Burke & Herbert in Va. to form holding company
Burke & Herbert in Alexandria, Va., plans to form a holding company. The $3.6 billion-asset bank said in a press release Wednesday that it will seek regulatory approval to create Burke & Herbert Financial Services. “We believe the new corporate structure will provide further financial and operational flexibility for the Bank and is an important […]
BankFirst to buy Sycamore Bank in Mississippi
BankFirst Capital in Columbus, Miss., has agreed to buy Tate Financial in Senatobia, Miss. The $2 billion-asset BankFirst said in a press release Thursday that it expects to complete the purchase of the parent of the $330 million-asset Sycamore Bank in the third quarter. The price was not disclosed. The acquisition “will be another milestone […]
St. Landry in La. rebrands as Catalyst Bank
St. Landry Homestead Federal Savings Bank in Opelousas, La., has rebranded. The $287 million-asset bank said in a press release Thursday that it had officially changed its name to Catalyst Bank. The change follows the bank’s mutual-to-stock conversion in October that created Catalyst Bancorp. “Our customers played a key role in helping us raise over […]
CFPB stepping up review of overdraft, NSF practices
The Consumer Financial Protection Bureau plans to step up its examination of certain financial institutions’ overdraft policies. The bureau said in a blog Friday that it has been piloting a supervision effort to collect key metrics from 20 institutions regarding the consumer impact of their overdraft and nonsufficient fund (NSF) practices. It did not name […]
New Peoples makes progress on systems issues
New Peoples Bank in Honaker, Va., has made “significant progress” getting its computer systems back online. The $813 million-asset bank said in a tweetthat all transactions, aside from ATM and debit card transactions from June 15 to June 17, have been processed and should be posted today. The bank said online and mobile banking services […]
First Bancorp in NC to buy GrandSouth in SC
First Bancorp in Southern Pines, N.C., has agreed to buy GrandSouth Bancorp. in Greenville, S.C. The $10.5 billion-asset First Bancorp said in a press release Tuesday that it will pay $181.1 million in stock for the $1.3 billion-asset GrandSouth. The deal, which is expected to close late this year or in early 2023, priced GrandSouth […]
Stripe co-founder agrees to buy business bank
Washington Business Bank in Olympia, Wash., has agreed to sell itself to Stripe co-founder Darragh Buckley. The $106 million-asset bank said in a press release that an unnamed investor planned to buy all of its outstanding stock for $30 a share in cash. The transaction is expected to close in the second half of this year. […]
A refresher on banks ending overdraft, NSF fees
Let’s talk about overdraft fees. Citigroup just announced that it had removed overdraft, overdraft protection transfer and returned item fees from its Citi Retail Banking consumer accounts, among other changes. It is the largest U.S. bank to make such dramatic changes to its policies. But many other banks are reducing or eliminating overdraft and nonsufficient […]
ECB in Mass. raises purchase limits for mutual conversion
ECB Bancorp in Everett, Mass., is letting investors buy more shares of its stock as part of its mutual-to-stock conversion. The $733 million-asset ECB said in a press release Tuesday that the maximum purchase limitation for individual investors was increased from 35,000 shares to 55,000 shares. The limit for a collective of purchasers was raised […]
Digital FCU in Mass. lines up new CEO
Digital Federal Credit Union in Marlborough, Mass., will soon have a new CEO. The $9.8 billion-asset credit union said in a press release that Shruti Miyashiro will also succeed the retiring Jim Regan as president on Aug. 1. Miyashiro has been the CEO of the $2.3 billion-asset Orange County’s Credit Union in California since 2007. […]
Truist officially debuts new technology center
Truist Financial has officially launched its technology center in downtown Charlotte, N.C. The $544 billion-asset company said in a press release Tuesday that the 100,000-square-foot center features “client journey rooms,” a research lab and collaboration hubs where teams will work with clients to improve products and services. The new center “is ultimately all about our […]
Two Rivers in Iowa to cross $1B of assets via M&A
Two Rivers Financial Group in Burlington, Iowa, has agreed to buy Lee County Bank in West Point, Iowa. The $972 million-asset Two River did not disclose the price it will pay Lee Capital for the $239 million-asset Lee County Bank. The deal is expected to close in the third quarter. Two Rivers and Lee County […]
CFPB plans to review mortgage, credit card rules
