Simmons First in Pine Bluff, Ark., has agreed to buy Spirit of Texas Bancshares in Conroe.The $23.2 billion-asset Simmons said in a press release Friday that it will pay $581 million in cash and stock for the $3.2 billion-asset Spirit. The deal is expected to close in the second quarter. Spirit has 37 branches, $2.3 billion of loans and $2.7 billion of deposits. “Spirit is a highly regarded, high-performing bank with

Federal Savings Bank in Chicago has been ordered to address its risk management, consumer compliance and anti-money laundering protocols. The Oct. 29 formal agreement with the Office of the Comptroller of the Currency came three months after Stephen Calk, the $815 million-asset bank’s former CEO, was convicted of bribery tied to loans made to Paul Manafort.The bank, now led by John Calk, Calk’s brother, must form a compliance committee comprised mostly

Third Coast Bancshares in Humble, Texas, has raised $100.6 million from its initial public offering. The $2 billion-asset company said in a press release Wednesday that it sold more than 4 million shares, including an overallotment of 525,000 shares, as part of the IPO. The shares were sold at $25 a share. The company said in October that net proceeds could be used to support organic growth and other purposes that

SmartFinancial in Knoxville, Tenn., has hired a team of wealth management professionals in Mobile, Ala.The $4.4 billion-asset company said in a press release Wednesday that the six-member team, hired from BBVA Compass Investment Solutions, will operate as part of SmartBank Investment Services.The team is being led by Thomas Montz, Amanda Montz and Nathan Novotny. SmartFinancial said the group has been responsible for more than $350 million in assets under management. 

Oportun in San Carlos, Calif., has agreed to buy neobank Digit. Oportun said in a press release Tuesday that it will pay $212.9 million in cash and equity for Digit in a move designed to expand its A.I. and digital capabilities. The deal is expected to close by early next year. Oportun said it had obtained a commitment to finance the cash consideration, noting that Jefferies had provided the financing commitment. The

U.S. Bancorp in Minneapolis has agreed to buy TravelBank, a San Francisco fintech that focuses on expense reporting. TravelBank also helps employees and businesses automate processes, streamline approvals and reporting, and ensure compliance with company policies. The deal is expected to close in the fourth quarter. The $567 billion-asset U.S. Bancorp did not disclose the price it will pay."We are focused on giving businesses more confidence, control and convenience in managing payments

A group in Delafield, Wis., is looking to form a bank. Organizers of the proposed Virtue Bank applied on Friday with the Federal Deposit Insurance Corp. for deposit insurance. The bank would operate as a unit of Digital First Bancorp. "The bank is being established to serve the financial needs of the local communities in which it resides," the group said in its application. "Additionally, it is expected that the bank will

BM Technologies in Radnor, Pa., has agreed to buy First Sound Bank in Seattle.BM Technologies, spun off from Customers Bancorp earlier this year, said in a press release Monday that it will pay $23 million in cash for the $150 million-asset First Sound. The deal is expected to close in the first half of 2022. The combined company will operate as BMTX Bank. BM Technologies, once known as BankMobile, said it