KS Bancorp in N.C. taps next bank CEO
KS Bancorp in Smithfield, N.C., has a new bank CEO. The $559 million-asset company said in a press release Tuesday that Earl Worley Jr. had also become KS Bank’s president. He succeeded Harold Keen, who will remain president and CEO of the company and is executive chairman of the bank. Worley was the bank’s chief […]
Central Pacific in Hawaii planning BaaS product
Central Pacific Financial in Honolulu plans to implement a Banking-as-a-Service (BaaS) strategy. The $7.3 billion-asset Central Pacific said in a press release Monday that Kevin Dahlstrom had resigned as its chief strategy officer to lead a fintech initiative being formed in partnership with the company tied to the BaaS effort. The company plans to disclose […]
Wisconsin bank CEO shifting to part-time employment
The CEO of 1895 Bancorp of Wisconsin in Greenfield will soon become a part-time employee. The $541 million-asset company disclosed in a regulatory filing Wednesday that Richard Hurd, who is also CEO of unit Pyramax Bank, will “reduce his day-to-day operational involvement in the operation of the bank” on Jan. 8. Hurd will remain CEO […]
Washington Federal in Seattle to switch bank charters
Washington Federal in Seattle plans to switch the charter for its bank from a national association to a state-chartered bank. The $19.7 billion-asset company disclosed in a regulatory filing Monday that it filed an application on Dec. 31 with the Washington State Department of Financial Institutions. If approved, the Federal Deposit Insurance Corp. would replace […]
First Republic in San Francisco starts CEO search
First Republic Bank in San Francisco is looking for a new CEO after one of its leaders abruptly stepped down. The $173 billion-asset bank said in a press release Monday that Hafize Gaye Erkan resigned as co-CEO to pursue other opportunities. Erkan, who joined the bank in 2014 from Goldman Sachs, was named co-CEO in […]
Jelena McWilliams to resign as FDIC chair
Jelena McWilliams will resign as chairman of the Federal Deposit Insurance Corp. McWilliams, who has chaired the agency since June 2018, said in an open letter to President Biden on Friday that she will step down on Feb. 4. “Serving the American people alongside the dedicated career professionals of the FDIC has been the highlight […]
Mercantile, First United form charitable foundations
A pair of banks has formed charitable foundations before the end of 2021. Mercantile Bank in Grand Rapids, Mich., said in a press release Thursday that it had created the Mercantile Bank Foundation to fund and administer its charitable giving activities. The bank made a $4 million initial capital contribution that will be recorded as […]
RBB entering San Francisco market with latest deal
RBB Bancorp in Los Angeles will enter the San Francisco market after it buys Gateway Bank in Oakland. The $3.8 billion-asset RBB said in a press release Tuesday that it will pay $22.9 million in cash for the $172 million-asset Gateway. The deal is expected to close in the second quarter. Gateway has on branch, […]
Activist investor questions Codorus bylaw changes
An activist investor is pressing the board of Codorus Valley Bancorp to explain several bylaw changes that were not highlighted in a recent announcement about the York, Pa., company’s corporate governance changes. The $2.3 billion-asset Codorus issued a press release on Dec. 20 touting several changes to its board and the decision to adopt majority […]
Planned Vermont bank aiming for $24M in initial capital
Organizers behind Bank of Burlington in Vermont plan to raise $24 million to $30 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the bank would focus largely on small businesses. There are no plans to offer retail loans, and most of the deposits would come from […]
California bank hit with C&D order tied to board shakeup
Nano Banc in Irvine, Calif., has been issued a cease-and-desist order after replacing several directors and hiring a new CEO without securing approval from California’s Department of Financial Protection and Innovation. The state regulator issued the C&D order against the $1.2 billion-asset bank on Dec. 15. The order states that Nano Banc violated a February […]
Washington Federal freed from BSA-related reg order
Washington Federal in Seattle has been freed from a three-year-old regulatory order. The $19.7 billion-asset company disclosed in a regulatory filing Monday that the Office of the Comptroller of the Currency has terminated a 2018 consent order it had issued to WaFd Bank. The order required WaFd to enhance its Bank Secrecy Act program by […]
Bank of Montreal buying Bank of the West for $16B
Bank of Montreal has agreed to buy Bank of the West in San Francisco. Bank of Montreal said in a press release Monday that it will pay $16.3 billion in cash for the $105 billion-asset unit of BNP Paribas. The deal, which priced Bank of the West at 150% of its tangible book value, is […]
