First Seacoast in NH to pursue second-step conversion
First Seacoast Bancorp in Dover, N.H., will convert to a fully stock-owned company. The $500 million-asset mutual holding company said in a press release that it will undertake a second-step conversion. First Seacoast held its initial public offering in July 2019. The total amount of common stock to be issued in the proposed offering will […]
Black-led credit union proposed for Minn. changes name
A proposed black-led credit union in North Minneapolis has changed its name. The Association for Black Economic Power has decided to rebrand the proposed Village Financial Credit Union as Arise Community Credit Union. Organizers are planning for the credit union to serve members in Hennepin and Ramsey counties. The group decided to scrap the Village […]
Clarion FCU rebrands as Top Tier Federal Credit Union
Clarion Federal Credit Union in Brookville, Pa., has rebranded as Top Tier Federal Credit Union. The $162 million-asset credit union said in a press release that it decided to change its name as it grows and expands. Top Tier expanded its field of membership last year from four to 13 counties in northwestern Pennsylvania. The […]
Park National in Ohio to record income from property sale
Park National in Newark, Ohio, will record $11.4 million of net income in the third quarter after selling a foreclosed property. The $9.8 billion-asset company disclosed in a regulatory filing that SE Property Holdings, a subsidiary, completed the foreclosure of a property that had been charged off. The property was sold on Aug. 5 for […]
MVB to gain SBA, USDA heft with latest acquisition
MVB Financial in Fairmont, W.Va., has agreed to buy Integrated Financial Holdings in Raleigh, N.C. The $3 billion-asset MVB said in a press release Friday that it will pay $98 million in stock for the parent of the $435 million-asset West Town Bank & Trust. The deal, which is expected to close in the […]
ConnectOne in N.J. forms health care division
ConnectOne Bancorp in Englewood Cliffs, N.J., has formed a division to focus on health care prospects and clients. The $8.8 billion-asset company tweeted an announcement about its health care commercial banking team. “Our expert team will work to provide clients with custom-tailored solutions so they can focus on delivering the highest-quality care to their patients,” […]
BTC in Missouri to buy Merchants and Farmers Bank
BTC Bank in Bethany, Mo., has agreed to buy Merchants and Farmers Bank of Salisbury in Missouri. The $934 million-asset BTC said in a press release that it expects to gain approvals to buy the $118 million-asset Merchants and Farmers over the next two months. Integration is expected to take place in October. The price […]
Meridian in Pennsylvania expands into Florida
Meridian Corp. in Malvern, Pa., has entered Florida after hiring a former bank CEO. The $1.9 billion-asset company said in a press release that it has opened a loan-production office in Bonita Springs, near Fort Myers. Meridian hired Wayne Griest, former CEO of Continental Bank in Philadelphia, to lead the Florida expansion. Griest moved to […]
Farm Bureau Bank to buy loans from Funding Circle
Farm Bureau Bank in Reno, Nev., plans to buy small-business loans originated by Funding Circle as part of a new partnership with the online lending platform. The $807 million-asset bank said the loans it buys will include those made to the agricultural community. “Our work with Farm Bureau Bank reflects our ongoing commitment to identifying […]
Pacific West in Oregon selects next president
Pacific West Bank in West Linn, Ore., could soon have a new president. The $300 million-asset bank said in a press release that Jason Wessling is set to take over the post, subject to regulatory approval. He will remain Pacific West’s chief financial officer and join the board. Wessling “was the first executive recruited after […]
Comerica taps insider to oversee national businesses
Comerica in Dallas has tapped an insider to oversee its national lending platforms. The $87 billion-asset company said in a press release Thursday that Mike Ritchie had been named head of national and specialty businesses, a newly created position. He had been Comerica’s Michigan market president since 2013. Steve Davis, who had been Comerica’s senior […]
PNC is latest bank to nix consumer NSF fees
PNC Financial Services Group in Pittsburgh is the latest large bank to eliminate nonsufficient fund (NSF) fees for consumer clients. The $552 billion-asset company did not disclose the financial impact of the move or when it will stop charging the fees. “PNC is focused on building a platform that empowers the financial well-being of its […]
FS Bancorp taps app to make home improvement loans
FS Bancorp in Mountlake Terrace, Wash., has partnered with a fintech to create a loan application portal for home improvement projects. The $2.4 billion-asset company said in a press release that LoanStar Technologies in Swarthmore, Pa., has created a portal to prove bank financing to consumers looking to buy windows, roofs, solar panels and other […]
