Strategic Insights into Banking & Fintech
FIS in Jacksonville, Fla., has acquired Amount, a Chicago fintech that provides deposit and loan origination software. FIS said in a press release that Amount's solutions simplify the online account opening experience for banks, lenders and credit unions. The price wasn't disclosed. "After years of successful partnership, we are thrilled to welcome Amount’s talented team and innovative capabilities to FIS,” Stephanie Ferris, FIS president and CEO, said in the release.
WaFd in Seattle has been freed from two consent orders from the Consumer Financial Protection Bureau. The company disclosed in a regulatory filing that its Washington Federal Bank has been released from two orders, issued in October 2013 and October 2020. The orders were tied to the bank's Home Mortgage Disclosure Act program.
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy 1st Colonial Bancorp in Mount Laurel, N.J. The $6.4 billion-asset Mid Penn said in a press release that it will pay $101 million in cash and stock for the $877 million-asset 1st Colonial. The deal, which is expected to close in the first or second quarter, priced 1st Colonial at 116% of its tangible book value. One 1st Colonial director
The Consumer Financial Protection Bureau terminated consent orders against Apple and U.S. Bancorp ahead of schedule. The CFPB terminated an October 2024 consent order with Apple that had alleged that the tech giant failed to send thousands of Apple Card consumer disputes to partner bank Goldman Sachs. The bureau said that Apple had paid its $25 million penalty, which it cited as the main reason to end the enforcement action
Ballston Spa Bancorp in Ballston Spa, N.Y., has agreed to buy NBC Bancorp in Coxsackie, N.Y. The $912 million-asset Ballston Spa said in a press release that it will pay $26 million in stock for the $400 million-asset NBC. The deal is expected to close in the second quarter. John Balli, NBC's president and CEO, will become president of the combined company. "The combined company will have a larger market
Prospect Bank in Paris, Ill., has a new CEO. The $698.1 million-asset Prospect said in a press release that Eric Volkmann also became its chairman. Jenelle Adams will succeed Volkmann as president on Jan. 1. She is an executive vice president at the bank.
Cooperative Bank of Cape Cod in Yarmouth Port, Mass., shortened its name. The $1.6 billion-asset bank rebranded as Cape & Coast Bank. “As Cape Cod has evolved, so too has the bank, adapting to meet the needs of all who live, work, and love this place,” Lisa Oliver, the bank's chair, president and CEO, said in a statement. “This new name and refreshed brand are a natural next step, honoring
Century Bancorp in Milledgeville, Ga., has agreed to buy Wrightsville Bancshares in Wrightsville, Ga. The deal is expected to close by early next year; the price wasn't disclosed. “This partnership is a natural fit,” Derek Williams, Century's president and CEO, said in the release. “The Bank of Wrightsville team has built lasting relationships through personal service, community involvement, and a commitment to doing what’s right for their customers. ... By coming
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