Former Alloy exec forms neobank for indigenous people
A former executive at Alloy Labs Alliance is leading an effort to form a digital bank for indigenous people. Amber Buker, who recently stepped down as Alloy’s director of insights, announced plans for Totem in a tweet, calling the startup the “only digital bank by and for indigenous people.” Alloy disclosed that it is an […]
Bankers Helping Bankers launching fintech fund
Bankers Helping Bankers, a program launched by FedFis and the Independent Bankers Association of Texas, has launched a fintech venture capital fund. The Bankers Helping Bankers Fund will support community bankers’ engagement with emerging technology providers. Bankers Helping Bankers did not disclose the targeted size of the fund. “For years founders have been […]
ICBA hires banker for government relations post
The Independent Community Bankers of America has hired a Maryland banker to serve as its executive in charge of chief government relations and public policy. The association said in a press release Monday that it hired Anne Balcer. She previously served as general counsel and internal auditor at Forbright Bank in Chevy Chase, Md. Forbright […]
Horicon Bank in Wis. to buy Cornerstone Community
Sword Financial in Horicon, Wis., has agreed to buy Community Bancshares of Wisconsin in Grafton. Sword, the parent of the $1.2 billion-asset Horicon Bank, expects to complete the purchase of the holding company for the $247 million-asset Cornerstone Community Bank in the fourth quarter. Sword, which did not disclose the price it will pay, will […]
Synovus, Verdant form equipment leasing business
Synovus Financial in Columbus, Ga., and Verdant Commercial Capital in Cincinnati have formed an equipment finance business. Synovus Equipment Leasing will offer leasing and equipment finance agreements for the $56 billion-asset bank’s customers ranging from $25,000 to $50 million. The financing is supported by a line of credit from Synovus Specialty Finance. “We are excited […]
Gate City in N.D. to settle lawsuit over overdraft fees
Gate City Bank in Fargo, N.D., has agreed to pay $5.5 million to settle claims it breached its contract with depositors over overdraft and nonsufficient funds (NSF) fees. The lawsuit, filed in Cass County District Court, alleged that the $3.3 billion-asset bank improperly assessed fees on certain transactions. Gate City, which did not admit wrongdoing, […]
Connecticut group gets state approval to form a bank
A group looking to form a bank in Connecticut has received approval from the state’s banking regulator. Organizers of New Canaan Bank stated in a LinkedIn post Saturday that the Connecticut Department of Banking had given them a temporary certificate of approval. The post said the organizers want to open the bank in the fourth […]
Southwest Bank in Texas starts oil and gas division
SouthWest Bank in Odessa, Texas, has created an oil and gas division after hiring two bankers. The $645 million-asset bank said in a press release that it hired commercial lenders Richard Davis Browning II and Wes Webb. Webb previously served as an account officer at First Oklahoma Bank. Browning was a portfolio manager at Texas […]
CapStar hires banker to enter Western North Carolina
CapStar Financial Holdings in Nashville, Tenn., is entering Asheville, N.C., after hiring a banker from First Horizon. The $3.2 billion-asset company said in a press release Friday that Martin Nesbitt will serve as its Asheville market president. Nesbitt will build a team of bankers to focus on small and midsize business, professionals, real estate investors […]
Vernon Hill to resign as Republic First’s CEO
Vernon Hill is resigning as CEO of Republic First Bancorp in Philadelphia. The announcement that Hill will step down on Aug. 8 comes two days after an appeals court ruled that a rival faction of directors could remove him as chairman and appoint a director to replace Ted Flacco, who died in May. Those developments […]
Encore hires Great Western banker to expand in Colo.
