Quontic CEO dies in motorcycle accident
The CEO of Quontic Bank in New York has died. Steven Schnall died in a motorcycle accident on the way back from a biking trip to Canada, several media outlets reported. George Lazaridis, a co-founder of the $872 million-asset bank, was named interim CEO. “For decades, and especially since founding Quontic in 2009, Steve was […]
FDIC approves two de novo bank applications
The Federal Deposit Insurance Corp. has given conditional approval for two proposed banks. The FDIC has signed off on the applications for Bank Irvine in California and GS&L Municipal Bank in Gouverneur, N.Y. – with some final steps requires before the banks open. Organizers of Bank Irvine must raise $25 million. GS&L, a commercial bank […]
Nebraska judge backs decision to block CU-bank deal
A judge in Nebraska has sided with the Nebraska Department of Banking and Finance, blocking the purchase of Premier Bank in Omaha by GreenState Credit Union in North Liberty, Iowa. The $7.9 billion GreenState Credit Union agreed in October to buy the $369 million. The state regulator denied GreenState’s application earlier this year, stating that […]
PacWest adds former Chase exec to its board
PacWest Bancorp in Beverly Hills, Calif., has added a banking veteran to its board. The $39 billion-asset company disclosed in a regulatory filing that Stephanie Mudick became a director on Aug. 1 after a recommendation from its compensation, nominating and governance committee. Mudick, who also serves on the board of The Bancorp, was head of […]
Lead Bank in Missouri finds a buyer
Lead Bank in Kansas City, Mo., has been sold to a company tied to former Square Capital leader Jacqueline Reses. The $779 million-asset Lead Bank said in a press release that it was sold on Aug. 1 to Luna Parent. Reses is co-president of Luna. The price was not disclosed. “This acquisition is the culmination […]
Former First NBC exec pleads guilty to conspiracy charge
A former executive at First NBC Bank has admitted to his role in a conspiracy to defraud the New Orleans bank prior to its April 2017 failure. The U.S. Attorney’s Office for the Eastern District of Louisiana said in a press release Tuesday that Robert Calloway, who had been an executive vice president, pleaded guilty […]
CF Bankshares in Ohio shifts mortgage strategy
CF Bankshares in Columbus, Ohio, is no longer selling its mortgage originations to investors. The $1.6 billion-asset company said in a press release Wednesday that it exited the business in the second quarter in favor of portfolio lending with servicing retained. The notional amount of mortgages sold fell to $9.4 million in the second quarter […]
Former Citi compliance chief joins LendingClub board
LendingClub in San Francisco will add two financial services professionals to its board. The digital lender said in a press release Monday that Faiz Ahmad and Kathryn Reimann will become directors on Aug. 15. The company also said that Patricia McCord would step down from the board on Sept. 30. Reimann is an adjunct professor […]
Bank of Burlington cleared to open
Bank of Burlington in South Burlington, Vt., has been cleared to open. Organizers said in a press release that the de novo had received its certificate of insurance from the Federal Deposit Insurance Corp. and a certificate of authority from the State of Vermont Department of Financial Regulation. “We are delighted to announce the opening […]
Grasshopper in NYC raises $30M of capital
Grasshopper Bank in New York has raised $30.4 million of fresh capital. The $305 million-asset bank said in a press release that the investors included Carpenter & Co., Endeavour Capital Advisors, FJ Capital Management, GCP Capital Partners and Patriot Financial Partners. Most of those participants were existing investors. “Our strategic direction is set,” Mike Butler, […]
BaaS helps ease sting of Provident deposit outflows
Deposit inflows from Banking-as-a-Service (BaaS) and digital assets partially offset an exodus of more traditional deposits at Provident Bancorp in Amesbury, Mass. The $1.8 billion-asset company said that overall deposits at June 30 fell by 1.4% from the end of 2021, to $1.4 billion. Traditional deposits fell by 3.3%, to about $1.1 billion. Another $14 […]
F.N.B. stepping up expansion in Virginia
F.N.B. Corp. in Pittsburgh is looking to fill some gaps in Virginia. The $42 billion-asset company said it had hired Wes York to open a commercial lending office in Richmond. It also plans to open at least 11 offices in Northern Virginia and Washington, D.C., by 2024. F.N.B. currently has seven branches in the Washington […]
Comerica hires new head of payments from Wells Fargo
Comerica in Dallas has a new head of payments. The $87 billion-asset company said in a press release Monday that Allysun Fleming will oversee all of its payments-related operations. She will report to Peter Sefzik, an executive vice president at Comerica Bank. “Our vision is to grow and optimize Comerica in ways that deepen the […]
