Eagle Rock Bank applies to buy Riverland Bank in Minnesota
Olmstead Holding in Rochester, Minn., has agreed to buy Riverland Bancorp. in Jordan, Minn. Olmstead, the holding company for the $272 million-asset Eagle Rock Bank, applied with the Federal Deposit Insurance Corp. on Feb. 24 to buy the parent of the $229 million-asset Riverland Bank. The price wasn’t disclosed.
Republic in Ky. sells bank finance division for $6M pretax gain
Republic Bancorp in Louisville, Ky. sold its Republic Bank Finance division to CAN Capital Merchant Services. The company disclosed in a regulatory filing that the sale, first announced in December, included $81 million of loans and about $1 million of related liabilities. Republic will record a $6 million pretax gain, net of broker commissions. Republic […]
Bank of Marin in Calif. to restate results to fix reciprocal deposit error
Bank of Marin Bancorp in Novato, Calif., will restate financial statements for 2023 and 2024, as well as multiple interim periods in 2024 and 2025, to address an issue tied to classifying reciprocal deposits. The company disclosed in a regulatory filing that errors were identified during an annual review process tied to preparing the 2025 […]
Organizers planning New South Bank in Florida
A group is looking to open a bank in Tampa, Fla. Organizers of the proposed New South Bank said in a LinkedIn post that they aim to serve small businesses across Florida. “Our formation is based on a clear observation: many owner-operated and closely held companies want direct access to experienced bankers, informed guidance on […]
Port Washington State Bank in Wis. hands reins to fifth-gen leader
Port Washington State Bank in Wisconsin has a new CEO with a familiar last name. The $1 billion-asset bank said in a press release that James Schowalter had succeeded his father, Steven Schowalter, as its leader. The younger Schowalter, who remains president, is the fifth generation of his family to lead the bank. Steve Schowalter […]
Blank check company among bidders for failed Chicago bank
A blank-check company formed to buy failed banks was among the bidders for Metropolitan Capital Bank & Trust in Chicago, which was closed last month. Porticoes National Bank, formed in 2023, was one of six entities that bid on Metropolitan. First Independence Bank in Detroit would end up buying $212 million in deposits and $251 […]
Dime in N.Y. plans to rebrand as Dime Commercial Bank
Dime Community Bancshares in Hauppauge, NY., is planning a name change. The $15 billion-asset company said in a press release that it plans to rebrand as Dime Commercial Bancshares. Its bank would become Dime Commercial Bank. The changes, which require shareholder approval, are expected to happen soon after the May 28 annual meeting.
Stablecoin fintech Payoneer applies for national trust bank charter
Payoneer has applied with the Office of the Comptroller of the Currency for a national trust bank charter. The fintech said in a press release that the proposed PAYO Digital Bank would support stablecoin-enabled infrastructure for global businesses. “Payoneer is at the forefront of cross-border payments, and we believe stablecoins will play a meaningful role […]
First Federal Bank of Wisconsin looks inward for new CEO
First Federal Bank of Wisconsin in Waukesha has a new CEO. The bank said in a press release that Steve Wierschem had succeeded Edward Schaefer, who remains chairman. Schaefer also remains president and CEO of the holding company, FFBW Inc. Wierschem, who was chief financial officer, will remain president. “Steve continues to perform at a […]
1st Source chairman discloses cancer battle
The recently retired CEO of 1st Source in South Bend, Ind., disclosed his battle with bladder cancer. Chris Murphy, who also stepped down as president in October, wrote in a letter to shareholders that he was first diagnosed two years ago. While the cancer had been in remission, he wrote that it had returned and […]
Crypto.com gains conditional OCC approval for national trust bank
Crypto.com has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). The crypto exchange, which applied in October, said in a press release that its planned bank would operate as a custodian for digital asset treasuries and exchange-traded funds, among other things. “This conditional approval […]
Texas Gulf Bancshires hires Prosperity exec as new bank CEO
Texas Gulf Bancshares in Houston has a new bank CEO. The $695 million-asset company said in a press release that Steve Thompson has also become president of Texas Gulf Bank. Thompson, who was Houston area president at Prosperity Bank, also joined the boards of the company and the bank. “Following a thorough and deliberate search […]
OptimumBank in Fla. forms unit to focus on HUD, FHA lending
OptimumBank Holdings in Fort Lauderdale, Fla., formed a new unit to support new HUD and FHA lending initiatives. OptimumFunding is expected to expand the company’s commercial real estate lending capabilities by offering bridge-to-HUD financing, FHA- and HUD-insured loan origination, and servicing and relationship management. In connection with the effort, OptimumBank will upstream a dividend to […]
M&T Bank in N.Y. faces exposure to Tricolor Holdings issues
M&T Bank in Buffalo, N.Y., warned that it could have some losses tied to the bankruptcy of Tricolor Holdings. The company disclosed in a regulatory filing that unit Wilmington Trust could take a hit tied to litigation stemming from the bankruptcy and alleged fraud at Tricolor. M&T said it is unable to estimate its financial […]
Stilwell Group begins proxy battle with Lake Shore Bancorp in N.Y.
