Strategic Insights into Banking & Fintech

Republic First to hold 2022 annual meeting – in January

Republic First to hold 2022 annual meeting – in January

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

November 4, 2022
Fifth Third forms independent RIA

Fifth Third forms independent RIA

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

November 4, 2022
IFH close to addressing legal prerequisite for sale to MVB

IFH close to addressing legal prerequisite for sale to MVB

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

November 3, 2022
TIAA to sell its bank to an investor group

TIAA to sell its bank to an investor group

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

November 3, 2022
U.S. Bancorp discloses CFPB probe of unemployment payments

U.S. Bancorp discloses CFPB probe of unemployment payments

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

November 3, 2022
Wings Financial Credit Union to buy bank in Wisconsin

Wings Financial Credit Union to buy bank in Wisconsin

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

November 3, 2022
Home in Wis. sets investor payout after bank sold to credit union

Home in Wis. sets investor payout after bank sold to credit union

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

November 2, 2022
Credit union groups in Kansas, Texas to merge Dec. 31

Credit union groups in Kansas, Texas to merge Dec. 31

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

November 2, 2022