BMO Financial Group has reached a five-year, $40 billion agreement with community groups to facilitate its pending purchase of Bank of the West in San Francisco. BMO Financial agreed to increase lending to lower-income and minority homeowners and increase small-business lending in underserved communities. The company also set aside $325 million for special-purpose credit programs. BMO Harris Bank in Chicago agreed to keep open all Bank of the West's branches

Safra New York Corp. has agreed to buy Delta North Bankcorp in New York. Safra, the parent of the $9.5 billion-asset Safra National Bank of New York, did not disclose the price it will pay for the holding company of the $493 million-asset Delta National Bank and Trust. Delta, which has offices in New York and Miami, provides private banking and wealth management services to high-net-worth clients.  "This transaction highlights the importance of

The Bank of Princeton in New Jersey has filed its application to acquire Noah Bank in Elkins Park, Pa. The $1.6 billion-asset Bank of Princeton applied with the Federal Deposit Insurance Corp. on Nov. 23 to buy the $275 million-asset Noah. Bank of Prince agreed to buy Noah in late October in an all-cash deal valued at $25.4 million, or $6 a share. The deal, which is expected to close

Citizens Commerce Bancshares in Versailles, Ky., waited to reap as much benefit as possible from deferred-tax assets before agreeing to sell to City Holding in Charleston, W.Va. The $6 billion-asset City agreed in October to buy the $354 million-asset Citizens for $61 million. Citizens, which was recapitalized in 2017, had “significant” DTAs – which allow companies to reduce taxable income – because of net operating losses it had before the

EOS developer block.one and its CEO have built a nearly 9.3% stake in Silvergate Capital in La Jolla, Calif. Block.one, in a regulatory filing, disclosed a roughly 7.5% stake in the $15.5 billion-asset Silvergate after buying about 2.3 million shares. Brendan Blumer, in a separate filing, disclosed that he bought another 571,000 shares. “We believe Silvergate Capital has shown that it consistently innovates beyond its peers within federally regulated banking

Several executive changes are planned at 1st Source in South Bend, Ind. The $8.1 billion-asset company said in a press release that Andrea Short will become CEO of its bank on Dec. 1. Short, who will remain the bank’s president, will succeed Christopher Murphy III, who will remain the company’s chairman, president and CEO and the bank’s chairman. Short will now have oversight of personal banking, business banking, specialty finance,

The Federal Deposit Insurance Corp. has terminated a consent order against the bank unit of Unity Bancorp in Clinton, N.J. The $2.3 billion-asset United disclosed in a regulatory filing that the July 2020 order was terminated on Tuesday. The order, which followed a 2019 safety and soundness examination, required the bank to strengthen its Bank Secrecy Act/anti-money laundering program. It also required the bank's board to form a committee to

UMB Financial in Kansas City, Mo., has acquired the health savings account business of Old National Bancorp in Evansville, Ind. The $46.2 billion-asset Old National disclosed in a regulatory filing that about $382 million of HSA-related deposits were transferred to the $37.6 billion-asset UMB. UMB paid a roughly $92 million premium to Old National. When the deal was announced earlier this year, the companies said that about $500 million of