Brazilian neobank Stark Bank has applied for a U.S. national bank charter, adding another name to the growing list of fintechs seeking their own U.S. bank licenses this year. The application seeks approval to organize Stark Bank as an insured national bank based in the Miami area, with a back-office administrative location near Orlando. Neither site would be open to the public. Stark Bank already provides API-powered banking and corporate

Baker Boyer in Walla Walla, Wash., has completed its four-year CEO succession plan. The bank said in a press release that Kip Kontos had become its president and CEO. Kontos, who was director of regional offices and secretary, succeeded Mark Kajita, who retired and stepped down from the board. “Baker Boyer’s strength has always come from its people, its values, and its deep relationships with the communities it serves,” Megan

MidCountry Bank in Bloomington, Minn., has a new leader. The $1.1 billion-asset bank said in a press release that Jim Loe had become its president and CEO. Loe, who previously served as the president and CEO of Community Resource Bank, succeeded Steve Meads, who is retiring at the end of this year. “Jim is an accomplished industry leader who understands the importance of building strong relationships with customers, area businesses,

A group is planning to form a bank in Texas. Organizers of Texas Patriot Bank applied to open the proposed bank in Frisco, Stan Pinkham wrote in a LinkedIn post. Pinkham would serve as the proposed bank's CEO. "I'm truly blessed that God has given me this opportunity and want to thank the organizers and board for their trust and confidence," Pinkham wrote. " More to come as we progress

The Federal Reserve Board terminated a two-year-old enforcement action against United Texas Bank in Dallas. The original cease-and-desist order, issued in September 2024, stemmed from a May 2023 exam that found "significant deficiencies" in the $1.1 billion-asset bank's risk management tied to foreign correspondent banking and virtual currency customers. The C&D also cited concerns tied to anti-money-laundering controls. The bank earlier this year switched to a national charter and oversight

OpenReserve Bank has received conditional approval from the Office of the Comptroller of the Currency for a national bank charter. The proposed bank, which submitted its applications in April and recently raised $25 million in a seed round led by a16z, would operate out of Salt Lake City and offer lending, deposit, stablecoin, digital treasury, card issuance, payment, and settlement services, OpenReserve also plans to create a wholly owned subsidiary,

Simmons First National in Pine Bluff, Ark., is closing 26 branches in five states. The company disclosed in a regulatory filing that it will close the locations by Dec. 3. The closures will impact about 100 employees; about 70% will be retained. Simmons is closing six branches in Arkansas, Tennessee, and Texas. Another five will close in Missouri, and three in Oklahoma. Simmons said it expects to incur $20 million

U.K. neobank Revolut has received conditional approval from the Office of the Comptroller of the Currency for a U.S. national bank charter. Revolut said in a press release that it is working through remaining applications and approvals with the Federal Deposit Insurance Corp. and the Federal Reserve. The goal is to open the bank next year. "Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank