Valley in N.Y. planning mobile wallet for cannabis firms
Valley National Bancorp in New York is planning a digital payment solution that will target cannabis-related businesses. The $41.2 billion-asset company said in a Wednesday press release that Valley Pay will migrate cash usage to a secure, web application. The goal is to ease the burden on cannabis operators that rely on cash transactions. The […]
Arrow in N.Y. announces branch closings, tech upgrades
Arrow Financial in Glens Falls, N.Y., has outlined plans to close three branches at a time when it is also beefing up its online offerings. The $4.1 billion-asset company said in a press release Tuesday that it will close two locations in Fort Edward, N.Y., and one in Wilton, N.Y. Arrow said it making improvements […]
HV Bancorp taps vice chairman as new president
HV Bancorp in Doylestown, Pa., has a new president. The $549 million-asset company said in a press release Tuesday that Bob Marino, its vice chairman, had also become president of unit Huntingdon Valley Bank. Marino joined HV Bancorp’s board nearly four years ago. Marino recently served as a founder, director and Mid-Atlantic division president of […]
Heartland in Iowa mulls charter consolidation
Heartland Financial USA in Dubuque, Iowa, is evaluating a plan to consolidate its 11 bank charters. Bruce Lee, the $11.9 billion-asset company’s president and CEO, said in a press release Monday that the analysis is part of a broader effort “to explore ways to improve operational efficiency.” Heartland said its initial analysis suggests that collapsing […]
Equity Bancshares to sell three northern Kan. branches
Equity Bancshares in Wichita, Kan., has agreed to sell branches in three northern Kansas markets to UBT Bancshares in Marysville, Kan. The $4.3 billion-asset Equity said in a press release Monday that it will sell three branches, located in Concordia, Belleville and Clyde, to the parent of the $738 million-asset United Bank and Trust. The […]
GreenState Credit Union to buy Illinois Bank
GreenState Credit Union in North Liberty, Iowa, has agreed to buy Midwest Community Bank in Freeport, Ill. The $8.5 billion-asset GreenState will buy assets and assume liabilities of the $368 million-asset Midwest Community, according to an announcement by Hovde Group. Hovde advised Freeport Bancshares, which is selling Midwest Community. The deal is expected to close […]
Esquire selling loans tied to NFL concussion settlement
Esquire Financial Holdings in Jericho, N.Y., plans to sell its portfolio of loans tied to the National Football League’s concussion settlement program. The $1.1 billion-asset company said in a press release Monday that it moved the $23.6 million portfolio to held-for-sale status during the third quarter as part of a plan to sell the loans […]
MainStreet in Va. forms division focused on fintech
MainStreet Bancshares in Fairfax, Va., has created a division dedicated to serve fintechs. The $1.7 billion-asset company said in a press release Monday that Avenu will expand on its Banking-as-a-Service (Baas) platform by offering fintechs a streamlined way to accept deposits and facilitate payments while managing risk and meeting compliance obligations. “We have come to […]
Trustmark paying $5M to resolve Fair Housing Act claims
Trustmark in Jackson, Miss., will pay a $5 million civil money penalty tied to consent orders with regulators. The $17.1 billion-asset company said in a press release Friday that its bank entered into an order with the Office of the Comptroller of the Currency and a separate order with the Justice Department and the Consumer […]
Piermont in N.Y. creates lending platform for fintechs
Piermont Bank, a de novo in New York, has created a platform to offer credit products to its fintech clients. The $347 million-asset bank said in a press release that BancFi will also serve fintechs’ end-users. The effort builds on the bank’s Banking-as-a-Service platform, which consists of more than 30 fintech clients. The bank also […]
Ally returning to credit cards with Fair Square purchase
Ally Financial in Detroit is getting back into credit cards with an agreement to buy Fair Square Financial in Wilmington, Del. The $79 billion-asset Ally said in a press release Thursday that it will pay $750 million in cash for Fair Square. The deal is expected to close in the first quarter. Ally said the deal […]
Business First to enter Houston with bank acquisition
Business First Bancshares in Baton Rouge, La., has agreed to buy Texas Citizens Bancorp in Houston. The $4.4 billion-asset Business First said in a press release Thursday that it will pay $52.9 million in stock for the $517 million-asset parent of Texas Citizens Bank. The deal, which is expected to close in the first quarter, […]
Raymond James plans to buy TriState Capital
