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

Bank of Idaho in Idaho Falls has agreed to buy five branches in eastern Washington from HomeStreet in Seattle. The $737 million-asset Bank of Idaho said in a press release Tuesday that it will also gain the branches’ lending business and employees. The deal is expected to close by Aug. 1. Bank of Idaho did not disclose the price it will pay."Bank of Idaho’s roots serving communities across the western landscape make

A group in California is looking to form a bank with a strategy that would include buying indirect auto loans. Carpenter Acquisition Corp. applied with the Federal Deposit Insurance Corp. on May 3 to form Icon Bank in Riverside. Carpenter Acquisition said in the application that it plans to become Icon Bancorp after the bank is formed. Icon would be a full-service bank with branches in Riverside; Orange County, Calif.; and Clark

KeyCorp has acquired a fintech that helps borrowers manage their student loans. The $181.2 billion-asset company said in a press release Monday that it bought GradFin, a Philadelphia company created in 2015. Key did not disclose the price it paid. GradFin specializes in working with financial advisers and their clients. "GradFin combines the best of digital and human interaction to create a unique client experience," Jamie Warder, KeyCorp’s head of digital, said in

U.S. Bancorp in Minneapolis, which is looking to buy MUFG Union Bank, has agreed to a five-year community benefits plan totaling more than $100 billion.The $586 billion-asset company reached the agreement with the National Community Reinvestment Coalition and the California Reinvestment Coalition. About 60% of the total will support efforts in California. “Banks are the economic engines of our communities. As such, we can make meaningful and significant impacts in

Heartland Financial USA in Dubuque, Iowa, has amended its first-quarter earnings to account for two separate instances of fraud that led to “material loan collateral deficiencies.”The $19.2 billion-asset company said in a press release Monday that it discovered the issues after reporting its earnings on April 25. Heartland said the collateral issue led it to increase its first-quarter provision expense by $9 million, which reduced its earnings by 14%, to

Ponce Financial Group in Bronx, N.Y., warned that its first-quarter earnings will be hurt by a “significant write-off and writedown” tied to its relationship with fintech startup Grain Technologies.The $1.7 billion-asset company disclosed in a regulatory filing that Grain had been the victim of cyber fraud. About 25,000 microloans totaling $17 million have been deemed as fraudulent and put back to Grain. As a result, Ponce said it will write-off about