Unsolicited bid, market challenges led to Comunibanc sale
Comunibanc in Napoleon, Ohio, began to seriously explore selling itself after receiving an unsolicited offer last summer from an unnamed bank. The $329 million-asset parent of Henry County Bank would agree in January to be sold to Civista Banchares in Sandusky, Ohio, for $50.2 million in cash and stock. The deal is expected to close […]
Stripe-backed fintech Fast to close
Fast, a fintech that included Stripe among its financial backers, is closing. The startup, founded in 2020, allowed users to check out instantly without entering passwords or other account information. “Sometimes trailblazers don’t always make it all the way to the mountain top,” Domm Holland, the San Francisco company’s co-founder and CEO, tweeted Tuesday afternoon. […]
Alton Bancshares to buy Table Rock in Missouri
Alton Bancshares in Alton, Mo., has agreed to buy Table Rock Community Bank in Kimberling City, Mo. Alton, the parent of the $144 million-asset First Community Bank of the Ozarks and the $106 million-asset Alton Bank, said in a press release that it expects to buy the $150 million-asset Table Rock in the second or […]
Zions creates new expense line for tech costs
Zions Bancorp. in Salt Lake City created a new expense line item to break out costs tied to technology, telecom and information processing. The $93 billion-asset company disclosed in a regulatory filing Friday that those items had previously resided under the line items for “furniture, equipment and software” and for “other expenses” that included data […]
Piedmont Federal in NC to form MHC
Piedmont Federal Savings Bank in Winston-Salem, N.C., is looking to form a holding company. The $1 billion-asset bank filed applications with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency tied to the initiative. The filings weren’t immediately available. In a legal notice filed in conjunction with the applications, Piedmont […]
Southern First discloses ‘needs to improve’ CRA rating
Southern First Bancshares in Greenville, S.C., said its bank recently received a “needs to improve” rating from the Federal Deposit Insurance Corp. tied to its compliance with the Community Investment Act. The $2.9 billion-asset company disclosed in a regulatory filing Friday that the notice, received on March 16, covers the period from Feb. 12, 2018, […]
Republic First to probe related-party transactions
Republic First Bancorp in Philadelphia is planning to delay its 2022 annual meeting while it conducts an investigation into certain related-party transactions. The $5.4 billion-asset company disclosed in a regulatory filing Friday that its auditors, as part of a review of its 2021 financial statements, advised management and the chairman of the audit committee that […]
U.S. Century parent adds Robert Kafafian to its board
USCB Financial Holdings in Miami has added a high-profile banking consultant to its board. The $1.9 billion-asset parent if U.S. Century Bank said in a press release Friday that it had appointed Robert Kafafian as an independent director and serve on the bank’s asset and liability committee. Kafafian is the founder, chairman and CEO of […]
Benchmark to buy Va. branch from First Community
Benchmark Bankshares in Kenbridge, Va., has agreed to buy a branch in Emporia, Va., from First Community Bankshares in Bluefield, Va. The $1 billion-asset Benchmark said in a press release that it will also buy the deposits housed at the branch. No loans are changing hands. The branch had $65.8 million of deposits in June […]
Ponce in N.Y. hires former regulator as its COO
Ponce Financial Group in Bronx, N.Y., has hired a former regulator as its chief operating officer. The $1.7 billion-asset company said in a press release Friday that Luis Gonzalez Jr. will have the same role at its bank. Gonzalez held several posts at the Office of the Comptroller of the Currency over 15 years, at […]
VyStar-Heritage deal delayed – again
Patience is becoming a virtue with VyStar Credit Union’s still-pending purchase of Heritage Southeast Bank in Jonesboro, Ga. The $11.7 billion-asset Vystar said late Thursday that the $196 million acquisition is being delayed for a third time as it awaits regulatory approval. This time, the closing has been pushed back to June 30. The credit […]
BankGuam’s chairman retires as an employee
BankGuam Holding in Hagatna said its chairman has retired as an employee of the company. The $2.8 billion-asset company disclosed in a regulatory filing Friday that William Leon Guerrero’s employment contract recently expired. He will remain BankGuam’s chairman. Guerrero was the bank’s chief operating officer from its founding in 2011 until he was named chairman […]
National Bank in Denver buying Wyoming-based bank
