Strategic Insights into Banking & Fintech

InBank in Colo. hires UMB banker as next president

InBank in Colo. hires UMB banker as next president

InBank in Denver has a new president. The $1.3 billion-asset bank said in a press release that Bo Scott had also become its chief commercial banking officer. He succeeded Ed Francis, who remains chairman and CEO of the bank and holding company InBankshares. Scott previously served as an executive vice president at UMB Bank, where he led the Colorado commercial bank. “We are confident Bo will help us accelerate our

August 5, 2023
Riverview in Wash. puts CEO on administrative leave

Riverview in Wash. puts CEO on administrative leave

Riverview Bancorp in Vancouver, Wash., has put its president and CEO on administrative leave pending an internal investigation. The $1.6 billion-asset company disclosed in a press release that the investigation tied to Kevin Lycklama does not involve its financial condition. No other details were shared. Dan Cox, the company’s chief credit officer, was named acting president and CEO.

August 5, 2023
Investor group agrees to buy Eureka Homestead in La.

Investor group agrees to buy Eureka Homestead in La.

Eureka Homestead Bancorp in Metairie, La., has agreed to sell to an investor group. The $104 million-asset company said in a press release that Eureka Investor Group, comprised of bank investors, will pay about $13 million in cash. Prior to closing, the company will be allowed shareholder a special dividend. The investor group plans to raise at least $43 million to fund the purchase price and infuse capital into the bank. The

August 5, 2023
Investor urges HomeStreet to sell Fannie Mae license

Investor urges HomeStreet to sell Fannie Mae license

A big shareholder at HomeStreet is pushing the Seattle company to sell its Fannie Mae delegated underwriting and servicing (DUS) license and restructure its balance sheet. Blue Lion Capital, which has sparred with the $9.5 billion-asset company in the past, wrote in a letter to shareholders board that it believes the DUS license could be sold for $100 million. The investor noted that only 25 licenses exist. License holders can

August 5, 2023
Harborstone Credit Union plans to buy First Sound

Harborstone Credit Union plans to buy First Sound

First Sound Bank in Seattle has agreed to sell to Harborstone Credit Union in Lakewood, Wash. The $1.9 billion-asset credit union said in a press release that it will pay $6.90 to $7.10 a share for the $154 million-asset First Sound. The deal is expected to close in the first quarter. First Sound would be the first bank acquisition for Harborstone. "We're excited to grow Harborstone Credit Union and owe

August 2, 2023
Wells Fargo bracing for $1.8B special assessment

Wells Fargo bracing for $1.8B special assessment

Wells Fargo in San Francisco is bracing for a $1.8 billion invoice from the Federal Deposit Insurance Corp. The FDIC is planning to collect a special assessment to replenish the Deposit Insurance Fund. The amounts would be based on a bank’s uninsured deposits. The $1.9 trillion-asset Wells Fargo said in a quarterly filing that its special assessment could total up to $1.8 billion, adding that it plans to expense the

August 2, 2023
EverBank hires former Umpqua exec as CEO

EverBank hires former Umpqua exec as CEO

EverBank in Jacksonville, Fla. – now under new ownership – also has a new CEO. The investor group that bought and rebranded TIAA Bank said in a press release that Greg Seibly had taken on the role. Siebly recently served as president and head of regional banking at Umpqua Bank. David DePillo, who recently served as president of First Foundation Bank, is EverBank’s new president. Siebly and DePillo succeeded Steve Fischer,

August 2, 2023
NAFCU, CUNA line up association merger

NAFCU, CUNA line up association merger

The nation’s leading credit union associations are planning to merge. The National Association of Federally-Insured Credit Unions and the Credit Union National Association plan to combine and form America’s Credit Unions next year. Jim Nussle, CUNA’s president and CEO, would lead the combined association. Dan Berger, who earlier this year announced plans to step down as NAFCU’s president and CEO, would remain at the association through the end of this

August 1, 2023