CrossFirst to enter Colorado, NM with F&S acquisition
CrossFirst Bankshares in Leawood, Kan., will enter Colorado and New Mexico as part of an agreement to buy Farmers & Stockmens Bank in Clayton, N.M. The $5.6 billion-asset CrossFirst said in a press release Tuesday that it will pay $75 million in cash to Central Bancorp for the $567 million-asset F&S Bank. The deal, which […]
Coinbase to cut nearly a fifth of its workforce
Coinbase Global in Wilmington, Del., will cut nearly a fifth of its employees. The crypto exchange said in a Tuesday regulatory filing that it will lay off about 1,100 employees by the end of this month. The cuts are part of a restructuring plan to manage operating expenses “in response to current market conditions and […]
Truist opens Chicago wealth management office
Truist Financial in Charlotte, N.C., has opened a wealth management office in downtown Chicago. The $554 billion-asset company said in a press release Monday that Truist Wealth launched the office after hiring a 10-person team. Truist Wealth offers banking, financial planning, investment management, risk management and other products to individuals, families and business owners. “Disciplined […]
PacWest lines up successor to its CEO
PacWest Bancorp in Los Angeles will soon have a new president. The $39 billion-asset company said in a press release Monday that Paul Taylor will take on the role on July 1. Taylor joined the PacWest board in January 2021; he is a member of the asset/liability management and risk committees. Taylor will succeed Matthew […]
Comerica to close 22 branches this fall
Comerica in Dallas plan to close 22 branches later this year. The $89 billion-asset company said in a press release Monday that it will close 11 branches in Michigan, eight in Texas and three in California in September. The closures represent about 5% of the company’s total branch network. “While we are constantly evaluating how […]
Achieva Credit Union adds bitcoin service to its app
Achieva Credit Union in Dunedin, Fla., has begun offering a bitcoin service on its mobile app. The $2.6 billion-asset credit union said in a press release that it began working with NYDIG, a bitcoin technology company, in December. Achieva said it had noticed in the past year that its members had been trading in more […]
Cullen/Frost in Texas to eliminate NSF fees
The list of banks curbing overdraft and nonsufficient funds (NSF) fees continues to grow. Cullen/Frost Bankers in San Antonio said on Monday that it has expanded its $100 overdraft feature to two more checking accounts. The $51 billion-asset company also said it will eliminate fees on nonsufficient and returned items for all consumer customers. “Combined, […]
First Waterloo to buy Village Bank in Illinois
First Waterloo Bancshares in Waterloo, Ill., has agreed to buy Village Bancshares in St. Libory, Ill. The $803 million-asset First Waterloo said in a press release that it plans to complete the purchase of the $116 million-asset Village in the fourth quarter. It did not disclose the price it will pay. “We believe that we […]
Daryl Byrd to step down as First Horizon chairman
Daryl Byrd is stepping down as chairman of First Horizon in Memphis, Tenn. The $88.7 billion-asset company disclosed in a regulatory filing that Byrd will resign on July 1 in accordance with the provisions of his employment agreement and its bylaws. Byrd, who was CEO of Iberiabank when it was sold to First Horizon in […]
Ponce in NY receives $225 million in ECIP funds
Ponce Financial Group in Bronx, N.Y., has received $225 million in Tier 1 capital through the Emergency Capital Investment Program (ECIP). The $1.7 billion-asset Ponce said in a press release Thursday that it sold 225,000 shares of preferred stock to the Treasury Department. “This large investment … will be transformative not only for Ponce,” Carlos […]
Apple to finance its own BNPL product
Apple plans to provide the financing for its new Buy Now, Pay Later product. The Cupertino, Calif., technology company said Apple Financing, a wholly owned subsidiary, will provide the loans for Apple Pay Later. Apple will use Installments, Mastercard’s white label BNPL product. Goldman Sachs will issue the credentials for Apple to connect to merchants […]
Wintrust raises $248M by selling common stock
Wintrust Financial in Rosemont, Ill., has raised $248.4 million through a common stock offering. The $50.3 billion-asset Wintrust sold about 3 million shares of stock at $86 each. The company said it could use the net proceeds for a variety of purposes, including providing capital to support growth, acquisitions and reducing or refinancing debt. RBC […]
FB Financial chairman to retire
FB Financial in Nashville, Tenn., needs a new chairman. The $12.7 billion-asset company disclosed in a regulatory filing that Stuart McWhorter will retire on July 31. FB Financial said it plans to fill the vacancy before McWhorter steps down. McWhorter was appointed by Gov. Bill Lee to serve as commissioner for the Tennessee Department of […]
Central Bank becomes official bank of Univ. of Kan.
