California group applies to form a bank
A group in Encino, Calif., is looking to form a bank that will have a focus on the Syrian American community. Organizers for the proposed United Community Bank applied with the Federal Deposit Insurance Corp. on Aug. 31 for deposit insurance. The bank plans to focus on small- and midsize businesses and their owners, business […]
Firstrust in Pennsylvania lines up next CEO
Firstrust Bank in Conshohocken, Pa., will soon have a new CEO. The $5 billion-asset bank said in a press release Thursday that Timothy Abell, its president, will become CEO on Jan. 1. He will succeed Richard Green, who will remain executive chairman. Green will continue to own the bank his grandfather founded in 1934 and […]
Texas Brand, Harmony Bank announce merger
Texas Brand Bank in Dallas and Harmony Bank in Kemp, Texas, have agreed to merge. The $330 million-asset Texas Brand Bank plans to adopt the $350 million-asset Harmony Bank’s name. The price wasn’t disclosed. “Merging with Harmony … is synergistic for our teams, and we look forward to the benefits it will bring to our […]
StoneCastle terminates interLINK sale to Veritex
StoneCastle Partners has terminated an agreement to sell its digital deposit-gathering business to Veritex Holdings in Dallas. The $11.3 billion-asset Veritex agreed in March to buy interLINK for $91 million in cash and stock. Veritex has already received approval from the Texas Department of Banking and was pursuing approval from the Federal Deposit […]
Pinnacle entering Louisville, Ky., after hiring banker
Pinnacle Financial Partners in Nashville, Tenn., is planning to enter Louisville, Ky., after hiring a banker to lead the effort. The $40 billion-asset company said in a press release that it had hired Tom Crockett as regional president with the responsibility of building a team. Pinnacle will open its first branch in the market next […]
Live Oak in N.C. to invest $25M to expand in home state
Live Oak Banchares in Wilmington, N.C., plans to invest $25 million and create 204 jobs in North Carolina’s Hanover County as part of a campus expansion. The expansion includes the construction of a new office building to support lending and technology personnel for new products and services. “We are grateful for the support of city, […]
Oakworth to enter Charlotte market after key hire
Oakworth Capital Bank in Birmingham, Ala., will enter the Charlotte, N.C., market after hiring a banker from Aquesta Bank. The $1.2 billion-asset bank said in a press release Wednesday that it had hired Tim Beck to serve as its central Carolinas market leader. Beck previously served as chief credit officer at Aquesta, which was sold […]
Truist taps insider as its new CFO
Truist Financial in Charlotte, N.C., has a new chief financial officer. The $545 billion-asset company said in a press release Wednesday that it Mike Maguire, its chief consumer finance and payments officer, will succeed Daryl Bible as CFO on Sept. 15. Bible in May announced plans to retire. Maguire will remain on Truist’s executive leadership […]
LINKBANCORP in Pa. could raise $50M from IPO
LINKBANCORP in Harrisburg, Pa., plans to raise up to $50 million through an initial public offering. The $1.1 billion-asset company said in a press release Wednesday that it plans to sell about 4.6 million shares of common stock at $8 to $9.50 each. The underwriters can sell another 686,000 shares if there is enough demand. […]
SmartFinancial in Tennessee buys insurance agency
SmartFinancial in Knoxville, Tenn., has acquired an insurance agency. The $4.8 billion-asset company said in a press release Tuesday that it bought the operating assets of Sunbelt Group in Chattanooga, Tenn., for $6.5 million. Sunbelt, formed in 1984, provides personal and commercial property and casualty insurance, as well as life and health. The agency also […]
Western Alliance forms executive leadership team
Western Alliance Bancorp. in Phoenix has formed an executive leadership team in conjunction with a series of personnel moves. The $65 billion-asset company said in a press release Tuesday that the team is responsible for making key policy decisions and guiding its strategic direction. The move is designed to position Western Alliance as it prepares […]
State Street still on board to buy BBH investor services biz
State Street in Boston said it remains committed to its proposed purchase of Brown Brothers Harriman’s Investor Services business despite a delay getting regulatory approval. The $300 billion-asset company disclosed in a regulatory filing that the it “continues to believe the strategic rationale for the transaction remains attractive.” State Street said the parties are discussing […]
Cross County Bank in Arkansas to rebrand as Cross Bank
Cross County Bank in Wynne, Ark., plans to streamline its branding. The $378 million-asset bank plans to use the Cross Bank brand for its 10 branches. Currently, four locations operate as Cross County Bank while the other six operate as First Commercial Bank. The changes will take place on Nov. 21 and will include a […]
