Blue Ridge, FVCBankcorp in Va. call off merger
Blue Ridge Bankshares in Charlottesville, Va., and FVCBankcorp in Fairfax, Va., no longer plan to merge.The $3.2 billion-asset Blue Ridge and the $2 billion-asset FVCB said in a press release Thursday that they had agreed to terminate the all-stock deal. Each company will bear its own costs and expenses in connection with the terminated transaction. No termination fees will be paid. “Our boards of directors mutually concluded after careful consideration that it
Famers and Merchants in Md. to begin CEO search
Farmers and Merchants Bancshares in Hampstead, Md., is looking for its next CEO. The $716 million-asset company said in a press release Thursday that James Bosley Jr. will also retire as president and the end of this year. Bosley, 60, joined the bank in 1983 and has been its president and CEO since 1995.Bosley will remain on the board until his term ends in 2024. Bosley “has helped to build the company
Synovus on track with cost cutting, revenue goal
Synovus Financial in Columbus, Ga., said it feels comfortable with its ability to achieve the $175 million in expense cuts and added revenue from its current efficiency effort. The $57 billion-asset company said in a press release Thursday that the Synovus Forward program reduced annual expenses by $55 million and added $55 million in revenue in 2021. The progress puts Synovus on pace to meet its overall goal by the end of
Fifth Third to buy solar energy lender POS lender
Fifth Third Bancorp in Cincinnati is making a move in point-of-sale lending with an agreement to buy Dividend Finance in San Francisco. The $211 billion-asset Fifth Third said in a press release Wednesday that it expects to acquire the home-improvement fintech in the second quarter. The price was not disclosed. Dividend Finance, founded in 2013 and majority owned by LL Funds, focuses on sustainable energy solutions. About 80% of its originations are
Bank First in Wis. to bolster ag lending with bank deal
Bank First in Manitowoc, Wis., has agreed to buy Denmark Bancshares in Denmark, Wis. The $2.9 billion-asset Bank First said in a press release Wednesday that it will pay $119.5 million in cash and stock for the $688 million-asset parent of Denmark State Bank. The deal, which is expected to close in the third quarter, priced Denmark as 175% of its tangible book value. Denmark has seven branches, $479.4 million of
Florida group applies to open de novo bank
A group in Florida is looking to form a de novo bank. Organizers of Evermore Bank in Fort Lauderdale applied on Tuesday with the Federal Deposit Insurance Corp. for deposit insurance. The group plans to raise $26 million to $45 million of initial capital, according to the application. Organizers intend to open a second branch in Wellington, Fla., during the first quarter of the bank's first year of operations.The goal is for
Signature in N.Y. to raise $739M of new capital
Signature Bank in New York is set to raise about $739 million of offensive capital.The $118 billion-asset bank said in a regulatory filing Tuesday that it will sell 2.1 million shares of common stock at $352 each. The underwriters can sell another 315,000 shares if there is demand. The bank said it plans to use the proceeds for general corporate purposes. Goldman Sachs, Morgan Stanley and Jefferies were the bookrunners in the
FDIC’s chief innovation officer to resign
The first chief innovation officer at the Federal Deposit Insurance Corp. is resigning. Sultan Meghji disclosed in a tweet Tuesday that he will step down on Feb. 18. “Being the first chief innovation officer of this agency has been a tremendous honor,” he said in the tweet. “It was a dream to be able to bring my experience to help ensure the safety and soundness of the American banking system,” he added.