Strategic Insights into Banking & Fintech

Organizers apply to open de novo bank in New Jersey

Organizers apply to open de novo bank in New Jersey

A group in New Jersey is looking to form a de novo bank. Organizers of the proposed Liberty Bank of New Jersey applied with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking on Insurance on March 4. The bank would have a branch in Verona with its corporate headquarters in Short Hills. Organizers have $15 million in capital commitments; they want to raise an additional $20 million.

March 18, 2025
Latin America-focused fintech hires next CEO

Latin America-focused fintech hires next CEO

NovoPayment, a Miami fintech that builds financial infrastructure in Latin America, has a new CEO. The company hired Rodrigo Rodas to step into the leadership role. He was a managing partner at IDC Ventures, a NovoPayment investor, and a co-founder of Rewardsweb, a loyalty rewards platform. NovoPayment also rehired Rama Ituarte to return as chief technology officer. He led tech strategy before leaving to join Synchrony. “This is a pivotal

March 17, 2025
Wells Fargo freed from another regulatory order

Wells Fargo freed from another regulatory order

Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2021 consent order tied to loss mitigation practices in the home lending business. It is the 11th consent order closed by Wells Fargo’s regulators since 2019 and one of five to be lifted this year. “We are pleased

March 17, 2025
Lake Shore in N.Y. aims to raise at least $40M from second-step conversion

Lake Shore in N.Y. aims to raise at least $40M from second-step conversion

Lake Shore Bancorp in Dunkirk, N.Y., could raise up to $64 million from its planned second-step conversion. The $686 million-asset company disclosed in a registration statement that it plans to sell about 5.8 million to 6.6 million shares of common stock at $10 each. Net proceeds could range from $40.3 million to $63.7 million. Lake Shore said it could use the proceeds for a variety of purposes, including investing in

March 17, 2025
SmartBiz Loans buys Centrust Bank in Illinois

SmartBiz Loans buys Centrust Bank in Illinois

Billfloat has acquired United Community Bancshares in Northbrook, Ill. The Federal Reserve approved the San Francisco small business lender's BHC application on Feb. 21. The company, which operated as SmartBiz Loans, has begun referring to itself as SmartBiz Bank on its website. Billfloat operates as SmartBiz Loans. United was the parent company of the $148 million-asset Centrust Bank. "As a bank, we are committed to delivering the best SBA lending

March 17, 2025
Rio Financial applies to buy Lone Star Capital Bank in Texas

Rio Financial applies to buy Lone Star Capital Bank in Texas

Rio Financial Services in McAllen, Texas, has applied to acquire Lone Star Capital Bank in San Antonio. The application was filed with the Federal Deposit Insurance Corp. on March 12. The parent of the $941 million-asset Rio Bank agreed in late February to buy the $300 million asset Lone Star. The price wasn't disclosed. Lone Star "has offices in ... markets we have not been servicing in the past but we

March 17, 2025
MetroCity to buy First IB Bank parent in Georgia

MetroCity to buy First IB Bank parent in Georgia

MetroCity Bankshares in Doraville, Ga., has agreed to buy First IC Corp. in Doraville. The $2.9 billion-asset MetroCity said in a press release that it will pay $206 million in cash and stock for the $1.2 billion-asset First IC. The deal, which is expected to close in the fourth quarter, priced First IC at 146% of its tangible book value. First IC has 10 branches, two loan-production offices, $975 million

March 17, 2025
OnePay switching from Affirm to Klarna for installment financing

OnePay switching from Affirm to Klarna for installment financing

OnePay, a fintech that is majority-owned by Walmart, is breaking ties with Affirm Holdings to work with Klarna Group on installment financing products. Affirm confirmed the move in a regulatory filing, noting that the switch will take place later this year. Affirm has been offering pay-over-time products to Walmart's customers. Over a six-month period that ended on Dec. 31, purchases made through the integrated program with Walmart represented about 5%

March 17, 2025