Michigan credit union to buy First Citrus in Florida
DFCU Financial in Dearborn, Mich., is the latest credit union to agree to buy a bank. The $6.4 billion-asset credit union said in a press release Thursday that it will buy First Citrus Bank in Tampa, Fla., for $93 million in cash, based on the parent company’s shares outstanding. The deal is expected to close […]
FB Financial to close direct-to-consumer mortgage ops
FB Financial in Nashville, Tenn. is shutting down its direct-to-consumer mortgage business. The $12.7 billion-asset company said in a regulatory filing Tuesday that it would close Real Genius, its national mortgage internet delivery channel, as part of a broader restructuring. The company plans to complete the process by the end of this year. FB Financial […]
Bank of Idaho buying branches in Washington
Bank of Idaho in Idaho Falls has agreed to buy five branches in eastern Washington from HomeStreet in Seattle. The $737 million-asset Bank of Idaho said in a press release Tuesday that it will also gain the branches’ lending business and employees. The deal is expected to close by Aug. 1. Bank of Idaho did […]
Proposed Calif. de novo would buy indirect auto loans
A group in California is looking to form a bank with a strategy that would include buying indirect auto loans. Carpenter Acquisition Corp. applied with the Federal Deposit Insurance Corp. on May 3 to form Icon Bank in Riverside. Carpenter Acquisition said in the application that it plans to become Icon Bancorp after the bank […]
KeyCorp buys fintech GradFin
KeyCorp has acquired a fintech that helps borrowers manage their student loans. The $181.2 billion-asset company said in a press release Monday that it bought GradFin, a Philadelphia company created in 2015. Key did not disclose the price it paid. GradFin specializes in working with financial advisers and their clients. “GradFin combines the best of […]
U.S. Bancorp announces $100B community pledge
U.S. Bancorp in Minneapolis, which is looking to buy MUFG Union Bank, has agreed to a five-year community benefits plan totaling more than $100 billion. The $586 billion-asset company reached the agreement with the National Community Reinvestment Coalition and the California Reinvestment Coalition. About 60% of the total will support efforts in California. “Banks are […]
Heartland lowers 1Q earnings due to fraud issue
Heartland Financial USA in Dubuque, Iowa, has amended its first-quarter earnings to account for two separate instances of fraud that led to “material loan collateral deficiencies.” The $19.2 billion-asset company said in a press release Monday that it discovered the issues after reporting its earnings on April 25. Heartland said the collateral issue led it […]
Ponce discloses writedown tied to fintech partnership
Ponce Financial Group in Bronx, N.Y., warned that its first-quarter earnings will be hurt by a “significant write-off and writedown” tied to its relationship with fintech startup Grain Technologies. The $1.7 billion-asset company disclosed in a regulatory filing that Grain had been the victim of cyber fraud. About 25,000 microloans totaling $17 million have been […]
State Street names new president, vice chairman
State Street in Boston has a new president and vice chairman. The $322 billion-asset company said in a Monday press release that it had appointed Louis D. Maiuri to serve as president and head of institutional services, effective immediately. Maiuri, who remains chief operating officer, joined the company in October 2013. He previously served as deputy […]
NY bank debuts digital small business loan platform
National Bank of Coxsackie in New York has formed a new small business lending platform. The $467 million-asset bank said in a press release Saturday that NBC Express lets small businesses apply online for installment loans. Applications through funding are handled through digital channels. “We understand that time is an invaluable resource to small business […]
Citizens in Okla. launches VA loan application portal
Citizens Bank of Edmond in Oklahoma has launched a mortgage platform that focuses on VA financing. Jill Castilla, the $370 million-asset bank’s president and CEO, said in a LinkedIn post that the decision to create ROGER came after she and her husband tried to use VA financing to buy a home last year. “We went […]
CUNA Mutual Group to rebrand in 2023
CUNA Mutual Group plans to rebrand as TruStage in 2023. The company, which already sells TruStage insurance products to credit unions and consumers, said the name change will include all of its enterprise, business-to-business and consumer brands. “We were born out of the credit union movement more than 85 years ago and founded on the […]
Former bank CFO joining fintech-focused fund
