Live Oak hires exec to manage embedded banking push
Live Oak Bancshares in Wilmington, N.C., has hired an executive to oversee its embedded banking efforts. The $8.2 billion-asset company said in a press release Tuesday that Jake Tupa, as head of embedded banking, will report to Stephanie Mann, its executive vice president of corporate development and strategy. Tupa previously worked at Choice Financial and […]
MasterCard hiring push to bulk up crypto, ESG services
Mastercard in Purchase, N.Y., plans to hire more than 500 young professionals to expand its data and services division in a move that includes the creation of consulting groups for open banking and cryptocurrency. The payments company said in a press release Tuesday that it will also form a consulting group that will focus on […]
Longview in Illinois to buy neighboring bank
Longview Capital in Newman, Ill., has agreed to buy Farmers Bank of Mt. Pulaski in Mount Pulaski, Ill. The $665 million-asset Longview said in a press release Tuesday that it will pay cash for the $66 million-asset Farmers Bank. Longview did not disclose the price it will pay. The deal is expected to close in […]
DoorDash forms division to make restaurant loans
DoorDash has formed a division that will make business loans to restaurants. DoorDash Capital will allow merchants to use the delivery service’s app to apply for loans that could be used to buy equipment, apply for business and liquor licenses, make payroll and pay rent. The company has already made some loans, based on testimonialsincluded […]
Two investor groups back new directors at Republic First
An investor group looking to oust Vernon Hill as CEO of Republic First Bancorp is backing another shareholder’s effort to have three directors added to the Philadelphia company’s board. George Norcross III, Gregory Braca and Philip Norcross said in a regulatory filing that they intend to support the nominees submitted by Driver Management. They also […]
CNB in Pennsylvania sets stage for next CEO
CNB Financial in Clearfield, Pa., will have a new CEO later this year. The $5.3 billion-asset CNB said in a press release Wednesday that Joseph Bower will retire as CEO of CNB Bank on July 1 and the company’s president and CEO on Dec. 31. He has been the company’s CEO since December 2009. Michael […]
Colony in Georgia looking to raise $53M in capital
Colony Bankcorp in Fitzgerald, Ga., is looking to sell $52.5 million of common stock. The $2.5 billion-asset company said in a term sheet filed on Monday that it has a 15% overallotment option for the offering, which is being handled by Hovde Group and Janney Montgomery Scott. Proceeds would be used for general corporate purposes […]
Former banker Calk sentenced to year in prison
Former banker Stephen Calk was sentenced by a federal judge to just over a year in prison after he was convicted in a bribery case involving former Trump campaign chairman Paul Manafort. Lorna Schofield, a judge representing the Southern District of New York, also assess a $1.25 million fine. Calk, once CEO of Federal Savings […]
Home BancShares buys $238M yacht loan portfolio
Home BancShares in Conway, Ark., has acquired a portfolio of marine loans from LendingClub. The $18.1 billion-asset Home said in a press release Monday that it bought $238 million of performing yacht loans, which will be housed in its Shore Premier Finance division. Home did not disclose the price it paid. The division now has […]
Activist investor group ups stake in Republic First
A shareholder group interested in replacing the CEO of Republic First Bancorp has increased its stake in the Philadelphia company. George Norcross III, Gregory Braca and Philip Norcross, who raised their stake from 6.6% to 8.8%, reiterated in the Feb. 7 regulatory filing their desire to meet with the $5.4 billion-asset company’s board. The investors […]
Fed, OCC to hold hearing on U.S. Bancorp-MUFG Union deal
The Federal Reserve and the Office of the Comptroller of the Currency will hold a public meeting to discuss U.S. Bancorp’s pending purchase of MUFG Union Bank. The Fed and OCC said in a press release Monday that they will host a virtual meeting on March 8 at 11 am EST. Members of the public […]
MidWestOne CEO announces plans to retire
MidWestOne Financial Group in Iowa City is looking for its next CEO. The $6 billion-asset company said in a regulatory filing Monday that Charles Funk will retire later this year. He will remain a director. MidWestOne said it had hired an executive search firm to identify and evaluate potential successors. The company said internal and […]
Acting FDIC chair puts M&A, crypto at top of agenda
The acting chairman of the Federal Deposit Insurance Corp. wasted no time indicating a new direction for the agency following the resignation of his predecessor. Martin Gruenberg made it clear in a Monday release that the FDIC’s priorities include taking a closer look at cryptocurrency and climate change, reviewing how it vets large bank mergers […]
