HarborOne buying four Boston-area branch locations
HarborOne Bancorp in Brockton, Mass., has agreed to buy four branches in Massachusetts from Independent Bank in Rockland, Mass. The $4.6 billion-asset HarborOne said in a press release Thursday that it will buy the leases to branches that had belonged to East Boston Savings Bank, which Independent is set to buy later this year. HarborOne […]
Valley National in N.Y. to buy Bank Leumi USA for $1.1B
Valley National Bancorp in New York has agreed to buy Bank Leumi USA in New York. The $41 billion-asset Valley said in a press release Thursday that it will pay Bank Leumi Le-Israel B.M. about $1.2 billion in cash and stock for the $8.4 billion-asset Bank Leumi. The deal, which is expected to close in the first […]
Florida de novo bank effort secures FDIC approval
Waterfall Bank, a de novo proposed for Clearwater, Fla., has secured conditional approval from the Federal Deposit Insurance Corp. Organizers still need to raise $45 million before opening the bank, according to the FDIC’s Sept. 8 order. The group behind Waterfall Bank applied with the FDIC in December. The bank would be based in the […]
Amalgamated in N.Y. entering Chicago with acquisition
Amalgamated Financial in New York will enter Chicago with an agreement to buy Amalgamated Bank. The $6.6 billion-asset Amalgamated Financial said in a press release Wednesday that it will pay $98.1 million in cash, including an earnout of up to $1.1 million, for the $950 million-asset Amalgamated Bank. The deal is expected to close by […]
Veritex in Dallas to buy ag lender North Avenue
Veritex Holdings in Dallas has agreed to buy North Avenue Capital in Ponte Vedra, Fla. The $9.3 billion-asset Veritex said in a press release Tuesday that it will pay $57.5 million in cash for the government-guaranteed lender. Three years after the deal closes, North Avenue has the right, subject to adjustment, to receive another $5 […]
Chase buys college financial-planning platform Frank
JPMorgan Chase in New York has acquired Frank, a college financial-planning platform. The $3.7 trillion-asset company said in a press release Tuesday that Frank serves more than five million students at more than 6,000 higher education institutions. It did not disclose the price it paid. “We want to build lifelong relationships with our customers,” Jennifer […]
‘The Girl Banker’ joins Citizens Bank of Edmond in impact role
Natalie Bartholomew has been named chief impact officer at Citizens Bank of Edmond in Oklahoma. Bartholomew recently served as chief administrative officer at Grand Savings Bank in Grove, Okla. She is well-known in banking circles for creating The Girl Banker, a blog that promotes women leaders in the industry. “Over the last 20 years of […]
German American makes bigger Ky. push with deal
German American Bancorp in Jasper, Ind., has agreed to buy Citizens Union Bancorp of Shelbyville in Kentucky. The $5.3 billion-asset German American said in a press release Tuesday that it will pay $154 million in cash and stock for the $1.1 billion-asset Citizens Union. The deal, which is expected to close in the first quarter, […]
U.S. Bancorp to buy MUFG Union Bank for $8 billion
U.S. Bancorp in Minneapolis has agreed to buy MUFG Union Bank in San Francisco. The $559 billion-asset U.S. Bancorp said in a press release Tuesday that it will pay $8 billion in cash and stock to Mitsubishi UFJ Financial Group for the $133 billion-asset MUFG Union Bank. The deal, which is expected to close in […]
MUFG Union hit with consent order tied to IT oversight
MUFG Union Bank has entered into a consent order with the Office of the Comptroller of the Currency. MUFG Americas Holding, the $133 billion-asset bank’s parent company, disclosed in a regulatory filing Monday that the Sept. 20 order is tied to “deficiencies in Union Bank’s technology and operational risk management.” MUFG Americas is part of […]
Alerus in N.D. taps CFO to be its next leader
Alerus Financial in Grand Forks, N.D., will have a new CEO in 2022. The $3.2 billion-asset company said in a press release Monday that Katie Lorenson, its chief financial officer, will also become president on Jan. 1. She will also join the board. Lorenson will succeed Randy Newman, who will transition to the role of […]
How the Citizens-Investors merger coalesced
Investors Bancorp in Short Hills, N.J., had “substantive negotiations” with another bank months before agreeing to be sold to Citizens Financial Group in Providence, R.I. The $27 billion-asset Investors agreed in July to sell to the $185 billion-asset Citizens for $3.5 billion. Investors, however, held discussions with another bank in its market in early 2019, […]
Truist backs FDIC effort to aid mission-driven banks
The Federal Deposit Insurance Corp., which investment support from Truist Financial and Microsoft, is launching a fund supporting minority depository institutions and community development financial institutions. The agency said in a press release Thursday that the Mission-Driven Bank Fund has $120 million in initial commitments. Truist and Microsoft are leading the investment fund, while Discovery […]
