Strategic Insights into Banking & Fintech

Essex Mortgage seeks bank charter in Texas

Essex Mortgage seeks bank charter in Texas

Essex Mortgage is seeking a bank charter. The business, legally known as Data Mortgage, applied with the Federal Deposit Insurance Corp. and the Texas Department of Banking to open Bank Elevated in Frisco. The applications were not immediately available.

September 1, 2026
BayFirst in Florida looks to raise $14M via rights offering

BayFirst in Florida looks to raise $14M via rights offering

BayFirst Financial in St. Petersburg, Fla., plans to raise up to $14.4 million through a rights offering. The $1.1 billion-asset company said in a press release that it plans to sell about 4.1 million shares of common stock to existing shareholders at $3.50 a share. “We are excited for the next step in the recapitalization of the Company,” Scott McKim, BayFirst's chief financial officer, said in the release. “The prospectus

September 1, 2026
Farmers & Merchants in Calif. restructures balance sheet

Farmers & Merchants in Calif. restructures balance sheet

Farmers & Merchants Bank of Long Beach in California expects to report a net loss in the third quarter after restructuring its balance sheet. The bank said in a press release that it sold about $1 billion of low-yielding municipal bonds at a pretax loss of about $85 million. A portion of the proceeds were used to pay down higher-yielding debt to improve funding costs. The remaining proceeds will provide

August 31, 2026
Security National in Iowa lines up next CEO

Security National in Iowa lines up next CEO

Security National in Sioux City, Iowa, has a new leader lined up. The company said in a press release that Jeremy Craighead will become chairman, president, and CEO when D. Douglas Rice retires on Sept. 1. Rice will remain on the company's board. Craighead is president of Security National Bank. "We are well positioned for the future," Rice said in a statement. "Our success has always been driven by the

August 28, 2026
Luminate Bank in Minn. to buy mortgage operation

Luminate Bank in Minn. to buy mortgage operation

Luminate Bank in Falcon Heights, Minn., has agreed to buy First State Mortgage Services. The $554 million-asset Luminate said in a press release that it will buy assets from the business and will retain members of its team. The price wasn't disclosed. "This is an important step forward for Luminate Bank and a powerful combination of two organizations that share the same fundamental values," Eric Lovins, Luminate's president of Mortgage

August 28, 2026
Mutual Federal in Chicago plans second-step conversion

Mutual Federal in Chicago plans second-step conversion

Mutual Federal Bancorp in Chicago is planning a second-step conversion to a fully stock-owned holding company. The parent of Mutual Federal Bank said in a press release that its mutual holding company currently owns about 77% of its outstanding common stock. The proposed conversion is expected to take place in the first quarter. Vedder Price is legal counsel, while Performance Trust Capital Partners is the selling agent.

August 28, 2026
Home Federal in Tennessee promoting insider as next CEO

Home Federal in Tennessee promoting insider as next CEO

Home Federal Bank in Knoxville, Tenn., will start 2027 with a new leader. The bank said in a press release that Jonathan Mayfield will become its CEO when David Reynolds retires in December. Reynolds will remain chairman. Mayfield will remain president, a role he has held since 2025. “Jonathan brings a unique perspective on servant leadership, combined with a clear vision for leading the bank forward through rapid industry change,”

August 27, 2026
First Financial in Indiana to buy First Illinois in $111 million deal

First Financial in Indiana to buy First Illinois in $111 million deal

First Financial in Terre Haute, Ind., has agreed to buy First Illinois Corp. in Decatur. The $6.2 billion-asset First Financial said in a press release that it will pay $111.3 million in cash and stock for the parent of the $717 million-asset Hickory Point Bank. The deal, which is expected to close in the fourth quarter, priced First Illinois at 135% of its tangible book value. Hickory Point has eight

August 27, 2026