BNY Mellon to have new CEO in September
Bank of New York Mellon will have a new CEO this summer. The $444 billion-asset company said in a press release Thursday that Todd Gibbons will retire on Aug. 31. Robin Vince, the company’s chairman and CEO of global market infrastructure, has been named president and CEO-elect and will succeed Gibbons following his retirement. Gibbons, […]
BayFirst director resigns following loan-related dispute
A loan dispute is seemingly at the root of a director’s abrupt resignation at BayFirst Financial in St. Petersburg, Fla. The $917 million-asset company disclosed in a regulatory filing Wednesday that it asked Trifon Houvardas to step down. He resigned on March 4. BayFirst said, prior to his resignation, Houvardas had guaranteed a loan to […]
Former Heartland CEO pushes bank to consider selling
Lynn Fuller, who made a number of acquisitions as CEO of Heartland Financial USA, now wants the Dubuque, Iowa, company to consider finding a buyer. Fuller, who retired as CEO in 2018, is part of group that sent a letter to the $19.3 billion-asset company’s board on March 8 “expressing concerns” about management’s decisions tied […]
Lake Shore discloses unauthorized data access
Lake Shore Bancorp in Dunkirk, N.Y., disclosed that someone gained unauthorized access to data in its internal systems. The $714 million-asset company said in a regulatory filing that its bank experienced a data security incident in November that barred employees from accessing internal systems and data for “a limited period of time.” The bank immediately […]
First Republic’s Herbert returning from medical leave
First Republic Bank in San Francisco expects its founder to return from medical leave next month. The $173 billion-asset bank disclosed in a regulatory filing the co-CEO Jim Herbert will be back on April 4. He has also been reappointed to the board. The leave of absence began on Jan. 1 and was expected to […]
OceanFirst-Partners merger faces regulatory delay
OceanFirst Financial in Red Bank, N.J., is the latest bank to delay the closing date of a planned acquisition. Partners Bancorp in Salisbury, Md., disclosed in a regulatory filing Tuesday that it no longer expects to complete its $186 million sale to the $11.7 billion-asset OceanFirst by the end of the second quarter. The disclosure […]
Banc of California partially recoups funds from ’19 chargeoff
Banc of California in Santa Ana is set to receive a large payment that partially addressed a chargeoff it recorded in 2019. The $9.4 billion-asset company said in a regulatory filing Monday that it should receive $31.3 million tied to a settlement with Chicago Title Insurance and Chicago Title. The bank agreed to release the […]
Texas bank to pilot digital bank for bankers
Texas National Bank in Sweetwater is planning to introduce a digital bank for bankers. The $170 million-asset bank plans to pilot Bankers Lender in April, according to an articlein Bankers Digest. The initial offerings will include secured and unsecured revolving lines of credit, secured and unsecured closed-end loans and demand deposit accounts. “Bankers are no […]
Fed approves M&T-People’s United merger after long wait
The Federal Reserve has approved M&T Bank’s pending purchase of People’s United Financial in Bridgeport, Conn. – nearly 380 days after the $7.6 billion deal was announced. The Fed said in a press release late Friday that it will use next year’s stress test to recalculate M&T’s stress test buffer to include the impact of […]
Card portfolio manager applies for Nevada ILC
A group is looking to form an industrial loan company in Nevada. Capital Card Services, a credit card portfolio manager in Sioux Falls, S.D., is looking to form Capital Preferred Savings Bank in Las Vegas. The company filed an application on Thursday with the Federal Deposit Insurance Corp. The ILC would operate with a Nevada thrift charter. A […]
Republic First ending employment pact with former CEO
Republic First Bancorp in Philadelphia, which is facing pressure from two shareholder groups, will not renew an employment agreement with a former CEO. The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that the agreement with Harry Madonna, its president and chairman emeritus, will end on Feb. 28, 2023. The original agreement had an […]
Mid Penn hires Spirit of Texas CFO to fill same post
Mid Penn Bancorp in Harrisburg, Pa., has hired the chief financial officer at Spirit of Texas Bancshares to serve as its CFO. The $4.7 billion-asset Mid Penn disclosed in a regulatory filing Friday that Allison Johnson had recently accepted the position. She will also become the CFO of Mid Penn Bank. Johnson has been the […]
Big bank deals are taking longer to close: Janney
