CEO of Provident in Massachusetts departs
Provident Bancorp in Amesbury, Mass., said its CEO has stepped down just weeks after it projected a large quarterly loss tied to its dealings with crypto mining companies. The $1.8 billion-asset company said in a press release that Dave Mansfield also relinquished his title as president as part of a “mutual decision” with the board, […]
Land of Lincoln Credit Union to buy Illinois bank
Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Colchester State Bank in Colchester, Ill. The $378 million-asset Land of Lincoln announced on its website that it expects to complete the purchase of the $82 million-asset Colchester by the end of the second quarter. The price wasn’t disclosed. “We are excited for […]
Lake Shore in N.Y. announces CEO’s retirement plans
Lake Shore Bancorp in Orchard Park, N.Y., is in the market for a new president and CEO. The $700 million-asset company said in a press release that Daniel Reininga plans to retire in May. The board plans to conduct a national search for Reininga’s successor. Reininga, who joined the bank in 1994 as an outside director […]
Wyo. bank with Nexo ties completes private placement
Hulett Bancorp in Hulett, Wyo., which sold a stake in itself to Nexo earlier this year, raised another $400,000 through a private placement of common stock The stock sale, which took place on Dec. 13, was included in data aggregated by Performance Trust Capital Partners. Hulett, which operates as Mode Eleven and owns Summit National […]
Figure-affiliated SPAC scraps plan to buy a bank
Figure Acquisition Corp. I, a SPAC that was in talks to buy a bank, plans to cease operations after the New York Stock Exchange decided to delist the company. The SPAC, which is affiliated with blockchain firm Figure Technologies, disclosed in a regulatory filing that it does not intend to appeal the NYSE’s determination. The […]
Republic First in Pa. replaces Madonna with permanent CEO
Republic First Bancorp in Philadelphia has a new CEO. The $5.7 billion-asset company said in a press release that Tom Geisel was also named president, effective immediately. He was also added to First Republic’s board. Geisel, who was recently president of corporate banking at Webster Financial, succeeded Harry Madonna, who had been serving as interim […]
Stone Bancshares in Ark. to be sold to private investors
The Combs family has agreed to buy Stone Bancshares in Mountain View, Ark. The family will pay an undisclosed amount of cash for the parent of the $643 million-asset Stone Bank, according to Talk Business & Politics. The deal is expected to close in the first quarter. Stone, which has six branches, was created in […]
Former BOK Financial CEO to retire from board
Steven Bradshaw, who retired as BOK Financial’s CEO earlier this year, will retire from the Tulsa, Okla., company’s board at the end of this year. The $43.6 billion-asset company disclosed in a regulatory filing that Bradshaw will step down as a director on Dec. 31. Bradshaw was BOK Financial’s leader for eight years before retiring […]
Mid Penn to enter central N.J. with acquisition
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy Brunswick Bancorp in New Brunswick, N.J. The $4.3 billion-asset Mid Penn said in a press release that it will pay $53.9 million in cash and stock for the $382 million-asset Brunswick. The deal, which is expected to close in the second quarter, priced Brunswick at […]
Alabama One agrees to buy First Bank in Alabama
Alabama One Credit Union in Tuscaloosa has agreed to buy First Bank in Wadley, Ala. The $956.8 million-asset credit union plans to buy the $130 million-asset bank from Peoples Independent Bancshares in Boaz, Ala., for an undisclosed amount. Peoples Independent will retain its other bank, Peoples Independent Bank. The deal is expected to close in […]
VWF in Ohio close to completing its CEO succession
VWF Bancorp in Van Wert, Ohio, will soon have a new CEO. The $145.8 million-asset company disclosed in a regulatory filing that Michael Cahill will also become its president on Jan. 1. Cahill will also join VWF’s board. Cahill will succeed Mark Schumm, who will become chief risk officer. Cahill has been serving as a […]
Wells to pay $3.7B to address several CFPB issues
Wells Fargo in San Francisco entered into a new consent order and agreed to pay more than $3.7 billion to settle a range of claims by the Consumer Financial Protection Bureau. The $1.9 trillion-asset Wells will pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty to address the CFPB’s […]
Veteran banker Kevin Tylus dies
Kevin Tylus, who was CEO of Royal Bancshares of Pennsylvania when it was sold to Bryn Mawr Bank, has died. “We are saddened to learn of Kevin Tylus’ passing,” Bryn Mawr Trust posted on its LinkedIn page. “His contributions to the financial services industry and the community were many, offering his skills and expertise wherever […]
