Vermont de novo receives conditional FDIC approval
Organizers of the proposed Bank of Burlington in South Burlington, Vt., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise $33 million before opening the bank. The group said in its December 2021 application for deposit insurance that it planned to raise $24 million to $30 […]
Amerant boosted stake in mortgage company in 2Q
Amerant Bancorp in Coral Gables, Fla., increased its ownership stake in its mortgage company. The $8.2 billion-asset company said in a press release that its stake in Amerant Mortgage increased from 57.4% to 80% after two former principals became full-time bank employees and relinquished their interest in the business. Amerant also contributed $1 million in […]
Live Oak adds mortgage company CEO to its board
Live Oak Bancshares in Wilmington, N.C., has appointed the CEO of a North Carolina mortgage company to its board. The $8.6 billion-asset company said in a press release Wednesday that Casey Crawford, a co-founder of Movement Mortgage in Charlotte, had become a director. “We are very pleased to welcome Casey to our board of directors,” […]
Citizens State parent to buy First Savanna in Illinois
First Lena Corp. in Lena, Ill., has agreed to buy First Savanna Savings Bank in Savanna, Ill. First Lena, the parent of the $325 million-asset Citizens State Bank, said in a press release that it expects to buy the $9.8 million-asset First Savanna in the fourth quarter. The price wasn’t disclosed. Citizens will enter the […]
Signature in NY to tap brakes on CRE lending
Signature Bank in New York plans to dial down its lending in coming months. The $116 billion-asset bank expects quarterly loan growth of $1 billion to $3 billion over the rest of this year. It previously projected increasing the size of its loan portfolio by $4 billion to $7 billion. Commercial real estate and fund […]
BMO to buy environmental strategies firm
Bank of Montreal has agreed to buy Radicle Group, an environmental strategies company in Calgary. The Canadian bank said in a press release Wednesday that it expects to close the deal by the end of this year. The price was not disclosed. Radicle develops carbon offsets and helps organizations measure and reduce emissions. The acquisition “supports […]
Credit unions in Arizona, Minnesota change names
A pair of credit unions have changed names. Arizona Federal Credit Union in Phoenix has rebranded as Arizona Financial Credit Union. The $2.8 billion-asset credit union’s members voted in April to switch its federal charter for a state charter. The charter switch will allow Arizona Financial to expand beyond Tucson and Maricopa and Pinal counties. […]
United Community selects insider as Tenn. state president
United Community Banks in Greenville, S.C., has tapped an insider to become its next state president for Tennessee. The $24 billion-asset company said in a press release that John Wilson had succeeded DeVan Ard, who passed away in June. DeVan Ard, who founded Reliant Bank in Brentwood, Tenn., orchestrated its sale in January to United Community. Wilson […]
OCC requires Lake Shore in NY to beef up IT controls
Lake Shore Bancorp in Dunkirk, N.Y., will be making some internal improvements after its bank entered into a written agreement with the Office of the Comptroller of the Currency. The agreement, included in a Tuesday regulatory filing by the $707 million-asset company, said the OCC “found unsafe or unsound” practices tied to IT security and […]
ABA taps next leader for its Office of Innovation
The American Bankers Association has a new leader for its Office of Innovation. The association said in a press release that Brooke Ybarra was also named senior vice president of innovation and strategy. Her role includes identifying promising startups and emerging technologies that could benefit the banking industry. “Brooke has impressed all of us with […]
Smaller banks start to cut into overdraft, NSF fees
Smaller banks are starting to reduce and eliminate overdraft and nonsufficient funds (NSF) fees. The latest community bank to act is 1st Colonial Bancorp in Cherry Hill, N.J. The $698 million-asset company said in a press release that, effective June 1, reduced its overdraft and NSF fees from $35 to $15. The company said overdraft […]
M&T taps exec to lead charitable foundation
M&T Bank in Buffalo, N.Y., has a new leader for its charitable foundation. Dominique Goss was named executive director of the M&T Charitable Foundation. She now oversees M&T’s corporate giving strategy over 12 states. Goss reports to Mike Keegan, M&T’s head of community banking. She is based in Buffalo. Goss previously served as senior group […]
Activist investor pressing Peoples Financial in Mississippi
An activist investor is pressing Peoples Financial in Biloxi, Miss., to “explore all possibilities to maximize shareholder value.” Stilwell Partners, which owns about 11.2% of the $939 million-asset company’s stock, has taken issue with management decisions in recent years. The New York investor tends to push banks to maximize value by selling. Stilwell noted in […]
