Pioneer Bancorp in Albany, N.Y., made another niche acquisition. The $2 billion-asset company said in a press release that it bought Targeted Lending, an equipment financing company with about $120 million of loans, for about $140 million in cash. The acquisition will anchor Pioneer's new specialty financing division. Brian Gallo, Targeted Lending's CEO, will lead the division. “Targeted Lending represents a compelling strategic fit for Pioneer and advances our ...

Organizers of the proposed New South Bank in Tampa, Fla., aim to raise at least $23 million before opening the bank. The group said in a regulatory filing that it could sell up to $45 million in stock. The goal is to be profitable in the second year and to have $250 million of assets the following year, along with $225 milion of deposits and $180 million of loans. New

A de novo bank supported by Old National Bancorp has opened in Indianapolis. Generations Community Bank officially debuted on March 9, according to a notice from the Federal Deposit Insurance Corp. Organizers were required to raise $24 million in initial capital. Old National in Evansville, Ind., was part of the organizing group and paid the organizational expenses. Generations’ top executives have been on Old National’s payroll, and Bob Jones, who

Fintech Mercury has received conditional approval from the Office of the Comptroller of the Currency to create Mercury Bank. Mercury, which applied for the national bank charter in December, said in a press release that it has entered the bank organization phase, where it will work to satisfy remaining requirements and obtain final OCC approval. The effort still needs approval from the Federal Reserve and the Federal Deposit Insurance Corp.

The Dakota Credit Union Association has its next leader. The association said in a press release that Joe Keller will become its president and CEO role on May 11. Keller was vice president of membership and credit union solutions at the California, Nevada & Utah Credit Union Leagues. “Joe brings a deep understanding of advocacy and a proven ability to unite and elevate credit unions around a common purpose,” Lacey

Republic Bancorp in Louisville, Ky., reported lower quarterly profit after losing a big tax provider contract. The $7.3 billion-asset company said in a press release that its first-quarter earnings fell by 10% from a year earlier, to $42.6 million. Republic reported a nearly $10 million decrease in revenue in its tax refund solutions business that largely reflected the nonrenewal of a large tax provider contract. The company also had a

First Citizens BancShares in Raleigh, N.C., will rebrand several businesses it gained from recent acquisitions. The $225 billion-asset company said in a press release that Silicon Valley Bank will become First Citizens Innovation Banking and First Citizens Fund Banking. CIT Commercial Services and the Silicon Valley Bank Wine division will rebrand as First Citizens Bank. The changes will occur in the fourth quarter. "Following our acquisitions ... our clients have

Axos Financial in Las Vegas has agreed to buy a book of individual retirement accounts from Capital One Financial in McLean, Va. Axos said in a regulatory filing that the IRAs have an aggregate balance of about $3.2 billion deposited into associated savings accounts and CDs, along with certain assets and liabilities. The deal is expected to close by the end of this year. Axos will receive cash for the