A new report from Janney Montgomery Scott shows that it is taking much longer for big bank acquisitions to make their way through the regulatory approval process. The percentage of deals that took more than 250 days to close has increased to 18% this year from 10% in 2021. Acquisitions with a deal value of […]
Ark. bank is fourth in ’22 to announce sale to credit union
Barksdale Federal Credit Union in Bossier City, La., has agreed to buy Home Bank of Arkansas in Portland. The $2 billion-asset Barksdale did not disclose how much it will pay Peoples Home Holding for its $73.8 million-asset bank. HomeBank has five branches. The deal, which was announced on Tuesday, is expected to close in the […]
Summit is third credit union to ink bank deal in ’22
Summit Credit Union in Madison, Wis., has agreed to buy Commerce State Bank in West Bend, Wis. The $4.8 billion-asset Summit did not disclose the price it will pay for the $837 million-asset Commerce State. The deal is expected to close in the third quarter. Commerce State is currently a unit of Commerce Financial Holdings. […]
Veritex to buy deposit administrator interLINK
Veritex Holdings in Dallas has agreed to buy StoneCastle Cash Insured Sweep, also known as interLINK. The $9.8 billion-asset Veritex said in a press release Thursday that it will pay StoneCastle Partners $91 million in cash and stock for the business, which administers about $8 billion of deposit for broker/dealers and clearing firms through FDIC-insured […]
Fulton returns to M&A with deal for Prudential Bancorp
Fulton Financial in Lancaster, Pa., has finally returned to bank acquisitions, agreeing to buy Prudential Bancorp in Philadelphia. The $26 billion-asset Fulton said in a press release Wednesday that it will pay $142.1 million in cash and stock for the $1.1 billion-asset Prudential. The deal is expected to close in the third quarter. Prudential has […]
CEO’s absence could complicate RBB’s deal for Gateway
An internal investigation involving the longtime CEO of RBB Bancorp – and his leave of absence while the probe is being conducted – could create a challenge for the Los Angeles company when it comes to completing a recently announced acquisition. The $4.2 billion-asset RBB disclosed last month that Alan Thian had stepped down while […]
Zip lines up purchase of BNPL rival Sezzle
Zip, an Australian provider of Buy Now Pay Later services, has agreed to buy Minneapolis rival Sezzle. Zip said in a press release that it will pay $356 million for Sezzle. The deal is expected to close in the third quarter. “We are delighted to be bringing Zip and Sezzle together under a transformational transaction […]
Huntington to buy investment bank Capstone Partners
Huntington Bancshares in Columbus, Ohio, has agreed to buy investment bank Capstone Partners. The $174 billion-asset Huntington said in a press release Tuesday that expects the deal to close in the second quarter. It did not disclose the price it will pay. Capstone focuses on mergers and acquisitions, capital advisory, financial advisory and restructuring projects. […]
DMG Bancshares in California to buy Liberty Bancorp
DMG Bancshares in Irvine, Calif., has agreed to buy Liberty Bancorp in South San Francisco, Calif. The $207 million-asset DMG said in a press release that it will pay $31.2 million in cash for the $293 million-asset Liberty. Up to $2.9 million of additional cash could be paid to Liberty shareholders “depending on the occurrence […]
Spokane Teachers CU buying four bank branches
The Spokane Teachers Credit Union has agreed to acquire four branches in Washington from Banner Bank in Walla Walla, Wash. The $4.5 billion-asset credit union said in a press release that it will obtain some deposits from the deal. The transaction is expected to close on June 24. STCU plans to retain all of the […]
United in West Virginia announces CEO succession
United Bankshares in Charleston, W.Va., will have a new CEO next month. The $29.3 billion-asset company said in a press release Monday that Rick Adams will take over the position on April 1. He will succeed Richard Adams, who will remain the company’s chairman. Rick Adams, United’s president, will also join the board. Before joining […]
Credit union agrees to buy Persons Banking in Ga.
Robins Financial Credit Union in Warner Robins, Ga., has agreed to buy Persons Banking in Forsyth, Ga. The $3.9 billion-asset Robins Financial did not disclose the price it will pay for the $430 million-asset Persons. The deal is the second in a week where a Georgia credit union plans to buy a bank. Georgia’s Own […]
TD Bank to buy First Horizon for $13.4 billion
TD Bank Group in Toronto has agreed to buy First Horizon in Memphis, Tenn. The $525 billion-asset TD said in a press release Monday that it will pay $13.4 billion in cash for the $89 billion-asset First Horizon. The deal, which is expected to close this fall, priced First Horizon at 210% of its tangible […]