The Federal Deposit Insurance Corp. used its post mortem of the failure of Signature Bank to reflect on things it could have done better. The agency said in a press release that the root cause for the New York bank’s collapse was poor management that resulted in the pursuit of rapid, unrestrained growth. “Management did not prioritize good corporate governance practices, did not always heed FDIC examiner concerns, and was

The Federal Reserve’s initial report on the failure of Silicon Valley Bank does not indicate that a full-blown banking crisis is underway. Rather, the review, led by Vice Chairman for Supervision Michael Barr, resulted in a mea culpa on the part of the Fed while also placing blame on SVB’s board and management. Specifically, the report faulted directors and executives for failing to manage the bank’s risks. At the time

Cross River Bank has entered into a consent order with the Federal Deposit Insurance Corp. that requires the Teaneck, N.J., bank to seek FDIC approval before signing on any new fintech clients.   The FDIC’s March 8 order flagged the $9.2 billion-asset bank’s compliance with fair lending regulations and its inability to establish adequate internal controls. Cross State did not admit or deny the claims in the order.   The

Dime Community Bancshares in Hauppauge, N.Y., hired four deposit-focused groups from the failed Signature Bank.   The $13.8 billion-asset company did not disclose how many bankers it hired or where the groups are located. New York Community Bancorp bought most of Signature after it was closed by regulators.   “The recent disruption in our marketplace caused by the failure of a local competitor has provided a significant opportunity for Dime

Movement Bank in Danville, Va., has a new president. Mike Whitehead announced his promotion on his LinkedIn profile. Whitehead, who joined the $148 million-asset bank in 2017 from BNC Bank, had served as a senior vice president. He was president and CEO of Randolph Bank & Trust from 2008 to 2013. Movement Bank was formed when Casey Crawford, CEO of Movement Mortgage, bought a majority stake in the former First

First Foundation in Dallas has reached an agreement with an activist investor to end litigation tied to director nominations. The $13.6 billion-asset company said in a press release that a settlement agreement with Driver Management will allow the investor to nominate Allison Ball to run for a board seat at this year’s annual meeting. The parties also agreed to a series of governance practices tied to the nomination of future

Bancorp 34 in Scottsdale, Ariz., has agreed to buy CBOA Financial in Tucson, Ariz. The $576 million-asset Bancorp 34 said in a press release that it will pay $28 million in stock for the parent of the $370.3 million-asset Commerce Bank of Arizona. The deal is expected to close in the fourth quarter. “This is an exciting combination that will accelerate both companies' strategic goals by enhancing our ability to serve

Eastern Bankshares in Boston reported a large quarterly loss after a major restructuring of its balance sheet. The $22.7 billion-asset company said in a press release that it lost $194.1 million in the first quarter after it sold $1.9 billion of securities at a $280 million loss. Proceeds from the sale were used to increase cash levels, which totaled $2.1 billion on March 31. “Eastern deployed excess liquidity into the