Proposed Texas bank gets conditional FDIC approval
A proposed bank in Katy, Texas, has received conditional approval from the Federal Deposit Insurance Corp. The FDIC on Jan. 7 approved deposit insurance for Texas Traditions Bank. Organizers, who initially filed with the FDIC in January, will need to raise about $35 million before the bank can open. Organizers have said they plan to open […]
CUNA exec lands top role at FHLB advocacy group
The Council of Federal Home Loan Banks has lined up its next CEO. The council said in a press release that Ryan Donovan will also serve as its president, effective Sept. 6. He will succeed John von Seggern, who retired last month. Donovan previously served as chief advocacy officer at the Credit Union National Association. […]
Wilson Bank in Tenn. forms mortgage joint venture
Wilson Bank Holding in Lebanon, Tenn., has formed a mortgage joint venture. The $4.1 billion-asset company said in a press release Thursday that it had created Encompass Home Lending with Celebration Homes and Willow Branch Homes. Wilson said the effort was profitable in its first month of operations. “We have been impressed with both builder […]
Citizens Financial to buy NH investment adviser
Citizens Financial Group in Providence, R.I., has agreed to buy select assets and liabilities of Paladin Advisors in Kensington, N.H. The $192 billion-asset Citizens did not disclose in a Thursday press release how much it will pay for the investment adviser. “This acquisition will strengthen our wealth management business, as we gain additional reach and […]
Bank of America hit with $225M in fines from OCC, CFPB
Bank of America in Charlotte, N.C., was fined $225 million for practices tied to it’s prepaid card program for disbursing unemployment benefits in California. The Office of the Comptroller of the Currency levied a $125 million fine, while the Consumer Financial Protection Bureau imposed a $100 million fine. “Bank of America automatically and unlawfully froze […]
Apiture raises $29M from Live Oak, Pinnacle and others
Apiture, a Wilmington, N.C., company that produces software for community banks, has raised $29 million in a fundraising round led by Live Oak Bancshares. The company said in a Thursday press release that other investors, including Pinnacle Bank and BHG Financial, also participated. Apiture has raised $69 million since its formation in 2017. Apiture said […]
Jill Castilla joins alma mater’s board of trustees
Jill Castilla is the latest banker to join a university’s governing board. Castilla, president CEO of Citizens Bank of Edmond in Oklahoma, recently joined the board of trustees at Hawaii Pacific University. Castilla graduated from the university in 1996. Several current and former bank executives have made similar moves in recent months. Castilla’s addition comes […]
Pinnacle in Tennessee to lower overdraft fees
Pinnacle Financial Partners in Nashville, Tenn., has joined the expanding list of banks cutting and eliminating overdraft and nonsufficient funds (NSF) fees. The $39.4 billion-asset company said in a press release that it will eliminate the NSF fee for returned items for consumer accounts and reduce the NSF returned item fee from $38 to $30 […]
Citadel Credit Union in Pa. hires Santander banking team
Citadel Credit Union in Exton, Pa., will launch a business banking division in August after hiring a team of bankers from Santander Bank. The $5 billion-asset credit union said on its website that it will look to form strategic partnerships in an around Philadelphia. “We are ready to hit the ground running and partner with […]
Lakeland in NJ expands footprint for health care lending
Lakeland Bancorp in Oak Ridge, N.J., has expanded its health care lending services to four new states. The $10.3 billion-asset company said in a press release that it has started making loans in Florida, Massachusetts, Ohio and Virginia. Lakeland’s health care banking team has been operating in Connecticut, Delaware, Maryland, New Jersey, New York and […]
Battle between Republic First, Hill likely to linger
A dispute among Vernon Hill, Republic First Bancorp and the Philadelphia company’s investors is ongoing. Hill, who recently announced plans to resign on Aug. 8, claimed in a July 6 letter that four of the $5.7 billion-asset company’s directors breached his 2021 employment agreement as wrangling escalated in recent months. Hill alleged the group, led by […]
Amerant lines up sponsorship deal with NBA’s Heat
Amerant Bancorp in Coral Gables, Fla., has become the official bank of the Miami Heat. The $7.6 billion-asset company said in a press release Tuesday that it agreed to a multi-year deal with the professional basketball team. The deal includes marketing and business development opportunities, including prominent courtside signage, VIP client events and access to […]