Middlefield to solve succession issue with Liberty deal
The pending purchase of Liberty Bancshares in Ada, Ohio, will help Middlefield Banc Corp. in Middlefield, Ohio, address a succession issue. The $1.3 billion-asset Middlefield agreed in May to buy the $437 million-asset Liberty for $64.4 million. The companies said at the time the deal was announced that Ronald Zimmerly Jr., Liberty’s president and CEO, […]
Thread Bank to partner with BaaS platform Unit
Thread Bank in Rogersville, Tenn., has formed a strategic partnership with Unit, a Banking-as-a-Service (BaaS) platform. Unit, which helps clients embed financial services into their products, said in a press release Wednesday that the $298 million-asset Thread is one of four banking partners it uses. “In collaboration with Thread, Unit will be able to empower […]
MainStreet in Virginia forms community development unit
MainStreet Bancshares in Fairfax, Va., has formed a community development unit. The $1.8 billion-asset company said in a press release Tuesday that MainStreet Community Capital will focus on distressed, low-income communities around Washington by providing capital and other financial services. “Lifting up communities and unlocking their potential starts with investment, and we intend to use […]
Madonna returns to CEO role at Republic First
Harry Madonna is back at the helm of Republic First Bancorp in Philadelphia. The $5.7 billion-asset company said in a press release Tuesday that Madonna was named interim CEO, effective immediately. Madonna, who was previously named chairman, succeeded Vernon Hill Jr., who resigned. Berry Spevak also resigned from the company’s board. Harris Wildstein was reappointed as […]
Cogent in Fla. enters cannabis banking, other businesses
Cogent Bancorp in Orlando, Fla., has entered four new business lines. The parent of the $1.2 billion-asset Cogent Bank has added teams to focus on blockchain-enabled customers, cannabis banking, premium finance and public finance. Cogent said in a press release that it is working with Green Check Verified, a cannabis-focused fintech, to offer its products […]
Former Reliant banker raises capital for Sonata expansion
A pair with ties to Reliant Bancorp has raised capital to make a national push with a small bank in the Nashville, Tenn., area. Dan Dellinger and Farzin Ferdowsi recently raised $20 million for Sonata Bank, while opening an office in Brentwood, according to published reports. It is the second location for Sonata, which recently […]
Bank of London to open tech office in Charlotte
The Bank of London is planning to open a major office in Charlotte, N.C. The bank said in a press release that it will expand its U.S. footprint by opening a global platform and services headquarters that will employ 350 people. The office should open by 2026. The jobs include software development, compliance and risk, […]
Regions taps insider as director of strategy
Regions Financial in Birmingham, Ala., has promoted an insider to become its new director of strategy and corporate development. The $161 billion-asset company said in a press release that Tom Speir will report to David Turner, its chief financial officer. He succeeded Nikki Stephenson, who recently was named head of credit products. Speir will be […]
Farmers Bank in Tenn. has new investor, chairman
Farmers Bank in Parsons, Tenn., has a new investor. The $46.9 million-asset bank said in a press release Monday that it had “formed a new partnership” with Victorian Finance, a mortgage lender based in Pittsburgh. The bank did not disclose any details about the investment. Sonny Bringol Jr., who led the investment, became the bank’s […]
Horizon in Indiana hires outsider as its president
Horizon Bancorp in Michigan City, Ind., will soon have a new president. The $7.4 billion-asset company said in a press release that Thomas Prame will take on the role, effective Aug. 15. Prame will be tasked with expanding the company’s lending teams, technology, customer relationships and Midwest deposit franchise. Prame “brings extensive strategic leadership and […]
Seacoast to buy Professional Holding in S. Florida
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Professional Holding in Coral Gables, Fla. The $10.8 billion-asset Seacoast said in a press release Monday that it will pay $488.6 million in stock for the $2.7 billion-asset Professional. The deal, which is expected to close in the first quarter, priced Professional at 216% […]
Amerant in Fla. absorbs subsidiary
Amerant Bancorp in Coral Gables, Fla., has absorbed one of its subsidiaries. The $8.2 billion-asset Amerant disclosed in a regulatory filing Friday that Amerant Florida Bancorp was merged into the company. Amerant said that all assets of Amerant Florida Bancorp were vested in the company. Amerant also assumed all obligations of Amerant Florida Bancorp, including […]