Oportun withdraws bank charter application
Oportun Financial, a consumer lender in San Carlos, Calf., has withdrawn its application with the Office of the Comptroller of the Currency for a bank charter. The company said in a Friday press release that it plans to revisit the application, adding that it had “forged a constructive relationship with the OCC” since filing its […]
PCB in Los Angeles gives update on ransomware attack
PCB Bancorp in Los Angeles is working with clients impacted by a ransomware attack that took place over the summer. The $2.1 billion-asset parent of Pacific City Bank provided an update on its efforts to address fallout from the Aug. 30 incident. The company said in a regulatory filing that an ongoing investigation revealed that […]
Bank7 to buy neighboring bank in Oklahoma
Bank7 in Oklahoma City has agreed to buy Watonga Bancshares in Watonga, Okla. The $1.2 billion-asset Bank7 said in a press release Thursday that it will pay $32 million in cash for the parent of the $241 million-asset Cornerstone Bank. The deal, which is expected to close in the fourth quarter, valued Watonga at 141% […]
Eastern to sell Century’s HQ site for $20.5 million
Eastern Bankshares in Boston is planning to sell the corporate offices of Century Bancorp in Medford, Mass. The $17 billion-asset Eastern disclosed in a regulatory filing Wednesday that it has an agreement to sell a five-story office building, a three-story building and nearly five acres of land for $20.5 million. Eastern agreed in April to […]
Golf outing served as intro to United-Reliant merger
A two-day golf trip kickstarted conversations that led to the pending sale of Reliant Bancorp in Brentwood, Tenn., to United Community Banks in Blairsville, Ga. The $19.6 billion-asset United agreed on July 14 to buy the $3.1 billion-asset Reliant for $517 million. Before we dig into the background, based on a recent regulatory filing tied […]
California group looking to form new bank
A group in Irvine, Calif., is looking to open a bank. Organizers of Beach Cities Commercial Bank applied with the Federal Deposit Insurance Corp. on Sept. 27 for deposit insurance. They plan to raise $25 million to $27 million in initial capital, according to the application. “The bank plans to provide better service than is […]
PDL in N.Y. seeks $225M in capital from federal program
PDL Community Bancorp in Bronx, N.Y., has applied for $225 million in capital through a new program handled by the Treasury Department. The $1.5 billion-asset parent of Ponce Bank disclosed in a regulatory filing Tuesday that it had applied on Aug. 31 for funds from the Emergency Capital Investment Program. PDL has not yet been […]
Frandsen Financial to buy two banks in Minnesota
Frandsen Financial in Lonsdale, Minn., has agreed to buy Bank of Zumbrota and Pine Island Bank from Zumbrota Agency. The $2.6 billion-asset Frandsen said in a press release that the deal for the $201 million-asset Bank of Zumbrota and the $115 million-asset Pine Island is expected to close by the end of this year. Frandsen […]
Nymbus moving HQ as part of collab with VyStar CU
Nymbus has moved its corporate headquarters to Jacksonville, Fla., to be closer to a large credit union that led a major investment in the technology company earlier this year. Nymbus said in a press release Tuesday that the move from Miami reflects its collaboration with VyStar Credit Union. VyStar, which invested $20 million in the […]
Republic in Ky. sues Green Dot after a deal falls through
Republic Bancorp in Louisville, Ky., has filed a lawsuit against Green Dot after a plan to sell its tax refund solutions business to the prepaid card issuer fell through. The $6.2 billion-asset Republic disclosed in a regulatory filing Tuesday that the deal collapsed due to “undisclosed issues” with Green Dot’s primary regulator. Republic said it […]
Arvest in Arkansas to sell 16 branches in four states
Arvest Bank of Fayetteville, Ark., has agreed to sell 16 branches to five different banks. The $26 billion-asset bank said in a Friday press release that it plans to sell the locations during the first quarter. Magnolia Banking in Magnolia, Ark., agreed to buy nine branches in Arkansas and Oklahoma. Cross County Bank in Wynne, […]
Regions in Ala. to buy small-balance CRE lender
Regions Financial in Birmingham, Ala., has agreed to buy Sabal Capital Partners, a leading originator of small-balance commercial real estate loans. The $156 billion-asset company said in a press release Monday that it expected to complete the acquisition in the fourth quarter. It did not disclose the price it will pay. Sabal has originated nearly […]
Community Bank System in N.Y. lines up acquisition