Encore Bank in Little Rock, Ark., has entered Boulder, Colo., after hiring a banker. The $1.8 billion-asset bank said in a press release that Gary Geis will serve as its market president. Geis previously served as Boulder market president for Great Western Bancorp, which was recently sold to First Interstate BancSystem. “Boulder is an attractive […]
New Peoples in Va. adds bank exec to its board
New Peoples Bankshares in Honaker, Va., has added a former banker to its board. The $813 million-asset company said in a regulatory filing Thursday that E. Stephen Lilly was selected to become a director on June 30. He is expected to be join the technology, audit and risk and compensation committees. Lilly will stand for […]
Live Oak expands roles of four executives
Live Oak Bancshares in Wilmington, N.C., has expanded the roles of several executives. The $8.6 billion-asset company disclosed in a regulatory filing Thursday that B.J. Losch, its chief financial officer, had added the title of chief banking officer. He is now in charge of lending, deposits and related operations. Stephanie Mann, who leads corporate strategy, […]
De novo activity is rising – not surging
I thought I’d talk about de novo activity since I noticed that there are currently four active applications with the Federal Deposit Insurance Corp. for deposit insurance, including one for Zenith Bank & Trust. A few months ago, I saw a headline announcing a ‘surge’ in de novo activity. While there are more applications, approvals […]
Appeals court deals setback to Vernon Hill
An appeals court has overturned a judge’s ruling that has kept Vernon Hill in power at Republic First Bancorp in Philadelphia. Judge Paul Diamond had previously blocked a group of directors from ousting Hill as chairman and CEO of the $5.7 billion-asset company. The judge appointed a custodian to schedule an election to fill a […]
RBB Bancorp in Los Angeles hires SBA team
RBB Bancorp in Los Angeles has hired a banker to oversee its Small Business Administration lending operations. The $4 billion-asset company said in a press release Wednesday that it had Edwin Oh is its new SBA manager. Oh brought two SBA-focused bankers over to RBB. Oh previously served as an credit department manager at VelocitySBA. […]
Fulton Financial to dial back NSF, some overdraft fees
Fulton Financial in Lancaster, Pa., will do away with fees for nonsufficient funds (NSF) and extended overdrafts during the fourth quarter. The $26 billion-asset company did not disclose the financial impact of the planned changes. An extended overdraft occurs when an account balance remains negative for more than five consecutive business days. “We’ve received consumer […]
USDF Consortium hires ABA exec as first CEO
The USDF Consortium has a new CEO. The group, created in January to build a bank network to mint and use stablecoins, said in a press release Wednesday that it had hired Rob Morgan to fill the post. Morgan previously served as senior vice president of innovation and strategy at the American Bankers Association. He […]
Newly formed credit union group rebrands as GoWest
A recently created credit union association has a new brand. The Mountain West Credit Union Association and Northwest Credit Union Association, which merged on June 30, are now collectively known as the GoWest Credit Union Association. The association serves more than 300 credit unions with 16.5 million members in Arizona, Colorado, Idaho, Oregon, Washington and […]
Florence Bank CEO to retire in November
Florence Bank in Massachusetts is looking for a new CEO. The $1.9 billion-asset bank said in a press release Tuesday that Kevin Day will also retire as its president on Nov. 25. The bank said it is already searching for his successor. Day joined the bank in 2008 as its chief financial officer. He became […]
Encore in Ark. to bank community associations
Encore Bank in Little Rock, Ark., has hired a banker to create a business line geared toward community associations. The $1.8 billion-asset bank said in a press release that Patti DuBuque will oversee the new division as director of association banking. DuBuque “is a results-oriented leader with proven success in expanding orientations and surpassing business […]
Columbia in Wash. to enter Utah after banker hires
Columbia Banking System in Tacoma, Wash., will enter Utah after hiring commercial bankers in Salt Lake City. The $21 billion-asset company said in a press release Tuesday that it hired Jeffrey Thomas and James Divver to join its business lending division. The bankers will be responsible for building a team in the market. “Our expansion […]
‘The Girl Banker’ lands market president role in Arkansas
A banker well known for her advocacy for women in the financial services industry has landed a new job. First Community Bank in Batesville, Ark., said in a press release Tuesday that it had hired Natalie Bartholomew as its community president in Rogers, Ark. Bartholomew will be responsible for establishing the bank’s presence in the […]
Revolut promotes insider to run U.S. operations
Revolut has named an insider to oversee the neobank’s efforts in the United States. The company said in a press release that Sid Jajodia is its U.S. CEO. Jajodia will remain Revolut’s chief banking officer, a role he has held since joining the company a year ago. Revolut launched in the U.S. in March 2020, […]
How rising rates impacted pricing of a Fla. bank deal
Rising interest rates led Seacoast Banking Corp. of Florida in Stuart to reduce its offer for Drummond Banking Co. in Chiefland, Fla., by more than 10%. The $10.9 billion-asset Seacoast agreed in early May to buy the $985 million-asset Drummond for $173.2 million in stock. Seacoast proposed paying $194.4 million in cash and stock when […]