Equity in Kansas to sell Oklahoma branch to High Plains
High Plains Bank in Okeene, Okla., has agreed to buy a branch in Oklahoma from Equity Bancshares in Wichita, Kan. The $5 billion-asset Equity said in a press release that it is selling its location in Cordell to the $160 million-asset High Plains. The sale is expected to close by Dec. 31. The price wasn’t […]
Mortgage lender gets reg approval to buy Texas bank
Cornerstone Home Lending has received regulatory approval to buy Roscoe State Bank in Roscoe, Texas. The mortgage lender said in a Wednesday press release that it expects to buy the $226 million-asset Roscoe on or around Oct. 1. Cornerstone Capital Bank will have more than $380 million of capital and roughly $1.5 billion of assets. […]
First Commonwealth to buy Centric Financial in Pa.
First Commonwealth Financial in Indiana, Pa., has agreed to buy Centric Financial in Harrisburg, Pa. The $9.6 billion-asset First Commonwealth said in a press release Tuesday that it will pay $144 million in stock for the $1.1 billion-asset Centric. The deal, which is expected to close in the first quarter, priced Centric at 131% of […]
First National Bank of Omaha debuts API-focused product
First National Bank of Omaha in Nebraska has formed a business to offer credit card services to fintechs and other startups. The $27.2 billion-asset bank said in a press release that Bend by FNBO will offer customized credit card issuance to clients. The business is being marketed as a credit card-as-a-service (CaaS) platform. Bend offers […]
Genesis Bank in Calif. forms 1031 exchange division
Genesis Bank in Newport Beach, Calif., has created a division to handle 1031 exchanges. The $95.1 million-asset company said in a press release that it had launched Genesis Bank Exchange to facilitate Section 1031 exchanges of investment and business real estate. The division will hold client funds in segregated trust accounts and handle administrative, legal […]
California group clears hurdle to opening new bank
A group in Irvine, Calif., has received approval from the Federal Deposit Insurance Corp. to open a bank. The FDIC on Aug. 24 gave conditional approval for Beach Cities Commercial Bank. Organizers must raise $25 million before the bank can open. The group applied with the FDIC in September. “The bank plans to serve the […]
Thumb Bancorp to buy Exchange State in Michigan
Thumb Bancorp in Pigeon, Mich., has agreed to buy Exchange State Bank in Carsonville, Mich. The $401 million-asset Thumb said in a press release that it will pay $29.9 million in cash and stock for the $219 million-asset Exchange Bank. The merger is expected to close late this year or in early 2023. The final […]
Four suitors pursued GrandSouth in South Carolina
GrandSouth Bancorp. in Greenville, S.C., considered four bids before deciding to negotiate with First Bancorp in Southern Pines, N.C. The $10.6 billion-asset First Bancorp agreed to buy the $1.3 billion-asset GrandSouth in June for $181 million of stock. GrandSouth’s investment bank contacted 11 potential acquirers in March with the candidates selected because of “their size, […]
WSFS forms health care vertical after hiring Fulton banker
WSFS Financial in Wilmington, Del., has formed a health care banking division after hiring a banker from Fulton Financial. The $20.6 billion-asset WSFS said in a press release Monday that Kevin McKeown had become its director of health care banking. He will report to Jim Wechsler, the company’s chief operating officer, commercial banking. The group […]
Gulf Coast Bank buys equipment finance business
Gulf Coast Bank & Trust in New Orleans has acquired an equipment finance business. The $3 billion-asset bank bought the assets of KLC Financial and KLC Capital Partners in Minnetonka, Minn. The price wasn’t disclosed. KLC offers leases to vendors and commercial businesses across a national platform. “KLC will continue their existing leasing programs but […]
Provident in NJ hires first chief digital officer
Provident Financial Services in Iselin, N.J., has hired an outsider to serve as its first chief digital and innovation officer. The $13.7 billion-asset company said in a press release Monday that Ravi Vakacherla had accepted the post, which is a recasting of the bank’s chief information officer role. He also joined Provident’s executive leadership team. […]
First Missouri rebrands as Verimore Bank
First Missouri Bank in Brookfield has a new name. The $377 million-asset bank has rebranded as Verimore Bank in a move that deemphasizes location and focuses on products and services. The rebranding “is the result of time spent asking bank customers, employees and community leaders about what we do well, where we can improve, and […]
Allegiance, CBTX move merger’s termination date
Allegiance Bancshares in Houston and CBTX in Houston have pushed back the termination date of their planned merger. The companies disclosed in regulatory filings that the termination date was changed from Aug. 2 to Nov. 1. Allegiance and CBTX “remain committed to the merger and obtaining” approval from the Federal Reserve, the companies said. The […]
Bank Slate to provide content to the ABA Banking Journal
The Bank Slate and the American Bankers Association have an agreement where the banking blog will share content with the ABA Banking Journal. The agreement allows the ABA to pick up select content from The Bank Slate to include in its Daily NewsBytes coverage, with a particular focus on articles about M&A, personnel moves and […]
Texas Partners division names new president
Bank of San Antonio in Texas has a new president. The bank, which is part of the $2.1 billion-asset Texas Partners Bank, said in a press release that Brandi Vitier had taken on the role. She previously served as an executive vice president and market executive. Vitier, with two colleagues, recently launched Stride, a free […]
Former insurance exec becomes MVB’s chairman
MVB Financial in Fairmont, W.Va., has a new chairman. The $3 billion-asset company said in a press release Thursday that W. Marston Becker had taken on the role. Marston, who joined the board in November 2020, succeeded David Alvarez, who retired. “Marty’s leadership and experience have proven to be a great asset to the MVB […]
Raj Date joins board of Customers Bancorp in Pa.