Codorus shifts board posts, adopts new voting standard
Codorus Valley Bancorp in York, Pa., which has been facing pressure from an activist investor, has shaken up a number of board positions and adopted a majority voting standard. The $2.3 billion-asset parent of PeoplesBank said in a press release Monday that Keith Cenekofsky would join its board, succeeding Larry Miller on Jan. 1. Cenekofsky, […]
Fed approves First Citizens-CIT, two other big mergers
The Federal Reserve Board has paved the way for several large bank mergers to close. The Fed said in a series of press releases Friday that it had approved applications by First Citzens BancShares to buy CIT Group, Webster Financial to buy Sterling Bancorp and WSFS Financial to acquire Bryn Mawr Bank. First Citizens announced […]
Coastal Financial in Wash. plans to raise $30M
Coastal Financial in Everett, Wash., plans to raise up to $34.5 million by selling common stock. The $2.5 billion-asset company said in a press release that it plans to sell at least $30 million of stock, with an overallotment that could bring in another $4.5 million. The company said it plans to use the net […]
Regions to buy tech-focused M&A advisory firm
Regions Financial in Birmingham, Ala., has agreed to buy Clearsight Advisors, a McLean, Va., M&A advisory firm focused on technology firms. The $156 billion-asset Regions said in a press release Friday that Clearsight also works with industries such as professional services, data and information services and digital and technology-enabled services. The deal is expected to […]
Avadian Credit Union agrees to buy Alabama bank
Avadian Credit Union in Huntsville, Ala., has agreed to buy Citizens State Bank in Vernon, Ala. The $1.1 billion-asset Avadian entered into a purchase and assumption agreement with Citizens Southern Bancshares, the parent of the $85.4 million-asset Citizens State, according to an announcement by Olsen Palmer, which represented the seller. The price of the all-cash […]
Silvergate, EJF Capital form fintech-focused fund
Silvergate Capital in La Jolla, Calif., and EJF Capital in Arlington, Va., have launched a joint investment vehicle that will focus on early stage fintechs. The $12.8 billion-asset Silvergate said in a press release Thursday that the EJF Silvergate Ventures Fund will also invest in digital currencies, payments and banking and specialty finance technology. The […]
Customers in Pa. debuts logo reflecting fintech focus
Customers Bancorp in West Reading, Pa., is introducing a new website and logo to support its efforts to become a more fintech-focused financial institution. The $19.1 billion-asset company said in a press release Thursday that the move also reflects a push to offer more products and services nationwide. Customers already has national exposure after making […]
Proposed Georgia bank gets conditional FDIC approval
The Federal Deposit Insurance Corp. has given conditional approval to a bank planned in Moultrie, Ga. The agency is requiring the organizers of Moultrie Bank & Trust to raise $20 million before opening, according to the Dec. 13 order. Organizers applied for deposit insurance in July. A consultant for the group said at that time […]
Home in Louisiana to enter Texas via acquisition
Home Bancorp in Lafayette, La., has agreed to buy Friendswood Capital in Houston. The $2.7 billion-asset Home said in a press release Wednesday that it will pay $67 million in cash for the parent of $445 million-asset Texan Bank. The deal is expected to close in the first quarter. The move makes Home’s first entry […]
Bank of the James to buy Virginia RIA
Bank of the James Financial Group in Lynchburg, Va., has agreed to buy Pettyjohn, Wood, & White, a registered investment adviser in Lynchburg. The $943 million-asset Bank of the James said in a press release Wednesday that Pettyjohn, Wood & White has more than $650 million of assets under management. The firm provides investment advisory services […]
CItizens buying investment bank focused on digital infrastructure
Citizens Financial Group in Providence, R.I., has agreed to buy DH Capital, an investment banking firm in New York. DH Capital, which also has an office in Boulder, Colo., serves companies in the Internet infrastructure, software and next-gen IT services, and communications sectors. The $170 billion-asset Citizens did not disclose the price it paid. DH […]
California de novo launches entrepreneurship division
Genesis Bank in Newport Beach, Calif., has created a program to support entrepreneurs. The $57 million-asset de novo said in a press release Wednesday that it had formed the Genesis Bank Institute for Entrepreneurship, a business accelerator and advisory division. The group will focus on accelerating entrepreneurship and growth for businesses, government and municipal entities, […]