Central Valley in California taps insider as next CEO
Central Valley Community Bancorp in Fresno, Calif., has lined up its next CEO. The $2.3 billion-asset company said in a press release Tuesday that James Kim will also become its president on Nov. 1. He will succeed James Ford, who announced plans to retire earlier this year. Kim, who joined Central Valley in 2018, is […]
CItizens Financial to buy capital markets firm
Citizens Financial Group in Providence, R.I., has agreed to buy JMP Group in San Francisco. The $185 billion-asset Citizens said in a press release Wednesday that it will pay $149 million in cash for JMP, a capital markets firms that focuses on the health care, technology, financial services and real estate sectors. The deal is […]
BayCom to buy Pacific Enterprise in Southern California
BayCom in Walnut Creek, Calif., has agreed to buy Pacific Enterprise Bancorp in Irvine, Calif. The $2.1 billion-asset BayCom said in a press release Tuesday that it will pay $53.1 million in stock for the $647 million-asset Pacific Enterprise. The deal, which is expected to close in the first quarter, priced Pacific Enterprise at 87.1% […]
Nicolet in Wisconsin to close 15 branches
Nicolet Bankshares in Green Bay, Wis., plans to close 15 branches in Wisconsin and Michigan in December. The $4.6 billion-asset company, which recently completed its purchase of Mackinac Financial, also said in a press release Tuesday that it will sell a branch in Birmingham, Mich., to Bank of Ann Arbor. The branch has $176 million […]
Patriot National freed from 2018 formal agreement
Patriot National Bancorp in Stamford, Conn., has been freed from a nearly three-year-old formal agreement with the Office of the Comptroller of the Currency. The $963 million-asset company said in a regulatory filing Tuesday that it was released from the November 2018 order after the OCC “concluded that the safety and soundness of the bank […]
MVB to let fintech clients offer Bitcoin-related products
MVB Financial in Fairmont, W.Va., has entered into a partnership to allow its fintech clients to offer Bitcoin-related products. The $2.7 billion-asset company said in a press release Tuesday that the collaboration with Victor Technologies and NYDIG, will integrate Bitcoin into MVB’s Banking-as-a-Service (BaaS) offerings. MVB has more than 50 fintech, payments and gaming clients. […]
Meta Financial CEO retiring to start unbanked initiative
Meta Financial in Sioux Falls, S.D., will soon have a new CEO. The $7.1 billion-asset company said in a press release Tuesday that Brad Hanson will also retire as president and as co-president and CEO of MetaBank on Sept. 30. He will serve as a strategic adviser until the end of 2022. Hanson plans to […]
First US Bancshares to close consumer finance unit
First US Bancshares in Birmingham, Ala., will shutter its consumer finance unit. The $947 million-asset company disclosed in a regulatory filing that it will close the 20 locations in Alabama and southeast Mississippi associated with Acceptance Loan Company. The unit will continue to service its remaining loan portfolio as management prepares for its closure. The […]
Bank investor buys Rochelle State in Georgia
ST Hldgs in Orlando, Fla., has acquired Rochelle State Bank in Rochelle, Ga. ST Hldgs, a bank holding company formed to invest in community banks, said in a Monday press release that it bought the $34 million-asset Rochelle State on June 4. The company did not disclose the price it paid. “ST Hldgs … and […]
Cadence divesting seven branches in Mississippi
First Bancshares in Hattiesburg, Miss., has agreed to buy seven branches in northeast Mississippi from Cadence Bancorp. in Houston. The $18.7 billion-asset Cadence is selling the branches as part of its pending sale to BancorpSouth Bank in Tupelo, Miss. The branch sale resulted from a joint letter of agreement among BancorpSouth, Cadence and the Department […]
Application filed for proposed mutual in New Hampshire
Organizers of the proposed Walden Mutual Bank in Concord, N.H., have applied for deposit insurance. The application, submitted to the Federal Deposit Insurance Corp. on Wednesday, wasn’t immediately available. The group said on its website that it hopes to open the depositor-owned financial institution next year. “We’re creating an online bank for everyone who eats, makes, grows […]
Texas Capital’s ROA plan underwhelms some analysts
Texas Capital Bancshares in Dallas unveiled a plan to improve returns that will require investors to be patient. The $35.2 billion-asset company disclosed late Wednesday that it is targeting a 1.1% return on assets and 12.5% return on tangible common equity, though management said it might not hit those marks until 2025. Texas Capital said […]
PDL in New York announces sale-leaseback transaction
