Strategic Insights into Banking & Fintech

BayFirst investor Ken Lehman boosts stake in Fla. bank to 39%

BayFirst investor Ken Lehman boosts stake in Fla. bank to 39%

Veteran bank investor Ken Lehman now has a 39.4% stake in BayFirst Financial in St. Petersburg, Fla. Lehman acquired nearly 750,000 shares of common stock as part of a rights offering, adding to a major recapitalization and leadership overhaul at the company. Lehman, who joined BayFirst's board earlier this year, was the backstop purchaser in the company's recent rights offering, using personal funds and his Roth IRA, according to a

October 13, 2026
Bank of America hit with $1.2 billion penalty tied to BSA/AML shortcomings

Bank of America hit with $1.2 billion penalty tied to BSA/AML shortcomings

Bank of America in Charlotte, N.C., must pay more than $1.2 billion in penalties for violating anti-money laundering and sanctions laws. The fine, levied by the Financial Crimes Enforcement Network, is the third largest in Treasury Department history. The Office of the Comptroller of the Currency hit BofA with its own $750 million civil monetary penalty, though the Treasury credited that penalty toward its $1.2 billion fine. No asset cap was

October 13, 2026
Columbia Banking System moving execs from Washington to Arizona

Columbia Banking System moving execs from Washington to Arizona

Columbia Banking System is moving most of its top executives from Washington to Arizona. The new executive office in Scottsdale is expected to open next month, according to published reports. The move comes as new Washington taxes are costing the Lake Oswego, Ore., company about $8 million annually. CEO Clint Stein sold his Auburn, Wash., home in September for nearly $2.5 million to move to Arizona. Stein said that, for

October 13, 2026
Upgrade applies for Nevada industrial loan charter

Upgrade applies for Nevada industrial loan charter

Upgrade has applied for an industrial bank charter. The fintech submitted its applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp. to create Upgrade Bank. The bank would give Upgrade more flexibility and options to fund affordable and responsible credit products. Upgrade has delivered over $53 billion in credit to more than 8.5 million customers since its creation a decade ago. Virginia Varela, Upgrade's head of

October 13, 2026
Cullen/Frost in Texas invests $5M in Harrison Barnes’ bank

Cullen/Frost in Texas invests $5M in Harrison Barnes’ bank

Cullen/Frost Bankers in San Antonio, Texas, has invested $5 million in the Iowa bank recently acquired by San Antonio Spurs forward Harrison Barnes. The parent company Frost Bank invested in Barnes Bancorp, the bank holding company for the $41.4 million-asset Community State Bank in Paton. Cullen/Frost received preferred stock in exchange for the investment, which will provide the minority depository institution with growth capital. Barnes had previously committed $25 million

October 9, 2026
Sullivan Bank to buy Bank of Crocker in Missouri combination

Sullivan Bank to buy Bank of Crocker in Missouri combination

Sullivan Bank in Sullivan, Mo., has agreed to buy Bank of Crocker in Waynesville, Mo. The $1.4 billion-asset Sullivan Bank did not disclose how much it will pay for the $144 million-asset Bank of Crocker. “We are very excited about the opportunity to welcome Bank of Crocker’s customers and employees to Sullivan Bank,” Michael Hoffman, Sullivan Bank's CEO, said in a statement. “Bank of Crocker has a strong tradition of

October 9, 2026
Pinnacle in Nebraska to buy Southern Bancshares in Texas

Pinnacle in Nebraska to buy Southern Bancshares in Texas

Pinnacle Bancorp in Omaha, Neb., has agreed to buy Southern Bancshares in Moulton, Texas. The $20.9 billion-asset Pinnacle did not disclose how much it will pay for the parent of the $1.4 billion-asset SouthStar Bank. The deal is expected to close early next year. SouthStar has 17 branches, $1 billion of loans, and $1.1 billion of deposits. David Kapavik, SouthStar's president and CEO, wrote in a letter to clients and

October 9, 2026
OCC hits Amex with $350M penalty, C&D order over AML controls

OCC hits Amex with $350M penalty, C&D order over AML controls

The Office of the Comptroller of the Currency has issued a cease-and-desist order and a $350 million civil money penalty against American Express National Bank for deficiencies in its Bank Secrecy Act and anti-money laundering compliance program. The penalty was set out in an Oct. 8 consent order, in which the bank neither admitted nor denied the findings. The OCC said the Sandy, Utah, bank failed to establish a program

October 8, 2026