Berkshire in Boston has new chairman, adds director
Berkshire Hills Bancorp has a new chairman. The $12.3 billion-asset company said in a Wednesday press release that Bill Dunlaevy retired from the board over the weekend. David Brunelle succeeded Dunlaevy as chairman as “part of a preestablished succession plan,” Berkshire said. Brunelle, co-founder and managing director or North Pointe Wealth Management, had been vice […]
Houston Rockets owner applies to buy Texas bank
The owner of the Houston Rockets has agreed to buy Chasewood Bank in Houston. MergerCo, an entity owned by Tilman Fertitta, filed an application with the Federal Deposit Insurance Corp. and the Texas Department of Banking on Aug. 23 to buy the $114 million-asset bank. Bob Tyer, the bank’s president and CEO, is expected to […]
BOK Financial taps insider to handle specialized lending
BOK Financial in Tulsa, Okla., has promoted an executive to oversee all of its specialized lending businesses. The $47 billion-asset company said in a press release Tuesday that Brad Vincent will be responsible for energy, commercial real estate, treasury services, commercial strategies, while remaining in charge of health care. Vincent will also be responsible for […]
Berkshire Hills in Boston to sell insurance business
Berkshire Hills Bancorp in Boston has agreed to sell its insurance business to Brown & Brown in Daytona Beach, Fla. The $12.3 billion-asset Berkshire said in a press release Tuesday that it will sell the assets and operations of Berkshire Insurance Group for $41.5 million. The deal is expected to close by the end of […]
Western Bankers Association cancels 2021 conference
The Western Bankers Association has cancelled the annual conference it was planning next month in Hawaii. The event was scheduled to take place from Sept. 9 to Sept. 14 in Waimea. The association said in a statement on its website that it was “a difficult decision” to make. “With the COVID situation in Hawaii rapidly […]
Illinois credit union plans to acquire Tempo Bank
Scott Credit Union in Edwardsville, Ill., has agreed to buy Tempo Bank in Trenton, Ill. The $1.5 billion credit union said in a press release Friday that it plans to pay $14.3 million in cash for the $92.9 million-asset Tempo. The deal is expected to close in the second quarter of 2022. Tempo has two […]
Santander Consumer agrees to parent’s buyout offer
Santander Consumer USA Holdings in Dallas has agreed to a deal that will bring it completely under the umbrella of majority shareholder Santander Holdings USA. Santander Holdings will pay $2.5 billion, or $41.50 a share, in cash for the remaining 20% stake in the subprime auto lender. The premium is roughly double what Santander Holdings […]
Seacoast to cross $10B of assets with two acquisitions
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Sabal Palm Bancorp in Sarasota, Fla., and Business Bank of Florida in Melbourne. The $9.3 billion-asset Seacoast said in a press release Monday that it will enter Sarasota and expand its operations in Brevard County with the purchases. Seacoast will pay $53.9 million in […]
First Bancshares in Miss. to switch to state charter
The First Bancshares in Hattiesburg, Miss., plans to switch from a national bank charter to a state bank charter. The $5.5 billion-asset company disclosed in a regulatory filing Friday that its bank unit, The First, had filed an application with the Mississippi Department of Banking and Consumer Finance to convert to a state charter. The First […]
Proposed Ariz. de novo gets conditional FDIC approval
Organizers of Gainey Business Bank in Scottsdale, Ariz., have secured conditional approval from the Federal Deposit Insurance Corp. The group must raise $15 million in initial capital before opening, according to the Aug 12 order. Gainey’s organizers received approval from the Arizona Department of Financial Institutions in 2018 to start raising capital. They applied with […]
Fairwinds Credit Union lines up Florida bank purchase
Fairwinds Credit Union in Orlando, Fla., has agreed to buy Citizens Bank of Florida in Oviedo. The $3.9 billion-asset Fairwinds said in a press release Thursday that it plans to complete the purchase of the $489 million-asset Citizens in December. Fairwinds did not disclose the price it will pay. Citizens Bank has six branches in […]
First Seacoast in N.H. inks wealth management deal
First Seacoast Bancorp in Dover, N.H., has agreed to buy a portfolio of wealth management accounts. The $478 million-asset company disclosed in a regulatory filing Tuesday that its bank plans to buy accounts with about $26.3 million of assets under management from an unnamed investment advisory firm. First Seacoast will pay $344,475 for the accounts, […]
Southern States in Alabama raises $16M from IPO
