Wisconsin bank is latest to shed securities at a loss
Add 1895 Bancorp of Wisconsin in Greenfield to the list of banks repositioning their balance sheets. The $553 million-asset company said in a press release that it sold $21.4 million of securities for an after-tax loss of $1.4 million. Proceeds contributed to the purchase of about $21.4 million of government-sponsored mortgage-backed securities. The transactions should […]
Trustmark taking $6.5M charge in 3Q to resolve litigation
Trustmark in Jackson, Miss., will set aside $6.5 million in the third quarter to cover the potential resolution of a nearly four-year-old legal matter. The $18.4 billion-asset company disclosed in a regulatory filing that it has reached a settlement with the court-appointed receiver for Madison Timber Properties and Arthur Lamar Adams. The receiver […]
BM Technologies co-CEO resigns five months after taking job
BM Technologies in Wayne, Pa., said its co-CEO resigned after just five months on the job. The fintech disclosed in a regulatory filing that Rajinder Singh stepped down on Aug. 29 “for personal reasons.” The company said his departure was not due to any disputes or disagreements/ BM Technologies said it had initiated […]
Five Star CU announces another bank purchase
Five Star Credit Union in Dothan, Ala., has agreed to buy Wilcox County State Bank in Abbeville, Ga. – the fifth credit union-bank merger announced this week. The $773 million-asset Five Star did not disclose the price it will pay for the $178 million-asset bank. The deal is expected to close in the second quarter. […]
Michigan State University FCU lines up second bank purchase
Michigan State University Federal Credit Union in Lansing has announced its second bank acquisition in the past week. The $7.6 billion-asset credit union plans to buy the $146 million-asset Algonquin State Bank in Algonquin, Ill., from First Algonquin, the bank’s parent company. The price wasn’t disclosed. The deal is expected to close in the first […]
NexTier to buy Mars Bancorp in Pennsylvania
NexTier in Butler, Pa., has agreed to buy Mars Bancorp in Mars, Pa. The $2.1 billion-asset NexTier said in a press release that it expects to complete its purchase of the $521 million-asset Mars in the first quarter. NexTier said it will pay $32 million in cash based on Mars’ shares outstanding. Jim Dionise, Mars’ […]
PB Financial to buy Coastal Bank in North Carolina
PB Financial in Rocky Mount, N.C., which recently raised capital, has agreed to buy Coastal Bank & Trust in Jacksonville, N.C. The $879 million-asset PB Financial said in a press release that it will pay $25.8 million in cash and stock for the $206 million-asset Coastal. The deal is expected to close in the second […]
Frankenmuth CU forms CUSO to invest in fintechs
Frankenmuth Credit Union in Frankenmuth, Mich., has created a credit union service organization (CUSO) to evaluate investment opportunities in the fintech space. The $1.2 billion-asset credit union said in a press release that CU Digital One will focus on blockchain and cryptocurrency, digital securities investment solutions and artificial intelligence. “This CUSO is a natural extension […]
Bank First to sell minority stake in tech services firm
Bank First in Manitowoc, Wis., has agreed to sell its minority stake in technology firm UFS. The $4.1 billion-asset Bank First said in a press release that it will sell its 49.8% stake to an “institution with a significant focus on tech-enabled business services.” A pretax gain of $40 million will be recognized in […]
Innovations Financial CU to buy First National Bank NW Florida
Innovations Financial Credit Union in Panama City, Fla., has agreed to buy First National Bank Northwest Florida in Panama City – the third credit union-bank deal announced this week. The $390 million-asset credit union did not disclose the price it will pay for the $179 million-asset First National. First National had agreed last year to […]
Western Alliance hires treasury, C&I executives
Western Alliance Bancorp. in Phoenix has hired executives to oversee treasury management and commercial and industrial (C&I) banking. The $65 billion-asset company said in a press release that Todd Sondrini had become its head of treasury management, a new position. He previously served as executive director of treasury management at Fifth Third Bancorp. Sondrini’s “global […]
Integro in Phoenix forms mortgage division
Integro Bank, a Phoenix de novo, has created a mortgage division. The $42.6 million-asset bank said in a press release that the division is led by Steven Zielsdorf, its director of residential mortgage lending. “We offer a wide variety of loan programs to meet your mortgage financing needs whether you are a traditional residential home […]
How PacWest juggled deposit outflows and merger talks