Raj Date, the former deputy director of the Consumer Financial Protection Bureau, has joined the board of Customers Bancorp in West Reading, Pa. The $20.3 billion-asset company said in a press release that Date, a managing partner of investment and advisory firm Fenway Summer, will serve on its board compliance and risk committees. Date is […]
The Bancorp to pay $1.75M to settle CMBS-related issue
The Bancorp in Wilmington, Del., agreed to pay a nearly $1.8 million penalty to resolve alleged violations tied to commercial mortgage-backed securities (CMBS). The $7.1 billion-asset company said the settlement was tied to an Aug. 24 order by the Securities and Exchange Commission. The company did not admit or deny wrongdoing. The SEC, in a […]
Sumitomo Mitsui Financial Group plans U.S. digital bank
Sumitomo Mitsui Financial Group in Tokyo plans to introduce a digital bank through its U.S. subsidiary. SMFG said in a press release Wednesday that Jenius Bank will operate as a new division of its $4.3 billion-asset Manufacturers Bank in Los Angeles. Jenius will launch in “coming months,” initially offering personal loans before adding savings and […]
Sullivan Bank in Mo. to offer bitcoin, Ethereum services
Sullivan Bank in Sullivan, Mo., will let customers buy, sell and hold bitcoin and Ethereum through a partnership with Bakkt Holdings. Bakkt said in a press release that the $836 million-asset Sullivan decided to offer the service to better serve customers’ needs and to increase engagement. “We are pleased to work with Sullivan Bank to […]
F&M in Va. to benefit from broker-dealer investment
F&M Bank in Timberville, Va., should have a $3.8 million windfall from the sale of one of its investments. The $1.2 billion-asset company disclosed in a regulatory filing Tuesday that it will benefit from the sale of broker-dealer Infinex Financial Holdings to Advisor Group. F&M said it could also receive up to $750,000 from post-closing […]
HBT Financial to buy Town and Country in Illinois
HBT Financial in Bloomington, Ill., has agreed to buy Town and Country Financial in Springfield, Ill. The $4.2 billion-asset HBT said in a press release that it will pay $101.4 million in cash and stock for the $875 million-asset Town and Country. The deal, which is expected to close in the first quarter, priced Town […]
Umpqua in Oregon opens CRE office in Denver
Umpqua Holdings in Portland, Ore., has opened a commercial real estate lending office in Denver. The $30.1 billion-asset company said in a press release Tuesday that it had opened the office after hiring Todd Grover as its Colorado market leader. “Todd is a tremendous CRE professional with a strong reputation for his leadership, customer-focused service […]
Highland in Minn. to buy Boundary Waters Bank
Highland Bank in St. Paul, Minn., has agreed to buy Boundary Waters Bank in Ely, Minn. The $630 million-asset Highland said in a press release that it expects to buy the $115 million-asset Boundary Waters by the end of this year. The price wasn’t disclosed. “This merger presented an ideal opportunity to expand our organization, […]
American Challenger sues Credit Suisse over nixed merger
American Challenger Development has filed a lawsuit against Credit Suisse and its Cayman Islands branch for their alleged role in the digital bank having to terminate a planned merger with Patriot National Bancorp in Stamford, Conn. The $976 million-asset Patriot National agreed in November to buy American Challenger for $119 million in a deal structured […]