Strategic Insights into Banking & Fintech
Merchants & Marine Bancorp in Pascagoula, Miss., has agreed to buy Mississippi River Bank in Belle Chasse, La. The $659 million-asset Merchants & Marine said in a press release that it expects to complete its purchase of the $128 million-asset Mississippi River Bank in the first quarter. The price wasn’t disclosed. Mississippi River Bank will retain its brand as a division of Merchants & Marine Bank. Mike Bush, Mississippi River
BankTech Ventures, an investment vehicle backed by several community banks, has invested in Vero Technologies, a wholesale financing and loan servicing platform. Vero said in a press release that it raised $8.5 million of Series A funding led by BankTech Ventures. Other participants included the Independent Community Bankers of America, Sopra Steria Ventures, Antler, Arcadia Funds and AAF Management. Vero said it will use the capital to accelerate the growth of its lending-as-a-service
Glen Burnie Bancorp in Glen Burnie, Md., has lined up its next CEO. The $364 million-asset Glen Burnie said in a press release that Mark Hanna will join the company as an executive vice president on Oct. 2. He will succeed John Long as president and CEO on Oct. 16. Long had announced plans to retire earlier this year. Hanna previously served as president and CEO at
Eastern Bankshares in Boston has agreed to buy Cambridge Bancorp in Cambridge, Mass., and sell its own insurance unit to Arthur J. Gallagher & Co. The $22 billion-asset Eastern said in a press release that it will pay $528 million in stock for the $5.5 billion-asset Cambridge. The deal, which is expected to close in the fourth quarter, priced Cambridge at 114% of its tangible book value. Eastern Insurance is
A group of Sikh-Americans is looking to form a bank in New Jersey that would serve their community. The proposed Five Rivers Bank in Paramus, N.J., would be state-chartered, according to organizers’ application with the Federal Deposit Insurance Corp. The group plans to raise $33.5 million to $43.5 million in initial capital. While Five Rivers would have a focus on the needs of Sikh-American individuals and businesses, it will also
Oklahoma State Bank in Guthrie has a new name. The $274 million-asset bank said in a press release that it had rebranded as Prism Bank. The bank said its new name represents the full spectrum of services it provides. "The decision to rebrand was driven by our commitment to serve our customers and to adapt to the evolving needs of our communities," President and CEO David Hardy said in the release.
The leader of Community Financial Group will defer most compensation tied to the Spokane, Wash., company's pending sale to Glacier Bancorp in hopes of increasing the odds of its shareholders getting a special dividend. The $27.5 billion-asset Glacier, which is based in Kalispell, Mont., agreed on Aug. 8 to buy the $754 million-asset parent of Wheatland Bank for $80.6 million in stock. Glacier disclosed in a regulatory filing that Susan Horton,
CU Digital One, a credit union service organization created by Frankenmuth Credit Union in Michigan, has made its first fintech investment. The CUSO said in a press release that it made “a multi-million dollar investment” in CryptoFi, which provides cryptocurrency-based financial services for credit unions. The investment will be used to accelerate the growth and development of CryptoFi products and services. “We are excited to partner with CryptoFi and help
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