Norwood CEO to become chairman after retiring
Lewis Critelli, who is retiring as president and CEO of Norwood Financial, will become the Honesdale, Pa., company’s chairman. The $2.1 billion-asset company said in a press release that Critelli will take on the new role after he steps down from his leadership posts on May 9. Critelli joined the bank in 1995 as chief financial […]
Midland States forms consumer lending pact with fintech
Midland States Bancorp in Effingham, Ill., is working with LendingPoint to fund consumer loans using the AI-driven fintech’s national network of point-of-sale relationships. The $7.3 billion-asset Midland States said in a press release Monday that it expects outstanding balances to increase by $200 million to $250 million over the next couple of years due to […]
Origin in Louisiana adds CDFI leader to its board
Origin Bancorp in Ruston, La., has added the CEO of a community development financial institution to its board. The $8.1 billion-asset Origin said in a press release Monday that Daniel Chu was elected as a director at its April 27 annual meeting. Chu is the founder and CEO of Tricolor Holdings, a Dallas CDFI that […]
AI-focused company reapplies to form de novo
A Chicago company that provides AI solutions for lenders has resubmitted an application for deposit insurance for a proposed de novo bank. Organizers of BetaBank filed a new application with the Federal Deposit Insurance Corp. on Thursday. The group originally applied with the FDIC last summer. The bank would operate as a unit of […]
California BanCorp taps next president
California BanCorp in Oakland, Calif., has a new president. The $1.9 billion-asset company said in a press release Monday that Thomas Sa was also named president of its bank, effective immediately. Sa will remain the company’s chief financial officer and chief operating officer. Sa succeeded Steven Shelton, who remains CEO. The move “reflects the growth […]
Investor group seeks special meeting at Republic First
A group of shareholders has urged Republic First Bancorp in Philadelphia to hold a special meeting. George Norcross III, Gregory Braca, Philip Norcross and Avery Conner Capital Trust sent a written request to the $5.4 billion-asset company’s board on Thursday for the meeting. “Consistent with its fiduciary duties, the board, together with its advisers, is […]
Sterling in Mich. in settlement talks with OCC, DoJ
Sterling Bancorp in Southfield, Mich., has started having discussions with federal agencies to resolve longstanding issues tied to its Advantage Loan Program. The $2.8 billion-asset company said in a press release Monday that talks with the Department of Justice and the Office of the Comptroller of the Currency are under way. Investigations by both agencies […]
First Century terminates planned sale to First Internet
First Century Bancorp in Roswell, Ga., has terminated its merger agreement with First Internet Bancorp in Fishers, Ind. The $4.2 billion-asset First Internet said in a press release Sunday that the $408 million-asset First Century called off the deal. The proposed transaction, announced on Nov. 2, was supposed to be completed by April 30. First […]
Peoples Bank of Alabama has new CEO
Peoples Bank of Alabama in Cullman has a new CEO. The $1.2 billion-asset bank tweetedon Friday that Robin Cummings had retired. Peoples said that Cummings, who has more than 38 years of services, remains on the board and will serve as a special adviser to its executive team. The bank’s website noted that Tim Williams […]
Provident in Mass. gains traction in BaaS business
Provident Bancorp in Amesbury, Mass., is the latest bank to report traction in its Banking-as-a-Service (BaaS) platform. The $1.8 billion-asset company said in a press release Friday that deposits with BaaS customers increased by 58% in the first quarter from a quarter earlier, to $94.3 million. Provident said its portfolio of digital asset loans decreased […]
Codorus Valley revamping mortgage, small biz lending
Codorus Valley Bancorp in York, Pa., which recently reached a truce with an activist investor, disclosed a series of moves to revitalize its mortgage and small business lending operations. The $2.4 billion-asset company said in a press release Thursday that it created three jumbo mortgage products geared toward physicians, entrepreneurs, and private banking and private […]
Meta Financial discloses total rebranding costs
Meta Financial in Sioux Falls, S.D., stands to profit from selling it name to a group affiliated with Facebook. The $6.9 billion-asset company said in a press release Thursday that it expects rebranding expenses to total $15 million to $20 million – far less than the $60 million it will receive for changing its name. […]
Blue Ridge sells payroll firm, gives fintech update
