JPMorgan Chase in New York has acquired Frank, a college financial-planning platform. The $3.7 trillion-asset company said in a press release Tuesday that Frank serves more than five million students at more than 6,000 higher education institutions. It did not disclose the price it paid. “We want to build lifelong relationships with our customers,” Jennifer Piepszak, Chase’s co-head of consumer and community banking, said in the release. “Frank offers a unique opportunity for

Natalie Bartholomew has been named chief impact officer at Citizens Bank of Edmond in Oklahoma. Bartholomew recently served as chief administrative officer at Grand Savings Bank in Grove, Okla. She is well-known in banking circles for creating The Girl Banker, a blog that promotes women leaders in the industry. "Over the last 20 years of my banking career, I have found that I’m most passionate about my job when I

German American Bancorp in Jasper, Ind., has agreed to buy Citizens Union Bancorp of Shelbyville in Kentucky. The $5.3 billion-asset German American said in a press release Tuesday that it will pay $154 million in cash and stock for the $1.1 billion-asset Citizens Union. The deal, which is expected to close in the first quarter, priced Citizens Union at 155% of its tangible book value. The acquisition “represents another important, strategic

U.S. Bancorp in Minneapolis has agreed to buy MUFG Union Bank in San Francisco. The $559 billion-asset U.S. Bancorp said in a press release Tuesday that it will pay $8 billion in cash and stock to Mitsubishi UFJ Financial Group for the $133 billion-asset MUFG Union Bank. The deal, which is expected to close in the first half of 2022, priced MUFG Union Bank at 130% of its tangible book

MUFG Union Bank has entered into a consent order with the Office of the Comptroller of the Currency.MUFG Americas Holding, the $133 billion-asset bank’s parent company, disclosed in a regulatory filing Monday that the Sept. 20 order is tied to “deficiencies in Union Bank’s technology and operational risk management.” MUFG Americas is part of Japan's Mitsubishi UFJ Financial Group. A recent report from Bloomberg News said that Mitsubishi UFJ Financial Group

Alerus Financial in Grand Forks, N.D., will have a new CEO in 2022. The $3.2 billion-asset company said in a press release Monday that Katie Lorenson, its chief financial officer, will also become president on Jan. 1. She will also join the board. Lorenson will succeed Randy Newman, who will transition to the role of executive chairman.“Katie is a proven leader and seasoned executive with a deep understanding and passion for

Investors Bancorp in Short Hills, N.J., had “substantive negotiations” with another bank months before agreeing to be sold to Citizens Financial Group in Providence, R.I. The $27 billion-asset Investors agreed in July to sell to the $185 billion-asset Citizens for $3.5 billion. Investors, however, held discussions with another bank in its market in early 2019, and again from January to April in 2020, about a deal, according to a regulatory filing

The Federal Deposit Insurance Corp., which investment support from Truist Financial and Microsoft, is launching a fund supporting minority depository institutions and community development financial institutions.The agency said in a press release Thursday that the Mission-Driven Bank Fund has $120 million in initial commitments. Truist and Microsoft are leading the investment fund, while Discovery will join as a founding investor."Microsoft and Truist have answered the call to become anchor investors