FNCB, Quaint Oak to terminate share purchase pact
FNCB Bancorp in Dunmore, Pa., has decided not to buy any more shares in Quaint Oak Bancorp in Southampton, Pa. The $812 million-asset Quaint Oak disclosed in a regulatory filing that FNCB will terminate an agreement that would have allowed it to buy roughly 116,000 shares of Quaint Oak common stock. The agreement was signed […]
Pacific West in Ore. addresses PacWest brand confusion
Pacific West Bancorp in Portland, Ore., is the latest bank to take steps to avoid brand confusion. The parent of the $282 million-asset Pacific West Bank used a post on its website to address any confusion with PacWest Bancorp, a Los Angeles company that has been the subject of speculation since two high-profile bank failures […]
Republic First in Pa. exits mortgages, cuts N.Y. staff
Republic First Bancorp in Philadelphia is getting out of the mortgage business. The $6.2 billion-asset company also said in a press release that it cut an undisclosed number of jobs in its New York lending and credit teams under an effort to streamline its operations in the market. Republic First said its mortgage business primarily […]
First Internet’s 1Q loss widens with extra chargeoff
First Internet Bancorp in Fishers, Ind., is reporting a larger first-quarter loss after recording an additional charge off for a commercial loan. The $4.7 billion-asset company, which had previously announced a $4.7 million partial chargeoff for the participation loan, wrote off another $2.2 million after gathering more information about the relationship. First Internet said in […]
Update on Bank Term Funding Program participation
At least 19 banks have tapped into the Federal Reserve’s Bank Term Funding Program. Those banks have borrowed more than $32 billion in BTFP funds, according to data compiled by S&P Global Market Intelligence. The funding facility was formed in the wake of the high-profile failures of Silicon Valley Bank and Signature Bank to provide […]
Western Alliance weighing legal options against FT
Western Alliance Bancorp. said it is weighing its legal options after the Financial Times published an article saying the Phoenix company is considering a sale. The $50 billion-asset Western Alliance said in a press release that the article is “categorically false in all respects.” The company said it is not exploring a sale and has […]
Proposed Houston de novo aims to become MDI
Inspire Bank, a proposed Houston de novo, plans to apply to become a minority depository institution (MDI). Organizers also plan to form Inspire Holdings, a holding company for the proposed bank, according to an application with the Office of the Comptroller of the Currency. The bank plans to focus on entrepreneurs and small and midsize […]
Noble Credit Union in California selects its next CEO
Noble Credit Union in Fresno, Calif., has a new CEO. The $1.2 billion-asset credit union said in a press release that Gino Cayanan had also become its president. Cayanan succeeded Susan Ryan, who retired after leading the credit union for 22 years. Cayanan recently served as chief financial officer at Los Angeles Police Federal Credit […]
Equity in Kansas hires next bank president
Equity Bancshares in Wichita, Kan., has hired a new bank president. The $5.1 billion-asset company said in a press release that Rick Sems will oversee its sales and service teams and will join Equity Bank’s board. He succeeded Craig Anderson, who resigned. Sems, who recently served as chief banking officer at First Bank in St. […]
PacWest having ‘ongoing’ talks with potential partners
PacWest Bancorp in Los Angeles said it hasn’t experienced any “out-of-the-ordinary deposit outflows” since Monday’s failure of First Republic Bank. The $44.3 billion-asset company also said in a press release that it is having discussions after being approached by several potential partners. “Discussions are ongoing,” PacWest said. “The company will continue to evaluate […]
TD Bank, First Horizon call off $13 billion merger
TD Bank Group in Toronto and First Horizon in Memphis, Tenn., have called off their planned merger. The $1.9 trillion-asset TD and the $80.7 billion-asset First Horizon said in a press release that the deal was terminated due to uncertainty over TD getting regulatory approval for the $13.4 billion acquisition. TD agreed to pay First […]
Greenwood buys digital neobank Kinly
Greenwood, an Atlanta digital bank focused on the Black and Latino communities, has acquired Kinly, a neobank that also serves Black clients. Greenwood said in a press release that the purchase will help grow its ecosystem of more than a million members and provide Kinly’s 300,000 users with more financial products. The purchase price wasn’t […]
First of Long Island repositioned its balance sheet in 1Q
Securities sales cut into first-quarter profits at First of Long Island in Melville, N.Y. The $4.2 billion-asset company said in a press release that net income fell 46% from a year earlier, to $6.5 million. The company recorded a $3.5 million loss from selling $149 million of fixed-rate municipal securities. It then bought $135 million […]
