Spencer Savings in N.J. to buy neighboring bank
Spencer Savings Bank in Elmwood Park, N.J., has agreed to buy Mariner’s Bank in Edgewater, N.J. The $3.6 billion-asset Spencer said in a press release Friday that it will pay cash for the $414 million-asset Mariner’s. The deal is expected to close in the fourth quarter. Mariner’s has six branches, $348 million of loans and […]
LendingClub to pay $18M to settle FTC litigation
LendingClub will pay $18 million to settle a longstanding dispute with the Federal Trade Commission over allegedly hidden fees. The San Francisco lender said in a press release Wednesday that the funds would be used for “consumer remediation.” LendingClub did not admit any liability as part of the settlement. “While we have never agreed with […]
United in Ga. making big Tenn. push with Reliant deal
United Community Banks in Greenville, S.C., will enter central Tennessee with an agreement to buy Reliant Bancorp in Brentwood. The $18.6 billion-asset United said in a press release Wednesday that it will pay $517 million in stock for the $3.1 billion-asset Reliant. The deal, which is expected to close in the first quarter, priced Reliant […]
Blue Ridge, FVCB merger to create bigger Virginia bank
Blue Ridge Bankshares in Charlottesville, Va., has agreed to buy FVCBankcorp in Fairfax, Va. The $3.2 billion-asset Blue Ridge said in a press release Wednesday that it will pay $306.6 million in stock for the $1.9 billion-asset parent of FVCbank. The deal is expected to close by the first quarter. Blue Ridge shareholders will own […]
First Republic moves to co-CEO management structure
First Republic Bank in San Francisco now has two CEOs. The $161 billion-asset bank said in a press release Monday that Hafize Gaye Erkan had become co-CEO, sharing responsibilities with Jim Herbert. First Republic also said it had renewed the contract for Herbert, who is also the bank’s chairman, through the end of next year. […]
F.N.B. to buy Howard in Baltimore for $418M
F.N.B. Corp. in Pittsburgh has agreed to buy Howard Bancorp in Baltimore. The $38 billion-asset F.N.B. said in a press release Tuesday that it will pay $418 million in stock for the $2.6 billion-asset Howard. The deal, which is expected to close in early 2022, priced Howard at 160% of its tangible book value. Howard, […]
RBB Bancorp entering Hawaii with branch acquisition
RBB Bancorp in Los Angeles has agreed to buy a branch in Honolulu from Bank of the Orient. The $3.7 billion-asset RBB said in a press release Monday that it will also gain $77.8 million of deposits and $10 million of performing loans. RBB said the total consideration is $2.8 million. The deal is expected […]
Former TCF exec hired to lead S&T in Pennsylvania
S&T Bancorp in Indiana, Pa., will soon have a new leader. The $9.3 billion-asset company said in a press release Monday that Christopher McComish will become its CEO on Aug. 23. McComish will succeed David Antolik, who has been interim CEO since April. Antolik will remain the company’s president, a position he has held since […]
Lakeland entering three N.J. counties with latest deal
Lakeland Bancorp in Oak Ridge, N.J., has agreed to buy 1st Constitution Bancorp in Cranbury, N.J. The $7.8 billion-asset Lakeland said in a press release Monday that it will pay $244.4 million in stock for the $1.3 billion-asset 1stConstitution. The deal, which is expected to close by early 2022, priced 1st Constitution at 157% of […]
BNY Mellon buying fintech that serves fund managers
Bank of New York Mellon in New York has agreed to buy Milestone Group, a company that provides fund management technology. The $460 billion-asset BNY Mellon said in a press release Thursday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will […]
Heritage Commerce discloses $4M legal settlement
Heritage Commerce in San Jose, Calif., has set aside $4 million to cover a legal settlement. The $5 billion-asset company said in a regulatory filing Wednesday that the settlement addresses claims its bank was negligent in handling, supervising and managing depository accounts for DC Solar debtors and related investment funds. The settlement must be approved […]
United Bancorp. in Alabama announces CEO retirement
The CEO of United Bancorp. in Atmore, Ala., has retired. The $949 million-asset company said in a press release Wednesday that Bob Jones, 69, also retired as president, effective July 2. He had been the company’s president and CEO since 1992. David Swift, the company’s chairman, will serve as interim CEO. Mike Vincent, United’s chief […]
North Carolina banking commissioner retires
Ray Grace has retired as North Carolina’s commissioner of banks. Gov. Roy Cooper announced in a recent press release that he had appointed Katherine M.R. Bosken to serve as interim commissioner, pending approval from the state’s General Assembly. Bosken, who joined the North Carolina Office of the Commissioner of Banks in 2013, previously served as an […]
