Strategic Insights into Banking & Fintech

Farmer Mac finalizes its CEO succession

Farmer Mac finalizes its CEO succession

Farmer Mac lines up its next CEO. The agricultural secondary market provider said in a press release that Zachary Carpenter will take on the role on July 1. Carpenter, who is president and chief operating officer, will succeed Bradford Nordholm. Nordholm, who is retiring, will become a senior advisor to the CEO. “The board has been very pleased with the thoughtful, cooperative, and seamless handoff between Brad and Zack over

June 9, 2026
Popular reports cybersecurity incident at third-party processing firm

Popular reports cybersecurity incident at third-party processing firm

Popular in San Juan, Puerto Rico, is dealing with a cybersecurity incident tied to its third-party core financial transaction processing and IT services provider. The company disclosed in a regulatory filing that the incident at Evertec included personal data of certain customers, including debit card numbers and other information. Popular implemented enhanced fraud monitoring measures to further protect customers. Popluar noted that it has a contractual right to be covered

June 9, 2026
First Carolina in N.C. aims to raise $83 million from upcoming IPO

First Carolina in N.C. aims to raise $83 million from upcoming IPO

First Carolina Financial Services in Raleigh, N.C., aims to raise $82.5 million from its planned initial public offering. The $3.4 billion-asset company disclosed in its prospectus that it plans to sell 5.5 million shares of common stock at a price range of $14 to $16 a share. Net proceeds could be deployed in several ways, including organic growth, acquisitions, refinancing debt, and working capital. The company raised $45 million in

June 8, 2026
OceanFirst in N.J. purges multifamily loans from Flushing acquisition

OceanFirst in N.J. purges multifamily loans from Flushing acquisition

OceanFirst Financial in Red Bank, N.J., agreed to sell a portfolio of multifamily loans as part of a balance sheet repositioning. The $23 billion-asset company said in a press release that it will sell $1.4 billion in loans, representing the majority of the multifamily loans it inherited when it bought Flushing Financial, to an unnamed buyer. The sale eliminated the majority of the bank’s exposure to rent-regulated properties in New

June 8, 2026
FirstSun in Colorado sells multifamily portfolio

FirstSun in Colorado sells multifamily portfolio

FirstSun Capital Bancorp in Denver sold a portfolio of multifamily loans it inherited from its purchase of First Foundation. FirstSun said in a press release that it sold loans with a total contractual balance of $890 million to entities affiliated with Brookfield Asset Management. The pricing wasn't disclosed. “Successfully completing the sale of this performing multifamily commercial real estate loan pool is a significant milestone in our balance sheet repositioning

June 6, 2026
New buyer emerges for troubled Summit National in Wyoming

New buyer emerges for troubled Summit National in Wyoming

A new buyer has emerged for Summit National Bank in Hulett, Wyo., after other sales efforts failed to close. Mode Eleven, the bank’s bankrupt holding company, recently received an offer from Kraken co-founder Arjun Sethi to buy the bank for $5.5 million, according to bankruptcy court documents. The offer includes a $750,000 nonrefundable deposit that can be used to provide an immediate capital infusion to Summit. The proposed sale marks

June 5, 2026
Execs at Security Bank in Minn. buy stake in Citizens Community in Wis.

Execs at Security Bank in Minn. buy stake in Citizens Community in Wis.

A group of investors tied to Security Bank & Trust Co. in Glencoe, Minn., has acquired a 6.3% stake in Citizens Community Bancorp in Eau Claire, Wis. The group, in a regulatory filing, said it was open to discussing strategy, governance, board composition, or a potential transaction with the $1.8 billion-asset Citizens Community. Gale Hoese, Security Bank’s CEO, reported owning 450,000 shares, or nearly three-quarters of the investor group’s aggregate

June 5, 2026
Group with Amerant ties planning new bank in Southern Florida

Group with Amerant ties planning new bank in Southern Florida

A group with ties to Amerant Bank is planning a new bank in Southern Florida. Organizers of the proposed Glades Bank & Trust applied to the Federal Deposit Insurance Corp. on June 2. Th bank would be based in Plantation, Fla., The filing was immediately available. Howard Levine, former chief consumer banking officer at Amerant, and executives from venture capital firm Exuma Capital are linked to the effort. The plan

June 5, 2026