Texas Capital Bancshares in Dallas has agreed to sell its insurance premium finance business to Truist Financial in Charlotte, N.C. The $32.3 billion-asset Texas Capital said in a press release Tuesday that it will sell BankDirect Capital Finance to Truist’s AFCO Credit unit for $3.4 billion in cash. The price represents an 8.5% asset premium. The deal is expected to close in the fourth quarter. BankDirect is based in Chicago. It is a

Veteran economist Mark Vitner has retired. Vitner, who was a managing director and senior economist at Wells Fargo, said in a LinkedIn post that his last day was Friday. He joined Wells Fargo from Wachovia, where he was the senior economist when the Financial Crisis took hold in 2008. Vitner has been a mainstay at conferences and academic gatherings. “I have been fortunate to work with a great organization and great people that

A group looking to form a bank in Huntsville, Ala., has refiled its application with the Federal Deposit Insurance Corp. after “strengthening” its management team.Organizers of Nova Bank submitted its first application on Aug. 24. The original paperwork was filed in mid-2021 and withdrawn last April. Marc Minish, one of the proposed bank’s 16 organizers, would serve as chief credit officer. He was an FDIC examiner from 2009 to 2018, according

Blue Ridge Bankshares has entered into a written agreement with the Office of the Comptroller of the Currency instructing the Charlottesville, Va., company to improve how it monitors fintech relationships.The $2.8 billion-asset company disclosed in a regulatory filing that, under the Aug. 29 agreement, its bank must create a compliance committee and adopt, implement and follow a written program to assess and manage the risks posed by third-party fintech relationships. The

The Office of the Comptroller of the Currency is planning a dramatic reduction in assessment fees.The OCC is planning a 40% reduction in assessments for a bank’s first $200 million of assets, Acting Comptroller of the Currency Michael Hsu said during prepared remarks to the Texas Bankers Association.The agency will lower the assessment for bank assets between $200 million and $20 billion by 20%. The changes will become effective next

BankFirst Capital in Columbus, Miss., has agreed to buy Mechanics Banc Holding in Water Valley, Miss.The $2.2 billion-asset BankFirst said in a press release Thursday that it will pay an undisclosed cash amount for the $331 million-asset Mechanics. The deal is expected to close in the first quarter. "We are excited about … expanding our footprint in the Water Valley and Oxford markets,” Moak Griffin, BankFirst’s president and CEO, said in

Horicon Bank in Horicon, Wis., has a new president with a familiar name. The $1.2 billion-asset bank named Fred C. Schwertfeger to succeed his father, Frederick F. Schwertfeger, according to multiple news outlets. The elder Schwertfeger remains CEO.Horicon is a unit of Sword Financial. The younger Schwertfeger, who previously was chief strategy officer, serves on the board of the bank and the holding company. “I’m humbled by the responsibility the board asked of

Primis Financial in McLean, Va., has formed a partnership to provide financial services to members of the American Academy of Periodontology. The $3.2 billion-asset Primis said in a press release that Panacea Financial, a division formed to serve physicians, dentists and veterinarians, will have access to the AAP's more than 7,500 members.Periodontists specialize in the prevention, diagnosis and treatment of inflammatory diseases that affect the gums and supporting structures of the