First National in Omaha to enter Wyo. via acquisition
Lauritzen Corp. has agreed to buy Western States BanCorp. in Laramie, Wyo. Lauritzen, the parent of the $25.7 billion-asset First National Bank of Omaha, did not disclose the price it will pay for the $542 million-asset Western States. The deal is expected to close in the first quarter. Western States has 10 branches and $486 […]
Ion in Connecticut to acquire Lincoln Park in N.J.
Ion Financial in Naugatuck, Conn., has agreed to buy Lincoln Park Bancorp in Pine Brook, N.J. The $1.7 billion-asset Ion said in a press release last week that the $300 million-asset Lincoln 1st Bank will merge into its Ion Bank. The acquisition, which is expected to close in the third quarter of 2022, will expand […]
Pinnacle hires Truist bankers to enter nation’s capital
Pinnacle Financial Partners in Nashville, Tenn., has entered Washington, D.C., after hiring six bankers from Truist Financial. The $36.5 billion-asset company said in a press release that Carolyne Pelton, formerly Truist’s director of aerospace, defense and government contracting, will lead the team as regional president for the national capital region. “This is exactly the team […]
SmartBank enters Nashville after hiring three lenders
SmartFinancial in Knoxville, Tenn., has hired a team of bankers to enter Nashville, Tenn. The $4.4 billion-asset company said in a press release Monday that it had recruited two bankers from Triumph Bank, along with a lender from Reliant Bank, to pursue commercial and consumer relationships in Nashville. Rachael Meurrier, formerly with Triumph, will become […]
National Bank eyeing business-focused digital platform
National Bank Holdings in Denver is working on a digital platform for small and midsize businesses. The $7.1 billion-asset company provided details in an investor presentation for 2UniFi, a platform that it said would increase businesses’ access to the banking system, reduce costs and save time, and increase access to actionable and real-time information. The […]
Proposed de novo has new name, high-profile director
A proposed de novo has a new name and a high-profile addition to its board. Organizers of ConNext Bank submitted a new application to the Federal Deposit Insurance Corp. on Monday for deposit insurance. The group, which originally filed with the FDIC in June 2020, originally intended to call the de novo NewBank with a plan […]
Blue Foundry to incur charge from benefit plan exit
Blue Foundry Bancorp in Rutherford, N.J., said it will recognize a $2 million charge in the fourth quarter tied to its exit from a defined-benefit plan. The $2 billion-asset company said in a regulatory filing Wednesday that it had decided in August to withdraw from the tax-qualified, multiple-employer defined benefit pension plan. The move was […]
Calif. group looks to form bank for Chinese-Americans
A group in Irvine, Calif., is looking to form a minority depository institution. Organizers applied with the Federal Deposit Insurance Corp. on Nov. 18 for Bank Irvine. The proposed bank, which will primarily work with the Chinese-American community in Orange and Los Angeles counties, is looking to become an MDI. The proposed bank “will be […]
Organizers in California, Delaware looking to form banks
Groups in California and Delaware have applied for deposit insurance. ConNext Bank would be based in Wilmington, Del., according to a notice from the Federal Deposit Insurance Corp. Organizers are going for a national bank charter from the Office of the Comptroller of the Currency. Separately, a group in Southern California has applied for deposit […]
KeyCorp buys software developer XUP
KeyCorp in Cleveland has acquired XUP Payments, a B2B-focused digital platform. The $187 billion-asset KeyCorp, which did not disclose the price it paid, said it will use XUP’s payments-related technology to improve the experience of its commercial products. XUP, a software developer, has built integrations with processors, third-party risk tools, customer relationship management systems and […]
First National of Nebraska to buy Wyoming bank
First National of Nebraska in Omaha has agreed to buy Western States BanCorp. in Laramie, Wyo. The $25.8 billion-asset First National said in a press release Monday that it expects to complete the purchase of the $542 million-asset Western States in the first quarter. First National did not disclose the price it will pay. Western […]
Technology fund with ICBA ties raises $55 million
A fund with ties to the Independent Community Bankers of America and two community banks has raised $55 million to invest in technology ventures. BankTech Ventures (BTV) said in a press release Tuesday that most of the funds came from community banks. The general partners come from the ICBA, The Venture Center, Hovde Group, Coastal […]
Oak Valley in California taps insider as next president
Oak Valley Bancorp in Oakdale, Calif., will have a new president next year. The $1.9 billion-asset company said in a press release Friday that Rick McCarty will take on the new role on Jan. 1. He will succeed Christopher Courtney, who will remain CEO. McCarty joined Oak Valley more than 22 years ago. He will […]
Judge temporarily halts credit union-bank deal in Tenn.
