Grand River Commerce in Grandville, Mich., has formed a mortgage company. The $527 million-asset company said that Grand River Mortgage has a national platform. Bob Bilotti, the company’s chairman, president and CEO, told MiBiz that the mortgage company should secure licensing in about 46 states by early 2023. About 60 people work for the mortgage company, which was backed by more than $8 million of capital. The mortgage industry “has

SVB Financial Group in Santa Clara, Calif., has filled two key executive posts. The $212.9 billion-asset SVB said in a press release that Erin Platts had been named president of SVB Private and David Sabow will become CEO of Silicon Valley Bank UK and Head of EMEA. Sabow’s appointment requires U.K. regulatory approval. Platts and Sabow will move into their new roles in the second quarter. Platts will also join SVB's executive committee.

Webster Financial in Stamford, Conn., has agreed to buy StoneCastle Insured Sweep from StoneCastle Partners. The $65 billion-asset Webster said the business, which operates as interLINK, is a deposit management platform that administers more than $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. InterLINK administers about 520,000 retail brokerage accounts on behalf of broker/dealers and clearing platforms. The deal is expected to

TD Bank Group and Bank of Montreal have pushed back the projected closing dates for their purchase of U.S. banks. TD said on Thursday that it expects to complete the acquisition of First Horizon in Memphis, Tenn., by April 30. The $13.4 billion deal was originally expected to close last fall. The delay will trigger a financial incentive for First Horizon shareholders. First Horizon investors will receive an additional 65

LendingClub in San Francisco has agreed to buy a roughly $1.1 billion portfolio of personal loans from the parent company of MUFG Union Bank. The loans, originated through LendingClub’s marketplace, were acquired by MUFG Union Bank. U.S. Bancorp recently bought MUFG Union from Mitsubishi UFJ Financial in Tokyo. LendingClub is servicing the loans, which have an outstanding principal weighted average FICO score of 729. The price wasn’t disclosed. “LendingClub utilized

Triumph Bancorp in Dallas has rebranded as Triumph Financial. The $5.6 billion-asset company said in a press release that it had also replaced its “TBK” stock symbol with “TFIN.” Triumph Business Capital, Triumph Insurance Group and Triumph Commercial Finance were rebranded as Triumph. The changes “reflect our evolution from a bank holding company to a financial and technology company focused on payments, factoring and banking,” Aaron Graft, Triumph’s vice chairman

Newtek Business Services in Boca Raton, Fla., has secured approval from the Office of the Comptroller of the Currency to buy National Bank of New York City. Newtek said in a press release that it expects to complete its purchase of the $206 million-asset National Bank of New York City next month. Newtek plans to brand its bank holding company as NewtekOne. The OCC’s approval includes a condition that the

Byline Bancorp in Chicago has agreed to buy Inland Bancorp in Oak Brook, Ill. The $7.3 billion-asset Byline said in a press release that it will pay $165 million in cash and stock for the $1.2 billion-asset Inland. The deal, which is expected to close in the second quarter, valued Inland at 125% of its tangible book value. Inland has 10 branches, $854 million of loans and $1 billion of