FDIC’s chief innovation officer to resign
The first chief innovation officer at the Federal Deposit Insurance Corp. is resigning. Sultan Meghji disclosed in a tweet Tuesday that he will step down on Feb. 18. “Being the first chief innovation officer of this agency has been a tremendous honor,” he said in the tweet. “It was a dream to be able to […]
SoFi gains conditional OCC approval for bank purchase
SoFi has received conditional approval from the Office of the Comptroller of the Currency to acquire Golden Pacific Bank in Sacramento, Calif. The regulatory agency said in a press release Tuesday that it also approved Social Finance’s application to create SoFi Bank, which will be based in Cottonwood Heights, Utah. SoFi will have $5.3 billion […]
Texas First to offer multicurrency debit account
Texas First Bank in Texas City is planning to launch a multicurrency debit account as part of a partnership with fintech Rêv Worldwide. The $2 billion-asset bank is set to introduce X World Wallet, a product that will eventually be offered to other community banks and credit unions, according to a press release. X World […]
Atlantic Union adds more duties for bank president
Atlantic Union Bankshares in Richmond, Va., has given a top bank executive more responsibility. The $19.9 billion-asset company said in a press release Monday that it had appointed Maria Tedesco to serve as chief operating officer of Atlantic Union Bank. She will remain the bank’s president, a position she has held since 2018. In the […]
Former Talmer bankers tied to Michigan de novo effort
A pair for former Talmer Bancorp bankers are part of an effort to open a de novo in a Detroit suburb. Organizers of Community Unity Bancorp in Birmingham, Mich., applied on Jan. 12 with the Federal Deposit Insurance Corp. for deposit insurance. “We will serve the banking needs of our market area through commercial lending […]
Bank-led group to mint, use USDF stablecoins
Five banks are part of a group formed to mint and use USDF stablecoins. The initial members of the USDF Consortium include New York Community Bank, NBH Bank, FirstBank, Sterling National Bank and Synovus Bank. Figure Technologies and JAM FINTOP, which are also among the founders, will facilitate and promote the adoption of USDF. Figure […]
Eastern Bank to sell cannibis-related business
Eastern Bankshares in Boston has agreed to sell its cannabis-related business to NB Financial in Needham, Mass. The $17 billion-asset Eastern said in a press release Friday that it will also sell the money service business deposit relationships obtained from its acquisition of Century Bancorp. The sale is expected to close in the first half […]
Merger in southern Illinois to create $1B asset bank
Midwest Community Bancshares in Marion, Ill., has agreed to buy Carbondale Investment in Carbondale, Ill. Midwest, the parent of the $781 million-asset First Southern Bank, said in a press release that it plans to buy the holding company for the $282 million-asset Bank of Carbondale in the second quarter. The price was not disclosed. Bank […]
Louisiana Bankers Association taps insider as next CEO
The Louisiana Bankers Association has a new CEO. The association said in a press release that its board had elected Ginger Laurent as its leader, effective Jan. 1. She succeeded Bob Taylor, who retired on Dec. 31 after serving as the association’s CEO since 2007. Laurent has been with the association for 22 years, including […]
Newly formed company plans to buy Florida bank
A newly formed company is looking to buy a bank in Dade City, Fla. Aiden Florida Bancshares in Rancho Santa Margarita, Calif., has agreed to buy a 65% to 80% stake in Florida Bancshares, the parent company of First National Bank of Pasco, according to a notice from Hovde Group. Hovde, which represented the $276 […]
Florida de novo Locality Bank to debut this week
Locality Bank, a de novo planned in Fort Lauderdale, Fla., is set to debut on Wednesday. The proposed bank’s digital application will launch on that day, based on a press release announcing that organizers had surpassed the fund-raising goal set by the Federal Deposit Insurance Corp. as part of the agency’s conditional approval. Locality raised […]
Civista to buy Comunibanc in northwest Ohio
Civista Bancshares in Sandusky, Ohio, has agreed to buy Comunibanc in Napoleon, Ohio. The $3 billion-asset Civista said in a press release Monday that it will pay $50.2 million in cash and stock for the $329 million-asset parent of Henry County Bank. The deal, which is expected to close in the second quarter, priced Communibanc […]
Republic seeking $5M termination fee from Green Dot
Republic Bancorp in Louisville, Ky., wants Green Dot to pay a $5 million termination fee tied to the termination of asset sale. The $6.2 billion-asset Republic agreed in May to sell its tax refund solutions business to Green Dot. Green Dot first delayed the closing in August, then terminated it in October after failing to […]
First Guaranty in La. makes push into Ky., W.Va.