Blue Ridge Bankshares in Charlottesville, Va., has sold a payroll business. The $2.7 billion-asset company said in a press release Thursday that it sold a majority stake in MoneyWise Payroll Solutions in Charlottesville to the firm’s other investor during the first quarter. The company also said it has active partnerships with a number of fintechs, […]
Primis in Va. agrees to buy mortgage company
Primis Financial in McLean, Va., has agreed to buy a mortgage lender. The $2.4 billion-asset company said in a press release Thursday that it expects to acquire SeaTrust Mortgage from Community First Bank in the second quarter. Primis said in a regulatory filing that it will pay $7 million in cash and repay about $13.8 […]
Quaint Oak discloses stake in equipment finance firm
Quaint Oak Bancorp in Southampton, Pa., disclosed that it bought a majority stake in an equipment finance company. The $568 million-asset company said in a press release Thursday that it bought a 51% stake in Oakmont Capital Holdings on Jan. 4. The company did not disclose the price it paid. Oakmont has offices in West […]
South State in Florida eliminate NSF fees
South State in Winter Haven, Fla., is the latest regional bank to do away with nonsufficient funds fees. The $46 billion-asset company said in a press release Thursday that it will modify its consumer overdraft program to eliminate NSF fees, as well as transfer fees to cover overdrafts. South State said it will introduce a […]
BayFirst retools mortgage, SBA operations
BayFirst Financial in St. Petersburg, Fla., has laid off more than 60 mortgage employees and added a national Small Business Administration platform. The $889 million-asset company said in a press release that it cut 65 jobs in the first quarter, including 62 within its residential mortgage division. BayFirst said the impact of the layoffs will […]
Bank on Women scales up work with small banks
Bank on Women has formed a partnership with the Nasdaq to give exchange-listed community banks access to more board recruiting services. The nonprofit, which looks to increase female representation in the banking industry, said on its LinkedIn page that the arrangement will give smaller banks access to its database of potential director candidates. “We are […]
First Independence officially debuts Minneapolis branch
First Independence Bank, a black-owned bank in Detroit, has expanded into Minneapolis. The $412 million-asset bank officially debuted the office this week, according to KARE11.com. The office quietly opened in late February. The Federal Deposit Insurance Corp. approved the expansion in January. First Independence has been supported – with capital, research and marketing services – […]
Finward promotes exec to chief revenue officer
Finward Bancorp in Munster, Ind., has promoted an insider to become its chief revenue officer. The $2 billion-asset company said in a press release Thursday that Todd Scheub had also become president of its bank. Scheub, who joined Finward in 1996, previously served as the company’s chief banking officer. In the new role, Scheub will […]
CoVantage CU to buy LincolnWay in Illinois
CoVantage Credit Union in Antigo, Wis., has agreed to buy LincolnWay Community Bank in New Lenox, Ill. The $2.7 billion-asset CoVantage said in a release that it expects to complete the purchase of the $277 million-asset LWCBancorp unit in the fourth quarter. The credit union did not disclose the price it will pay. LincolnWay has […]
Univest enters new markets, upgrading digital platform
Univest Financial in Souderton, Pa., has entered two new markets and is improving its digital banking platform. The $7.1 billion-asset company said in a press release Wednesday that it entered western Pennsylvania and Maryland. Univest hired Chris Trombetta to serve as market president for the western Pennsylvania region and Matthew Cohen to serve as market […]
Coastal in Wash. gains momentum in its BaaS business
Coastal Financial in Everett, Wash., is gaining momentum with its Banking-as-a-Service platform. The $2.8 billion-asset company said total loans in its BaaS division increased by 49% in the first quarter from a quarter earlier, to roughly $515 million. Deposits rose by 26% to $900 million. Coastal gained seven new relationships over the 12-month period that […]
Lendistry joins rare company with SBLC license
B.S.D. Capital in Los Angeles has received a license to participate in the Small Business Administration’s 7(a) program. The company, which operates as Lendistry, said in a press release that it can now originate 7(a) loans of up to $5 million. Only 14 nondepository lenders have a small business lending company (SBLC) license, and Lendistry […]
Finward in Indiana mulling branch closures
Finward Bancorp in Munster, Ind., is evaluating the size of its branch network. The $2 billion-asset company said in a press release Wednesday that it plans to close two locations and is looking at four others for potential closure. If those branches are closed, it would reduce the size of Finward’s network by 20%, to […]