Strategic Insights into Banking & Fintech
Republic First Bancorp in Philadelphia finally has a date for its annual meeting. The $5.7 billion-asset company disclosed in a regulatory filing that the meeting will be held on Jan. 26. Shareholders of record on Nov. 29 will be allowed to vote at the meeting. Republic First has delayed the meeting for months because an independent legal counsel has been investigating certain related-party transactions. The company said several weeks ago
Fifth Third Bancorp in Cincinnati has formed an independent registered investment adviser. The $206 billion-asset company said in a press release that Fifth Third Wealth Advisors is being led by Eric Housman, who has been at the bank for more than a decade. He previously served as managing director of Fifth Third Private Bank’s MidAtlantic region. The RIA “offers advisers the freedom to operate entrepreneurially and independently,” Kristine Garrett, Fifth
Integrated Financial Holdings in Raleigh, N.C., is close to resolving litigation that it must address before selling to MVB Financial in Fairmont, W.Va. The $3 billion-asset MVB agreed on Aug. 12 to buy the $425 million-asset IFH, the parent of the West Town Bank, for $98 million in stock. The deal will give MVB added heft in areas such as Small Business Administration and U.S. Department of Agriculture lending. IFH
TIAA has agreed to sell TIAA Bank to a group of investors. The retirement company said in a press release that it expects to close the sale next year. It didn’t disclose the price to be paid for the $36 billion-asset bank. The sale will allow TIAA to focus on its retirement business and Nuveen, its asset manager. TIAA, which plans to apply for a national trust bank charter, said
U.S. Bancorp in Minneapolis is the latest bank to face an investigation from the Consumer Financial Protection Bureau tied to its administration of unemployment insurance payments on prepaid debit cards. The $601 billion-asset company disclosed in a regulatory filing that it is “cooperating fully” with the probe, though it provided no further details. The CFPB and the Office of the Comptroller of the Currency last summer fined Bank of America
Wings Financial Credit Union in Apple Valley, Minn., has agreed to buy Settlers Bank in DeForest, Wis. The $8 billion-asset Wings said in a press release that it expects to complete the purchase of the $390 million-asset Settlers by the middle of 2023. The price wasn’t disclosed. Wings plans to rebrand Settlers’ branches as Settlers Best Credit Union, a division of Wings Financial Credit Union. Settlers “was started 15 years
Home Bancorp Wisconsin in Madison will pay a distribution to its shareholders as part of its planned dissolution. The former holding company of the Home Savings Bank said in a press release that it will pay $28.15 a share to investors around Nov. 21. Around that time, the company’s shares will be removed from the OTC Pink marketplace. Home said it expects the final winding up process to take up
Credit union associations in Kansas and Texas are set to merge on Dec. 31. The Cornerstone League and Heartland Credit Union Association said in a press release that their members approved the merger. About 93% of the members that voted backed the combination. Seventeen of the 20 objections came from the Heartland Credit Union Association. “In merging … we’re building upon our experience as a three-state league to chart the
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