
Agencies highlight due diligence in third-party guidance
Due diligence for third-party relationships took center stage in final joint guidance from federal bank regulators. The Federal Reserve, Federal Deposit Insurance Corp. and Treasury Department said that sound risk management must take into account the level of risk, complexity and size of the bank. The nature of the third-party relationship must also be considered. […]
Kinective formed from merger of three tech firms
A trio of technology firms have merged to create a single company. CFM, NXTsoft and IMM said in a press release that they had combined to form Kinective. The new company has 300 employees across offices in Phoenix; Orlando, Fla.; and New Jersey. Stephen Baker, who was the CEO of CFM, will serve in the […]
FDIC approves de novo application for Arizona bank
The Federal Deposit Insurance Corp. has given conditional approval for a group in Scottsdale, Ariz., to form Zenith Bank & Trust. Organizers must raise $22 million in capital before the proposed bank can open. The group behind Zenith Bank applied with the FDIC in June 2022. Organizers said in their application that they planned to […]
First Citizens brings back CIT exec to lead commercial finance group
First Citizens BancShares in Raleigh, N.C., has brought back a veteran banker to lead its CIT Commercial Finance group. The $215 billion-asset company said in a press release that Jim Hudak had become president of the group, effective immediately. Hudak supervised CIT’s commercial finance businesses from 2008 to 2019. First Citizens bought CIT Group last […]
Nusenda FCU agrees to buy Western Heritage in N.M.
Nusenda Federal Credit Union in Albuquerque, N.M., has agreed to buy Western Heritage Bank in Las Cruces, N.M. The $4.1 billion-asset Nusenda did not disclose the price it will pay for the $335 million-asset Western Heritage. The deal is expected to close late this year or early 2024. This would be the first bank acquisition […]
Members 1st FCU in Pa. sets up CEO succession
Members 1st Federal Credit Union in Enola, Pa., will soon have a new CEO. The $7 billion-asset credit union said in a press release that Mike Wilson will also become its president, effective July 1. Wilson is the credit union’s chief experience officer. Wilson will succeed George Nehodil, who has been president and CEO for […]
BOK Financial entering San Antonio with key hires
BOK Financial in Tulsa, Okla., has entered the San Antonio, Texas, market. The $46 billion-asset company said in a press release that its Bank of Texas division had hired Mark Johnson to serve as market chairman and Parker Hensley as market president. “We are thrilled to bring our brand of full-service, relationship-focused financial services to […]
Alabama, Virginia banks complete private placements
Banks in Alabama and Virginia have raised capital through private placements. First Southern Bancshares in Florence, Ala., brought in $7 million through a May 22 private placement, according to data compiled by Performance Trust Capital Partners. First Southern Bank has $554 million of assets. ODNB Financial in Tysons Corner, Va., raised $1 million on May […]
Five Star enters San Francisco after hiring Signature team
Five Star Bancorp in Rancho Cordova, Calif., will enter San Francisco after hiring a commercial team from Signature Bank. The $3.4 billion-asset company said in a press release that DJ Kurtze will serve as region president for the San Francisco Bay Area. The release did not say how many lenders are on the team it […]
Essa in Pa. to pay $3M to address redlining claims
Essa Bancorp in Stroudsburg, Pa., will pay about $3 million to resolve redlining claims. The Justice Department said in a press release that the $2 billion-asset company’s bank agreed to a consent order addressing allegations it engaged in lending discrimination towards majority Black and Hispanic neighborhoods. The claims covered a period from 2017 to 2021. […]
Central Bancshares in Iowa to buy SENB Bank in Ill.
Central Bancshares in Muscatine, Iowa, has agreed to buy McLaughlin Holding Co. in Moline, Ill. Central, the parent of the $1.1 billion-asset CBI Bank & Trust, said in a press release that it expects to buy the parent of the $341 million-asset SENB Bank in the third quarter. The price wasn’t disclosed. The systems conversions […]
Fed order sets standards for Silvergate liquidation
The Federal Reserve ordered Silvergate Capital in La Jolla, Calif., to stick to its plan to liquidate itself. The Fed’s May 23 consent order gave the company 10 days to submit a self-liquidation plan that complies with California and federal requirements for shutting down. The order also requires quarterly reports on management’s progress. The order […]