Pinegrove Capital Partners has agreed to buy SVB Capital from SVB Financial Group. Pinegrove, backed by capital from Brookfield Asset Management and Sequoia Heritage, will pay with cash and “other economic consideration.” Pinegrove and SVB Capital will operate independently, led by their existing management teams. The deal requires bankruptcy court approval. The pricing wasn’t disclosed.   SVB Capital has about $10 billion of assets under management across venture capital fund

Chime Financial was ordered by the Consumer Financial Protection Bureau to pay more than $4.5 million for failing to give consumers timely refunds when their accounts were closed.  The CFPB fined Chime roughly $3.3 million and ordered the San Francisco challenger bank to pay $1.3 million in restitution. The bureau said in a 28-page consent order that thousands of consumers waited months to get refunds, creating "significant financial harm." Impacted consumers will

MidWestOne Finacial Group in Iowa City recruited a banking veteran with ties to its CEO to join its board. The $6.7 billion-asset company said in a press release that Carl Chaney was one of three new board members. Cheney, a former president and CEO of Hancock Whitney, was chairman of Beach Bancorp in Florida when Chip Reeves, MidWestOne’s CEO, ran that bank. Beach was sold to First Bancshares in Hattiesburg,

FIS has released a Banking-as-a-Service (BaaS) product that builds off of its purchase of Bond. Atelio is "an innovative fintech platform that provides the building blocks for financial institutions, businesses and software developers to embed financial services into their offerings," FIS said in a press release. KeyCorp, payment solutions company Royal Pay, and private student lender College Ave are the initial clients for the service. Atelio “is our vision to

Truist Financial in Charlotte, N.C., used proceeds from the sale of its insurance business to offset a restructuring of its balance sheet. The $535 billion-asset company said in a press release that it sold $27.7 billion of lower-yielding investment securities at a $5.1 billion after-tax loss. The securities had a book value of $34.4 billion and a weighted average book yield of 2.80% for the remainder of 2024. Truist invested about $18.7 billion

White River Bancshares in Fayetteville, Ark., raised nearly $12.5 million through a private placement of common stock. The $1.2 billion-asset company said in a press release that it sold about 226,000 shares to accredited investors at $55 each. Net proceeds will be used to support organic and strategic growth opportunities. “This additional capital will support our strategy and growth plans as we continue to focus on supporting the customers and

Eight companies, including Bank OZK, BankUnited and Flushing Bank, bid on buying all or some of Republic First Bank in Philadelphia. Fulton Financial in Lancaster, Pa., prevailed after placing a bid with a $374 million asset discount and no loss-sharing agreement, according to information released by the Federal Deposit Insurance Corp. Fulton’s bid excluded any deposits or assets tied to digital assets such as crypto. The other bidders were Bank OZK,

Capital Community Bank in Provo, Utah, has acquired Security Home Mortgage in Orem, Utah. The $871 million-asset CCBank said in a press release that the purchase expands its financial services portfolio. SHM will operate as an independent division of the bank. The price wasn’t disclosed. "Today, we bring together two established Utah companies to better serve our clients in the financial services space," Matt Field, CCBank's president and chief financial officer, said