Pinnacle in Nebraska to buy Crockett National in Texas
Pinnacle Bancorp in Lincoln, Neb., has agreed to buy Crockett National Bank in San Antonio, Texas. The $7.6 billion-asset Pinnacle said that its purchase of the $630 million-asset Crockett National should close in the second half of this year. The price wasn’t disclosed. Crockett National has five branches and two loan-production offices. Todd Huckabee, Crockett […]
First Bank of Highland Park in Illinois rebrands
First Bank of Highland Park in Illinois has changed its name to First Bank Chicago. The $1.9 billion-asset bank said the change reflects a brand that it has been using with its commercial clients. The new brand “allows us to reach more clients and continue our growth throughout the Chicago metro area,” Eric Ephraim, the […]
Customers formally ending deposit servicing pace
Customers Bancorp in West Reading, Pa., has given formal notice to end its deposit servicing agreement with BM Technologies. The agreement, which has been in place since January 2021, is set to end on Dec. 31. The $19.6 billion-asset Customers announced in January that it planned to end the relationship, noting that the move should […]
BOK looking for new CEO for Texas operations
BOK Financial in Tulsa, Okla., is looking for a new leader for its Texas operations. The $46.8 billion-asset company said in a regulatory filing Friday that Norm Bagwell will step down as CEO of Bank of Texas on Dec. 31. Bagwell “will support the organization’s talent and business development activities on a part-time basis” after […]
BMO Harris takes bite out of overdraft, NSF fees
BMO Harris Bank in Chicago is reducing its overdraft and nonsufficient funds (NSF) fees for consumer and small business banking accounts. The $167 billion-asset unit of Bank of Montreal said in a press release Thursday that it will eliminate overdraft transfer fees on July 12 and do away with NSF fees on Aug. 23. Overdraft […]
Former Cape Cod CEO joins university’s board of trustees
Dorothy Savarese, who recently retired as president and CEO of Cape Cod Five Cents Savings Bank in Hyannis, Mass., has joined the board of trustees at Suffolk University in Boston. Savarese, who remains the $4.6 billion-asset bank’s chairman, was its CEO for more than 17 years. She was succeeded as CEO by Matt Burke and […]
ICBA reiterates stance against CBDC
The Independent Community Bankers of America has reiterated its opposition to a U.S. Central Bank Digital Currency (CBDC). The trade association said in a comment letter to the Commerce Department that it wants the government to step up oversight of digital assets, including cryptocurrency. The ICBA made several arguments in the letter: Digital assets present […]
New Peoples in Va. discloses ‘cybersecurity incident’
New Peoples Bankshares in Honaker, Va., disclosed that its recent systems issues resulted from a cyberattack. The $813 million-asset bank disclosed on its website that it first experienced aninterruption to the operability of its computer systems on June 15. An investigation by a third-party cybersecurity firm found that an unauthorized person gained access to those […]
Western Alliance enters Utah with business banker hires
Western Alliance Bancorp. in Phoenix has entered Utah after hiring a team of business bankers. The $60 billion-asset company said in a press release Wednesday that the bankers will be based in Salt Lake City. The bankers have expertise in real estate, construction and equipment loans, SBA financing, lines of credit and working capital. Seth […]
NorthEast Community in N.Y. brings back former director
NorthEast Community Bancorp in White Plains, N.Y., has brought back a familiar face to its board. The $1.3 billion-asset company disclosed in a regulatory filing Wednesday that Linda Swan had become a director on June 23. She also joined the board of unit NorthEast Community Bank. Swan was a director of NorthEast Community Bancorp, a […]
New York Community, Circle form custodian partnership
New York Community Bancorp in Westbury has formed a partnership with Circle Internet Financial in Boston where the bank will become a custodian for USD Coin reserves. The $61 billion-asset New York Community and Circle will collaborate on strategies for using Circle blockchain and stablecoin solutions to promote access to low-cost financial solutions for underserved and […]
Three banks submitted bids for PCSB Financial
PCSB Financial in Yorktown Heights, N.Y., fielded acquisition offers from three banks before deciding to deal exclusively with Brookline Bancorp in Boston. The $8.6 billion-asset Brookline agreed to buy the $2 billion-asset PCSB in May for $313 million in cash and stock. PCSB decided to seriously consider selling in November when its board assessed challenges […]
Landmark to buy Freedom Bancshares in Kansas
