South State in Florida whittles down its board
South State in Winter Haven, Fla., has reduced the size of its board by nearly a third. The $46.2 billion-asset company disclosed in a regulatory filing that it cut the board’s size from 19 directors to 13 after six members reached its mandatory retirement age. The smaller board “will serve the best interests of the […]
Seacoast-Apollo exclusively negotiated their merger
Seacoast Banking Corp. of Florida’s courtship of Apollo Bancshares in Miami began last summer, leading to exclusive negotiations between the two companies. The $10.9 billion-asset Seacoast announced its $168.3 million acquisition of the $1 billion-asset Apollo on March 29. Apollo had agreed in 2019 to sell itself to Suncoast Credit Union but the deal was […]
Savi Financial looks to form second bank
A bank holding company in Washington state wants to open a second bank. Savi Financial in Mount Vernon, Wash., has applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Orca Bank. Savi is already the parent company for the $494 million-asset SaviBank. Savi said in a press release Thursday that Orca […]
Republic First barred from naming new chairman
Republic First Bancorp in Philadelphia has been barred from appointing a new chairman. Judge Paul Diamond of the Eastern District of Pennsylvania ruled on Thursday that a decision to replace Vernon Hill with Harry Madonna violated state law and the $5.7 billion-asset company’s bylaws and articles of incorporation. Diamond also appointed Alfred Putman of Faegre […]
Former TCF exec retiring from Huntington
Huntington Bancshares in Columbus, Ohio, said that a key executive it gained from its acquisition of TCF Financial is planning to retire. The $178 billion-asset Huntington disclosed in a regulatory filing that Thomas Shafer will step down as co-president of its commercial bank on June 30. He will fully retire from the company on Dec. […]
Middlefield to enter NW Ohio with Liberty deal
Middlefield Banc Corp. in Middlefield, Ohio, has agreed to buy Liberty Bancshares in Ada, Ohio. The $1.3 billion-asset Middlefield said in a press release Thursday that it will pay $64.4 million in stock for the $437 million-asset Liberty. The deal, which is expected to close in the fourth quarter, priced Liberty at 115% of its […]
M&T creates $25M fund for New England, New York
M&T Bank in Buffalo, N.Y., has created a $25 million philanthropic fund tied to its recent acquisition of People’s United Financial in Bridgeport, Conn. The $63 billion-asset M&T, which completed the purchase in April, said in a press release that the Amplify Fund will support People’s United communities in New England and New York. Amplify is […]
Iowa credit union buys digital insurance business
Collins Community Credit Union in Cedar Rapids, Iowa, has acquired the digital insurance business of Coverage Direct in Des Moines, Iowa. The $1.5 billion-asset credit union said in a press release that it folded the business into its family of Credit Union Service Organizations (CUSOs). The price was not disclosed. Coverage Direct, founded in 2016, […]
FDIC drops banker-supported appeals process
The Federal Deposit Insurance Corp. has eliminated a short-lived appeals process that had the backing of bankers. The Office of Supervisory Appeals, formed before President Biden took office, had become fully staffed on Dec. 6. The standalone office was intended to act as an internal court where banks could appeal supervisory findings by examiners. The […]
Credit union hires veteran banker as COO
IC Federal Credit Union in Fitchburg, Mass., has hired a veteran banker as its chief operating officer. CarrieAnne Cormier announced on her LinkedIn account that she is joining the $574 million-asset credit union. Cormier had spent the previous 17 years at Avidia Bank in Hudson, Mass. She had been the $2.4 billion-asset bank’s senior vice […]
Kansas City Fed President Esther George to retire
Esther George is set to retire as president and CEO of the Federal Reserve Bank of Kansas City. The Kansas City Fed announced that George will retire in January. George, who has been in the post for 11 years, is set to reach the central bank’s mandatory retirement age of 65. Egon Zehnder, an executive […]
Denver Community Credit Union rebrands as Zing
Denver Community Credit Union in Colorado has rebranded as Zing Credit Union. The $457 million-asset credit union said in a press release that it had considered rebranding since 2017 when it began to include more communities and members beyond Denver. “Interviews and focus groups guided the decision,” the credit union, which was formed in 1934, […]
Heartland in Ohio adds politician to its board
