Sens. John Hickenlooper, D-Colo., and Sens. Tim Scott, R-SC, have introduced a bill that would lift the moratorium on issuing new Small Business Lending Company licenses and allow fintechs to participate in the Small Business Administration’s 7(a) program.Fintechs were given their first access to SBA lending as part of the Paycheck Protection Program."Our bipartisan bill will modernize the SBA’s primary loan program to help underserved small businesses grow and thrive,”

Amalgamated Financial in New York has added a former banker to its board.The $6.6 billion-asset company said in a press release that Darrell Jackson is its newest director. Jackson is president and CEO of The Efficace Group, an executive coaching business.“We are thrilled to welcome Darrell as a valuable member of our team,” Lynne Fox, Amalgamated’s chairman, said in the release.“We firmly believe that his demonstrated expertise and leadership across

Triad Business Bank, a Greensboro, N.C. de novo that opened last year, has raised $15 million in new capital. The $267 million-asset bank said in a press release this week that it sold 1.5 million shares of stock on Aug. 3 for $10 each as part of an oversubscribed offering. A third of the shares were sold to the bank’s directors and executive officers. Triad Business Bank raised $51 million

Minnwest Bank in Redwood Falls, Minn., has agreed to buy Roundbank in Waseca, Minn.The $2.4 billion-asset Minnwest said in a press release that it expects to complete the purchase of the $385 million-asset Roundbank by the end of this year. The bank did not disclose the price it will pay.The proposed acquisition “represents an exciting opportunity for Minnwest to expand its geographic footprint and customer reach,” Doug Karsky, Minnwest’s president

GreenSky in Atlanta said plans by Truist Financial in Charlotte, N.C., to end a loan origination agreement will not have a material impact on its profitability.The point-of-sale lender disclosed in a regulatory filing Wednesday that it had received notice from the $522 billion-asset Truist a day earlier that the regional bank would terminate the agreement. The termination will be effective on Nov. 9.Truist announced on Tuesday that it plans to

Royal Credit Union in Eau Claire, Wis., has agreed to buy Lake Area Bank in Lindstrom, Minn.The $3.7 billion-asset credit union said in a press release Thursday that it expects to close the deal for the $500 million-asset Lake Area in the first quarter of 2022. Royal did not disclose the price it will pay. “Royal is excited for the opportunity to bring our value proposition and commitment to making

Orion Federal Credit Union in Memphis, Tenn., has agreed to buy Financial Federal Bank in Memphis.The $1 billion-asset credit union said in a press release Wednesday that it will pay cash for the $751 million-asset Financial Federal. Orion did not disclose the price it will pay.“This transaction positions Orion to be a fierce competitor in the southeastern region in both the commercial and consumer banking spaces,” Andre Fowlkes, Orion’s chairman,

Provident Bancorp in Amesbury, Mass., has set an ambitious goal for its dealings in crypto-related businesses.The $1.6 billion-asset company disclosed in a recent presentation that it plans to bring in more than $1 million in fee income next year from cash vault services for Bitcoin ATMs, also known as BTMs. Provident also shared in the presentation that it had about $95 million in crypto-related deposits on June 30, or nearly