Former FDIC chair McWilliams joins law firm
Jelena McWilliams, who stepped down as chairman of the Federal Deposit Insurance Corp. earlier this year, has joined Cravath, Swaine & Moore as part of the law firm’s plan to open an office in Washington. The law firm said in a press release Monday that McWilliams will be joined by Elad Roisman, former acting chairman […]
CB Financial to record $2.7M chargeoff
CB Financial Services in Washington, Pa., has recorded a $2.7 million chargeoff tied to a commercial-and-industrial loan. The $1.4 billion-asset company said in a press release Monday that the chargeoff is associated with to a $3.5 million revolving line of credit that had an outstanding balance of roughly $2.7 million on June 1. CB Financial […]
Proposed Ohio bank gets conditional FDIC approval
A proposed bank in Columbus, Ohio, has received conditional approval from the Federal Deposit Insurance Corp. The FDIC approved deposit insurance for Adelphi Bank, a de novo planned by a group of Black business owners. Organizers, who initially filed with the FDIC last fall, will need to raise about $17.7 million before the bank can […]
Eagle Financial in Va. taps insider as bank president
Eagle Financial Services in Berryville, Va., has a new bank president. The $1.4 billion-asset company said in a press release Wednesday that Joe Zmitrovich will remain the chief banking officer at Bank of Clarke County. Zmitrovich will oversee the bank’s merger and acquisition strategy, including branches, niche businesses and whole banks. He will continue to […]
Another Ill. bank agrees to sell to a credit union
Credit Union 1 in Rantoul, Ill., has agreed to buy NorthSide Community Bank in Gurnee, Ill. The $1.3 billion-asset CU1 said in a press release Friday that it expects to complete the purchase of the $311 million-asset NorthSide by the first quarter. CU1 did not disclose the price it will pay AliKat Investments for its […]
Capital One forms business to help cloud users
Capital One Financial in McLean, Va., has created an enterprise B2B software business to help companies that operate in the cloud. The $434 billion-asset company said in a press release that Capital One Software has already introduced Capital One Slingshot, a data management solution for customers of Snowflake. The product should help users accelerate the […]
Challenger bank Greenwood buys membership network
Greenwood Financial, an Atlanta digital bank aimed at Black and Latino clients, has bought The Gathering Spot, a private membership network focused on the Black community. Greenwood said in a press release that the two platforms have a community of more than a million people. The company did not disclose the price it paid. The […]
NuMark Credit Union to buy Illinois bank
NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $623 million-asset NuMark said it expects to complete the purchase of the $135 million-asset Pioneer in the fourth quarter. It did not disclose the price it will pay NBE Bancshares for its bank. Pioneer has four branches. McQueen […]
Former bank CEO convicted on bribery, fraud charges
A former CEO of Noah Bank in Elkins Park, Pa., has been convicted on charges that he accepted bribes in connection with loans made through the Small Business Administration. A jury found Edward Shin guilty of charges that include bank bribery, conspiracy to commit bank fraud and theft of funds by a bank officer that […]
Esquire Financial forms partnership to bank law firms
Esquire Financial Holdings in Jericho, N.Y., has signed an agreement to offer financing to a wide swath of commercial law firms. The $1.2 billion-asset Esquire said in a press release Thursday that its arrangement with investment firm B.E. Blank & Co will allow both companies to market products and services to existing and potential clients. […]
Judge in Tenn. lifts roadblock to credit union-bank deal
Orion Federal Credit Union’s pending purchase of Financial Federal Bank in Memphis is back on track after a judge in Tennessee lifted a temporary injunction that had blocked the transaction. The $1 billion-asset Orion, which is also based in Memphis, agreed in August to buy the $774 million-asset Financial Federal. Greg Gonzalez, commissioner of the […]
Sandy Spring sells insurance business to Hub
Sandy Spring Bancorp in Olney, Md., has sold it insurance business to Hub International. The $12.7 billion-asset company said in press release Thursday that the transaction closed on June 1. The pricing wasn’t disclosed. “Our clients will now have access to an expanded offering of insurance solutions through Hub,” Lou Caceres, an executive vice president […]
Eagle in Md. to pay $13M to resolve SEC probe
Eagle Bancorp in Bethesda, Md., will pay nearly $13 million to resolve a longstanding probe by the Securities and Exchange Commission into its ties to a former Washington councilman. The $11 billion-asset company disclosed in a regulatory filing that it will pay a $10 million civil money penalty and $2.6 million in disgorgement as part […]
Heritage in Washington hires 25 bankers
Heritage Financial in Olympia, Wash., has hired 25 bankers in a number of key markets. The $7.5 billion-asset company said in a press release Wednesday that it added personnel in Vancouver, Wash.; Portland, Ore.; and Eugene, Ore. The bankers’ focus will be commercial, small business and nonprofit clients. “We are excited to have this talented […]
Retired ABA exec launches lobbying firm
James Ballentine, who retired in May from the American Bankers Association, has formed his own lobbying and consulting firm. Ballentine Strategies will also handle government relations in areas such as financial services and small business. The “boutique lobbying firm” said on its website that it can help clients develop strategies and advance issues through Congress. […]
F.N.B. to buy bank in eastern North Carolina
F.N.B. in Pittsburgh has agreed to buy UB Bancorp in Greenville, N.C. The $42 billion-asset F.N.B. said in a press release Wednesday that it will pay $117 million in stock for the $1.2 billion parent of Union Bank. The deal, which is expected to close late this year, priced UB Bancorp at 154% of its […]
PNC converting 60% of branches to automated model
PNC Financial Services Group in Pittsburgh will convert about 60% of its branches to an automated model over the next five years. The $552 billion-asset company said the model will use technology to replace teller windows. The branches will also emphasize financial advice, according to the Pittsburgh Post-Gazette. The branches, for instance, will have video […]
Savi Financial outlines plans for de novo bank
Savi Financial in Mount Vernon, Wash., is planning a complicated process to form a de novo and become a multibank holding company. The parent of the $494 million-asset SaviBank detailed its plan in an application with the Federal Deposit Insurance Corp. for deposit insurance for Orca Bank. Savi plans to raise $1 million from Orca […]
Republic in Ky. to create tech incubator
Republic Bancorp in Louisville, Ky., plans to invest $5 million in tech startups after creating an incubator program. The $6.3 billion-asset company plans to launch its BankTech Incubator to back technology companies that complement its strategic goals. To qualify, companies must have an existing or planned strategic relationship with the bank. Republic’s investment committee represents […]
Beach in Fla. tried to find a CU buyer, filing says
Beach Bancorp in Fort Walton Beach, Fla., made overtures to more than a dozen credit unions before agreeing to sell to First Bancshares in Hattiesburg, Miss. The $6.2 billion-asset First agreed to buy the $620 million-asset Beach in April for $117 million. Months earlier, Beach, through its investment bank, contacted 16 potential credit union buyers […]
Ponce in N.Y. hires HSBC exec as next CFO
Ponce Financial Group in Bronx, N.Y., has reshuffled its executive ranks. The $1.7 billion-asset company said in a press release Tuesday that it had hired Sergio Vaccaro as its chief financial officer, effective June 1. Vaccarro previously served as CFO of Private Bank Americas at HSBC. Vaccaro will succeed Frank Perez, who will become Ponce’s […]
PNC taps next head of retail banking
PNC Financial Services Group in Pittsburgh will soon have a new head of retail banking. The $552 billion-asset company said in a press release that Alex Overstrom will take over the post on July 1. He will succeed Karen Larrimer, who is retiring. Larrimer has led retail banking at PNC since July 2016. She has overseen […]
BancCentral in Oklahoma to sell Kansas branches
BancCentral in Alva, Okla., is selling its only branches in Kansas to Plains Bancshares in Plains, Kan. The parent of the $295 million-asset Plains State Bank will gain two locations in Harper County in a deal expected to close this fall. The price was not disclosed. The branches had $131.7 million of deposits in mid-2021, […]
First Financial in Ohio to cut overdraft fees
First Financial in Cincinnati is the latest bank to announce plans to address overdraft fees. The $16 billion-asset company said in a press release that it will take a series of steps, beginning on June 1, to eliminate or reduce fees. The company said it will eliminate nonsufficient funds fees when an item is returned […]
BNY selling business to Franklin Templeton
Bank of New York Mellon has agreed to sell BNY Alcentra Group Holdings to Franklin Templeton. The $440 billion-asset Bank of New York Mellon disclosed in a regulatory filing Tuesday that Franklin Templeton will pay $350 million in cash at closing, and up to $350 million in contingent consideration, for the business. The deal is […]