Investor pushes Codorus Valley to consider selling
Codorus Valley Bancorp in York, Pa., is facing calls from an activist investor to find a buyer. Driver Management in New York said in a Tuesday regulatory filing that it wants the board of the $2.3 billion-asset Codorus Valley to “immediately hire a financial advisor and conduct a comprehensive review of all available options for […]
Select in N.C. discussed a merger with four banks
Select Bancorp in Dunn, N.C., decided early on to deal exclusively with First Bancorp in Southern Pines, N.C., according to a regulatory filing tied to their pending merger. The companies announced a $314 million deal in early June. First, a review of the acquisition’s terms: The deal, expected to close in the fourth quarter, priced […]
First Bancorp in N.C. sells insurance business
First Bancorp in Southern Pines, N.C., has sold its insurance business. The $7.7 billion-asset company disclosed in a regulatory filing Friday that Bankers Insurance in Glen Allen, Va., bought “substantially all” of the operating assets and certain liabilities tied to First Bank Insurance Services. Bankers Insurance paid $13 million upfront. The deal includes a future […]
The Loan Source buys another block of PPP loans
The Loan Source has acquired more Paycheck Protection Program loans. Blue Ridge Bankshares in Charlottesville, Va., disclosed in a regulatory filing Friday that it sold about $713 million of PPP loans to The Loan Source. Blue Ridge said it received about $706 million in cash proceeds for the loans. Blue Ridge said it used a […]
CFBank in Ohio winding down DTC mortgage business
CF Bankshares in Columbus, Ohio, is winding down its direct-to-consumer mortgage business. The $1.6 billion-asset parent of CFBank said in a press release Thursday that it had suspended the origination of new rate-lock commitments through the direct-to-consumer business, effective June 30. The bank will look to close out its existing loan pipeline and commitments in coming […]
Community Bank System buys employee benefits firm
Community Bank System in DeWitt, N.Y., has bought a company that provides consulting services tied to retirement plans and benefits. The $14.6 billion-asset company said in a press release Thursday that it acquired Fringe Benefits Design of Minnesota, which has offices in Minnesota and South Dakota. Fringe Benefits Design will become a unit of Benefit […]
German American lines up next phase of CEO succession
German American Bancorp will have a new CEO next year. The $5.2 billion-asset company said in a press release Thursday that D. Neil Dauby will succeed Mark Schroeder on Jan. 1. Schroeder will remain chairman. Schroeder plans to retire as an executive during the second quarter of 2022 but remain chairman until German American’s annual […]
Group in southern Georgia applies to form a bank
A group in Moultrie, Ga., is looking to form a bank. Organizers of the proposed Moultrie Bank & Trust filed an application with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The application wasn’t immediately available. The group is looking to raise $20 million to $25 million in initial capital, said Byron Richardson, […]
Live Oak in N.C. hires First Horizon CFO
Live Oak Bancshares in Wilmington, N.C., has hired the former chief financial officer at First Horizon to fill the same role. The $8.4 billion-asset Live Oak said in a press release Wednesday that B.J. Losch will also become CFO of its bank on Sept. 1. Losch will be responsible for the overall financial management of […]
Mid Penn to acquire Riverview Financial
Mid Penn Bancorp in Millersburg, Pa., has agreed to buy Riverview Financial in Harrisburg, Pa. The $3 billion-asset Mid Penn said in a press release Wednesday that it will pay $124.7 million in stock for the $1.4 billion-asset Riverview. The deal, which is expected to close in the fourth quarter, priced Riverview at 128% of […]
Trustmark sells $354M of PPP loans
Trustmark in Jackson, Miss., is the latest bank to sell Paycheck Protection Program loans to The Loan Source. The $16.9 billion-asset company disclosed in a regulatory filing Wednesday that it sold $354.2 million of PPP loans, or “substantially all” of its 2021 originations under the program. The Loan Source will assume responsibility for the servicing […]
Midland States to record 2Q gain from settling tax issue
Midland States Bancorp in Effingham, Ill., will report an after-tax gain of $2.9 million in the second quarter after settling a tax issue tied to government-assisted acquisitions in the wake of the 2008 financial crisis. The $6.9 billion-asset company said in a press release Tuesday that it will recognize a nearly $6.8 million tax benefit, […]