South Shore Bancorp in South Weymouth, Mass., has agreed to merge with 1831 Bancorp in Dedham, Mass. The parent companies for the $2.1 billion-asset Dedham Institution for Savings and the $2.1 billion-asset South Shore Bank said in a press release that the mutual will continue to operate independently. "We are two strong institutions that are coming together without the pressure to unnecessarily cause immediate disruption to our core businesses or

Goldman Sachs in New York bought the portfolio of underwater securities that accelerated the demise of Silicon Valley Bank in Santa Clara, Calif. SVB Financial disclosed in a regulatory filing that it sold Goldman the securities – which had a $24 billion book value – for net proceeds of $21.5 billion. SVB’s disclosure of the roughly $1.8 billion after-tax loss led to a run on deposits that led regulators to

BayVanguard Bank in Baltimore plans to raise up to $141 million as part of its plans to convert from a mutual to a fully-stock owned company. The $845 million-asset bank disclosed in a regulatory filing that BV Financial, a newly formed holding company, plans to sell 10.6 million to 14.4 million shares of stock. The offering should net proceeds of $103.8 million to $141 million, though it could increase to

A high-ranking Federal Reserve official will oversee the post-mortem for Silicon Valley Bank. The Fed said in a press release that Michael Barr, its vice chair for supervision, is leading a review of the supervision and regulation of Silicon Valley Bank. The review will be released by May 1. "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Fed Chair Jerome Powell

Silicon Valley Bank, the bridge bank formed after Friday’s high-profile failure, is “conducting business as usual,” according to its new CEO. “I look forward to getting to know the clients of Silicon Valley Bank,” Tim Mayopoulos wrote in an email to the bank’s clients. “I come to this role with humility. I also come to this role with experience in these kinds of situations.” Mayopoulos pointed to his time on

Somerset Savings Bank in Bound Brook, N.J., plans to raise up to $111 million as part of its plans to convert from a mutual to a fully-stock owned company. The $649.5 million-asset bank disclosed in a regulatory filing that SR Bancorp, a newly formed holding company, plans to sell 8.5 million to 11.5 million shares of stock. The offering should net proceeds of $81.7 million to $111.4 million, though it

Tim Mayopoulos, former president and CEO of Fannie Mae, was named CEO of the bridge bank tied to Friday's failure of Silicon Valley Bank. The Federal Deposit Insurance Corp. said in a press release that Mayopoulos, who once was general counsel at Bank of America, will oversee the newly formed Silicon Valley Bridge Bank NA. Mayopoulos most recently was president of Blend Labs. The announcement comes days after regulators closed

Several banks have issued statements showing their overall financial health and sources of liquidity in the wake of two high-profile bank failures in recent days. Western Alliance Bancorp. in Phoenix, which had recently touted its financial stability, announced additional steps it had taken to improve its position. The company said in a statement that it increased its borrowing capacity, adding that its cash reserves exceed $25 billion and are growing.