OceanFirst Financial in Red Bank, N.J., will report higher chargeoffs in the third quarter due to a loan participation. The $13.5 billion-asset company disclosed in a regulatory filing that it has a $17 million participation in a $98 million credit to a borrower managed by a real estate fund. OceanFirst said it could end up charging off 45% to 50% of the exposure. The credit, originated in June 2019 and

GreenState Credit Union in North Liberty, Iowa, is looking for a new CEO. The $11.2 billion-asset credit union, a serial bank acquirer, said that Jeff Disterhoft had retired. Todd Fanning, GreenState’s chief financial officer, was named interim CEO. The credit union hired executive research firm Spencer Stuart to identify a permanent CEO.  Disterhoft, who joined GreenState in 1995, became CEO four years later. Fanning joined the credit union as its

Three community banks raised a total of $50 million in capital by completing private placements of common stock. Illinois National Bancorp in Springfield brought in $29.5 million on Aug. 25, according to data compiled by Performance Trust Capital Partners. Illinois National is the holding company for the $2 billion-asset INB National Association. Synergy Bancshares in Houma, La., raised $14.4 million. Its private placement closed on Aug. 28. Synergy is the

KeyCorp in Cleveland aims to reduce its risk-weighted assets by $10 billion this year. The $195 billion-asset company disclosed during the Barclays Global Financial Services Conference that it will exit non-relationship businesses and shed non-strategic assets. "We will continue to prioritize full relationships,” Christopher Gorman, Key’s chairman, president and CEO, said during his presentation. The bank also plans to return to securitizing and selling student loans. "We have literally ripped

Bank consolidation bounced back in August. Eighteen banks agreed to sell last month, representing the busiest month since July 2022, according to data compiled by S&P Global Market Intelligence. They accounted for most of the 26 deals announced so far in the third quarter. There were 20 deals announced in the first quarter and 25 transactions in the second quarter. Total volume in the third quarter is $2.1 billion, a

Citigroup in New York announced a major reorganization designed to streamline management layers and hasten decisions. The $2.4 trillion-asset Citi will be divided into five main business lines that will report directly to Jane Fraser, the company’s CEO. The divisions are services (treasury and custody work), markets, banking (investment banking and commercial/corporate banking), wealth and U.S. personal banking. Previously, the company had two divisions focused on consumer and big institutional

United Community Banks in Blairsville, Ga., expects an increase in third-quarter chargeoffs tied to a syndicated loan. The $26 billion-asset company disclosed in a regulatory filing that the issue is tied to a large loan to a wholesale oil distributor led by First Horizon Bank. The borrower filed for bankruptcy protection in March, at which point United moved the loan to nonaccrual status and included it in its reported nonperforming

Penns Woods Bancorp in Williamsport, Pa., could raise $20 million by selling common stock. The $2 billion-asset company disclosed in a regulatory filing that it had hired D.A. Davidson to serve as the distribution agent to sell shares over time as part of an “at-the-market” offering. Penns Woods said in its prospectus that net proceeds could be used for a variety of purposes, including a contribution of capital or supporting lending