Nano Banc in Calif. adds new CEO, chairman
Nano Banc in Irvine, Calif., made changes to several high-profile posts. The $1.1 billion-asset business bank said in a press release that it had named R. Scott Racusin as its CEO and Mary Lynn Lenz as its chairman. Steven Buster was named vice chairman. Racusin previously served as president and CEO of Merchants Bank of […]
U.S. Bancorp to pay $37.5M fine over fake accounts
U.S. Bancorp in Minneapolis will pay a $37.5 million penalty to the Consumer Financial Protection Bureau to address claims it opened accounts without informing customers or getting their consent. The $591 billion-asset bank entered into a consent order with the CFPB on Thursday. The order addresses claims that U.S. Bancorp employees issued credit cards and […]
Blue Ridge Bankshares has update on fintech, mortgages
Blue Ridge Bankshares in Charlottesville, Va., reported lower quarterly earnings that reflected adjustments to the value of its fintech investments and a sharp decline in mortgage volume. The $2.8 billion-asset company’s second-quarter net income fell by 94% from a quarter earlier, to $1.1 million. Blue Ridge said the lower results reflected $9.4 million of fair […]
Heritage Commerce in California selects next CEO
Heritage Commerce in San Jose, Calif., will soon have a new CEO. The $5.1 billion-asset company said in a press release Thursday that Clay Jones will also succeed Walter Kaczmarek as president, effective Sept. 15. Jones, who is president and chief operating officer of Heritage Bank of Commerce, will also join the company’s board. Kaczmarek […]
Red River Bancshares in La. to open New Orleans branch
Red River Bancshares in Alexandria, La., is planning to open its first branch in New Orleans. The $3.1 billion-asset company said in a press release that it leased and remodeled a downtown branch. The location, which received regulatory approval, will open in the third quarter. Red River opened a branch in Lafayette, La., in January. […]
Tech upgrades in works at several community banks
Several community banks used their quarterly earnings releases to tease out technological enhancements. Kearny Financial in Fairfield, N.J.; Quaint Oak Bancorp in Southampton, Pa.; and Third Coast Bancshares in Humble, Texas, were among the smaller banks to talk about upgrades in their core platforms, working with fintech or moving into Banking-as-a-Service (BaaS). The $7.7 billion-asset […]
FDIC approves proposed de novo in S. Florida
Organizers of the proposed Evermore Bank in Fort Lauderdale, Fla., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise at least $25 million before opening the bank. Organizers originally outlined plans to raise $26 million to $45 million of initial capital. They plan to open a […]
Customers in Pa. makes progress with digital assets push
Customers Bancorp in Wyomissing, Pa., continues to make progress with digital assets. The $20.3 billion-asset company said in a press release that it onboarded 90 instant token clients to its digital bank during the second quarter, increasing total customers to 190. Digital asset-related deposits increased by $300 million in the second quarter from a quarter […]
How a small Ohio bank pulled in 10 buyout offers
Peoples-Sidney Financial in Sidney, Ohio garnered considerable interest from potential buyers before agreeing to be sold to Farmers & Merchants Bancorp in Archbold, Ohio. The $2.7 billion-asset F&M agreed in mid-June to buy the $133 million-asset Peoples-Sidney for $27 million. Peoples-Sidney received 10 nonbinding indications of interest before agreeing to talk with F&M, according to […]
Heritage Southeast to sell to First Bancshares in Miss.
Heritage Southeast Bancorp. in Jonesboro, Ga., which tried unsuccessfully to sell its bank to a credit union, has agreed to be sold to First Bancshares in Hattiesburg, Miss. The $6.3 billion-asset First Bancshares said in a press release Wednesday that it will pay $207 million in stock for the $1.7 billion-asset Heritage Southeast. The […]
Sturgis Bancorp in Mich. names new bank leadership
Sturgis Bancorp in Michigan has a new bank CEO. The $318 million-asset company said in a press release Wednesday that Jason Hyska had been appointed to the role. Hyska previously served as head of retail lending. Matt Scheske was named the bank’s president and chief operating officer. He was head of commercial lending. Hyska and […]
Grasshopper in NY signs up initial BaaS client
Grasshopper Bank in New York has signed its first Banking-as-a-Service client. The $305 million-asset bank is working with Treasure Financial, a fintech that provides automated cash management solutions for growing businesses. The partnership is designed to support Treasure’s treasury management offering and help Grasshopper deepen ties to small and midsize businesses. Treasure said in a […]