Community Bank System in DeWitt, N.Y., has agreed to buy Elmira Savings Bank in New York. The $14.8 billion-asset Community Bank System said in a press release Monday that it will pay $82.8 million in cash for the $648.7 million-asset Elmira. The deal, which is expected to close in the first quarter, priced Elmira at […]
Iowa credit union to buy Home Savings in Wisconsin
Dupaco Community Credit Union in Dubuque, Iowa, has agreed to buy Home Savings Bank in Madison, Wis. The $2.6 billion-asset Dupaco said in a press release Friday that it will pay between $23.5 million and $24.3 million in cash for the $183 million-asset Home. The deal is expected to close in the second quarter. Home […]
Eagle in Montana to buy First Community Bancorp
Eagle Bancorp Montana in Helena has agreed to buy First Community Bancorp in Glasgow, Mont. The $1.4 billion-asset Eagle said in a press release Friday that it will pay $41.3 million in cash and stock for the $374 million-asset First Community. The deal is expected to close in the fourth quarter. First Community shareholders will […]
WaFd Bank to pay $2.5M civil money penalty
Washington Federal in Seattle has agreed to pay a civil money penalty tied to a consent order. The $19.6 billion-asset company said in a press release Thursday that its bank reached an agreement with the Office of the Comptroller of the Currency to make a $2.5 million payment. Washington Federal characterized the payment as a […]
SmartFinancial to transfer Virginia branch to First Bank
SmartFinancial in Knoxville, Tenn., has sold a loan portfolio and other assets to First Bank in Strasburg, Va. The $3.7 billion-asset SmartFinancial said in a press release Thursday that it will also transfer the lease to a branch in Richmond, Va., to First Bank in the fourth quarter. First Bank acquired $83 million of loans. […]
First Financial in Indiana to close nine branches
First Financial in Terre Haute, Ind., plans to close about 10% of its branches over the next two quarters. The $4.8 billion-asset company said in a press release Thursday that it will shutter nine locations. It closed another branch earlier this year. “Our customers are rapidly adopting our online banking platforms which provides us with […]
First Citizens, CIT extend deadline to close $2.2B merger
First Citizens BancShares in Raleigh, N.C., and CIT Group in New York have extended the deadline for their proposed merger from Oct. 15 to March 1. The $55.2 billion-asset First Citizens said in a press release that it is still waiting on approval from the Federal Reserve. The Office of the North Carolina Commissioner of […]
BancPlus extending reach in New Orleans with deal
BancPlus in Ridgeland, Miss., has agreed to buy First Trust in New Orleans. The $5.1 billion-asset BancPlus said in a press release Wednesday that it expects to complete the purchase of the $1.3 billion-asset First Trust in the first quarter. It did not disclose the price it will pay. First Trust has 14 branches, $1.2 […]
Southern Missouri Bancorp to enter St. Louis via deal
Southern Missouri Bancorp in Poplar Bluff, Mo., will enter the St. Louis market with an agreement to buy Fortune Financial in Arnold, Mo. The $2.7 billion-asset Southern Missouri said in a press release Tuesday that it will pay $29.9 million for the $254 million-asset parent of FortuneBank. Southern Missouri will also assume about $7.5 million […]
MainStreet in Va. taps exec to run new BaaS division
MainStreet Bancshares in Fairfax., Va., has promoted an insider to run its newly formed Banking as a Service division. The $1.7 billion-asset company said in a press release Tuesday that Todd Youngren had become president of Avenu, a division of its bank that looks to provide services to fintechs. Youngrens previously served as managing director […]
First Financial in Indiana to merge bank subsidiaries
First Financial in Terre Haute, Ind., is planning to combine its two banking units. The $4.8 billion-asset company said in a press release Monday that it will merge The Morris Plan Company of Terre Haute into First Financial Bank on Dec. 31. First Financial said the move will result in increased efficiencies, beginning in the […]
Bank of Marin CEO to retire in October
Bank of Marin Bancorp in Novato, Calif., will have a new CEO in November. The $4 billion-asset company said in a press release Friday that Tim Myers, its president and chief operating officer, will succeed Russell Colombo, who is retiring on Oct. 31. Myers will also join the company’s board. Colombo has been CEO for […]
Primis in Va. to sell minority stake in mortgage lender
Primis Financial in McLean, Va., has agreed to sell its minority stake in Southern Trust Mortgage. The $3.4 billion-asset Primis said in a press release Thursday that it expects to record a pretax charge of $2.9 million in the third quarter tied to the sale. Primis also said it will not longer accrue earnings tied […]