Ponce Financial Group in Bronx, N.Y., has received $225 million in Tier 1 capital through the Emergency Capital Investment Program (ECIP). The $1.7 billion-asset Ponce said in a press release Thursday that it sold 225,000 shares of preferred stock to the Treasury Department. “This large investment … will be transformative not only for Ponce,” Carlos Naudon, the company’s president and CEO, said in the release. The funds “will allow us to have a

Apple plans to provide the financing for its new Buy Now, Pay Later product. The Cupertino, Calif., technology company said Apple Financing, a wholly owned subsidiary, will provide the loans for Apple Pay Later. Apple will use Installments, Mastercard’s white label BNPL product. Goldman Sachs will issue the credentials for Apple to connect to merchants through Mastercard. While the investment bank is the technical issuer of the loans, Apple will hold

Wintrust Financial in Rosemont, Ill., has raised $248.4 million through a common stock offering. The $50.3 billion-asset Wintrust sold about 3 million shares of stock at $86 each. The company said it could use the net proceeds for a variety of purposes, including providing capital to support growth, acquisitions and reducing or refinancing debt. RBC Capital Markets and Raymond James, the underwriters, have a 30-day option to sell another 450,000 shares.

FB Financial in Nashville, Tenn., needs a new chairman. The $12.7 billion-asset company disclosed in a regulatory filing that Stuart McWhorter will retire on July 31. FB Financial said it plans to fill the vacancy before McWhorter steps down. McWhorter was appointed by Gov. Bill Lee to serve as commissioner for the Tennessee Department of Economic and Community Development, effective July 11. McWhorter, chairman of venture investment firm Clayton Associates, rejoined FB Financial’s

Central Bank of the Midwest in Jefferson City, Mo., has paid $3.9 million to become the official bank of the University of Kansas. The university said in a press release that the seven-year agreement will become effective on Aug. 1. As part of the deal, the $20 billion-asset Central Bank will open a branch in the Kansas Union and create a product and messaging platform with the university that includes the

CrossFirst Bankshares in Leawood, Kan., will soon have a new bank president. The $5.5 billion-asset company said in a press release Wednesday that Randy Rapp will take over the role on July 1. Rapp is the bank’s chief risk officer and chief credit officer. Rapp will oversee credit and risk management, sales and business development, technology and infrastructure and the bank’s operational business lines. He will succeed Mike Maddox, who will

Security Federal in Aiken, S.C., and BancPlus in Ridgeland, Miss., are the latest banking companies to participate in the Treasury Department’s Emergency Capital Investment Program (ECIP). The $1.3 billion-asset Security Federal disclosed in a regulatory filing Wednesday that it received about $82.9 million in Tier 1 capital after selling preferred stock to the Treasury Department. The company agreed to adopt an excessive or luxury expenditures policy within the next 90 days to

Mission National Bank in San Francisco has a new CEO. MNB Holdings, the parent company of the $214 million-asset Missional National, said in a press release Tuesday that Ray Skinner had also joined the bank’s board. Skinner succeeded Robert Sweeney."We are creating a leadership team with a proven record of success in a bank that is unlike any other community bank in the Bay Area,” JoAnne Loughlin, MNB’s chairman, said in the