First Interstate, Great Western announce $2B merger
First Interstate BancSystem in Billings, Mont., has agreed to buy Great Western Bancorp in Sioux Falls, S.D. The $18.9 billion-asset First Interstate said in a press release Thursday that it will pay $2 billion in stock for the $13 billion-asset Great Western. The deal is expected to close in the first quarter. “This is a […]
Republic Bancorp in Kentucky taps new bank CEO
Republic Bancorp in Louisville, Ky., will have a new bank CEO next month. The $6.2 billion-asset company said in a press release Wednesday that Logan Pichel will succeed Steve Trager as CEO of Republic Bank on Oct. 1. Pichtel, who will remain the bank’s president, has also joined the company’s board. Trager will remain chairman […]
Goldman Sachs to buy point-of-sale lender GreenSky
Goldman Sachs Group in New York has agreed to buy point-of-sale lender GreenSky for roughly $2.2 billion. The deal is expected to close by the first quarter of 2022. GreenSky offers payment plans to customers who are planning home-improvement projects or have health care costs. Banks use the company’s technology to make loans to super-prime […]
First Financial in Kan. to buy University National Bank
First Financial Bancshares in Lawrence, Kan., has agreed to buy University National Bank in Lawrence. The parent of the $256 million-asset Great American Bank expects to acquire the $91.9 million-asset University National in the fourth quarter, according to an announcement from Olsen Palmer. The price was not disclosed. University National has one branch. Olsen Palmer […]
Home BancShares entering Texas with Happy State deal
Home BancShares in Conway, Ark., has agreed to buy Happy Bancshares in Amarillo, Texas. The $17.6 billion-asset Home said in a press release Wednesday that it will pay $919 million in stock for the $6.3 billion-asset parent of Happy State Bank. The deal, which is expected to close in the first quarter, priced Happy at […]
First State Fremont in Neb. to buy Two Rivers Bank
First State Fremont in Fremont, Neb., has agreed to buy Two Rivers Bank in Blair, Neb. The $288 million-asset parent of First State Bank & Trust plans to complete the purchase of the $148 million-asset Two Rivers in the fourth quarter, according to an announcement by Olsen Palmer. The price was not disclosed. Two Rivers […]
Metropolitan in N.Y. to raise up to $172.5M in capital
Metropolitan Bank Holding in New York is planning to raise up to $172.5 million from selling common stock. The $5.8 billion-asset company said in a press release Monday that it plans to sell $150 million in public stock offering. The underwriters have an option to buy another $22.5 million of common stock. Metropolitan said it […]
BofA announces sweeping changes to executive team
Bank of America will soon have a new chief financial officer as part of several management changes that include the addition of three women to the executive leadership team. The $3 trillion-asset company announced on Friday that Alastair Borthwick, president of global commercial banking, will become CFO in the fourth quarter. He will succeed Paul […]
KeyCorp sells $3 billion indirect loan portfolio
KeyCorp in Cleveland has sold its indirect retail auto loan portfolio. The $181 billion-asset company said in a press release Friday that it sold the $3.2 billion portfolio to an affiliate of Waterfall Asset Management. Key did not disclose how much the Waterfall affiliate paid for the loans. Key said its bank also purchased $2.8 billion […]
Associated in Wis. shares plan to rev up lending, digital
Associated Banc-Corp in Green Bay, Wis., is beefing up in several areas, including auto finance, equipment finance and digital banking. The $34 billion-asset company said in a press release Thursday that it will also bulk up in asset-based lending, small-business lending and wealth management. “We have a significant opportunity to strategically drive revenue growth across […]
SmartFinancial entering Ala. markets after BBVA hires
SmartFinancial in Knoxville, Tenn., has entered three new markets in Alabama after hiring several former BBVA bankers. The $3.7 billion-asset company said in a press release Wednesday that has expended into Montgomery, Dothan and Birmingham. SmartFinancial hired Donna Cooper, a former BBVA government relationship manager, will serve as its market president for Montgomery. She will […]
CBTX in Texas freed from 2020 formal agreement
CBTX in Houston has been freed from a 15-month-old regulatory order. The $4.1 billion-asset parent of CommunityBank of Texas disclosed in a regulatory filing Wednesday that the Office of the Comptroller of the Currency lifted the June 2020 formal agreement earlier this week. The order instructed the bank to improve compliance with the Bank Secrecy […]