Strategic Insights into Banking & Fintech

Patriot National in Conn. raising $50M, CEO to leave

Patriot National in Conn. raising $50M, CEO to leave

Patriot National Bancorp in Stamford, Conn., announced an agreement to raise $50 million, along with the departure of CEO David Lowery. The $974.1 million-asset company said in a press release that Steven Sugarman is leading a group that will inject capital in exchange for common stock and non-voting preferred stock. FlyHouse Management is also part of the investor group. Net proceeds will be used to increase equity capital and strengthen

March 21, 2025
Shore Bancshares in Md. to wind down real estate title subsidiary

Shore Bancshares in Md. to wind down real estate title subsidiary

Shore Bancshares in Easton, Md., is winding down the operations of its real estate title company. The company said in a regulatory filing that Mid-Maryland Title will stop conducting real estate closings on March 31. Mid-Maryland will eventually dissolve itself. "Operations will continue for as long as necessary to ensure that work in progress is adequately addressed," the filing said.

March 20, 2025
Fed issues C&D order to Frankewing Bancshares in Tennessee

Fed issues C&D order to Frankewing Bancshares in Tennessee

The Federal Reserve issued a cease-and-desist order against Frankewing Bancshares in Frankewing, Tenn., after an exam found deficiencies in its ability to serve as a source of strength to its bank. The order requires the parent of the $508 million-asset Bank of Frankewing to take corrective measures that include capital conservation, debt restrictions, and enhanced regulatory oversight. Under the order, Frankenwing must strengthen its financial and managerial resources to serve as

March 20, 2025
Group applies to form de novo bank in Oklahoma

Group applies to form de novo bank in Oklahoma

A group led by banking veterans is looking to open a de novo in Edmond, Okla. Organizers of the proposed Novus Bank applied with the Federal Deposit Insurance Corp. on March 17. The group began planning the bank about a year ago, said Jim Canton, who is expected to serve as chairman and CEO. The management team would also include Jason Casey as president, and Mel Barnes as chief operating

March 20, 2025
Blue Ridge Bankshares in Va. to sell mortgage operations

Blue Ridge Bankshares in Va. to sell mortgage operations

Blue Ridge Bankshares in Charlottesville, Va., will sell certain assets of its Monarch Mortgage division to an unnamed buyer. The company said in a press release that the deal should close by the end of this month; the pricing wasn't disclosed. The decision "was an additional step in our strategy to refocus our efforts on community banking in our primary geographical footprint," G. William Beale, Blue Ridge's president and CEO,

March 19, 2025
Legacy Community FCU to buy First Community Bank of Cullman

Legacy Community FCU to buy First Community Bank of Cullman

Legacy Community Federal Credit Union has agreed to buy First Community Bank of Cullman in Alabama. The $642.9 million-asset Legacy did not disclose how much it will pay Southern Community Bancshares as part of the all-cash transaction for the $103.6 million-asset First Community. The deal is expected to close later this year. First Community has one branch, $80.9 million in loans and $79.3 million in deposits. Hovde Group, which announced

March 19, 2025
Navy Federal invests in Curql Collective’s innovation fund

Navy Federal invests in Curql Collective’s innovation fund

Navy Federal Credit Union in Vienna, Va., has invested in Curql Fund II The $180 billion-asset credit union did not disclose how much it invested in the fund, which is operated by Curql, a collective with more than 130 credit unions. “Providing the best possible service to our members is always our focus at Navy Federal, and we also believe strongly in the value all credit unions bring to their

March 19, 2025
Cornerstone Bank in Mass. says president will retire in 2026

Cornerstone Bank in Mass. says president will retire in 2026

Cornerstone Bank in Spencer, Mass., said its leader will step down in 2026. The $1.6 billion-asset bank said that Randall Webber will retire as its president early next year. He has led Cornerstone since January 2020. Cornerstone, which recently agreed to merge with the $4.2 billion-asset PeoplesBank in Holyoke, Mass., did not announce a successor.

March 18, 2025