A.E.A. Federal Credit Union in Yuma, Ariz., has agreed to buy West Valley National Bank in Goodyear, Ariz. The $350 million-asset credit union said in a press release that it expects to buy the $106 million-asset unit of West Valley Bancorp in the second quarter. The price wasn’t disclosed. West Valley has three branches in the Phoenix area. "By expanding our footprint eastward … we can do so more expediently,"

Affirm, a leading Buy Now, Pay Later (BNPL) company, has added a banking veteran to its board. Manolo Sánchez joined the company’s board this month, he disclosed on his LinkedIn page. Sánchez, an adjunct professor at Jones Graduate School of Business at Rice University, was president and CEO of Compass Bank from 2008 to 2017. Compass was the U.S. unit of Spain’s Banco Bilbao Vizcaya Argentaria. “Sánchez was selected to

Citizens Bank in Sac City, Iowa, has failed. The Iowa Division of Banking closed the $66 million-asset bank before appointing the Federal Deposit Insurance Corp. to act as receiver. The FDIC agreed to sell the bank’s deposits and “essentially all” of its assets to Iowa Trust & Savings Bank in Emmetsburg. The state regulator said in a press release that examiners "identified significant loan losses that had not previously been

Nova Bank, a bank proposed for Huntsville, Ala., has raised $29 million in initial capital. Mark Minish, who would serve as the de novo’s chief credit officer, shared the news on his LinkedIn account. There is still no timeline for the bank’s debut. Organizers originally applied with the Federal Deposit Insurance Corp. in August 2021.That application was withdrawn in April 2022; the group refiled a few months later after revamping

PayPal Holdings has received a subpoena from the Securities and Exchange Commission seeking documents tied to the PayPal USD stablecoin. The San Jose, Calif., tech company disclosed in a regulatory filing that it is cooperating with the SEC’s request. The PayPal USD stablecoin was launched in August by a third-party issuer that PayPal partners with commercially. The stablecoin began being offered to Venmo customers a month later. “The regulatory treatment

Community State Bank in Starke, Fla., will rebrand as DLP Bank. DLP Bancshares, which bought and recapitalized the $250 million-asset bank late last year, said in a press release that the rebranding will take place on Nov. 13. The bank is owned by a group of private investors, including Don Wenner, CEO of real estate investment and financial services firm DLP Capital. “We have an extremely talented and experienced board

Firstar Bank in Sallisaw, Okla., has agreed to buy First National Bank of Stigler in Oklahoma. The $936 million-asset Firstar said it needs regulatory approval to buy the $131 million-asset First National. First National will adopt the Firstar brand in August 2024. The price wasn’t disclosed. “First National Bank of Stigler has an outstanding track record,” Mike Leonard, Firstar’s CEO, told the Muskogee Pheonix. “We are committed to providing customers

RiverWind Bank in Augusta, Ark., has a new CEO. The $137 million-asset bank said Casey Cullipher succeeded Bill Patton. Cullipher joined the bank team in 2016; he has been president and general counsel since January 2017. Cullipher will remain the bank’s president. “Casey has … continually proven himself to be everything we knew he could be as a community banker,” Charlie Eldridge, RiverWind’s chairman, said in a statement. “We are