The Consumer Financial Protection Bureau plans to review credit card rules as the qualified mortgage rule. Rohit Chopra, the CFPB’s director, said in a Friday blog post that the bureau will look at changes made to the QM rule’s underwriting standards, along with the CARD Act and the Fair Credit Reporting Act. “The CFPB aspires to […]
New Peoples in Va. working through systems issue
New Peoples Bank in Honaker, Va., is working through systems outages. The $813 million-asset bank said in a post on its website that it “is working diligently to address and investigate a recent incident” that is interrupting the operation of its computer systems. The bank, which is looking to restore its computer systems “as quickly […]
First National in Michigan names new president
First National Bank & Trust in Iron Mountain, Mich., has a new president. The $421 million-asset bank said Russell Kassin had succeeded David Kashian, who will remain chairman and CEO until 2023. “Our goal during this period is to make this transition to the next generation of leadership as seamless and transparent as possible for […]
Amerant to enter Tampa market after key hires
Amerant Bancorp in Coral Gables, Fla., will enter the Tampa, Fla., market after hiring a team of bankers. The $7.8 billion-asset company said in a press release Thursday that the group will be led by Jason Russek, who was named market president. He previously served as a regional director of commercial banking at BankUnited, according […]
Atlantic Union adds digital banking vet to its board
Atlantic Union Bankshares in Richmond, Va., has added a banking veteran to its board. The $19.8 billion-asset company said in a press release Thursday that Rilla Delorier had become a director, effective immediately. Delorier recently served as chief strategy and digital transformation officer at Umpqua Bank. She serves on the boards of Nymbus and Coastal […]
Canada’s VersaBank turns to M&A for U.S. bank charter
VersaBank in London, Ontario, has agreed to buy Stearns Bank Holdingford in Holdingford, Minn. The $2.1 billion-asset Canadian bank said in a press release that it will pay $13.5 million to Stearns Financial Services for the $60 million-asset Stearns. The deal is expected to close by Oct. 31. Stearns Financial would retain its Stearns Bank […]
Zions in Utah to eliminate, reduce NSF fees
Zions Bancorp. in Salt Lake City is the latest bank to rein in overdraft and nonsufficient funds (NSF) fees. The $91 billion-asset company said in a press release that the changes, which will take place on July 13, include the elimination of a continuing overdraft fee and the end of NSF fees for items that […]
Warren-led group wants OCC to block TD-First Horizon
A group of legislators led by Sen. Elizabeth Warren, D-Mass., wants the Office of the Comptroller of the Currency to reject TD Bank Group’s planned purchase of First Horizon in Memphis, Tenn. The lawmakers, which include Reps. Katie Porter, D-Calif., Al Green, D-Texas, and Jesus Garcia, D-Ill., are citing a May 4 report that claimed […]
M&T’s president to retire in 2023
M&T Bank in Buffalo, N.Y., announced that its president will retire. The $149.9 billion-asset company said in a press release Thursday that Rich Gold will also step down as chief operating officer, effective after the first quarter of 2023. He will remain on the board. “It’s difficult to overstate Rich’s impact on our company, said […]
VyStar-Heritage Southeast terminate planned merger
VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bancorp. have terminated VyStar’s planned acquisition of Heritage Southeast Bank in Jonesboro, Ga., after failing to secure regulatory approval. The $12 billion-asset VyStar and the $1.7 billion-asset Heritage Southeast were nearing a June 30 closing deadline. The parties had repeatedly extended the deadline. “After much contemplation […]
F&M Bancorp to buy Peoples-Sidney in Ohio
Farmers & Merchants Bancorp in Archbold, Ohio, has agreed to buy Peoples-Sidney Financial in Sidney, Ohio. The $2.6 billion-asset F&M said in a press release Tuesday that it will pay $27 million in cash and stock for the $133 million-asset parent of Peoples Federal Savings and Loan Association. The deal, which is expected to close […]
Former bank CEO added to Codorus Valley board
Codorus Valley Bancorp in York, Pa., has added a veteran banker to its board. The $2.3 billion-asset company said in a press release Tuesday that Scott Fainor had also joined its risk management committee. Fainor was president and CEO of National Penn Bancshares when it was sold to BB&T in April 2016. He was a […]
Buckeye State Bank to buy First City in Ohio
Buckeye State Bank in Powell, Ohio, has agreed to buy First City Bank in Columbus, Ohio. The $263 million-asset Buckeye said in a press release that it expects to buy the $73 million-asset First City in the fourth quarter. It did not disclose the price it will pay. First City has one branch and $64 […]