Group plans de novo bank in California
A group in Los Altos, Calif., is looking to form a bank. Organizers of the proposed Entrust Bank filed an application on May 15 with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. A public notice tied to the application lists seven organizers: Steven Chang, Jinsong Guo, Sanjeev Khagram, Shih-Wei […]
Vendor issue delaying direct deposits at BOK Financial
BOK Financial in Tulsa, Okla., is apologizing for an issue that has delayed direct deposits and electronic payments. The $45.5 billion-asset company said in a Facebook post on Thursday that a third-party vendor suffered an outage. “We are working to get all systems back up and running as quickly as possible, and appreciate your patience […]
Republic First cutting more costs, evaluating real estate
Republic First Bancorp in Philadelphia announced a series of moves designed to trim expenses. The $6.2 billion-asset company said in a press release that the effort is expected to accommodate evolving customer preferences, better leverage technology and realize cost and operating efficiencies. Republic First said it will reduce hours at its branches, close a branch […]
All In FCU agrees to buy SunSouth Bank in Ala.
All In Federal Credit Union in Daleville, Ala., has agreed to buy SunSouth Bank in Dothan, Ala. The $2.8 billion-asset credit union did not disclose how much it will pay for the $114 million-asset SunSouth. The all-cash deal is expected to close in the first quarter of 2024. SunSouth, a unit of SunSouth Bancshares, has […]
How First Mid reentered the chat for Blackhawk deal
Blackhawk Bancorp in Beloit, Wis., attempted to sell itself to another bank before it began negotiating with First Mid Bancshares in Mattoon, Ill. The $6.7 billion-asset First Mid agreed in March to buy the $1.3 billion-asset Blackhawk for $90.3 million. First Mid was one of two banks that Blackhawk’s investment bank contacted last August about […]
CFPB fines OneMain $20M for imposing ‘extra charges’
The Consumer Financial Protection Bureau has ordered OneMain Financial in Evansville, Ind., to pay $20 million to resolve claims the installment lender failed to refund interest charged to 25,000 customers. The CFPB said in a press release that the enforcement action requires OneMain, a unit of OneMain Holdings, to refund $10 million to harmed consumers […]
UMB in Mo. to buy community bank consulting firm
UMB Financial in Kansas City, Mo., has agreed to buy Hybarger & Associates, a consulting firm focused on community bank performance. The $40.6 billion-asset UMB said in a press release that it expects to complete the acquisition in the second quarter. The price wasn’t disclosed. Hybarger offers advice in areas such as interest rate risk […]
Coastal in Wash. hires banking vet to oversee BaaS operations
Coastal Financial in Everett, Wash., has hired a veteran banker to oversee its Banking-as-a-Service platform. Chris Rigoni announced on his Twitter account that he had been named senior director of BaaS operations at the $3.5 billion-asset company. “Looking forward to working with the team to build on an already stellar program,” he tweeted. Rigoni previously […]
Madonna stepping down as Republic First chairman
Republic First Bancorp in Philadelphia will have a new chairman. The $6.2 billion-asset company said in a press release that Andrew Cohen, co-founder and chief investment officer at Cohen Private Ventures, will take over the post tomorrow. Cohen will succeed Harry Madonna, who founded the bank in 1988 and returned to a leadership role with […]
OneAZ Credit Union in Ariz. hires new CEO
OneAZ Credit Union in Phoenix has a new CEO. The $3 billion-asset credit union said in a press release that Brandon Michaels had also become its president. He succeeded Kim Reedy, who retired. Michaels previously served as head of corporate development at Allied Solutions. Before that, he was president and CEO of JSC Federal Credit […]
Mid-Southern investors approve investment bank proposal
Shareholders of Mid-Southern Bancorp approved an outside proposal that the Salem, Ind., company hire an investment bank to help it find a buyer. The $266.4 million-asset Mid-Southern disclosed in a regulatory filing that nearly 1.1 million shareholders backed the proposal by J. David Rosenberg that it retain an investment bank “to guide the company in […]
PacWest sells Civic Financial to New York real estate firm
Roc Capital Holdings in New York has acquired the origination assets of Civic Financial Services from PacWest Bancorp in Los Angeles. Roc360, a platform that serves residential real estate investors and originates business-purpose loans, said in a press release that it will use the Civic brand. The price wasn’t disclosed. Founded in 2014, Civic has […]
Edmonton Bancshares to buy Sumner Financial in Tenn.