First Citizens in N.C. forms middle-market banking unit
First Citizens BancShares in Raleigh, N.C., has formed a unit to offer middle-market banking services. The $108 billion-asset company, which acquired CIT Group in January, said in a press release Tuesday that the Charlotte unit will focus on North Carolina, Virginia, South Carolina, Georgia and Florida. First Citizens will offer senior secured loans, cash-flow loans, […]
Liberty Bank in Connecticut to launch digital bank
Liberty Bank in Middletown, Conn., is close to launching a digital bank that will focus on small businesses. The $7.4 billion-asset bank plans to open the bank in the first quarter, according to the Hartford Business Journal. The plan is to offer loans and deposits, along with a series of solutions for invoicing, payments and […]
Texas Capital to sell insurance premium finance unit
Texas Capital Bancshares in Dallas has agreed to sell its insurance premium finance business to Truist Financial in Charlotte, N.C. The $32.3 billion-asset Texas Capital said in a press release Tuesday that it will sell BankDirect Capital Finance to Truist’s AFCO Credit unit for $3.4 billion in cash. The price represents an 8.5% asset premium. […]
Veteran economist Mark Vitner retires from Wells Fargo
Veteran economist Mark Vitner has retired. Vitner, who was a managing director and senior economist at Wells Fargo, said in a LinkedIn post that his last day was Friday. He joined Wells Fargo from Wachovia, where he was the senior economist when the Financial Crisis took hold in 2008. Vitner has been a mainstay at […]
Nova Bank organizers refile after management revamp
A group looking to form a bank in Huntsville, Ala., has refiled its application with the Federal Deposit Insurance Corp. after “strengthening” its management team. Organizers of Nova Bank submitted its first application on Aug. 24. The original paperwork was filed in mid-2021 and withdrawn last April. Marc Minish, one of the proposed bank’s 16 […]
Blue Ridge hit with OCC order tied to fintech supervision
Blue Ridge Bankshares has entered into a written agreement with the Office of the Comptroller of the Currency instructing the Charlottesville, Va., company to improve how it monitors fintech relationships. The $2.8 billion-asset company disclosed in a regulatory filing that, under the Aug. 29 agreement, its bank must create a compliance committee and adopt, implement […]
OCC planning large reduction in bank assessment fees
The Office of the Comptroller of the Currency is planning a dramatic reduction in assessment fees. The OCC is planning a 40% reduction in assessments for a bank’s first $200 million of assets, Acting Comptroller of the Currency Michael Hsu said during prepared remarks to the Texas Bankers Association. The agency will lower the assessment […]
BankFirst Capital to buy Mechanics Bank in Mississippi
BankFirst Capital in Columbus, Miss., has agreed to buy Mechanics Banc Holding in Water Valley, Miss. The $2.2 billion-asset BankFirst said in a press release Thursday that it will pay an undisclosed cash amount for the $331 million-asset Mechanics. The deal is expected to close in the first quarter. “We are excited about … expanding […]
Horicon Bank in Wisconsin selects next president
Horicon Bank in Horicon, Wis., has a new president with a familiar name. The $1.2 billion-asset bank named Fred C. Schwertfeger to succeed his father, Frederick F. Schwertfeger, according to multiple news outlets. The elder Schwertfeger remains CEO. Horicon is a unit of Sword Financial. The younger Schwertfeger, who previously was chief strategy officer, serves […]
Primis in Va. to partner with periodontist group
Primis Financial in McLean, Va., has formed a partnership to provide financial services to members of the American Academy of Periodontology. The $3.2 billion-asset Primis said in a press release that Panacea Financial, a division formed to serve physicians, dentists and veterinarians, will have access to the AAP’s more than 7,500 members. Periodontists specialize in […]
BaaS association taps Ohio banker as first chairman
The BHB BaaS Association has its first chairman. The Austin, Texas, group formed by Bankers Helping Bankers earlier this year to focus on Banking-as-a-Service providers, said in a press release Wednesday that Robert Keil had accepted the role. Keil, chief payments officer at Sutton Bank, leads the Attica, Ohio, bank’s BaaS efforts. He previously worked […]
Associated to close 13 branches in Illinois, Wisconsin
Associated Banc-Corp. in Green Bay, Wis., plans to close 13 branches in two states. The $37.2 billion-asset company plans to shutter six locations in Illinois and seven in northwest Wisconsin on Nov. 18, several media publications reported. Six of the offices are in-store branches, with five in Festival Foods stores and one inside a Piggly […]