Raymond James Financial in St. Petersburg, Fla., has agreed to buy TriState Capital Holdings in Pittsburgh. Raymond James, parent of the $35 billion-asset Raymond James Bank, said in a press release Thursday that it will pay about $1.1 billion in cash and stock for the $12 billion-asset TriState. The deal is expected to close in […]
Banner efficiency effort includes branch closures
Banner Corp. in Walla Walla, Wash., plans to close 15 branches as part of a broader efficiency effort. The $16.6 billion-asset company said in a presentation Thursday that its Banner Forward program will also involve reducing office and operations space and minimize third-party spending. The goal is to lower annual expenses by $15 million in […]
Cambridge Bancorp in Mass. closes two branches
Cambridge Bancorp in Cambridge, Mass., closed two branches during the third quarter. The $4.5 billion-asset company said in a press release Tuesday that it shuttered offices in Wellesley Square, Mass., and Pease Tradeport, N.H. It also moved its Concord, N.H., wealth management office to a new location. Cambridge recorded $787,000 of expenses tied to the […]
Bank-backed fund invests in fintech Monit
Monit, a Boston fintech that has created a financial platform for small businesses, has become the first investment for JAM FINTOP Banktech, an investment fund that is targeting tech firms. Monit said in a press release that the investment also includes a commercial partnership with the fund, which is backed by 66 small and midsize […]
Third Coast in Texas could raise $75M from planned IPO
Third Coast Bancshares in Humble, Texas, could raise $75 million as part of a planned initial public offering. The $2 billion-asset parent of Third Coast Bank filed its registration statement with the Securities and Exchange Commission on Friday. The company did not disclose how many shares it will sell or the potential pricing; it said […]
Investar recording special provision tied to Hurricane Ida
Investar Holding in Baton Rouge, La., plans to recognize a $21.6 million loan-loss provision in the third quarter tied to hurricane damage to a borrower’s collateral. The $2.7 billion-asset company said in a regulatory filing Thursday that the provision is tied to multiple loans with an outstanding aggregate loan balance of $40.4 million. The loans […]
BankFirst in Miss. making Ala. push with acquisition
BankFirst Capital in Columbus, Miss., has agreed to buy F.B.H. Corp. in Fayette, Ala. The $1.8 billion-asset BankFirst said in a press release Thursday that it expects to buy the parent of the $223 million-asset Citizens Bank of Fayette in the fourth quarter. BankFirst did not disclose the price it will pay. “We are excited […]
Peoples in Pa. to record 4Q gain from selling Visa stock
Peoples Financial Services in Scranton, Pa., plans to record a large gain in the fourth quarter after its sells Visa shares. The $3 billion-asset company said in a regulatory filing that its bank on Oct. 8 agreed to sell nearly 45,000 Class B shares, adding that the entire purchase prices will be realized as a […]
First Internet to buy franchisee loans from ApplePie
First Internet Bancorp in Fishers, Ind., has reached an agreement with ApplePie Capital to buy conventional loans to franchisees. The $4.2 billion-asset First Internet said in a press release Wednesday that it plans to purchase $100 million of ApplePie-originated loans by the end of this year. “As a lifelong entrepreneur, I know the value of […]
Catalyst in La. raises $53M from mutual conversion
Catalyst Bancorp in Opelousas, La., has raised $52.9 million from its initial public offering and the mutual-to-stock conversion of St. Landry Homestead Federal Savings Bank. The parent of the $239 million-asset St. Landry said in a press release Wednesday that it sold nearly 5.3 million shares at $10 each. The stock is trading under the […]
NorthEast Community writing down only NPA on books
NorthEast Community Bancorp in White Plains, N.Y., plans to write off the only nonperforming loan on its books. The $1.1 billion-asset company said in a press release Tuesday that the nonresidential real estate loan had a $3.6 million balance on June 30. It is secured by commercial real estate in Greenwich, Conn., and guaranteed by […]
Synovus specialty finance CEO dies in plane crash
Synovus Financial in Columbus, Ga., announced that its specialty finance division CEO died in an airplane crash on Friday. The $55 billion-asset Synovus said in a public statement issued Monday that Jonathan Rosen and his assistant, Lauren Harrington, along with his daughter and her friend, were killed in the plane crash. Rosen and Harrington joined […]
Umpqua, Columbia merger to create $50B asset bank
Columbia Banking System in Tacoma, Wash., is merging with Umpqua Holdings in Portland, Ore. While the $18 billion-asset Columbia is the legal acquirer, shareholders of the $29.2 billion-asset Umpqua will own 62% of the combined company. The deal, estimated to have a value of $5.2 billion, is expected to close in mid-2022. Columbia will be […]