Orion Federal Credit Union in Memphis, Tenn., has been momentarily barred by a Tennessee court from moving ahead with its planned purchase of Financial Federal Bank in Memphis. Davidson County Chancery Court Judge Patricia Moskal granted Tennessee Department of Financial Institutions Commissioner Greg Gonzales’ request for a temporary injunction to block the proposed merger, according […]
Simmons expanding in Texas with Spirit acquisition
Simmons First in Pine Bluff, Ark., has agreed to buy Spirit of Texas Bancshares in Conroe. The $23.2 billion-asset Simmons said in a press release Friday that it will pay $581 million in cash and stock for the $3.2 billion-asset Spirit. The deal is expected to close in the second quarter. Spirit has 37 branches, […]
Chicago bank with Manafort ties hit with reg order
Federal Savings Bank in Chicago has been ordered to address its risk management, consumer compliance and anti-money laundering protocols. The Oct. 29 formal agreement with the Office of the Comptroller of the Currency came three months after Stephen Calk, the $815 million-asset bank’s former CEO, was convicted of bribery tied to loans made to Paul […]
Third Coast in Texas raises $101 million from IPO
Third Coast Bancshares in Humble, Texas, has raised $100.6 million from its initial public offering. The $2 billion-asset company said in a press release Wednesday that it sold more than 4 million shares, including an overallotment of 525,000 shares, as part of the IPO. The shares were sold at $25 a share. The company said […]
SmartFinancial hires BBVA wealth management team
SmartFinancial in Knoxville, Tenn., has hired a team of wealth management professionals in Mobile, Ala. The $4.4 billion-asset company said in a press release Wednesday that the six-member team, hired from BBVA Compass Investment Solutions, will operate as part of SmartBank Investment Services. The team is being led by Thomas Montz, Amanda Montz and Nathan […]
Oportun to buy neobank Digit for $213 million
Oportun in San Carlos, Calif., has agreed to buy neobank Digit. Oportun said in a press release Tuesday that it will pay $212.9 million in cash and equity for Digit in a move designed to expand its A.I. and digital capabilities. The deal is expected to close by early next year. Oportun said it had […]
U.S. Bank buying fintech focused on expense reporting
U.S. Bancorp in Minneapolis has agreed to buy TravelBank, a San Francisco fintech that focuses on expense reporting. TravelBank also helps employees and businesses automate processes, streamline approvals and reporting, and ensure compliance with company policies. The deal is expected to close in the fourth quarter. The $567 billion-asset U.S. Bancorp did not disclose the […]
Organizers file plans for new Wisconsin bank
A group in Delafield, Wis., is looking to form a bank. Organizers of the proposed Virtue Bank applied on Friday with the Federal Deposit Insurance Corp. for deposit insurance. The bank would operate as a unit of Digital First Bancorp. “The bank is being established to serve the financial needs of the local communities in […]
BM Technologies to acquire First Sound Bank in Seattle
BM Technologies in Radnor, Pa., has agreed to buy First Sound Bank in Seattle. BM Technologies, spun off from Customers Bancorp earlier this year, said in a press release Monday that it will pay $23 million in cash for the $150 million-asset First Sound. The deal is expected to close in the first half of […]
Norwood Financial CEO to retire in 2022
Norwood Financial in Honesdale, Pa., is looking for a new CEO. The $2 billion-asset company said in a press release Monday that Lewis Critelli will also retire as its president during the first half of next year. Norwood said it had hired Kaplan Partners to help it find a successor. Critelli has been Norwood’s president […]
Patriot National to merge with American Challenger
Patriot National Bancorp in Stamford, Conn., has agreed to buy American Challenger Development in a move designed to create the nation’s biggest challenger bank. The $952 million-asset Patriot National said in a press release Monday it will pay $119 million for American Challenger. The deal will be structured as a reverse subsidiary merger, with American […]
Eagle in Montana pushes back bank deal’s closing date
Eagle Bancorp Montana in Helena has pushed back the closing date of its pending purchase of First Community Bancorp in Glasgow, Mont. The $1.4 billion-asset Eagle said in a regulatory filing Friday that it now expects to complete the acquisition in the first quarter. The company originally forecast a fourth quarter closing. Eagle did not […]