A fund with ties to the Independent Community Bankers of America and two community banks has raised $55 million to invest in technology ventures. BankTech Ventures (BTV) said in a press release Tuesday that most of the funds came from community banks. The general partners come from the ICBA, The Venture Center, Hovde Group, Coastal Community Bank and Sunwest Bank. BTV said it expects to eventually work with more than 150 community

Oak Valley Bancorp in Oakdale, Calif., will have a new president next year. The $1.9 billion-asset company said in a press release Friday that Rick McCarty will take on the new role on Jan. 1. He will succeed Christopher Courtney, who will remain CEO. McCarty joined Oak Valley more than 22 years ago. He will remain the company’s chief operating officer, a position he took on in 2017. McCarty “has been an

Orion Federal Credit Union in Memphis, Tenn., has been momentarily barred by a Tennessee court from moving ahead with its planned purchase of Financial Federal Bank in Memphis. Davidson County Chancery Court Judge Patricia Moskal granted Tennessee Department of Financial Institutions Commissioner Greg Gonzales’ request for a temporary injunction to block the proposed merger, according to multiple media outlets. Gonzales’ office had argued that the Tennessee Banking Act prevents the $1 billion-asset

Simmons First in Pine Bluff, Ark., has agreed to buy Spirit of Texas Bancshares in Conroe.The $23.2 billion-asset Simmons said in a press release Friday that it will pay $581 million in cash and stock for the $3.2 billion-asset Spirit. The deal is expected to close in the second quarter. Spirit has 37 branches, $2.3 billion of loans and $2.7 billion of deposits. “Spirit is a highly regarded, high-performing bank with

Federal Savings Bank in Chicago has been ordered to address its risk management, consumer compliance and anti-money laundering protocols. The Oct. 29 formal agreement with the Office of the Comptroller of the Currency came three months after Stephen Calk, the $815 million-asset bank’s former CEO, was convicted of bribery tied to loans made to Paul Manafort.The bank, now led by John Calk, Calk’s brother, must form a compliance committee comprised mostly

Third Coast Bancshares in Humble, Texas, has raised $100.6 million from its initial public offering. The $2 billion-asset company said in a press release Wednesday that it sold more than 4 million shares, including an overallotment of 525,000 shares, as part of the IPO. The shares were sold at $25 a share. The company said in October that net proceeds could be used to support organic growth and other purposes that

SmartFinancial in Knoxville, Tenn., has hired a team of wealth management professionals in Mobile, Ala.The $4.4 billion-asset company said in a press release Wednesday that the six-member team, hired from BBVA Compass Investment Solutions, will operate as part of SmartBank Investment Services.The team is being led by Thomas Montz, Amanda Montz and Nathan Novotny. SmartFinancial said the group has been responsible for more than $350 million in assets under management. 

Oportun in San Carlos, Calif., has agreed to buy neobank Digit. Oportun said in a press release Tuesday that it will pay $212.9 million in cash and equity for Digit in a move designed to expand its A.I. and digital capabilities. The deal is expected to close by early next year. Oportun said it had obtained a commitment to finance the cash consideration, noting that Jefferies had provided the financing commitment. The