Simmons First in Ark. taps insider as next CEO
Simmons First National in Pine Bluff, Ark., will start 2023 with a new CEO. The $27.1 billion-asset company said in a press release that Bob Feldman, its president and chief operating officer, will become CEO on Jan. 1. Feldman, who will also become CEO of Simmons Bank, will lead Simmons’ “better bank” initiatives and day-to-day […]
Banc of California shuffles management ranks
Banc of California in Santa Ana will soon have a new bank president as part of a series of executive shifts. The $9.4 billion-asset company said in a press release that Hamid Hussain will take over the role on Jan. 1. Hussain, who is president of commercial and real estate banking will succeed Jared Wolff, […]
Sandy Spring latest bank to dial back NSF, overdraft fees
Sandy Spring Bancorp in Olney, Md., is the latest bank to eliminate nonsufficient funds (NSF) fees for personal accounts. The $13.9 billion-asset company said in a press release that it also made changes to its overdraft policy and fees as part of a comprehensive review process. “Individuals and families want to be in control of […]
Genesis Bank in Calif. launches HOA-focused division
Genesis Bank in Newport Beach, Calif., is making a bigger push into banking homeowners associations. The $125 million-asset bank said in a press release that it has formed a HOA banking division to provide products and services to property management companies, homeowners and condo associations and their governing bodies. Products include online and mobile banking, […]
Three banks combine chairman, CEO roles
Several banks are combining the roles of chairman and CEO heading in 2023. Sandy Spring Bancorp in Olney, Md.; Burke & Herbert Financial Services in Alexandria, Va.; and Synovus Financial in Columbus, Ga., are among the companies that announced moves that will take place on Jan. 1. The $13.9 billion-asset Sandy Spring said that Daniel […]
NYDIG innovation officer leaves to form new company
Patrick Sells has left NYDIG to co-found a company that will help financial institutions with digital upgrades and vetting fintech partners. Sells, who was NYDIG’s chief innovation officer, has formed True Digital along with Ryan Alfred. He was chief innovation officer at Quontic Bank before joining NYDIG. “I am launching into a new endeavor with […]
Binance agrees to buy Voyager Digital’s assets
Binance.US in Palo Alto, Calif., has agreed to buy Voyager Digital’s assets for about $1 billion. Voyager, which has been navigating the bankruptcy process since July 5, said in a press release that Binance provided the “highest and best bid for its assets after a review of strategic options.” Voyager said the bid “sets a […]
Calvin B. Taylor Bankshares in Md. has new chairman
Calvin B. Taylor Bankshares in Berlin, Md., has a new chairman. The company said in a press release that Tom Coates was also named chairman of its $931 million-asset bank. Coates, a director since May 2014, is a member of accounting firm Coates, Coates and Coates. He also chairs the bank’s governance committee and is […]
ACNB in Pennsylvania to rebrand Maryland operations
ACNB in Gettysburg, Pa., is applying its brand to its operations in Maryland. The $2.7 billion-asset company said in a press release that NWSB Bank and FCB Bank will become ACNB Bank on Jan. 1. The current brands will be retired. “We believe this brand alignment will eliminate any confusion for our customers who bank […]
M&T Bank to sell specialized trust business
M&T Bank in Buffalo has agreed to sell the collective investment trust business of one of its subsidiaries to Madison Dearborn Partners. The $198 billion-asset M&T said in a press release that its Wilmington Trust unit expects to complete the sale in mid-2023. The price wasn’t disclosed. The CIT business provides third-party trustee and administrative […]
Traditions First in Tenn. lines up next president
Traditions First Bank in Clarksville, Tenn., will soon have a new president. The $235 million-asset bank said in a press release that Kyle Miller will take on the role on Jan. 1. Miller has been an executive vice president and served on the bank’s board since its formation in 2000. Miller will succeed Tommy Mitchell, […]
Former CFPB official to advise fintech Pinwheel
Pinwheel, a fintech that aggregates real-time income and employment data, has added a former Consumer Financial Protection Bureau official to its advisory team. The company said in a press release that Raj Date had become an advisor. Date, a former deputy director at the CFPB, is a managing director of Fenway Summer, an investment firm, […]