National Bank Holdings in Denver has agreed to buy Bancshares of Jackson Hole in Jackson Hole, Wyo. The $7.2 billion-asset National Bank said in a press release Friday that it will pay $230 million in cash and stock for the $1.6 billion-asset parent of Bank of Jackson Hole. The deal, which is expected to close […]
Sterling in Mich. revises 4Q earnings upward
Sterling Bancorp in Southfield, Mich., significantly increased its fourth-quarter earnings after revising the fair value of a commercial real estate loans it sold. The $2.9 billion-asset company said in a press release Thursday that it earned $8.1 million in the quarter, compared to the $4.8 million it reported in early February. Sterling determined after reporting […]
Citizens in Okla. designated a women-owned institution
Citizens Bank of Edmond in Oklahoma has been designated a women-owned depository institution by the Federal Reserve. Jill Castilla, the $370 million-asset bank’s president and CEO, made the announcement on her Twitter feed. “The OCC lists only a dozen women-owned/women-led banks in the nation,” she tweeted. “We’re so excited … to add one more!” The […]
Cross River parent company raises $620 million
CRB Group in Fort Lee, N.J., has raised $620 million in new capital. The parent of the $9.1 billion-asset Cross River Bank said in a press release Wednesday that the funding was led by Eldridge and Andreessen Horowitz. Other investors included funds and accounts advised by T. Rowe Price Investment Management, Whale Rock and Hanaco […]
FDIC seeks comments on climate-change proposals
The Federal Deposit Insurance Corp. is seeking public comments after releasing proposed steps big banks should consider to manage exposure to climate-related financial risks. The federal agency said in a press release Wednesday that it the principles are focused on banks with more than $100 billion of assets. “The proposed statement of principles represents an initial […]
Nicolet in Wis. announces another bank acquisition
Nicolet Bankshares in Green Bay, Wis., has agreed to buy Charter Bankshares in Eue Claire, Wis. The $7.7 billion-asset Nicolet said in a press release Wednesday that it will pay $158 million in cash and stock for the $1.1 billion-asset Charter. The deal, which is expected to close in the third quarter, priced Charter at […]
Seacoast to enter Miami with purchase of Apollo Bank
Seacoast Banking Corp. of Florida in Stuart will enter Miami through its pending purchase of Apollo Bancshares in Miami. The $9.7 billion-asset Seacoast said in a press release Tuesday that it will pay $168.3 million for the $1 billion-asset Apollo. The deal is expected to close early in the fourth quarter. Apollo has five branches, […]
MetaBank to rebrand as Pathward
MetaBank in Sioux Falls, S.D., will rebrand as Pathward. The $7.6 billion-asset bank said in a press release Tuesday that the plan is to shift to the new name by the end of this year. Meta Financial, the bank’s holding company, will become Pathward Financial. “Expanding financial access is too complex and important to be […]
Fla. banker Rita Lowman joins wealth manager’s board
Rita Lowman, former president of Pilot Bank, has joined the board of a Venice, Fla., wealth manager. Caldwell Trust Co. said in a press release Tuesday that Lowman had accepted the position. “Rita’s experience with banking issues, combined with her financial expertise and passion for serving nonprofit institutions, makes her an ideal fit and very […]
First Carolina raises $115M for expansion efforts
First Carolina Financial Services in Rocky Mount, N.C., has raised $115 million through a private placement of common stock. The $1.5 billion-asset company said in a press release Monday that it sold 4.6 million shares at $25 each to accredited individual and institutional investors. It is the company’s largest private placement – about $90 million […]
MNB in Nebraska to buy Doniphan Bancshares
MNB Financial Services in McCook, Neb., has agreed to buy Doniphan Bancshares in Doniphan, Neb. The $418 million-asset MNB said in a press release that it expects to complete the purchase of the $149 million-asset Doniphan on June 1. The company did not disclose the price it will pay. “This is a historic day for […]
Norwood Financial identifies next leader
Norwood Financial in Honesdale, Pa., will soon have a new CEO. The $2.1 billion-asset company said in a press release Monday that James Donnelly will also become its president in early May. He will also join the company’s board. Donnelly will succeed Lewis Critelli, who plans to retire but will remain a director. Donnelly previously served as […]
Hometown Financial to buy Randolph Bancorp in Mass.
Hometown Financial Group in Easthampton, Mass., has agreed to buy Randolph Bancorp in Quincy, Mass. The $3.6 billion-asset Hometown said in a press release Monday that it will pay $146.5 million for the $803 million-asset parent of Envision Bank. The deal is expected to close in the fourth quarter. Randolph’s directors and executive officers, who […]