First Guaranty Bancshares in Hammond, La., has hired 13 bankers for its push into Kentucky and West Virginia. The $2.8 billion-asset company said in a press release Monday that it hired Mike Mineer, a former president and CEO of Citizens Deposit Bank and Trust, to serve as its Mideast Market President. The hirings included five […]
Bank-backed group launches blockchain fund
The group behind a large fintech fund has completed a separate effort to invest in blockchain projects. JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, and FINTOP Capital said in a press release Monday that their JAM FINTOP Blockchain fund had raised about $110 million. The fund has more commitments that scale up […]
Former BancorpSouth bankers planning Texas de novo
A group is looking to form a de novo bank in Texas. Organizers of Texas Traditions Bank applied with the Federal Deposit Insurance Corp. on Jan. 3 for deposit insurance. The bank would be based in Fulshear or Katy, just outside of Houston. The bank, which would have a minimum of $35 million of initial […]
Proposed Puerto Rico de novo would be a digital bank
The group behind the proposed Nave Bank in San Juan, Puerto Rico, is planning a digital bank. Organizers said in an application with the Federal Deposit Insurance Corp. for deposit insurance that Nava Bank will look “to provide a unique, affordable offering, and value to customers that are presently unsatisfied, underserved or unbanked.” Nave would […]
Former bank analyst Lana Chan joins Cathay Bank
Lana Chan is the latest bank analyst to cross over and join a bank. Chan, who was an equity analyst for BMO Capital Markets for 15 years, revealed on her LinkedIn profilethat she had become a strategic communications and investor relations consultant at Cathay Bank in Los Angeles. Prior to joining BMO, Chan was an […]
Group looks to form bank in Connecticut
Organizers in New Canaan, Conn., have applied to form a bank. The application for New Canaan Bank was submitted to the Federal Deposit Insurance Corp. on Dec. 28. A week earlier, organizers filed an application with the Connecticut Department of Banking. A notice posted by the state regulator listed six organizers: Frederick Afragola, Louis Garcia, Paul Kuehner, Joseph Rucci […]
Customers Bank in Pa. adds depth to crypto team
Customers Bancorp has hired a team of digital banking experts from Silvergate Capital to help the West Reading, Pa., company build out its commercial cryptocurrency business. The $19 billion-asset company said in a press release Thursday that it added seven bankers with experience in business development, technology, onboarding, payments and Bank Secrecy Act compliance. “We […]
Provident in N.J. promotes insider to bank CEO
Provident Financial Services in Iselin, N.J., has a new bank CEO. The $13.4 billion-asset company said in a press release Thursday that Tony Labozzetta had taken on the expanded role on Jan. 1. He succeeded Chris Martin, who became executive chairman of Provident Bank. Labozzetta will remain the president for the company and the bank. He […]
State regulator stops Iowa credit union’s bank deal
GreenState Credit Union in North Liberty, Iowa, has been blocked from buying a bank. The Nebraska Department of Banking and Finance officially denied an application by the $8 billion-asset credit union to acquire the $395 million-asset Premier Bank in Omaha, Neb. The regulator said the bank failed to provide supporting evidence backing the deal’s legality. […]
Minn. group changes name of planned de novo bank
Organizers of a proposed de novo in Bloomington, Minn., have selected a new name for the bank. The group has changed the name of the planned institution from Brava Bank to EntreBank, according to an application with the Federal Reserve. The bank, as previously reported, would operate as a subsidiary of Entrepreneurs Bancshares. The principal […]
ACNB in Pennsylvania rebrands insurance unit
ACNB Corp. in Gettysburg, Pa., has changed the name of its insurance unit. The $2.8 billion-asset said in a press release Thursday that Russell Insurance Group had been rebranded as ACNB Insurance Services. ACNB bought Russell in 2005. The agency offers property, casualty, health, life and disability insurance to personal and commercial clients. “The insurance […]
Colorado Bankers Association has new leader
The Colorado Bankers Association tapped an insider as its next CEO. The association said in a press release that Jenifer Waller took over the posts on Jan. 1 as part of a two-year transition process. Waller, who has been with the association since 1999, will remain its president. Waller “has been a key part of […]