Somerset Savings Bank in Bound Brook, N.J., plans to convert to a stock-owned company and acquire Regal Bancorp in Livingston, N.J. The $649 million-asset Somerset said in a press release Monday that it has formed SR Bancorp to prepare from its conversion from a mutual bank. Somerset also plans to convert to a New Jersey chartered commercial bank. The mutual said it agreed to pay $58.4 million in cash and stock for

NBT Bancorp in Norwich, N.Y., has agreed to buy an insurance agency. The $11.7 billion-asset company said in a press release that NBT Insurance Agency agreed to buy Harrison A. Rogers Agency. The price wasn’t disclosed. The deal is expected to close in the third quarter. H.A. Rogers is a small personal and commercial lines property and casualty insurance agency.  NBT said the deal was a strategic purchase that will allow it to

Several banking companies have disclosed the receipt of capital from the Treasury Department's Emergency Capital Investment Program (ECIP).The Treasury invested nearly $1.8 billion between late April and late July, according to data compiled by Performance Trust Capital Partners. The banks are issuing preferred stock in exchange for the fresh capital.Security Federal in Aiken, S.C.; BancPlus in Ridgeland, Miss.; Broadway Financial in Los Angeles; and Ponce Financial Group in Bronx, N.Y.,

Alpine Banks of Colorado in Glenwood Springs has raised $34 million through a private placement of common stock.The $6.2 billion-asset company said in a press release that it sold nearly 1.2 million shares of Class B nonvoting stock at $28.50 each. Alpine Banks plans to use the proceeds for purposes that could include organic growth and enhancing regulatory ratios. “We feel the support for this offering, particularly in the current market

Finexio, an Orlando, Fla., B2B payments company, has raised $14 million from a group of investors that includes National Bank Holdings, Discover Financial Services and Mendon Venture Partners. Finexio said in a press release that the goal is to raise $30 million in this funding round. The other investors include Post Road Partners, The Banc Funds and EOM Investments. The funds will help Finexio promote its Payments-as-a-Service platform. "CFOs at medium and large-sized

Citizens Financial Group in Providence, R.I., has become the official bank of the New York Giants. The $227 billion-asset company said in a press release Monday that it had also become the official bank of the New Jersey Devils and the Prudential Center in Newark, N.J. The company did not disclose the deal’s financial details “As we grow in New York City and New Jersey, we are proud to support these teams,

MainStreet Bankshares in Fairfax, Va., plans to fully introduce its Banking-as-a-Service product during the fourth quarter. The $1.8 billion-asset company said in a press release Monday that Avenu, its BaaS platform, is onboarding its initial beta testing client. Ten fintechs are queued up in various stages of progress, including four that intend to proceed when the beta process is complete. “Fintechs have a strong need for knowledgeable, credible partners who can help them

HomeTrust Bancshares in Asheville, N.C., will enter Atlanta with an agreement to buy Quantum Capital in Suwanee, Ga. The $3.5 billion-asset HomeTrust said in a press release Monday that it will pay $67.6 million in cash and stock for the parent of the $660 million-asset Quantum National Bank. The deal, which is expected to close in the first quarter, priced Quantum at 153% of its tangible book value. Quantum has three branches