Landmark Bancorp in Manhattan, Kan., has agreed to buy Freedom Bancshares in Overland Park, Kan. The $1.3 billion-asset Landmark said in a press release Tuesday that it will pay $33.4 million in cash for the $223 million-asset Freedom. The deal is expected to close in the fourth quarter. Freedom “has been a strong commercial bank […]
Former First Republic exec lands new CEO post
The former co-CEO of First Republic Bank in San Francisco has been named CEO of a growth-minded real estate finance company. Greystone said in a press release that Hafize Gaye Erkan will succeed Steve Rosenberg, who will remain chairman. Her executive responsibilities will begin in September. Erkan stepped down as co-CEO of First Republic earlier […]
How Cambridge landed deal for Northmark Bank
Northmark Bank in North Andover, Mass., had in-depth discussions to sell to another bank months before agreeing to be sold to Cambridge Bancorp in Massachusetts. The $5 billion-asset Cambridge agreed in May to buy the $442 million-asset Northmark for $63 million in stock. Northmark, however, had exclusive negotiations with another bank between December 2021 and […]
CSBS taps insider as next president and CEO
Jim Cooper was named president and CEO of the Conference of State Bank Supervisors. Cooper has been serving as acting president and CEO since the unexpected death of John Ryan on May 16. Cooper has been the director of policy and supervision at the CSBS for nine years. Before that, he was deputy director at […]
UMB to buy Old National’s HSA business
UMB Financial in Kansas City, Mo., has agreed to buy the health savings account business of Old National Bancorp in Evansville, Ind. The $40.6 billion-asset UMB said in a press release Monday that it will obtain about $500 million of client assets. About $400 million of those assets are held in deposit accounts. The assets […]
Avidia Bank CEO to retire in 2023
Avidia Bank in Hudson, Mass., is on the lookout for a new CEO. The $2.4 billion-asset bank said in a press release Monday that Mark O’Connell, who is also its president, will retire in May 2023. O’Connell, who joined a predecessor bank in 1988, has been president and CEO since 2004. “I’m really proud of […]
Tenn. bank commish still looking to stop CU-bank deal
Greg Gonzales, the commissioner of the Tennessee Department of Financial Institutions, has appealed a judge’s decision that would allow Orion Credit Union to buy Financial Federal Bank. Gonzales argued in his appeal, filed on June 14, that depositors of the bank would be “irreparably harmed and disrupted” if the acquisition closes. He also argued that […]
Organizers plan new bank in Arizona
A group with ties to a wealth management firm in Scottsdale, Ariz., has applied to form a bank in the city. Organizers of Zenith Bank & Trust applied with the Federal Deposit Insurance Corp. on June 23 for deposit insurance. The group plans to register with the Federal Reserve to make Zenith Financial Holding […]
United in Ga. made fast Progress with Ala. bank deal
The leaders of United Community Banks in Blairsville, Ga., and Progress Financial in Huntsville, Ala., quickly bonded as they discussed what would become United’s agreement to buy Progress. The $24 billion-asset United agreed in May to buy the $1.9 billion-asset Progress for $271.5 million in stock. Progress, however, has United on a list of potential […]
Two large credit union associations explore merger
Cornerstone League in Plano, Texas, and Heartland Credit Union Association in Overland Park, Kan., are exploring a merger of their organizations. The associations said in a press release that they have signed a letter of intent to create a group that would represent 718 credit unions in five states. “We believe that the infrastructure supporting […]
Fed bans former Golden Pacific investor
An investor who tried to buy Golden Pacific Bancorp in Sacramento, Calif., has been banned from the banking industry. The Federal Reserve said it banned Karl Klessig for providing a fraudulent loan document and forged signature when he applied to buy the bank two years ago. “Klessig’s deceptive conduct in connection with his effort to […]
Former acting comptroller to retire
Blake Paulson, who briefly served as acting comptroller in 2021, is one of three members of the Office of the Comptroller of the Currency’s executive committee who are stepping down on July 1. The agency said Paulson, senior deputy comptroller for supervision risk and analysis, will fully retire on Aug. 31. Jay Gallagher, deputy comptroller for […]
Horizon in Ind. taps former banker as lead director
Horizon Bancorp in Michigan City, Ind., has tapped a former bank executive as its lead director. The $7.4 billion-asset company said in a press release Friday that Michele Magnuson will succeed Daniel Hopp on June 30. Hopp’s three-year term as lead director is set to end; he will also reach Horizon’s mandatory retirement age be […]