A group that includes the former CEO of Amalgamated Bank in New York wants to open a new bank in Minneapolis. Organizers of AarBank applied with the Federal Deposit Insurance Corp. on Oct. 11 for deposit insurance. The application wasn’t immediately available. A public notice filed with the Minneapolis Star Tribune listed 11 organizers, including Keith Mestrich. Mestrich was Amalgamated’s president and CEO from August 2014 to January 2021. The

The Federal Reserve and the Office of the Comptroller of the Currency have approved U.S. Bancorp's pending purchase of MUFG Union Bank in San Francisco. U.S. Bank will have $680 billion of assets when the deal closes. The OCC’s conditional approval requires U.S. Bancorp to identify business lines and portfolios that could be sold quickly "in the event of stress and a plan to effectuate that separability." “In reaching this

Business First Bancshares in Baton Rouge, La., plans to raise about $46.8 million from selling common stock.  The $5.5 billion-asset company said in a press release that it intends to sell 2.5 million shares at $20 each.   Business First plans to use the offering’s net proceeds for general corporate purposes, which may include augmenting capital, supporting organic growth, funding potential acquisitions and redeeming certain subordinated debt.    Stephens is

First Bancshares in Hattiesburg, Miss., took advantage of a second window to buy Heritage Southeast Bancorp. in Jonesboro, Ga.  The $6 billion-asset First agreed on July 27 to buy the $1.7 billion-asset Heritage Southeast in a deal valued at $207 million.    Hoppy Cole, First’s president and CEO, actually met with Leonard Moreland, Heritage Southeast’s CEO, in late January 2021 to discuss a deal, according to a regulatory filing associated with the pending merger. 

HomeStreet in Seattle has agreed to buy three branches in California from U.S. Bancorp and MUFG Union Bank.  U.S. Bancorp and MUFG Union said in a press release that the $8.6 billion-asset HomeStreet will buy locations in Big Bear Lake, Hesperia and Yucca Valley. The branches include $490 million of deposits and $22 million of loans.    The deal is expected to close in the first quarter. The price wasn’t

Intrafi, a fintech that provides cash and liquidity management services to financial institutions, has added the CEO of the nation’s biggest minority depository institution to its board.  Brian Argrett, president and CEO of the $1.2 billion-asset Broadway Financial in Los Angeles, is one of two additions to the fintech’s 14-member board.    Argrett was CEO of City First Bank of DC when it was acquired by Broadway in April 2021. 

Edward Jones in St. Louis has abandoned a two-year quest to form an industrial bank.  The company said in a regulatory filing that it had withdrawn its applications with the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions. The broker/dealer referenced conversations with the FDIC and "the current environment."    The company said it is exploring other ways to offer banking products to its clients.    Edward Jones

Another executive from People’s United Financial has found a new home following the company’s sale to M&T Bank. Columbia Financial in Fair Lawn, N.J., said in a press release that it had hired Manesh Prabhu as its chief information officer. He is responsible for information systems and digital banking at the $9.8 billion-asset company.    Prabhu recently served as chief technology officer at People’s United, where he led IT strategy