Apollo Bank in Miami, which tried unsuccessfully to sell itself to a credit union, has formed a residential lending division. The $850 million-asset bank’s new mortgage operation will focus on high-net-worth individuals in Southern Florida, according to the South Florida Business Journal. The move creates a dedicated group to build on Apollo’s existing mortgage lending capabilities. Apollo hired Agustin Goytisolo to lead the division. The bank plans to hire five

Fentura Financial in Fenton, Mich., has agreed to buy Farmers State Bank in Munith, Mich.The $1.3 billion-asset Fentura said in a press release last week that it will pay $15.5 million in cash for the $104 million-asset Farmers State. The deal, which is expected to close in the fourth quarter, priced Farmers State at 176% of its tangible book value. Fentura said the deal should be 12% to 14% accretive

JPMorgan Chase has agreed to buy OpenInvest, a San Francisco fintech that helps financial professionals customize and report on values-based investments.OpenInvest will retain its brand and be integrated into J.P. Morgan's Private Bank and Wealth Management client offerings. The $3.7 trillion-asset JPMorgan did not disclose the price it will pay. The deal is expected to close in the third quarter.OpenInvest was founded in 2015."Clients are increasingly focused on understanding the

Dime Community Bancshares in Hauppauge, N.Y., has sold a block of Paycheck Protection Program loans to The Loan Source.The $13 billion-asset company said in a press release Monday that it sold more than $585 million of 2021 PPP originations, adding that it expects to report a pretax gain of roughly $20.5 million in the second quarter.Dime said its tangible common equity ratio should increase by about 45 basis points. Its

Amerant Bancorp in Coral Gables, Fla., has invested $2.5 million in a robo adviser.Marstone in New York said it raised $5 million in the latest phase of Series A financing. The company has now raised a total of $20 million, with the first close taking place in May 2020. The $7.8 billion-asset Amerant accounted for half of the funds invested in the latest phase, Marstone said in a Monday press release.

Rita Lowman, whose bank is being sold to a credit union, has resigned from the board of the American Bankers Association.Lowman is president of Pilot Bank in Tampa, Fla., which announced plans earlier this month to sell to Lake Michigan Credit Union in Grand Rapids, Mich. Her resignation was first reported by the Tampa Bay Business Journal.Lowman, who had joined the ABA's board this year, was set to chair the

TS Banking Group in Treynor, Iowa, has agreed to buy State Bank of Arcadia in Wisconsin.The $1.5 billion-asset TS Banking said in a press release Wednesday that the $210 million-asset State Bank will be merged into its First National Bank and Trust. The deal is expected to close in the third quarter.TS Banking did not disclose how much it will pay B&E Investments for the bank.Kevin Manley, State Bank's president

A Chicago company that provides AI solutions for lenders is looking to form a digital-only bank.Organizers of the proposed Beta Bank submitted an application on Monday with the Federal Deposit Insurance Corp. for deposit insurance. The bank would operate as a subsidiary of Beta Financial Services, according to the application. Beta Financial plans to apply with the Federal Reserve to become a bank holding company.Beta Bank would focus on small and midsize businesses,