Edmonton Bancshares in Edmonton, Ky., has agreed to buy Sumner Financial in Gallatin, Tenn. Edmonton, the parent for the $733 million-asset Edmonton State Bank, said in a press release that it will pay $26.82 a share for the parent of the $234 million-asset Sumner. Sumner has three branches. The acquisition “expands our market reach into […]
First Guaranty in La. raises $10M via private placement
First Guaranty Bancshares in Hammond, La., has raised $10 million through a private placement of common stock. The $3.2 billion-asset company said in a press release that it sold about 710,000 shares at $14 each. The placement included the company’s directors and accredited investors. “We have been frustrated by the unfair beating our stock has […]
Blue Foundry in NJ withstands challenge for board seats
Blue Foundry Bancorp in Rutherford, N.J., prevailed in its proxy contest with activist investor Larry Seidman. The $2.1 billion-asset company disclosed in a regulatory filing that its board nominees – J. Christopher Ely and Robert Goldstein – were elected to three-year terms at this year’s annual meeting. Each received more than 12.4 million votes from […]
NYCB to take over Signature’s midtown Manhattan lease
New York Community Bancorp in Hicksville, N.Y., has agreed to take over Signature Bank’s lease in midtown Manhattan. Empire State Realty Trust, which owns the building, said in a press release that the $123.7 billion-asset New York Community, through its Flagstar Bank unit, will lease roughly 313,000 square feet of office space. The lease is […]
Citizens in R.I. to pay $9M fine to resolve CFPB probe
Citizens Financial Group in Providence, R.I., will pay a $9 million fine to the Consumer Financial Protection Bureau to address claims its bank failed to investigate credit card billing disputes and fraud claims. The CFPB said in a press release that the $222.3 billion-asset Citizens also settled allegations that the bank failed to consistently refund […]
LGBTQ+ neobank Daylight to shut down
Daylight, an LGBTQ+ neobank, is shutting down. Rob Curtis, Daylight’s co-founder and CEO, announced the decision in a blog, stating that the neobank will cease operations on June 30. He pointed to the high interest rate environment made it challenging to build scale to serve the startup’s target market. “We really threw everything that we […]
VC firm QED raises $925M for fintech investment
QED Investors, a venture capital firm in Alexandria, Va., has closed two new funds to invest in fintech firms. QED said in a press release that it has $650 million in capital commitments for Fund VIII, an early stage fund, and $275 million for Growth II, a growth-stage fund. “We are excited, fortunate and privileged […]
Gouverneur Bancorp in NY plans second-step conversion
Gouverneur Bancorp in Gouverneur, N.Y., is planning a second-step conversion to become a fully stock-owned company. The $205 million-asset Gouverneur said in a press release that Cambray Mutual Holding Co. will sell its majority ownership in the company to the public. Depositors with qualifying deposits on Sept. 30 will have first priority subscription rights to […]
Fifth Third buys embedded finance platform
Fifth Third Bancorp in Cincinnati has acquired Rize Money, an Arlington, Va., embedded payments platform. The $209 billion-asset Fifth Third said in a press release that Rize Money provides payment infrastructure and risk management capabilities to fintechs and other technology companies. The price wasn’t disclosed. Fifth Third said that its embedded payments business is growing […]
JPMorgan Chase: First Republic adding $3B of revenue in ’23
JPMorgan Chase in New York projected that net interest income should increase by $3 billion because of its purchase of the failed First Republic Bank. The $3.7 trillion-asset company said in a disclosure in slides for its investor day that it expects to generate $84 billion of net interest income this year. It had previously […]
PacWest selling $3B of real estate construction loans
PacWest Bancorp in Los Angeles has agreed to sell a portfolio of real estate construction loans. The $44.3 billion-asset company disclosed in a regulatory filing that it will sell 74 loans with an aggregate balance of $2.6 billion to Kennedy-Wilson Holdings. Subject to certain conditions, PacWest will sell six more loans with a total […]
Adams Bank in Neb. working through ‘unusual activity’
Adams Bank & Trust in Ogallala, Neb., took its servers offline, disabling transactions using online banking and its mobile app, after being alerted to unusual activity “indicative of a cybersecurity threat.” The $1.3 billion-asset bank disclosed the issue on Tuesday via its Facebook page. The bank said it had hired third-party specialists to assist in […]
Bank of Marin starts to see deposits returning
Bank of Marin Bancorp in Novato, Calif., has regained its footing with deposits. The $4.1 billion-asset company shared in a presentation that it added $14.5 million of deposits between March 31 and May 10. That was a 0.4% increase from the end of the first quarter. The traction is notable because Bank of […]