OCC pushing New York Community to exit stablecoin effort
New York Community Bancorp in Hicksville will likely need to exit the USDF Consortium to buy Flagstar Bancorp in Troy, Mich. The Office of the Comptroller of the Currency, in its conditional approval for the $2.6 billion deal, instructed the $63 billion-asset New York Community to divest its interest in the group within two years […]
Fintech Upstart lays off 140 employees
Upstart Holdings in San Mateo, Calif., has cut 140 jobs. The fintech, which focuses on personal and auto loans, disclosed in a regulatory filing that it eliminated positions that help process loan applications. Upstart said the cuts were necessary “given the challenging economy and reduction in the volume of loans on our platform.”
Customers in Pa., Kabbage to settle PPP dispute
Customers Bancorp in West Reading, Pa., has settled a legal dispute with Kabbage over the Paycheck Protection Program. The $20.4 billion-asset Customers disclosed in a regulatory filing that its bank will pay $58 million to Kabbage, which has been going through the bankruptcy process. Kabbage had claimed it was owed $65.5 million in fees tied […]
Truist in N.C. forms innovation team
Truist Financial in Charlotte, N.C., has formed an innovation team built around a gamification company it bought earlier this year. The $548 billion-asset company announced last week that Truist Foundry will work across business lines to develop and test products. The 45-person team includes a dozen engineers and designers from Long Game, which Truist bought […]
U.S. Bancorp reveals data breach tied to credit cards
U.S. Bancorp in Minneapolis has disclosed a data breach involving credit card customers. The $370 billion-asset company filed a notice with the California Attorney General’s office stating that some personal data was compromised when a vendor accidentally shared a file with the information. The event is believed to have taken place on Sept. 27. A […]
Coastal in Washington shares update on BaaS platform
Coastal Financial in Everett, Wash., disclosed that three of its Banking-as-a-Service clients are preparing to exit the relationship. The $3.1 billion-asset company disclosed in a slidedeck that the number of active partners fell to 19 in the third quarter from 23 a quarter earlier. Looking at the pipeline, five companies have signed letters of intent, […]
Peapack-Gladstone enters life insurance premium finance
Peapack-Gladstone Financial in Bedminster, N.J., has launched a life insurance premium finance business after hiring a pair of bankers from Wintrust Financial. The $6.2 billion-asset company said in a press release that the specialty finance loans allow high-net-worth clients and corporations to obtain life insurance while retaining assets for other investments. These specialty finance loans […]
New York Community-Flagstar deal receives OCC approval
New York Community Bancorp in Hicksville and Flagstar Bancorp in Troy, Mich., have received approval from the Office of the Comptroller of the Currency to merge their banks. The $63 billion-asset New York Community and the $25.4 billion-asset Flagstar said in a press release that they also agreed to extend the termination date for the […]
Truliant Federal Credit Union opens SC regional office
Truliant Federal Credit Union in Winston-Salem, N.C., has opened its first regional office in South Carolina. The $4 billion-asset credit union plans to open three more offices in the state, which would bring its total number of locations to five. The vast majority of its branches are in North Carolina. Truliant bought the 19,000-square-foot building […]
OCC to form Office of Financial Technology
The Office of the Comptroller of the Currency is planning to create an Office of Financial Technology. The OCC said in a press release that the office, set to debut early next year, will bolster its “expertise and ability to adapt to a rapidly changing banking landscape.” The new office will incorporate the Office of […]
ConnexPay raises $110M in latest funding round
ConnexPay, a payments technology company, has raised $110 million in equity. The company said in a press release that FTV Capital led the investment. The funding will allow ConnexPay to expand in Europe and other international markets. ConnexPay, which was founded in 2017, has raised $145 million, inclusive of the latest funding. “ConnexPay was founded […]
NFL star Patrick Mahomes invests in Texas bank
Professional football star Patrick Mahomes has become the second-biggest investor in American State Bank in Tyler, Texas. The $758 million-asset bank did not disclose how much Mahomes invested or his stake. American State said the investment will help it with expansion and digital transformation. “I opened my first account with American State Bank when I […]
Republic in Ky. to gain equipment finance business via deal
