Peapack-Gladstone Financial in Bedminster, N.J., has launched a life insurance premium finance business after hiring a pair of bankers from Wintrust Financial. The $6.2 billion-asset company said in a press release that the specialty finance loans allow high-net-worth clients and corporations to obtain life insurance while retaining assets for other investments.  These specialty finance loans are an invaluable tool for those looking to leverage wealth and free up capital. “Life

New York Community Bancorp in Hicksville and Flagstar Bancorp in Troy, Mich., have received approval from the Office of the Comptroller of the Currency to merge their banks. The $63 billion-asset New York Community and the $25.4 billion-asset Flagstar said in a press release that they also agreed to extend the termination date for the proposed merger from Oct. 31 to Dec. 31. New York Community’s $2.6 billion acquisition of

Truliant Federal Credit Union in Winston-Salem, N.C., has opened its first regional office in South Carolina. The $4 billion-asset credit union plans to open three more offices in the state, which would bring its total number of locations to five. The vast majority of its branches are in North Carolina. Truliant bought the 19,000-square-foot building that houses the regional office last year. The other branches are planned in 2023.

The Office of the Comptroller of the Currency is planning to create an Office of Financial Technology. The OCC said in a press release that the office, set to debut early next year, will bolster its “expertise and ability to adapt to a rapidly changing banking landscape.” The new office will incorporate the Office of Innovation, which was created in 2016. It will be led by a chief financial technology

ConnexPay, a payments technology company, has raised $110 million in equity. The company said in a press release that FTV Capital led the investment. The funding will allow ConnexPay to expand in Europe and other international markets. ConnexPay, which was founded in 2017, has raised $145 million, inclusive of the latest funding. “ConnexPay was founded to transform the entire payments experience for the travel industry, and now that mission extends

Professional football star Patrick Mahomes has become the second-biggest investor in American State Bank in Tyler, Texas. The $758 million-asset bank did not disclose how much Mahomes invested or his stake. American State said the investment will help it with expansion and digital transformation. “I opened my first account with American State Bank when I was just 16-years old,” Mahomes said in the release. “From my time at Texas Tech

Republic Bancorp in Louisville, Ky., has agreed to buy CBank in Cincinnati. The $6 billion-asset Republic said in a press release that it will pay $51 million in cash for the parent of Commercial Industrial Finance. CIF, based in St. Louis, provides equipment leasing and financing to businesses nationwide. The deal is expected to close in the first quarter. CBank has $271 million of assets, $214 million of loans and

Civista Bancshares in Sandusky, Ohio, has completed its purchase of an equipment finance company. The $3.3 billion-asset Civista said in a press release that the acquisition of Vision Financial Group closed earlier this month. Vision, founded in 1991, provides lending solutions to small- and midsize businesses and large corporate customers nationwide. As of June 30, the business has $89 million of loans and leases. It is expected to generate loan and