MainStreet playing long game with BaaS division
MainStreet Bancshares in Fairfax, Va., expects its Banking-as-a-Service (BaaS) division to break even within two years of having a fully operational solution. The $1.9 billion-asset company was asked during its Oct. 17 earnings conference call to provide that estimate for its Avenu business. Management made good on a promise to look into the request and […]
Fintech Biller Genie raises $5M in new funding
Biller Genie, a Miami fintech that provides AR automation and has a B2B payments platform, will open an office in Orlando after raising $5 million in Series A funding. The fintech said that the round was led by Henry Helgeson, who will join its board. Biller Genie plans to use the funding to continue […]
Grand Bank for Savings in Miss. has new CEO
Chris Sawyer has become president and CEO of Grand Bank for Savings in Hattiesburg, Miss. Sawyer, who had been the $107 million-asset bank’s chief financial officer, made the announcement via an update on his LinkedIn profile. Sawyer, who joined Grand in 2019, was president of Peoples Bank of Alabama from 2007 to 2014. He was […]
Atlantic Union working on customer account issue
Atlantic Union Bankshares in Richmond, Va., is looking to address an issue with some customers’ accounts. The $20 billion-asset Atlantic Union “is working diligently” with a vendor after customers reported that deposits disappeared from their accounts without any notice. The company said the issue stems from a system change by the unnamed vendor. “I would […]
Western Commerce to buy Western Bancshares in N.M.
Western Commerce Bancshares of Carlsbad in New Mexico has agreed to buy Western Bancshares of Clovis in New Mexico. Western Commerce, the holding company for the $617 million-asset Western Commerce Bank, said in a press release that it expects to complete the purchase of the $64.4 million-asset parent of Western Bank of Clovis in the […]
Central Pacific taps insider as next leader
Central Pacific Financial in Honolulu will soon have a new leader. The $7.3 billion-asset company said in a press release that Arnold Martines will become its CEO on Jan. 1. He will succeed Paul Yonamine. Martines, who will also join the board, is the company’s president and chief operating officer. Central Pacific also said that […]
First Capital in Indiana finalizes CEO succession
First Capital in Corydon, Ind., has its next CEO lined up. The $1.2 billion-asset company disclosed in a regulatory filing that Michael Frederick will become president and CEO of its First Harrison Bank on April 1. Frederick, First Capital’s chief financial officer, will become the company’s president and CEO on July 1. […]
De novo Bank Irvine opens in California
Bank Irvine has officially opened. The California de novo bank debuted on Tuesday, according to the Federal Deposit Insurance Corp. Organizers received conditional approval from the FDIC on Aug. 24, which required the group to raise $25 million to open the bank. The group, which plans to open a second branch in Encinitas, Calif., applied […]
Proposed de novo would offer Shariah-compliant products
A de novo bank planned in Minneapolis is seeking to become a minority financial institution that would offer Shariah-compliant products and services. Organizers recently submitted an application with the Federal Deposit Insurance Corp. for AarBank. More than 51% of the voting stock would be owned by minority individuals, according to the application. “The organizers aim […]
How First Commonwealth connected with Centric
Centric Financial in Harrisburg, Pa., explored several mergers, including a merger of equals, before agreeing to be sold to First Commonwealth Financial in Indiana, Pa. The $9.5 billion-asset First Commonwealth agreed on Aug. 30 to buy the $1 billion-asset Centric for $144 million. Centric and its investment bank began a series of discussions with two […]
First Internet, MainStreet share BaaS updates
First Internet Bancorp in Fishers, Ind., and MainStreet Bancshares in Fairfax, Va., remain committed to their Banking-as-a-Service platforms. BaaS has gained more scrutiny from regulators, with the Office of the Comptroller of the Currency hitting Blue Ridge Bank with an enforcement order and the Consumer Financial Protection Bureau expressing an interest in banks’ dealings with […]
Silvergate no longer on pace to create stablecoin in 2022
Silvergate Capital in La Jolla, Calif., is no longer on pace to create its own stablecoin in 2022. Alan Lane, the $15.5 billion-asset company’s CEO, made the disclosure during a conference call to discuss quarterly earnings. He said Silvergate is continuing to work with its regulators while also working on building compliance and operational “muscle.” […]
U.S. Bancorp on pace to buy MUFG Union on Dec. 1