PacWest Bancorp in Beverly Hills, Calif., held “more advanced” talks with two potential buyers before it began negotiating its agreement to sell to Banc of California in Santa Ana. The $9.3 billion-asset Banc of California agreed in July to buy the $38.3 billion-asset PacWest in a roughly $1 billion deal backed by entities tied to […]
American Bank of Oklahoma settles DoJ mortgage claims
American Bank of Oklahoma in Collinsville has settled claims by the Justice Department that it failed to meet the mortgage lending needs of minority neighborhoods around Tulsa. The $383 million-asset bank, which denied the allegations, said in a press release that agreed to resolve the matter “to avoid the cost and distraction of protracted litigation.” […]
Proposed Ohio bank gets approval from state regulator
Fortuna Bank, a proposed de novo in Grandview Heights, Ohio, has received conditional approval from the Ohio Department of Financial Institutions. The proposed women-owned bank still needs approval from the Federal Deposit Insurance Corp. “We are now permitted to initiate our capital raise and accept investor dollars,” Lisa Berger, the proposed bank’s chairman, said in […]
Regulators propose debt rules for large U.S. banks
Federal bank regulators want regional banks to hold more debt and update their resolution plans. U.S. banks with at least $100 billion of assets would be required to hold enough long-term debt to absorb losses should they fail, according to a notice of proposed rulemaking from the Treasury Department, Office of the Comptroller of the […]
Fourth Capital, Volunteer State in Tennessee to merge
Gaylon Lawrence Jr. is looking to combine two banks he owns. Fourth Capital Bank in Nashville, Tenn., is planning to merge with Volunteer State Bank in Portland, Tenn., to create a $1.5 billion-asset bank with 18 branches. “Middle Tennessee is known for its vibrant and diverse economic climate, and it continues to be one of […]
Michigan State FCU inks first-ever bank acquisition
Michigan State University Federal Credit Union in East Lansing, Mich., has agreed to buy McHenry Savings Bank in McHenry, Ill. The $7.6 billion-asset credit union said in a press release that it expects to buy the $312 million-asset unit of McHenry Bancorp in the first quarter. The credit union plans to pay $39 to $41 […]
Five Star Credit Union lines up third bank acquisition
Five Star Credit Union in Dothan, Ala., has lined up its third bank acquisition. The $775 million-asset credit union said in a press release that it has agreed to buy the $215 million-asset OneSouth Bank in Macon, Ga. The price wasn’t disclosed. The deal is expected to close in the second quarter. Five Star bought […]
Banks in Miss., La. file applications for pending acquisitions
A pair of banks has filed with regulators to proceed with pending acquisitions. Commerce Bancorp in Greenwood, Miss., applied to acquire Morton Bancorp in Morton, Miss., and $80.9 million-asset unit Bank of Morton. No terms were disclosed when the deal was announced in July. Commerce, the parent of the $810 million-asset Bank of Commerce, expects […]
Potential hostile takeover brewing in California
Summit State Bank in Santa Rosa, Calif., is dealing with a potential hostile takeover by Big Poppy Holdings in Santa Rosa. Big Poppy, the parent of the $5.7 billion-asset Poppy Bank, applied with the Federal Reserve for a “change in control” that would allow it to boost its 4.9% stake in the $1.2 billion-asset Summit […]
Sandy Spring in Md. to incur charge from ending pension plan
Sandy Spring Bancorp in Olney, Md., will incur an $8.2 million charge in the third quarter tied to pension settlement expenses. The $14 billion-asset company disclosed in a regulatory filing that it recently transferred $33.7 million of pension obligations tied to the termination of its pension plan. Pension obligations were distributed through a combination of […]
Live Oak in NC taps CFO as next bank president
Live Oak Bancshares in Wilmington, N.C., has a new bank president. The $10.8 billion-asset company said in a press release that BJ Losch had succeeded Huntley Garriott. Live Oak did not say why Garriott had left or where he was going. Losch will remain the company’s chief financial officer. Losch, who had also served as […]
Eagle in Va. sells marine finance business to Axos
Eagle Financial Services in Berryville, Va., has sold its marine finance business to Axos Financial in Las Vegas. The $1.8 billion-asset Eagle said in a regulatory filing that Axos agreed to buy LaVictoire Finance for $1.5 million. Axos agreed to assume the servicing of the bank’s marine finance loans, and those of third […]
Central Plains in Neb. planning mutual conversion
Central Plains Bancshares in Grand Island, Neb., plans to raise $36.8 million as part of a mutual conversion. The parent of the $438 million-asset Home Federal Savings and Loan Association of Grand Island said in a press release that it expects to sell about 3.7 million shares of common stock at $10 each. The company […]