First Foundation in Texas looking for new president
The president of First Foundation in Dallas has resigned. The $12.3 billion-asset company said in a press release Tuesday that David DePillo, who had been president since 2015, had stepped down. Kevin Thompson, the company’s chief financial officer, succeeded DePillo on an interim basis. The company said it plans to conduct a search process for a […]
FV Bank in P.R. launches digital asset custody service
FV Bank in San Juan, P.R., has launched a digital asset custody and settlement service. The bank said in a press release that it will serve U.S. and international clients. It will initially handle Bitcoin with the addition of Ethereum, USDC and USDT custody in coming weeks. More digital assets will be added over time. […]
OceanFirst, Partners terminate merger agreement
OceanFirst Financial in Red Bank, N.J., and Partners Bancorp in Salisbury, Md., have terminated their planned merger after being unable to secure all the necessary regulatory approvals. The $12.7 billion-asset OceanFirst and the $1.7 billion-asset Partners said in a press release that both boards approved the decision. Each company will bear its own costs […]
Auburn National selects insider as next CEO
Auburn National Bancorp. in Auburn, Ala., has lined up a new CEO. The $1 billion-asset company said in a press release Tuesday that David Hedges will also succeed Bob Dumas as president on Jan. 1. Dumas will remain Auburn National’s chairman. Hedges, the company’s chief financial officer, will also join the board. James Walker, Auburn […]
Binance agrees to buy crypto rival FTX
Binance has agreed to buy cryptocurrency rival FTX. Binance CEO Changpeng Zhao tweeted on Tuesday that his company had signed a letter of intent to acquire FTX, with due diligence to occur “in coming days.” Zhao said “there is a significant liquidity crunch,” adding that the deal was necessary to “protect users.” “Things have come […]
Orrstown lowers 3Q earnings to reflect legal settlement
Orrstown Financial in Shippensburg, Pa., has revised its third-quarter earnings downward to reflect the settlement of a class-action lawsuit. The $2.8 billion-asset company on Monday agreed to pay $13 million to a group led by the Southeastern Pennsylvania Transit Authority. The lawsuit, filed in 2012, took issues with statements the company made in association with […]
Sterling in Mich. says mortgage partner is shutting down
Sterling Bancorp in Southfield, Mich., is dealing with a mortgage partner’s decision to shut down. The $2.5 billion-asset Sterling said in a press release that a recent decision by Promontory MortgagePath to end operations will impact the banking company’s current mortgage program. Sterling earlier this year began to outsource its mortgage loan production services to […]
Silvergate taps insider as new president
Silvergate Capital in La Jolla, Calif., has a new president. The $15.5 billion-asset company said in a press release that Ben Reynolds had taken on the role. He succeeded Alan Lane, who remains CEO. Reynolds joined Silvergate in 2016 to lead the growth of its digital asset initiative. He has held various roles, including business […]
Bank of Commerce in Idaho names new president
Bank of Commerce in Ammon, Idaho, has a new president. The $.19 billion-asset bank tapped Mike Morrison to fill the post. He previously served as the bank’s chief credit officer. “I am certain that Mike will do an outstanding job in his new role and will lead the bank to continued success,” Tom Romrell, the […]
Columbia to divest branches tied to Umpqua merger
Columbia Banking System in Tacoma, Wash., will sell 10 branches in Washington, Oregon and northern California. The $20 billion-asset Columbia said in a pair of press releases that the sales are tied to securing clearance from the Justice Department to buy Umpqua Holdings in Portland, Ore. Columbia will sell seven branches in Oregon and Washington […]
Fed approves New York Community-Flagstar deal
New York Community Bancorp in Hicksville, N.Y., has received all the approvals needed to buy Flagstar Bancorp in Troy, Mich. The $63 billion-asset New York Community said in a press release that the Federal Reserve has approved it pending purchase of the $25.4 billion-asset Flagstar. The news comes less than two weeks after the Office […]
Builtwell Bank in Tennessee has new president
Builtwell Bank in Chattanooga, Tenn., has a new president. Mitch Sanford shared in a LinkedIn post that he had taken on the post at the $1.4 billion-asset unit of First Volunteer Corp. Sanford previously served as an executive vice president and commercial banking executive at Builtwell. Before that, he was president and CEO of First […]
Republic First to hold 2022 annual meeting – in January
