GreenState Credit Union in Iowa cuts 42 jobs
GreenState Credit Union in North Liberty, Iowa, has cut about 5% of its workforce. The $10.7 billion-asset credit union eliminated 42 positions, citing lower loan demand. Most of the cuts came in GreenState’s mortgage lending and commercial banking operations. “This action was necessary due to the market corrections currently taking place that have a direct […]
BCB in N.J. discloses quarrel with former director
BCB Bancorp in Bayonne, N.J., is facing claims of wrongfully removing a director. The $3.1 billion-asset company disclosed in a regulatory filing Friday that it had received a letter from a lawyer representing August Pellegrini claiming Pelligrini was removed after objecting to improper board practices. The letter claimed that, since April 2019, Pellegrini had observed […]
Capital One freed from reg order tied to data breach
Capital One Financial in McLean, Va., has been freed from a 2020 consent order from the Office of the Comptroller of the Currency. The $435 billion-asset company was hit with the order after a 2019 data breach. The order, terminated on Aug. 31, required Capital One to form a compliance committee and pay an $80 […]
U.S. Bancorp moves termination date for MUFG Union
U.S. Bancorp in Minneapolis and Japan’s Mitsubishi UFJ Financial Group have pushed back the termination date for U.S. Bancorp’s proposed purchase of MUFG Union Bank. The companies said in a press release Friday that the date was moved from Sept. 30 to Dec 31. Both parties said they remain committed to completing the transaction, which […]
Banc of California entering payment processing via deal
Banc of California in Santa Ana has acquired payments platform Global Payroll Gateway. The $9.5 billion-asset Banc of California said in a press release that it will pay $24 million in cash and stock for Global Payroll and unit Deepstack Technologies. Based in Jupiter, Fla., Deepstack provides merchant processing, payments acceptance and disbursements, among other […]
Unity National in Houston ordered to improve processes
Unity National Bank of Houston has entered into a written agreement with the Office of the Comptroller of the Currency requiring the bank to improve its processes. The OCC said in the order that it intervened after it found “unsafe or unsound” practices tied to strategic and capital planning, credit risk management, the loan-loss allowance […]
CFPB: BNPL should be enforced like credit cards
The Consumer Financial Protection Bureau Financial said financial institutions that offer Buy Now, Pay Later (BNPL) services should treat them similar to credit card products. The CFPB made that assessment as part of the release of its first comprehensive report on BNPL products. The agency, which obtained data from Affirm, Afterpay, Klarna, PayPal and Zip, […]
Agility Bank in Houston exceeds fundraising target
Agility Bank in Houston exceeded the amount of capital regulators required it to raise. Organizers said in a press release that they brought in $41 million in capital – exceeding the $30 million they were instructed to raise. More than 350 investors, majority female, participated in the capital raise. Bank of America was also among […]
DLP Bancshares in Fla. buys Community State Bank
DLP Bancshares in St. Augustine, Fla., has acquired Community State Bank in Starke, Fla. DLP, a consortium of private investors, said in a press release that it also made a “significant capital contribution” to the $225 million-asset Community State as part of the transaction. The price wasn’t disclosed. Community State “is a tremendous asset to […]
Neobank Majority brings in $37.5M of new funding
Majority, a Miami neobank that is focusing on U.S. immigrants, has raising more capital. The company said in a press release that it had raised $37.5 million in Series B funding, consisting of $30 million in equity from Valar Ventures and Heartland Capital and $7.5 million in debt financing from a U.S. bank. Majority had […]
Fed approves Allegiance, CBTX merger
Allegiance Bancshares and CBTX have received approval from the Federal Reserve three weeks after moving the deadline for the Houston companies’ merger. The companies, which plan to rebrand as Stellar Bancorp, announced their merger in November. They disclosed late last month that they had pushed the termination date back from Aug. 2 to Nov. 1. […]
Republic First in Pa. exploring strategic options
Republic First Bancorp in Philadelphia has begun a strategic review. The $5.7 billion-asset company said in a press release that the decision came after “inquiries by multiple parties expressing interest in one or more potential strategic transactions.” Republic First said it had set up a strategic review committee of the board to review the inquiries […]
SVB in California adds investment banker to board