U.S. Bancorp in Minneapolis is on pace to buy MUFG Union Bank in San Francisco on Dec. 1. The $601 billion-asset company said in a press release that it received a green light from the Japanese Financial Services Agency, completing all the approvals needed to complete the $8 billion acquisition. The Federal Reserve, Office of […]
MidWestOne in Iowa hires banking vet as next CEO
MidWestOne Financial Group in Iowa City has its next CEO lined up. The $6.4 billion-asset company said in a press release that Chip Reeves will take over the role on Nov. 1. Reeves previously served as president and CEO of Beach Bancorp in Fort Walton Beach, Fla., which was recently sold to First Bancshares in […]
Citizens Financial in Pa. to buy HV Bancorp
Citizens Financial Services in Mansfield, Pa., has agreed to buy HV Bancorp in Doylestown, Pa. The $2.2 billion-asset Citizens said in a press release that it will pay $67.4 million in cash and stock for the $571 million-asset HV Bancorp. The deal is expected to close in the first half of 2023. HV Bancorp has […]
City Holding to buy Citizens Commerce in Kentucky
City Holding in Charleston, W.Va., has agreed to buy Citizens Commerce Bancshares in Versailles, Ky. The $5.9 billion-asset City said in a press release that it will pay $61 million in stock for the $354 million-asset Citizens. The deal is expected to close in the first quarter. Citizens has five branches, $319 million of deposits […]
Florida Bankers Association head joins TrustCo board
TrustCo Bank Corp NY in Glenville has appointed the president and CEO of the Florida Bankers Association to its board. The $6.2 billion-asset company said in a press release that Alex Sanchez had also joined the board of its bank. Sanchez was appointed to the company’s audit, compensation, compliance, fiduciary, nominating and corporate governance, and […]
Liberty Bank in Conn. eliminates NSF fees
Liberty Bank in Middletown, Conn., is the latest bank to eliminate nonsufficient fund (NSF) and other fees. The $7.4 billion-asset bank said in a press release that it also ended uncollected funds and certain transfer fees tied to consumer and business deposit accounts. “We continuously identify and implement strategies to more effectively serve our personal […]
Hanover Bancorp discloses president’s planned retirement
Hanover Bancorp in Mineola, N.Y., announced that its president is retiring. The $1.6 billion-asset company disclosed in a regulatory filing that Brian Finneran will also retire as president of its bank on Feb. 15. The filing did not disclose if the company has a successor lined up. Hanover and Finneran also agreed to a consulting […]
Green Dot removes CEO, successor named
Green Dot in Austin, Texas, has terminated its president and CEO. The prepaid card and digital banking fintech said in a press release that George Gresham had succeeded Dan Henry, effective Friday. Gresham has been the company’s chief financial and operating officer. Gresham also joined Green Dot’s board in October 2021. Henry also resigned from […]
HBT took second look at Town and Country, filing shows
Town and Country Financial in Springfield, Ill., initially tried to sell itself to HBT Financial in Bloomington, Ill., more than two years prior to announcing a deal. The $4.2 billion-asset HBT agreed in August to buy the $876 million-asset Town and Country for $101.4 million. The banks discussed a merger in December 2019 when they […]
Minneapolis group applies to form de novo bank
A group that includes the former CEO of Amalgamated Bank in New York wants to open a new bank in Minneapolis. Organizers of AarBank applied with the Federal Deposit Insurance Corp. on Oct. 11 for deposit insurance. The application wasn’t immediately available. A public notice filed with the Minneapolis Star Tribune listed 11 organizers, including […]
Fed, OCC approve U.S. Bancorp-MUFG Union merger
The Federal Reserve and the Office of the Comptroller of the Currency have approved U.S. Bancorp’s pending purchase of MUFG Union Bank in San Francisco. U.S. Bank will have $680 billion of assets when the deal closes. The OCC’s conditional approval requires U.S. Bancorp to identify business lines and portfolios that could be sold quickly […]
Business First in La. to raise $47M through stock offering
Business First Bancshares in Baton Rouge, La., plans to raise about $46.8 million from selling common stock. The $5.5 billion-asset company said in a press release that it intends to sell 2.5 million shares at $20 each. Business First plans to use the offering’s net proceeds for general corporate purposes, which may include augmenting […]
How First Bancshares in Miss. got another shot at Heritage Southeast
First Bancshares in Hattiesburg, Miss., took advantage of a second window to buy Heritage Southeast Bancorp. in Jonesboro, Ga. The $6 billion-asset First agreed on July 27 to buy the $1.7 billion-asset Heritage Southeast in a deal valued at $207 million. Hoppy Cole, First’s president and CEO, actually met with Leonard Moreland, Heritage Southeast’s CEO, in […]