FDIC mulls varied deposit caps for commercial, retail accounts
The Federal Deposit Insurance Corp. floated a plan to offer different deposit insurance caps based on account type. The agency, in a new report on the deposit insurance system, discussed a scenario where business accounts receive “significantly higher coverage” than retail accounts. Other options include making no changes to the current system, where deposits of […]
Orange County Bancorp wrote of Signature investment
Orange County Bancorp in Middletown, N.Y., reported a sharp decrease in profit after it had to write off a $5 million investment in the failed Signature Bank. The $2.5 billion-asset company said in a press release that its first-quarter net income fell 39% from a year earlier, to $4.8 million. Orange County was left holding […]
Securities sales cut into Community Bank System profit
Community Bank System in Syracuse, N.Y., reported lower quarterly profit after joining the ranks of banks repositioning their balance sheets. The $15.3 billion-asset company said in a press release that first-quarter net income fell 88% from a year earlier, to $5.8 million. The company recorded a $52.3 million pretax loss after selling investment securities with […]
Group applies to open de novo bank in Houston
A group is looking to form a new bank in Houston. Organizers of Inspire Bank filed an application with the Federal Deposit Insurance Corp. for deposit insurance on April 28. Inspire would be a national bank regulated by the Office of the Comptroller of the Currency. The application wasn’t immediately available. Inspire aims to become […]
Land of Lincoln CU to buy Nokomis Savings Bank
Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Nokomis Savings Bank in Nokomis, Ill. The $457 million-asset credit union said in a press release that it expects to complete its purchase of the $27 million-asset bank by the end of the first quarter of 2024. The price wasn’t disclosed. Nokomis has […]
How Partners found a new buyer when first sale fell through
Partners Bancorp in Salisbury, Md., was allowed to look for a buyer after OceanFirst Financial, its original acquirer, agreed to a limited waiver of their exclusivity agreement. OceanFirst’s planned purchase of the $1.6 billion-asset Partners fell through last fall when they were unable to secure regulatory approval. Partners would agree in February to sell to […]
Sterling in Mich. reports loss from planned mortgage sales
Sterling Bancorp in Southfield, Mich., narrowed its losses in the first quarter. The $2.4 billion-asset company said in a press release that it lost $500,000, an improvement from the $18.4 million loss it had in the fourth quarter. Sterling recorded a $6.5 million charge off in the first quarter after reclassifying about $41.1 million of […]
Republic First reports 1Q loss on legal costs, SBNY investment
Republic First Bancorp in Philadelphia reported a $9.7 million first-quarter loss that reflected elevated legal expenses and an investment in the failed Signature Bank. The $6.2 billion-asset company said in a press release that it had a $3.1 million writedown tied preferred stock in Signature and $5.5 million of legal, professional and audit fees. The […]
JPMorgan Chase to buy failed First Republic
First Republic Bank in San Francisco, Calif., was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corp., as receiver, entered into an agreement to sell all of the $229 billion-asset bank’s deposits to the $3.7 trillion-asset JPMorgan Chase Bank. The $30 billion of uninsured deposits that 11 banks placed […]
BayFirst: Loan sale fell through when Signature failed
Another bank is feeling the sting of Signature Bank’s failure. BayFirst Financial in St. Petersburg, Fla., disclosed that a scheduled sale of $60 million of Small Business Administration 7(a) loans to Signature fell through, leaving it to rebid to another investor “during less-favorable market conditions.” The $1.1 billion-asset company said the development resulted in gains […]
Coastal in Wash. deposits rise on BaaS growth
Coastal Financial in Everett, Wash., said deposits increased largely because of its ongoing Banking-as-a-Service push. The $3.5 billion-asset company said in a press release that deposits rose by 9.9% in the first quarter from a quarter earlier, to $3.1 billion. Coastal said its CCBX business, which provides BaaS services, added $284.5 million of deposits in […]
Isabella Bank in Mich. to have new CEO in 2024
Isabella Bank in Mt. Pleasant, Mich., has implemented its succession plan. The $2 billion-asset company said in a press release that Jerome Schwind will become its president and CEO in January. Schwind, the bank’s president since 2015, will succeed Jae Evans, who is retiring. Neil McDonnell, the company’s chief financial officer, will replace Schwind as […]