SVB Financial Group in Santa Clara, Calif., has appointed an investment banker to its board. The $214 billion-asset company said in a press release Wednesday that Thomas King, an operating partner of Atlas Merchant Capital, had become a director. King, who was CEO of investment banking at Barclays from 2014 to 2016, will serve on […]
The Bancorp in Delaware set to switch bank charters
The Bancorp in Wilmington, Del., is set to convert to a national bank charter. The $7.1 billion-asset company disclosed in a regulatory filing Wednesday that its bank will begin operating as a national bank tomorrow. The Bancorp plans to move its bank’s headquarters from Wilmington to Sioux Falls, S.D., early next year. The company’s payments […]
First Seacoast raising up to $36M from second step
First Seacoast Bancorp in Dover, N.H., plans to raise up to $36.3 million from its second-step conversion from a mutual to a fully stock-owned company. The $510 million-asset company said in a regulatory filing that it expects to receive $26.5 million to $36.3 million of net proceeds as part of the conversion. First Seacoast said […]
First NBC exec pleads guilty for role in bank’s failure
Another former executive at First NBC Bank has pleaded guilty to charges tied to the New Orleans bank’s April 2017 failure. William Burnell, the bank’s chief credit officer from 2006 until its failure, pleaded guilty to conspiracy to defraud First NBC. He was accused of misrepresenting information on monthly reports showing the quality of the […]
Citizens in R.I. to buy college planning tool
Citizens Financial Group in Providence, R.I., has agreed to buy College Raptor, an online college planning platform based in Iowa City. The $227 billion-asset Citizens did not disclose the price it will pay. The deal is expected to close in the fourth quarter. College Raptor, founded in 2012, matches prospective students to schools based on […]
Colony in Ga. splits president, CEO titles
Colony Bankcorp in Fitzgerald, Ga., is splitting up the roles of president and CEO. The $2.7 billion-asset company said in a press release Tuesday that R. Dallis Copeland Jr. had become its president. Copeland, who had been serving as a special adviser to Colony, succeeded Heath Fountain, who remains CEO. Colony said the move follows […]
VisionBank of Iowa to buy Legacy Bank
VisionBank of Iowa in Ames has agreed to buy Legacy Bank in Altoona, Iowa. The $595 million-asset VisionBank said in a press release that it expects to complete the purchase of the $176 million-asset Legacy in late 2022. The price wasn’t disclosed. “We are confident that the powerful synergies, additional market coverage and financial strength […]
JPMorgan to buy payments technology company
JPMorgan Chase in New York has agreed to buy Renovite Technologies in Fremont, Calif. The $3.8 trillion-asset company said in a press release Monday that Renovite, a cloud-native payments technology company, will help it build a next-generation merchant acquiring platform. JPMorgan did not disclose the price it will pay. Renovite, founded in 2015, will become […]
U.S. Bancorp moving closing, conversion for MUFG Union
U.S. Bancorp in Minneapolis now expects its pending purchase of MUFG Union Bank to close several months later than previously forecast. Executives at the $558 billion-asset U.S. Bancorp said during a conference appearance Monday that they expect to complete the $8 billion acquisition, announced a year ago, later in the second half of 2022. With […]
OCC names new chief climate risk officer
The Office of the Comptroller of the Currency has named a new chief climate risk officer. The OCC said in a press release Monday that Nina Chen had accepted the post. She will lead the agency’s climate risk efforts tied to supervision, policy and external engagement. Chen will report to Acting Comptroller of the Currency […]
Neighborhood National in Calif. freed from BSA order
Neighborhood National Bank in El Cajon, Calif., has been freed from a consent order with the Office of the Comptroller of the Currency. The $119 million-asset Neighborhood had been operating under the order since March 2016. It required the bank to improve compliance tied to the Bank Secrecy Act and anti-money laundering laws. “We are […]
Proposed trust bank hires blockchain vet as CEO
Protego Trust Bank, a proposed federally chartered trust bank that would serve the digital asset needs of institutional investors, has hired a new CEO. Organizers of the planned Seattle trust bank said in a press release Monday that Ron Totaro has accepted the post. He previously served as CEO of Tassat Group. Totaro “brings a […]
Stearns Bank division offering small-dollar SBA loans
Stearns Bank in St. Cloud, Minn., has introduced a small-dollar Small Business Administration loan through one of its lending divisions. The $2.3 billion-asset bank said in a press release that South End Capital is now offering an SBA Express platform that makes streamlined 7(a) loans for up to $25,000. “We have revolutionized the way small […]