Silvergate Capital in La Jolla, Calif., and its bank will pay $63 million in penalties to settle claims it misled shareholders about the strength of its Bank Secrecy Act and anti-money laundering compliance. Silvergate was fined by the Federal Reserve and the California Department of Financial Protection and Innovation. Separately, the Securities and Exchange Commission reached settlements with former Silvergate CEO Allan Lane, who agreed to pay a $1 million

Amerant Bancorp in Coral Gables, Fla., shared more information on the pending sale of its Houston operations. The $9.8 billion-asset company agreed in April to sell five branches, $576 million of deposits and $529 million of loans to MidFirst Bank in Oklahoma City in a deal expected to close by the end of this year. Amerant disclosed in a regulatory filing that it expects to sell the operations at a

Southern Bankshares in Claxton, Ga., which was sold to an investor group last year, raised $19.1 million through a private placement. The $170 million-asset company sold common stock on June 27, according to data compiled by Performance Trust Capital Partners. The data did not include the number of shares sold, pricing, or the investors. An investor group from Jacksonville, Fla., bought the company in November and hired Scott Verlander, formerly

Merger talks between SouthState in Winter Haven, Fla., and Independent Bank Group in McKinney, Texas, were briefly halted in February to allow South State to respond to a cybersecurity incident. The $46 billion-asset SouthState agreed on May 17 to buy the $18.9 billion-asset Independent for $2 billion in one of the biggest bank deals announced in 2024. Discussions between the banks began informally in 2019, according to a regulatory filing

Patelco Credit Union in Dublin, Calif., had to shut down some day-to-day banking systems in response to a cyberattack. The $9 billion-asset credit union informed members that it has been dealing with a “serious security" incident. Patelco said it has been working with cybersecurity teams over the past few days to resolve the issue and restore online services. About 500,000 members have been impacted by the shutdown, which has limited

Webster Financial in Stamford, Conn., and Marathon Asset Management in New York have formed a private credit joint venture. The $76 billion-asset Webster and Marathon will provide direct lending solutions to sponsor-backed middle-market companies, pairing Marathon’s asset management experience with the bank’s products and services. Financial terms were not disclosed. “Both companies possess deep private equity sponsor relationships, a strong reputation in the middle market, and a renowned investment team

Brazilian investment bank BTG Pactual has agreed to buy M.Y. Safra Bank in New York. BTG Pactual did not disclose how much it will pay for the $404 million-asset M.Y. Safra Bank. M.Y. Safra Bank has $275 million of loans. The acquisition “is another step in expanding our product and service offerings to our Latin American clients,” Roberto Sallouti, BTG Pactual’s CEO, said in a press release. “We are expanding

Thumb Bancorp in Pigeon, Mich., has agreed to buy Freeland State Bank in Freeland, Mich. The $617.1 million-asset Thumb will pay an undisclosed amount of cash for the $54 million-asset Freeland, according to a notice issued by Hovde Group, which represented the buyer. Freeland has one branch, $45 million of deposit and just $2 million of loans. The deal is expected to close in the fourth quarter.