Activist investor Stilwell Group has escalated its involvement at Lake Shore Bancorp, disclosing plans to nominate an individual to challenge for a board seat at the Dunkirk, N.Y., company. The investor, who owns about 9.9% of Lake Shore’s outstanding shares, said in a regulatory filing that it plans to nominate Timothy Andruschat to join the […]
Kentucky First freed from OCC written agreement
Kentucky First Federal Bancorp in Frankfort has been freed from an enforcement action. The company said in a press release that the Office of the Comptroller of the Currency released its bank from a August 2024 formal written agreement. With the termination of the agreement, the bank is no longer considered in “troubled condition.” “We […]
Hanover Bancorp in N.Y. discloses president’s departure
Hanover Bancorp in Mineola, N.Y., is restructuring its management. The company disclosed in a regulatory filing that Mac Wilcox will step down as president on March 31. He is entitled to a roughly $2.2 million severance benefit. Michael Puorro, the company’s chairman and CEO, will become president.
OCC frees Touchmark from 2024 formal agreement
Touchmark Bancshares in Alpharetta, Ga., has been freed from a formal agreement with the Office of the Comptroller of the Currency. The $418 million-asset company entered into the agreement in April 2024. “We are excited to announce the termination of the formal agreement … after 22 months,” Bobby Krimmel, Touchmark’s president and CEO, said in […]
Alabama ONE Credit Union to buy Peoples Independent Bank in Alabama
Alabama ONE Credit Union in Tuscaloosa has agreed to buy Peoples Independent Bank in Boaz, Ala. The $1.5 billion-asset credit union will pay an undisclosed amount of cash to the holding company of the $477 million-asset Peoples Independent, according to an announcement by Olsen Palmer, which advised the seller. The deal is expected to close […]
Pioneer Federal in Montana plans mutual-to-stock conversion
Pioneer Federal Savings and Loan Association in Deer Lodge, Mont., is planning to convert from a mutual to a stock holding company. The $120 million-asset bank said in a regulatory filing that PSB Financial, a newly formed holding company, plans to sell 1.1 million to 1.7 million shares of common stock for net proceeds of […]
Remitly hires Santander exec as its next CEO
Remitly Global in Seattle has hired a former Santander executive as its CEO. The company said in a press release that Sebastian Gunningham also joined its board on Feb. 19. He succeeded co-founder Matt Oppenheimer, who remains chairman. Gunningham previously served as chair of Santander Consumer Finance and vice chair of digital platform, Openbank. “It […]
Stripe subsidiary Bridge closes in on national trust bank charter
Stripe, through its Bridge subsidiary, has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter. The application, filed in October, was approved on Feb. 12. The license will allow Bridge to issue stablecoins, custody digital assets and offer stablecoin reserve management. The charter “positions Bridge to […]
Organizers of planned Portrait Bank in Fla. gain FDIC approval
A group in Florida has received conditional approval to open a bank. Organizers of the proposed Portrait Bank in Winter Park were approved by the Federal Deposit Insurance Corp. on Feb. 5. The group, which applied in August, must raise nearly $28 million before opening the bank.
First Northern Bank in California buys Beacon Wealth Strategies
First Northern Bank in Dixon, Calif., bought Beacon Wealth Strategies. The bank said in a press release that the acquisition was made by its First Northern Advisors division. The price wasn’t disclosed. Tom Cicchini, who owned Beacon, joined First Northern. He is set to retire on June 30. Beacon “has built a reputation for providing […]
Forbright in Maryland confidentially files for planned IPO
Forbright in Chevy Chase, Md., is planning its initial public offering. The holding company of the $7.7 billion-asset Forbright Bank, founded by former Rep. John Delaney, said in a press release that it submitted a confidential draft registration statement, setting the stage for the IPO. The number of shares to be sold and the price […]