Southern States Bancshares in Anniston, Ala., raised $15.8 million from its initial public offering. The $1.5 billion-asset company said in a press release Monday that it sold more than 996,000 shares of its common stock at $19 a share. The stock has been listed under the symbol “SSBK.” Certain shareholders sold roughly 1 million shares […]
Former TCF exec joins Old Second’s board
Old Second Bancorp in Aurora, Ill., has added a former executive at TCF Financial to its board. The $3.3 billion-asset company said in a regulatory filing Tuesday that Dennis Klaeser had become a director. He also joined the board of Old Second National Bank. Klaeser served as chief financial officer at TCF from August 2016 […]
Citizens State in Texas to buy neighboring bank
Citizens State Bank in Somerville, Texas, has agreed to buy Burton State Bank in Texas. The $840 million-asset Citizens State said in a press release Monday that the deal for the $85 million-asset Burton State should close later this year. Citizens State did not disclose the price it will pay. Burton State has one branch. […]
Northeast Bank in Maine to leverage PPP relationships
Northeast Bank in Portland, Maine, is planning to ramp up efforts to offer traditional Small Business Administration loans to small businesses that participated in the Paycheck Protection Program. The $2.2 billion-asset bank disclosed in a regulatory filing that it has reached a five-year agreement with United Operations and AmLoan to market 7(a) loans to PPP […]
New York Community enters blockchain partnership
New York Community Bancorp in Westbury is planning to work with Figure Technologies on a series of blockchain projects. The $57.5 billion-asset New York Community said in a press release Monday that it expects to use Figure’s Provenance Blockchain to support financial inclusion, lower costs and complexity in its mortgage business and support a faster […]
Senate bill would expand SBLC program to add fintechs
Sens. John Hickenlooper, D-Colo., and Sens. Tim Scott, R-SC, have introduced a bill that would lift the moratorium on issuing new Small Business Lending Company licenses and allow fintechs to participate in the Small Business Administration’s 7(a) program. Fintechs were given their first access to SBA lending as part of the Paycheck Protection Program. “Our […]
Amalgamated in N.Y. adds former banker to board
Amalgamated Financial in New York has added a former banker to its board. The $6.6 billion-asset company said in a press release that Darrell Jackson is its newest director. Jackson is president and CEO of The Efficace Group, an executive coaching business. “We are thrilled to welcome Darrell as a valuable member of our team,” […]
N.C. de novo raises more capital to back growth goals
Triad Business Bank, a Greensboro, N.C. de novo that opened last year, has raised $15 million in new capital. The $267 million-asset bank said in a press release this week that it sold 1.5 million shares of stock on Aug. 3 for $10 each as part of an oversubscribed offering. A third of the shares […]
Minnwest to buy Roundbank in Minnesota
Minnwest Bank in Redwood Falls, Minn., has agreed to buy Roundbank in Waseca, Minn. The $2.4 billion-asset Minnwest said in a press release that it expects to complete the purchase of the $385 million-asset Roundbank by the end of this year. The bank did not disclose the price it will pay. The proposed acquisition “represents […]
GreenSky downplays impact of Truist ending loan pact
GreenSky in Atlanta said plans by Truist Financial in Charlotte, N.C., to end a loan origination agreement will not have a material impact on its profitability. The point-of-sale lender disclosed in a regulatory filing Wednesday that it had received notice from the $522 billion-asset Truist a day earlier that the regional bank would terminate the […]
Lake Area Bank in Minn. to sell to Royal Credit Union
Royal Credit Union in Eau Claire, Wis., has agreed to buy Lake Area Bank in Lindstrom, Minn. The $3.7 billion-asset credit union said in a press release Thursday that it expects to close the deal for the $500 million-asset Lake Area in the first quarter of 2022. Royal did not disclose the price it will […]
Tennessee credit union to buy Financial Federal Bank
Orion Federal Credit Union in Memphis, Tenn., has agreed to buy Financial Federal Bank in Memphis. The $1 billion-asset credit union said in a press release Wednesday that it will pay cash for the $751 million-asset Financial Federal. Orion did not disclose the price it will pay. “This transaction positions Orion to be a fierce […]
Provident in Mass. sets big goal for crypto-related income
Provident Bancorp in Amesbury, Mass., has set an ambitious goal for its dealings in crypto-related businesses. The $1.6 billion-asset company disclosed in a recent presentation that it plans to bring in more than $1 million in fee income next year from cash vault services for Bitcoin ATMs, also known as BTMs. Provident also shared in […]