PDL Community Bancorp in Bronx, N.Y., sold a property for $16.1 million. The $1.5 billion-asset parent of Ponce Bank said in a press release Wednesday that it agreed to lease the property at an initial base annual rent of about $926,100, subject to annual 1.75% rent increases. “We are excited about the sale and leaseback … […]
First Horizon delays Iberiabank integration due to Ida
First Horizon in Memphis, Tenn., will delay the integration of IberiaBank until the first quarter due to the “widespread devastation caused by Hurricane Ida.” The integration of Iberiabank, which was based in Lafayette, La., was supposed to take place this year. First Horizon also said that pretax merger integration costs will likely be $20 million […]
CNB taps Mid Penn executive as its bank president
CNB Financial in Clearfield, Pa., has hired an outsider to serve as president of its bank. The $5.1 billion-asset company said in a press release Tuesday that Michael Peduzzi had also become chief operating officer of CNB Bank. Peduzzi “brings superb financial skills and a deep knowledge of banking to CNB,” Peter Smith, CNB Bank’s […]
First of Long Island to close more branches
The First of Long Island in Glen Head, N.Y., plans to close eight branches at the end of November. The $4.1 billion-asset company said in a press release Wednesday that it expects to record a pretax charge of up to $3.8 million over the rest of the year tied to the planned closures. The effort […]
FVCBancorp buys minority stake in mortgage lender
FVCBancorp in Fairfax, Va., has bought a minority stake in Atlantic Coast Mortgage in Fairfax. The $2 billion-asset company said in a press release Tuesday that it acquired a 28.7% ownership interest in the mortgage company. FVCBancorp did not disclose the price it paid. The bank provides a warehouse lending facility to Atlantic Coast, including […]
Cadence in Houston settles redlining claims
Cadence Bancorp. in Houston has agreed to pay a $3 million penalty and provide more than $4 million in loan subsidies to address claims of discrimination in its mortgage lending operation. The Justice Department and the Office of the Comptroller of the Currency said in a Monday press release that the settlement closes a probe […]
Home Bancorp selling Mississippi branch to Delta Bank
Home Bancorp in Lafayette, La., has agreed to sell a branch in Vicksburg, Miss., to Delta Bank in Vidalia, La. The $2.8 billion-asset Home said in a regulatory filing Monday that it will also sell $15.7 million in deposits and $2.3 million in loans. Home will receive a premium based on specified percentages of deposit […]
Cache Bank in Colo. to sell to Mountain Valley
Mountain Valley Bank in Walden, Colo., has agreed to buy Cache Bank & Trust in Greeley, Colo. The $318 million-asset Mountain Valley said in a press release Friday that it will buy substantially all the $111 million-asset Cache’s deposits, loans and branches in Greeley and Fort Collins. Mountain Valley did not disclose the price it […]
MVB ups stake in tech firm with gaming industry focus
MVB Financial in Fairmont, W.Va., will increase its stake in Interchecks Technologies, a payment disbursement platform. Interchecks, founded in 2016, has offices in Boca Raton, Fla., and Brooklyn, N.Y. The company has a focus on the gaming industry segments of online sports betting, daily fantasy sports and iGaming. The $2.7 billion-asset MVB said in a […]
Rhodium sweetens offer for Sunnyside Bancorp in N.Y.
Rhodium BA Holdings has increased the price it will pay for Sunnyside Bancorp in Irvington, N.Y. The $99 million-asset Sunnyside disclosed in a regulatory filing Thursday that Rhodium increased the size of its offer by 8%, to $20.25 a share. Sunnyside also agreed to pay Rhodium a $1.5 million fee if it terminates the sale. […]
Finucane, Montag to leave Bank of America at yearend
Two veteran members of Bank of America’s executive team are stepping down at the end of this year. The $3 trillion-asset company said in a press release Thursday that succession plans for Anne Finucane, its vice chairman, and Thomas Montag, chief operating officer and president of global banking and markets, will be announced in coming […]
Germantown Capital is latest Memphis bank to sell
Planters Holding in Indianola, Miss., will enter Tennessee with an agreement to buy Germantown Capital. The $1.3 billion-asset Planters said in a press release Wednesday that it expects to complete the purchase of the parent of the $378 million-asset First Capital Bank in the fourth quarter. Planters did not disclose the price it will pay. […]
New Hampshire group planning ag-focused mutual bank
A group in New Hampshire is looking to form the first new mutual in more than four decades. Organizers of Walden Mutual Bank expect to submit a new bank application this summer in hopes of opening the depositor-owned financial institution next year, according to the proposed mutual’s website. “We’re creating an online bank for everyone […]