Central Bank of the Midwest in Jefferson City, Mo., has paid $3.9 million to become the official bank of the University of Kansas. The university said in a press release that the seven-year agreement will become effective on Aug. 1. As part of the deal, the $20 billion-asset Central Bank will open a branch in […]
CrossFirst in Kansas taps next bank president
CrossFirst Bankshares in Leawood, Kan., will soon have a new bank president. The $5.5 billion-asset company said in a press release Wednesday that Randy Rapp will take over the role on July 1. Rapp is the bank’s chief risk officer and chief credit officer. Rapp will oversee credit and risk management, sales and business development, […]
Security Federal, BancPlus are latest ECIP participants
Security Federal in Aiken, S.C., and BancPlus in Ridgeland, Miss., are the latest banking companies to participate in the Treasury Department’s Emergency Capital Investment Program (ECIP). The $1.3 billion-asset Security Federal disclosed in a regulatory filing Wednesday that it received about $82.9 million in Tier 1 capital after selling preferred stock to the Treasury Department. […]
Mission National in California hires new CEO
Mission National Bank in San Francisco has a new CEO. MNB Holdings, the parent company of the $214 million-asset Missional National, said in a press release Tuesday that Ray Skinner had also joined the bank’s board. Skinner succeeded Robert Sweeney. “We are creating a leadership team with a proven record of success in a bank […]
American Bank to buy TexStar National in Texas
American Bank Holding in Corpus Christi, Texas, has agreed to buy TexStar National Bank in Universal City, Texas. The $2.1 billion-asset American said in a press release that it expects to complete the purchase of the $458 million-asset TexStar in the TKTK quarter. TexStar has six branches, $209.7 million of loans and $407.1 million of […]
Custodia sues Fed in push for master account approval
Custodia Bank has filed a lawsuit against the Federal Reserve Board and the Kansas City Fed in an effort to have its application for a master account approved. Custodia, which acts as a custodian for digital assets, filed its lawsuit on Jane 7 in the U.S. District Court of Wyoming. The company, formerly known as […]
Broadway Financial raises $150M through ECIP
Broadway Financial in Los Angeles has sold $150 million of preferred stock to the Treasury Department as part of the Emergency Capital Investment Program. The $1.1 billion-asset Broadway disclosed in a regulatory filing Wednesday that it sold 150,000 shares to the Treasury a day earlier for the cash investment. The investment will more than double […]
Atlantic Union to transfer stake in investment adviser
Atlantic Union Bankshares in Richmond, Va., has agreed to sell its stake in a Roanoke, Va., investment advisory firm. The $19.8 billion-asset company disclosed in a regulatory filing Wednesday that it plans to transfer its ownership interest in Dixon, Hubard, Feinour & Brown to Cary Street Partners Financial. Atlantic will receive a minority ownership interest […]
BofA providing financing plans for electric automaker Lucid
Lucid Group in Newark, Calif., has reached a deal with Bank of America where the Charlotte, N.C., banking company will provide financing options for the electric automaker’s newly formed Lucid Financial Services unit. Lucid said in a press release Tuesday that it is offering lease and loan purchase options through a new digital platform. “Lucid […]
New York Community, Flagstar to eliminate NSF fees
New Community Bancorp in Westbury and Flagstar Bancorp in Troy, Mich., will eliminate nonsufficient funds fees on Aug. 1. The $47 billion-asset New York Community said in a press release Monday that it will also do away with uncollected and unavailable funds fees for its consumer and business checking accounts. The company also plans to […]
John Marshall in Va. promotes four executives
John Marshall Bancorp in Reston, Va., has announced several management changes as part of its succession planning. The $2.3 billion-asset company said in a press release Tuesday that Andrew Peden had become its chief banking officer. Peden, who previously served as chief lending officer, succeeded William Ridenour. Jason McDonough, who had been John Marshall’s director […]
Republic, Green Dot settle issue over nixed deal
Republic Bancorp in Louisville, Ky., and Green Dot have settled a dispute over a terminated acquisition. The $6.3 billion-asset Republic disclosed in a regulatory filing that the parties entered into a settlement agreement on June 2 to resolve a lawsuit the bank filed against the fintech in the Delaware Court of Chancery. Green Dot agreed […]