An investment group that focuses on fintech and blockchain companies has hired the former chief financial officer of Bryn Mawr Trust to oversee growth and parternships. JAM FINTOP said in a press release Friday that Mike Harrington will help with engagement with the group’s more than 80 bank investors. “As a career banker I have […]
Lawsuit aims to force Republic First annual meeting
An activist investor has filed a lawsuit against Republic First Bancorp in an effort to force the Philadelphia company to hold its annual meeting. The $5.7 billion-asset Republic First recently said it would delay the meeting indefinitely while independent legal counsel investigates certain related-party transactions. Driver Management filed a lawsuit Monday in U.S. District Court for […]
Regulators seeking comments for CRA revamp
The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have issued a series of proposed updates to the Community Reinvestment Act. The agencies on Thursday released proposals to revamp the law, which was originally enacted in 1977 to prevent banks from engaging in discriminatory lending practices. It has […]
Hanover in NY could raise $36M from planned IPO
Hanover Bancorp in Mineola, N.Y., plans to raise up to $36.1 million from its initial public offering. The $1.5 billion-asset company said in a press release that it plans to sell nearly 1.4 million shares of common stock at $21 to $23 each. The underwriters could sell another 204,545 shares if there is enough demand. […]
U.S. Bancorp: Closing MUFG deal by mid-2022 ‘uncertain’
U.S. Bancorp in Minneapolis expressed doubt that it can complete its acquisition of MUFG Union Bank along the timeline it originally provided. The $586 billion-asset company said when it announced the $8 billion acquisition in September that it expected to close the purchase by June 30. U.S. Bancorp, in its quarterly filing with […]
ConnectOne developing digital business banking suite
ConnectOne Bancorp in Englewood Cliffs, N.J., is working with Nymbus on a suite of digital business banking products. The $8 billion-asset ConnectOne said in a press release Thursday that the partnership will allow it to target new market segments. The plan is to launch the new platform by the end of this year. “As we […]
Seacoast to buy Drummond Banking in N. Florida
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Drummond Banking Co. in Chiefland, Fla. The $10.9 billion-asset Seacoast said in a press release Wednesday that it will pay $173.2 million for the parent of the $985 million-asset Drummond Community Bank. The deal is expected to close early in the fourth quarter. Drummond […]
BofA to pay $10M fine tied to garnishment practices
Bank of America in Charlotte, N.C., will pay a $10 million fine to the Consumer Financial Protection Bureau to address how the bank processed garnishment notices. The CFPB said in a press release Wednesday disclosing the consent order that it determined that the $2.5 trillion-asset company “engaged in unfair and deceptive acts and practices in […]
Sunnyside sale saga nears its conclusion
Sunnyside Bancorp in Irvington, N.Y., is close to being sold. The $94.4 million-asset company said in a press release Tuesday that it had secured regulatory approval to sell to Rhodium BA Holdings, a private equity group in New York. Sunnyside said the sale should close by May 31. Sunnyside’s shareholders approved the $16.1 million deal […]
United in Ga. to buy Progress Financial in Ala.
United Community Banks in Blairsville, Ga., has agreed to buy Progress Financial in Huntsville, Ala. The $24.4 billion-asset United said in a press release Wednesday that it will pay $271.5 million in stock for the $1.9 billion-asset Progress. The deal, which is expected to close in the fourth quarter, priced Progress at 165% of its […]
Consumer Bankers Association names new CEO
The Consumer Bankers Association has found a successor for the retiring Richard Hunt. The association said in a press release Tuesday that Lindsey Johnson, president of U.S. Mortgage Insurers since 2015, will become its president and CEO on July 5. “From leading an industry association that works to expand access to homeownership to serving in […]
Judge urges Bremer Financial to find a buyer
A judge has urged Bremer Financial and the trust that owns it to resolve longstanding legal differences and find a buyer for the St. Paul, Minn., bank. Ramsey County District Judge Robert Awsumb made the assessment as part of a 103-page ruling issued on April 29. “Capturing the hard-earned value of [Bremer] in today’s marketplace […]
Truist buys gamification app Long Game
Truist Financial in Charlotte, N.C., has acquired Long Game, a gamified finance mobile app. The $544 billion-asset Truist did not disclose the price it paid. Long Game uses prize-linked savings and casual gaming to motivate smart financial behavior. The goal is to add new accounts and retain clients. Truist said it will leverage the acquisition […]