Warsaw Federal Savings & Loan in Cincinnati has become a minority depository institution (MDI). The $97 million-asset mutual said in a press release that it had received the designation from the Office of the Comptroller of the Currency. Warsaw Federal noted that a majority of its directors represent minority groups. MDIs are minority-owned or operated financial institutions. They have access to enhanced deposit options, among other things. "MDIs not only provide

CU Digital One, a fintech-focused credit union service organization (CUSO), has invested in CryptoFi. The CUSO said in a press release that it funded a $5 million investment in CryptoFi, which helps financial institutions add digital assets products and services. CU Digital One plans to make a second investment in the fintech early next year. “This is a big moment for the credit union industry,” Joshua Herman, CU Digital One’s

Organizers of the proposed Elemi Bank in Burbank, Calif., are planning to raise $25 million of initial capital. The proposed bank would be state-chartered and focus on small and midsize companies and their owners, business professionals and real estate owners and investors, according to the application filed with the Federal Deposit Insurance Corp. Dana Johnson would serve as the bank’s executive chairman. Johnson was president and chief investment officer of

Gateway Bank in Oakland, Calif., hired a new CEO and raised $15 million through a private placement of common stock. The $178 million-asse bank said in a press release Arnold Grisham also become its president  on Nov. 30. He previously served as chairman, president and CEO of, Tri Valley Ban which was sold in 2018. Grisham also joined Gateway’s board. The bank said it plans to use the capital to

Texas Community Bancshares in Mineola has rebranded its bank. The $437 million-asset company disclosed in a regulatory filing that Mineola Community Bank is now known as Broadstreet Bank. The name change took place less than a month after James Herlocker III retired as the company’s president and CEO and as CEO of the bank. He was succeeded by Jason Sobel, who joined the company in March after serving as a

CB Financial Services in Washington, Pa., has agreed to sell its insurance business to World Insurance Associates. The $1.4 billion-asset CB said in a press release that it will sell Exchange Underwriters for $30.5 million in cash, plus added revenue-based earn-out payments. The deal is expected to close in the fourth quarter. The net gain on sale is expected to be $16.4 million “After extensive diligence, we believe World is

First Western Bank & Trust in Minot, N.D., bought State Bank of Lismore in Minnesota. The $2.2 billion-asset First Western said in a press release that it acquired the $65 million-asset State Bank on Nov. 30. The price wasn’t disclosed. State Bank “is a longstanding, family owned bank with a very well-respected banking history,” Brenda Foster, First Western’s president and CEO, said in the release. “Our banks have common values

The list of banks selling insurance businesses keeps getting longer. BOK Financial in Tulsa, Okla., has agreed to sell BOK Financial Insurance to USI Insurance Services in Valhalla, N.Y. The sale will result in a $28 million pretax gain. The $49 billion-asset BOK Financial plans to use the gain to realize an equivalent amount of securities losses and reposition into higher-yielding securities. This will generate a net benefit to recurring