Heartland BanCorp in Whitehall, Ohio, has added the state’s lieutenant governor to its board. The company said in a press release that Jon Husted became a director on May 17. He joined the $1.4 billion-asset bank’s board in March. Husted “brings an enormous amount of knowledge, relationships and experience that will be beneficial to the […]
CEO of Northwest Bancshares in Ohio dies
The president and CEO of Northwest Bancshares in Columbus, Ohio, has died. The $14.4 billion-asset company said in a press release Wednesday that Ronald Seiffert, 65, died unexpectedly of natural causes. He was also the company’s chairman. Northwest said that William Harvey Jr., its chief financial officer, was named interim president and CEO. Timothy Fannin, […]
Farmers and Merchants in Md. names next CEO
Farmers and Merchants Bancshares in Hampstead, Md., has found a successor for its retiring CEO. The $718 million-asset company said in a press release Tuesday that Gary Harris will become its president on July 1. He will succeed James Bosley Jr. as CEO at the end of this year. Farmers and Merchants worked with Kaplan […]
Integro Bank gets conditional FDIC approval
Organizers of Integro Bank in Phoenix have cleared another major hurdle. The group said in a press release that it has received conditional approval from the Federal Deposit Insurance Corp. Organizers must raise at least $27.9 million before being cleared to open. Integro received conditional approval from the Arizona Department of Insurance and Financial Institutions […]
Top bank associations oppose US CBDC
The nation’s biggest banking associations are opposed to the creation of a U.S. Central Bank Digital Currency (CBDC). The Federal Reserve had been seeking comments on whether or not to pursue a US CBDC, though the central bank has said it would prefer a legislative mandate before going down that path. The comment period ended […]
South State in Florida to close 30 branches
South State in Winter Haven, Fla., is planning to close 30 branches. The $46 billion-asset company disclosed in a regulatory filing Tuesday that 16 of the closures will be in Florida, six in South Carolina, five in Georgia and the rest in Virginia and North Carolina. The branches represent about 10.5% of the company’s branch […]
JPMorgan Chase hires exec to lead fintech effort
JPMorgan Chase has hired a former PayPal executive to serve as its head of fintech partnerships for its commercial bank. The $4 trillion-asset company said in a press release that it had hired Peggy Mangot to fill the position. She will oversee a team that will design, develop and implement strategies. Mangot was in charge […]
FDIC watching banks’ balance sheets: Gruenberg
The Federal Deposit Insurance Corp. is paying closer attention to banks’ balance sheets after rising interest rates led to higher levels of unrealized losses in securities portfolios. While the banking industry has “high liquid asset levels,” Martin Gruenberg, the FDIC’s acting chairman, said in a Tuesday press release that “elevated levels of unrealized losses could […]
Former FDIC innovation chief lands new job
Sultan Meghji, who stepped down as chief innovation officer at the Federal Deposit Insurance Corp. earlier this year, has a new job. Meghji tweetedon Tuesday that he will join Reciprocal Ventures as a senior adviser. Reciprocal invests in early stage fintechs. Its portfolio includes Squads, an app that can be used to create decentralized autonomous […]
HomeTrust selects insider as next CEO
HomeTrust Bancshares in Asheville, N.C., is set to have a new CEO. The $3.5 billion-asset company said in a press release Tuesday that Hunter Westbrook will succeed Dana Stonestreet at CEO on Sept. 1. Westbrook will remain president and CEO of HomeTrust Bank. Stonestreet, who has been CEO since 2013, will remain chairman. He is set […]
Brookline in Mass. to buy PCSB in N.Y.
Brookline Bancorp in Boston has agreed to buy PCSB Financial in Yorktown Heights, N.Y. The $8.6 billion-asset Brookline said in a press release Tuesday that it will pay $313 million in cash and stock for the $2 billion-asset PCSB. The deal, which is expected to close in the second half of this year, priced PCSB […]
Cambridge Bancorp to buy Northmark Bank
Cambridge Bancorp in Massachusetts has agreed to buy Northmark Bank in North Andover, Mass. The $5 billion-asset Cambridge said in a press release Monday that it will pay $63 million in stock for the $442 million-asset Northmark. The deal, which is expected to close in the fourth quarter, priced Northmark at 118% of its tangible […]
Ohio Valley Bank parent names new CEO
Ohio Valley Banc Corp. in Gallipolis has a new CEO. The parent of the $1.2 billion-asset Ohio Valley Bank said in a press release Monday that Larry Miller II had also become CEO of its bank. Miller, who was the company’s chief operating officer, succeeded Thomas Wiseman, who remains chairman. Ryan Jones was named Ohio […]