Affirm Holdings in San Francisco has reduced its reliance on Cross River Bank in Teaneck, N.J., to originate loans. The fintech, which focuses on Buy Now, Pay Later products, disclosed in its quarterly filing that, as of Jan. 31, most of the loans originated through its platform are being handled by Celtic Bank in Salt Lake City. Affirm said the decision was made in January as part of a broader

Wells Fargo agreed to pay $300 million to settle a class-action lawsuit that claimed the San Francisco company did not tell investors it had knowingly charged unnecessary auto-collision protection insurance. The settlement, which needs to be approved by the U.S. District Court for the Northern District of California, was disclosed in a press release by law firm Robbins Geller Rudman & Dowd, which represented the plaintiffs. A trial in the

SVB Financial Group in Santa Clara, Calif., has promoted several executives to lead key verticals. The $213 billion-asset company said in a press release that Ashraf Hebela had become head of technology and healthcare banking. Hebala, who previously served as head of startup banking, succeeded Dave Sabow, who was named CEO of Silicon Valley Bank UK and head of EMEA, pending regulatory approval. SVB also said Lewis Hower succeeded Hebala

Adelphi Bank, a black-owned de novo in Columbus, Ohio, is poised to become the first bank to open in 2023. The bank was cleared to open by the Federal Deposit Insurance Corp. on Jan. 18. Organizers were required to raise about $17.7 million when they received conditional FDIC approval last May. The group initially filed an application with the FDIC in the fall of 2021. Adelphi, a minority depository institution

The Federal Deposit Insurance Corp. lowered the Community Reinvestment Act (CRA) rating for Transportation Alliance Bank, reflecting an issue with one of the Ogden, Utah, bank’s fintech partners. The $1.2 billion-asset bank’s rating was lowered from “satisfactory” to “needs to improve.” The agency did not identify the fintech, which apparently ran afoul of a section in the Federal Trade Commission Act by having an “illegal credit practice” that affected a

Country Agencies & Investments, a bank holding company in Odessa, Mo., has merged the three banks it owns. The BHC merged Commercial Bank of Oak Grove and La Monte Community Bank into its Bank of Odessa. The consolidation took place in January, according to the Kansas City Business Journal. The consolidation created a bank with about $517 million of assets. “As Odessa's hometown bank, we take pride in knowing that

Fidelity Bank in Wichita, Kan., plans to sell two branches in Oklahoma to WeStreet Federal Credit Union in Tulsa, Okla. The $3 billion-asset Fidelity applied with the Federal Deposit Insurance Corp. to sell the locations, according to a legal notice. The branches had a total of $27.1 million of deposits in mid-2022, according to FDIC data. Fidelity has 19 branches in other markets. Tulsa Federal Credit Union rebranded as WeStreet

CF Bankshares in Columbus, Ohio, plans to add several new commercial products in coming months. The $1.8 billion-asset company said in a press release that it will introduce swap fee services, cash management products and services and a new business credit card later this year. CF has also been making a push into Small Business Administration loans. Separately, the company said it will move into a new headquarters building later