Strategic Insights into Banking & Fintech

Landmark in Kan. hires UMB exec as next CEO

Landmark in Kan. hires UMB exec as next CEO

Landmark Bancorp in Manhattan, Kan., will have a new CEO. Abby Wendel will also become the company’s president and join its board on March 29. She will succeed Michael Scheopner, who will serve in a non-executive role until he retires at the end of the year. Wendel previously served as president of the consumer division at UMB Bank. “During my time at Landmark … we have grown a diverse platform

March 9, 2024
New York Community to raise $1 billion, slash dividend to a penny

New York Community to raise $1 billion, slash dividend to a penny

New York Community Bancorp in Hicksville will raise more than $1 billion by selling securities to Liberty Strategic Capital, Hudson Bay Capital Management, Reverence Capital Partners and other investors. Liberty will invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million. The sales are expected to close on March 11. New York Community will add four directors: Steven Mnuchin, Joseph Otting, Milton Berlinski and Allen

March 7, 2024
Berkshire Hills to sell 10 New York branches

Berkshire Hills to sell 10 New York branches

Berkshire Hills Bancorp in Boston has agreed to sell 10 branches in New York to three buyers. The company said in a press release that it will sell eight branches to Hudson Valley Credit Union. It will sell one branch to Arrow Financial and another to Pathfinder Bank. The branches collectively have $485.5 million in deposits and $60.5 million of residential mortgage and consumer loans. The sales exclude Berkshire’s commercial

March 4, 2024
Bancorp 34 to rebrand bank after merger

Bancorp 34 to rebrand bank after merger

Bancorp 34 in Scottsdale, Ariz., will rebrand its bank after it buys CBOA Financial in Tucson, Ariz. Bancorp 34 said on its LinkedIn page that its bank will become Southwest Heritage Bank. The $28 million deal is expected to close this year.

March 4, 2024
North Valley in Ohio to buy Commodore Bank

North Valley in Ohio to buy Commodore Bank

North Valley Bancshares in Zanesville, Ohio, has agreed to buy Commodore Financial Network in Somerset, Ohio. The deal is expected to close in the second or third quarter. The price of the all-cash deal wasn’t disclosed. The acquisition “aligns perfectly with our vision of expanding our footprint and enhancing our ability to deliver exceptional financial services to even more individuals and businesses while pursuing our vision of Building Better Communities,”

March 4, 2024
Beacon CU to buy Mid-Southern Savings in Indiana

Beacon CU to buy Mid-Southern Savings in Indiana

Beacon Credit Union in Wabash, Ind., has agreed to buy Mid-Southern Savings Bank in Salem, Ind.. The deal is expected to close in the fourth quarter; the price wasn’t disclosed. MSB has three branches and two loan production offices. “We’re excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank’s customers and communities” Dustin Cuttriss, Beacon Credit Union president and CEO, said in a press release. “This

March 4, 2024
New York Community hires Regions exec as chief risk officer

New York Community hires Regions exec as chief risk officer

New York Community Bancorp in Hicksville has filled two high-profile vacancies. The $113.9 billion-asset company said in a press release that it hired George Buchanan III as its chief risk officer and Colleen McCullum as chief audit executive. Buchanan previously served in the credit review area at Regions Financial. McCullum was chief audit executive at United Community Bank. "Over the last three weeks since being appointed as executive chairman, the company

March 2, 2024
Primis in Va. to restate, amend fourth quarters of financial results

Primis in Va. to restate, amend fourth quarters of financial results

Primis Financial in McLean, Va., will restate three quarters of financial statements – and amend a fourth – to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that, following discussions with its accounting firm, it will restate filings for the first three quarters of 2023. The issue is tied to $33.7 million of loans transferred by Primis Bank to other financial institutions. The company determined that

March 1, 2024