CF in Ohio expanding equipment finance business
CF Bankshares in Columbus, Ohio, is taking a regional approach to equipment finance. The $1.5 billion-asset company recently hired Chad Owens at head of equipment finance to oversee an effort to expand into Indiana, Michigan, Pennsylvania, West Virginia and Kentucky. CF said it plans to add and enhance its commercial lending products and capabilities as […]
Another de novo bank proposed for Houston
A group has filed a request to form a new bank in Houston. Organizers of Houston Bank of Commerce & Trust applied with the Federal Deposit Insurance Corp. on Jan. 31 for deposit insurance. Mark Jacobs is set to become the bank’s president and CEO, according to the application. He recently served as the Houston […]
High-profile banking attorney switches firms
Robert Klingler, a veteran banking attorney, has a new law firm. Klinger announced in a tweetMonday that he had joined Nelson Mullins Riley & Scarborough as a partner in its financial institution corporate and regulatory group. The move was also reflected in his LinkedIn profile. Klinger previously worked at Bryan Cave Leighton Paisner, where he […]
Live Oak to benefit from Fiserv buying Finxact
Live Oak Bancshares in Wilmington, N.C., will record a large one-time gain when Fiserv buys cloud-based core system Finxact. Fiserv said in a press release Monday that it will buy the remaining ownership stake in Finxact for about $650 million. “We’re accelerating the delivery of innovative digital banking experiences for our clients and elevating their […]
Seacoast in Florida combines chairman, CEO roles
Seacoast Banking Corp. of Florida in Stuart has combined the roles of chairman and CEO. The $9.7 billion-asset company said in a press release Thursday that Chuck Shaffer, its president and CEO, had succeed Dennis Hudson III as chairman. Hudson, who preceded Shaffer as CEO, will remain on Seacoast’s board. “We thank Denny for his […]
OceanFirst to buy title insurance agency
OceanFirst Financial in Red Bank, N.J., has agreed to buy a title insurance agency. The $11.7 billion-asset company said in a press release Thursday that it will acquire a majority interest in Trident Abstract Title Agency. The deal is expected to close on March 1. The deal gives OceanFirst the option to buy 100% of […]
Minnesota de novo gets conditional FDIC approval
The Federal Deposit Insurance Corp. has given conditional approval for a proposed bank in Bloomington, Minn. Organizers of EntreBank must raise $32 million before opening the bank, according to the FDIC’sJan. 27 approval. Organizers applied with the FDIC for deposit insurance in August. They changed the proposed bank’s name from Brava Bank to EntreBank. The […]
Kentucky First adds its former bank CEO to its board
Kentucky First Federal Bancorp in Frankfort has added a former CEO of its bank to its board. The $337 million-asset parent of First Federal Savings and Loan of Hazard said in a press release Wednesday that Lou Ella Farler is its newest director. Farler was president and CEO of First Federal from 2012 to 2018, […]
Austrian group agrees to buy Idaho bank
BAWAG Group in Vienna, Austria, has agreed to buy Peak Bancorp in McCall, Idaho. The $555 million-asset parent of Idaho First Bank said in a press release Wednesday that BAWAG is paying $65 million. BAWAG, which offer financial services in Europe through various brands and delivery channels, will work with the bank’s existing leadership team […]
Silvergate buys Diem-related assets for stablecoin push
Silvergate Capital in La Jolla, Calif., has acquired intellectual property and other technology assets tied to running a blockchain-based payment network from the Diem Group. Silvergate said in a press release Monday that it paid $182 million in cash and stock. The assets Silvergate bought included development, deployment and operations infrastructure, along with the tools […]
Republic First faces pressure from second investor group
A group with ties to Vernon Hill has suggested replacing him as CEO of Republic First Bancorp in Philadelphia. George Norcross III, Gregory Braca and Phillip Norcross suggested in a Jan. 31 letter to the $5.4 billion-asset company’s board that it should consider hiring Braca to replace Hill. Braca once served as president and CEO […]
Western Alliance buys fintech that serves legal industry
Western Alliance Bancorp in Phoenix has acquired a fintech that offers a digital payments platform for the class-action legal industry. The $50 billion-asset Western Alliance said in a press release that it had bought Digital Settlement Technologies in Los Angeles, which operates as Digital Disbursements. Western Alliance did not disclose the price it paid. Digital […]