The Independent Community Bankers of America’s first fintech accelerator of 2023 will focus on retaining and attracting deposits – a timely endeavor given the recent fluidity of accounts. The ICBA’s ThinkTECH Accelerator, which will run from April 24 to June 30, will also look at real-time and instance payments ahead of the July launch of the Federal Reserve’s FedNow Service. The accelerator said in an announcement that it has “repeatedly”

Organizers of Nova Bank in Huntsville, Ala., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC signed off on plans for the de novo bank on Tuesday, provided the founders can raise $21.7 million of initial capital. Organizers originally applied with the FDIC in mid-2021 but withdrew the application in April 2022. They resubmitted their application last August after “strengthening” the proposed bank’s management team. Marc Minish,

Lone Star Bank in Houston considered offers from two other suitors – a bank and an investment group – before deciding to have serious discussions with First Guaranty Bancshares in Hammond, La. The $3.2 billion-asset First Guaranty agreed in January to buy the $160.8 million-asset Lone Star. Lone Star’s board began to evaluate the rationale for selling in late 2021, hiring an investment bank and legal counsel in early February

First Carolina Bank in Raleigh has a new deposits partnership with BM Technologies in Radnor, Pa.   The $2.2 billion-asset First Carolina said in a press release that it will be the exclusive provider of deposit accounts for BankMobile’s higher education program. First Carolina, which is exempt from interchange caps under the Durbin Amendment, should add $525 million of deposits once it onboards BankMobile’s customers.   The BankMobile program primarily

Executives at First Republic Bank in San Francisco will forego annual bonuses for 2023. The $213 billion-asset bank disclosed in a regulatory filing that CEO Michael Roffler, Executive Chairman James Herbert II and all other executive officers will also forfeit vesting all performance-based incentives this year. Herbert also decided to waive his salary, effective March 12. The bank said the moves reflect recent volatility and an effort “to foster closer

PacWest Bancorp in Los Angeles briefly explored raising capital before deciding that doing so “would not be prudent.”   The $41.2 billion-asset company said in a press release that it secured $1.4 billion in fully funded cash proceeds from ATLAS SP Partners through a new senior asset-backed financing facility. The move unlocked liquidity from “unencumbered, high-quality assets in an expeditious manner.” Overall deposits are down 20% from Dec. 31, including

First Mid Bancshares in Mattoon, Ill., has agreed to buy Blackhawk Bancorp in Beloit, Wis. The $6.7 billion-asset First Mid said in a press release that it will pay $90.3 million in stock for the $1.3 billion-asset Blackhawk. The deal, which is expected to close in the second half of this year, priced Blackhawk at 138.1% of its tangible book value. Blackhawk has 10 branches, $782 million of loans and

PacWest Bancorp in Los Angeles said deposit volatility has “calmed” in recent days.   The $41.2 billion-asset company said in a press release that it had elevated net deposit outflows after regulators closed Silicon Valley Bank and Signature Bank, with a concentration in its venture banking business.   Net outflows “have fallen sharply” since March 13, with “deposit balance fluctuations substantially stabilizing,” PacWest said.   The company said its bank