In a sudden and unexpected turn of events, Vernon Hill has been removed as chairman of Republic First Bancorp. Hill was replaced by Harry Madonna, his predecessor at the $5.7 billion-asset company, following the death of Theodore Flocco. Flocco’s passing led to a power shift on the divided board, allowing a faction opposed to Hill to oust him. Hill remains Republic First’s CEO and a director – for now."I look forward to

First Bancshares in Cold Spring, Minn., has agreed to buy Maple Bank in Champlin, Minn.First Bancshares, the parent of the $145 million-asset Granite Bank, did not disclose the price it will pay for the $95 million-asset Maple. The deal is expected to close early in the third quarter. Granite Bank will enter Minnesota’s Hennepin County when the acquisition is completed. Barack Ferrazzano Kirschbaum & Nagelberg advised First Bancshares. Clifton Larson Allen and

Bank OZK in Little Rock, Ark., has finished construction of a 4.8-megawatt solar power plant in Stuttgart, Ark. The $26.6 billion-asset bank said in a press release that the 11,265-panel plant should produce enough electricity to power its corporate headquarters and up to 40 branches in central Arkansas. Bank OZK did not disclose the costs associated with the plant. “Our solar power plant is fully operational,” Tim Hicks, the bank’s chief credit and

White River Bancshares in Fayetteville, Ark., is launching a bilingual bank brand. The parent of the $852 million-asset parent Signature Bank of Arkansas said in a press release Friday that its Banco Sí division will officially open in Rogers, Ark., in September. The bank, which is expected to have 10 employees, will be led by Francisco Herrero, according to Talk Business & Politics. The bank’s advisory board is completely comprised of Hispanic

ServisFirst Bancshares in Birmingham, Ala., has hired two key executives for its operations in North Carolina. The $15 billion-asset company said in a press release Friday that Craig May III had been named Charlotte regional president. May previously served as a managing director and Carolinas region manager for JPMorgan Chase. ServisFirst also hired Robert Shell II has chief credit officer for its operations in the region. Shell previously served as a senior

A group in Traverse City, Mich., is looking to form a de novo bank. Organizers of the proposed Sovereign Bank applied with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance.  The bank will be focused on real estate lending, consisting of commercial real estate loans, multifamily loans and home equity loans, the application said. Sovereign will also be active in commercial business loans and, on a smaller scale,

DFCU Financial in Dearborn, Mich., is the latest credit union to agree to buy a bank.The $6.4 billion-asset credit union said in a press release Thursday that it will buy First Citrus Bank in Tampa, Fla., for $93 million in cash, based on the parent company's shares outstanding. The deal is expected to close in the fourth quarter. First Citrus has $689 million of assets. The acquisition would give DFCU its first

FB Financial in Nashville, Tenn. is shutting down its direct-to-consumer mortgage business. The $12.7 billion-asset company said in a regulatory filing Tuesday that it would close Real Genius, its national mortgage internet delivery channel, as part of a broader restructuring. The company plans to complete the process by the end of this year. FB Financial said it decided to exit the business because of recent margin compression, reduced volumes, a shortage of