Republic First Bancorp and an investor group have extended the deadline for the Philadelphia company to sell a large stake in itself to the shareholders.   The $6.2 billion-asset company said in a press release that the deadline was moved to Feb. 29. A special shareholder meeting will take place on Feb. 16 to vote on selling $35 million in securities to the Norcross Braca group.   The investors, as

Discover Financial Services in Riverwoods, Ill., is exploring the sale of its student lending business. The company said in a press release that its board approved the process, which could include transferring the servicing of student loans to a third party. Discover said it will stop accepting new student loan applications on Feb. 1. The sale would allow Discover to focus more on its core banking products, capitalize on our

First Northwest Bancorp in Port Angeles, Wash., is the latest banking company to face scrutiny over a fintech relationship. The $2.2 billion-asset company disclosed in a regulatory filing that its bank entered into a consent order with the Federal Deposit Insurance Corp. that requires it to correct certain violations of consumer protection laws. The order claimed that First Fed Bank “engaged in unsafe and unsound banking practices” as part of

Organizers are planning new banks in California and Missouri. A group filed an application on Nov. 22 with the Federal Deposit Insurance Corp. for Four States Bank. The proposed de novo would be based in Carthage, Mo., which is close to the borders with Arkansas, Kansas and Oklahoma. A separate group submitted an application with the FDIC on Nov. 27 to form Elemi Bank. The bank would be based in

The Conference of State Bank Supervisors has lined up its next CEO. The CSBS said in a press release that Brandon Milhorn will also become its president on Dec. 4. He will succeed James Cooper, who is retiring. Milhorn is deputy to FDIC Vice Chairman Travis Hill. He previously served as chief operating officer, chief of staff and deputy to FDIC Chairman Jelena McWilliams. “Brandon brings a unique blend of

WaFd in Seattle and Luther Burbank in Santa Rosa, Calif., have extended the deadline to complete a merger they announced a year ago. The $22.5 billion-asset WaFd agreed in November 2022 to buy the $8.1 billion-asset Luther Burbank for $654 million. The deal has yet to be approved by the Federal Reserve and the Federal Deposit Insurance Corp. The companies extended the expiration date from Nov. 30 to Feb. 29.

SoFi Technologies will exit the crypto business next month. Customers will need to liquidate their crypto accounts by Dec. 19, SoFi said in an email and a blog post. Customers can opt to automatically migrate their crypto to the Blockchain.com exchange and wallet provider. SoFi, in order to buy Golden Pacific Bank and gain a bank charter, agreed in January 2021 to refrain from engaging in crypto-asset activities or services.

First Republic Bank’s failure has raised questions about regulators’ assumptions for uninsured deposits and the non-capital triggers for agency intervention. The San Francisco bank was closed in May after several waves of deposit outflows after the high-profile failures of Silicon Valley Bank and Signature Bank two months earlier. A material loss review conducted by Cotton & Company Assurance and Advisory for the Federal Deposit Insurance Corp. Office of Inspector General