Republic First Bancorp in Philadelphia finally has a date for its annual meeting. The $5.7 billion-asset company disclosed in a regulatory filing that the meeting will be held on Jan. 26. Shareholders of record on Nov. 29 will be allowed to vote at the meeting. Republic First has delayed the meeting for months because an […]
Fifth Third forms independent RIA
Fifth Third Bancorp in Cincinnati has formed an independent registered investment adviser. The $206 billion-asset company said in a press release that Fifth Third Wealth Advisors is being led by Eric Housman, who has been at the bank for more than a decade. He previously served as managing director of Fifth Third Private Bank’s MidAtlantic […]
IFH close to addressing legal prerequisite for sale to MVB
Integrated Financial Holdings in Raleigh, N.C., is close to resolving litigation that it must address before selling to MVB Financial in Fairmont, W.Va. The $3 billion-asset MVB agreed on Aug. 12 to buy the $425 million-asset IFH, the parent of the West Town Bank, for $98 million in stock. The deal will give MVB added […]
TIAA to sell its bank to an investor group
TIAA has agreed to sell TIAA Bank to a group of investors. The retirement company said in a press release that it expects to close the sale next year. It didn’t disclose the price to be paid for the $36 billion-asset bank. The sale will allow TIAA to focus on its retirement business and Nuveen, […]
U.S. Bancorp discloses CFPB probe of unemployment payments
U.S. Bancorp in Minneapolis is the latest bank to face an investigation from the Consumer Financial Protection Bureau tied to its administration of unemployment insurance payments on prepaid debit cards. The $601 billion-asset company disclosed in a regulatory filing that it is “cooperating fully” with the probe, though it provided no further details. The CFPB […]
Wings Financial Credit Union to buy bank in Wisconsin
Wings Financial Credit Union in Apple Valley, Minn., has agreed to buy Settlers Bank in DeForest, Wis. The $8 billion-asset Wings said in a press release that it expects to complete the purchase of the $390 million-asset Settlers by the middle of 2023. The price wasn’t disclosed. Wings plans to rebrand Settlers’ branches as Settlers […]
Home in Wis. sets investor payout after bank sold to credit union
Home Bancorp Wisconsin in Madison will pay a distribution to its shareholders as part of its planned dissolution. The former holding company of the Home Savings Bank said in a press release that it will pay $28.15 a share to investors around Nov. 21. Around that time, the company’s shares will be removed from the […]
Credit union groups in Kansas, Texas to merge Dec. 31
Credit union associations in Kansas and Texas are set to merge on Dec. 31. The Cornerstone League and Heartland Credit Union Association said in a press release that their members approved the merger. About 93% of the members that voted backed the combination. Seventeen of the 20 objections came from the Heartland Credit Union Association. […]
Three Minn. credit unions sue state regulator over blocked bank deal
Three Minnesota credit unions have filed a lawsuit against the state’s banking regulator in an attempt to override the agency’s refusal to approve credit union-bank deals. The lawsuit, filed in Ramsey County District Court on Sept. 20 by Magnifi Financial Credit Union, Royal Credit Union and Wings Financial Credit Union, claims that the Minnesota Department […]
Two credit unions bid on Citizens Bancshares in Missouri
Two credit unions bid to buy the banking unit of Citizens Bancshares, but tax considerations and potential challenges in securing regulatory approval led the Kansas City, Mo., company to negotiate with Southern Missouri Bancorp in Poplar Bluff. The $3.2 billion-asset Southern Missouri agreed on Sept. 20 to buy the $1 billion-asset Citizens for $140 million. […]
Signature Bank of Georgia hires new CEO
Signature Bank of Georgia in Sandy Springs has a new CEO. The $187 million-asset bank said in a press release that Charlie Brown had taken on the role. Brown previously served as president and CEO of Loyal Trust Bank, according to his LinkedIn profile. “Charlie’s significant experience in banking combined with his leadership skills and […]
Ransomware payments spiked in 2021: FinCEN
Financial institutions processed nearly $1.2 billion of suspected ransomware payments last year. The Financial Crimes Enforcement Network (FinCEN) said there were 1,489 ransomware attacks in 2021, based on data from Bank Secrecy Act filings. Financial institutions reported $416 million of damages a year earlier. FinCEN determined that “a substantial number of ransomware attacks appear to […]
Wells Fargo in settlement talks with CFPB
Wells Fargo in San Francisco is holding discussions with the Consumer Financial Protection Bureau to address a number of investigations. The $1.9 billion-asset company, which set aside $2 billion in the third quarter to deal with legal matters, made the disclosure in its quarterly filing with the Securities and Exchange Commission. “The company is in […]