BankTech Ventures, an investment fund backed by several community banks, disclosed that it has invested $13.5 million in six fintechs over the second half of 2023. $5 million in BillGo, which enables real-time customer bill pay $2.5 million in Vero Technologies, which helps bank offer wholesale finance to inventory-based businesses $2 million in Finosec, which improves financial institutions’ IT governance, audit and exam readiness $2 million in Micronotes, which uses

MainStreet Bancshares in Fairfax, Va., has debuted its Software-as-a-Service platform after signing its first client. The $1.9 billion-asset company said in a press release that its Avenu division is working to assist SafariPay with a product that allows for money transfers to people in Africa, the UK, the European Union and the Middle East. SafariPay estimates its customers will maintain aggregated balances of roughly $4 million on its PaySii platform.

Plumas Bancorp in Reno, Nev., will discontinue its dealer loan program. The $1.6 billion-asset company said in a press release that it decided to exit the business due to long-term challenges tied to high interest rates, increasing compliance requirements and the need to update technology. Plumas said that increasing expenses for the business outweighed the benefits of having a “unique, short-duration credit portfolio.” The company reassigned personnel where possible and

Mercantile Bank Corp. in Grand Rapids, Mich., is set to have a new CEO. The $5.2 billion-asset company said in a press release that Raymond Reitsma will also become its president on June 1. Reitsma, Mercantile’s, chief operating officer, will succeed Robert Kaminski, who is retiring. Kaminski will remain on the company’s board. “The management succession process is an ongoing responsibility which is very important to our board, and reflects

Taichung Commercial Bank in Taipei, Taiwan, and American Continental Bancorp in City of Industry, Calif., have terminated their planned merger. TCB agreed in September 2022 to buy the parent of the $357 million-asset American Continental Bank for $82 million. TCB will pay American Continental $500,000. American Continental “will continue to explore strategic alternatives that it believes will provide strategic value to its shareholders," the bank said in a separate press

FB Financial in Nashville, Tenn., reported lower quarterly earnings after it restructured its securities portfolio and conducted an early retirement program. The $12.5 billion-asset company said in a press release that third-quarter profit fell by 9.3% from a year earlier, to $102 million. Net income rose slightly from the second quarter. FB Financial said it sold $76.6 million of available-for-sale securities near the end of the third quarter at a

Menzo Case, president and CEO of Generations Bancorp NY in Seneca Falls, has died. The $395 million-asset company disclosed in a regulatory filing that Case died on Friday. No other details were shared. Case, who was 59 when the company filed its last proxy statement, had been president and CEO since 2008. Generations said that Angela Krezmer, its chief financial officer, became its interim principal executive officer. No other plans

LendingClub in San Francisco has cut more jobs. The online lender said it will lay off 172 employees, or roughly 14% of its workforce. The cuts come months after the company eliminated 225 positions in January. The company disclosed in a regulatory filing that it had eliminated the position of chief administrative officer currently held by Brandon Pace. Pace, who joined LendingClub in 2016, will be paid about $417,000 in