Republic Bancorp in Louisville, Ky., has agreed to buy CBank in Cincinnati. The $6 billion-asset Republic said in a press release that it will pay $51 million in cash for the parent of Commercial Industrial Finance. CIF, based in St. Louis, provides equipment leasing and financing to businesses nationwide. The deal is expected to close […]
Civista in Ohio buys equipment finance company
Civista Bancshares in Sandusky, Ohio, has completed its purchase of an equipment finance company. The $3.3 billion-asset Civista said in a press release that the acquisition of Vision Financial Group closed earlier this month. Vision, founded in 1991, provides lending solutions to small- and midsize businesses and large corporate customers nationwide. As of June 30, the […]
CFPB issues guidance on so-called ‘junk fees’
The Consumer Financial Protection Bureau has issued guidance about “junk fees,” targeting two practices that it believes are “likely unfair and unlawful under existing law.” The CFPB has its sights set on “surprise overdraft fees” such as those that occur when customers have sufficient funds to cover a debit charge at the time the bank […]
Western Bankers Association looking for new CEO
The Western Bankers Association is looking for a new leader. The association announced that Stephen Andrews will resign as its president and CEO, effective at the end of this month. Andrews, who is also stepping down as the leader of the California Bankers Association, has held his posts since May 2019. The WBA said that […]
Finward in Indiana continues to close branches
Finward Bancorp in Munster, Ind., is continuing to close branches. The $2.1 billion-asset company, which closed two branches in July, said in a press release that it will shutter three more locations by the end of this year. Finward also closed a branch in 2021. Finward said that each closure will reduce operational costs by […]
Second Iowa credit union cuts dozens of jobs
Collins Community Credit Union in Cedar Rapids, Iowa, is the latest credit union to announce layoffs. The $1.6 billion-asset credit union cut 38 positions on Oct. 6, according to published reports. Most of the cuts came in its mortgage operations. The announcement comes weeks after GreenState Credit Union in North Liberty, Iowa, cut 42 positions, […]
Fintech Finexio raises $35M in latest funding round
Finexio, an Orlando, Fla., fintech, has raised $35 million in Series B funding round that included several banks among the investors. Finexio, a B2B accounts payables Payments-as-a-Service company, said in a press release that J.P. Morgan was the biggest investor. Patriot Financial Partners, Discover Financial Services, Valley National Bancorp and Trogg Hawley Capital also participated. […]
Peoples in Ohio to buy Limestone in Kentucky
Peoples Bancorp in Marietta, Ohio, has agreed to buy Limestone Bancorp in Louisville, Ky. The $7 billion-asset Peoples said in a press release that it will pay $208.2 million in stock for the $1.5 billion-asset Limestone. The acquisition, nicknamed “Project Bourbon,” is expected to close in the second quarter. The deal priced Limestone at 173% […]
GBank Financial in Las Vegas rebrands its bank
GBank Financial Holdings in Las Vegas has rebranded its bank. The $667 million-asset company said in a press release that its Bank of George will be known as GBank. GBank Financial also debuted a new corporate brand and website. “More and more, our national markets and communities have associated our success with the shortened name […]
Talks between Republic First, investor hit impasse
Republic First Bancorp in Philadelphia has been unable to negotiate a truce with one of its biggest investors. The $5.7 billion-asset company said in a press release that it tried to hammer out a standstill agreement with a group that includes George Norcross and Gregory Braca. Republic First said the Norcross-Braca group wanted $3.5 million […]
Sterling in Mich. reorganizes legal department
Sterling Bancorp in Southfield, Mich., which recently filed a lawsuit against its founder and former CEO, has hired a chief legal officer. The $2.5 billion-asset company disclosed in a regulatory filing that it had added Elizabeth Keogh as part of a reorganization of its legal department. Keogh has been a self-employed legal consultant for the […]
RBB in Los Angeles taps interim CEO as permanent leader
RBB Bancorp in Los Angeles didn’t have to look too hard to find its permanent CEO. The $3.9 billion-asset company said in a press release that it has removed “interim” from David Morris’ title. Morris, who will remain RBB’s chief financial officer, will join the company’s board. Morris will spearhead efforts to hire […]
Citizens Community in Wisconsin closing three branches
Citizens Community Bancorp in Eau Claire, Wis., is thinning its branch network. The $1.8 billion-asset company said in a press release that it closed a branch in St. James, Minn., in September. Citizens plans to close two more branches – in Rice Lake, Wis., and Red Wing, Minn. – by the end of this year. […]