Organizers of the proposed VALT Bank have received conditional approval from the Office of the Comptroller of the Currency. The group must raise $25 million before opening its national trust bank. VALT must maintain a 9% tier 1 leverage ratio for its first three years. The group, consisting of U.S. Bancorp veterans, applied to regulators in November. The proposed bank, which would be fully digital, aims to serve "digitally demanding"

Velera, a large payments-oriented credit union service organization, has a new leader lined up. The Tampa, Fla., CUSO said in a press release that Brian Caldarelli will become president and CEO when Chuck Fagan retires on Sept. 30. Fagan has led the group since the January 2024 combination of PSCU and Co-op Solutions. Caldarelli has been Velera’s chief administrative officer. “With our strong foundation, strategic focus on next-generation capabilities, and

Spade, a fintech that leverages data and AI to improve how financial institutions use transaction data, raised $40 million in Series B funding. The fintech said in a press release that the round was led by Oak HC/FT with participation by Andreessen Horowitz, Flourish, Gradient, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator. Spade, founded in 2021, said it will use the new funding to add more

Organizers have submitted applications to open banks in Florida and Utah. A group in Coral Gables, Fla., applied to create Tidestone Bank. The application wasn't immediately available, but a public notice submitted in conjunction with the application lists eight founders: Fernando Monasterio, Ernesto Monasterio, Osvaldo Monasterio, Carlos Krutzfeldt, Louis Ferreira, Christopher Avila, Alba Prestamo and Ronald Gutierrez. The Monasterios and Krutzfeldt were part of a group that tried to buy

Profile Bank in Rochester, N.H., has a new leader. Kevin Miller posted on LinkedIn that he was named president and CEO of the $314 million-asset bank. "What an honor it is for me to lead such an accomplished group of banking professionals," Miller wrote. "I am so excited to see everything that our tremendous team will accomplish in the coming days, months and years!" Miller was chief operating officer and

Fifth Third Bancorp in Cincinnati will invest $3 million in Clearinghouse CDFI in Lake Forest, Calif. Clearinghouse CDFI said in a press release that proceeds from the Class A equity investment will help it make more loans for projects that could include multifamily affordable housing, commercial real estate, small businesses, and community facilities. The investment "represents a significant commitment and launches a strong community partnership," Douglas J. Bystry, Clearinghouse CDFI's

VersaBank in Canada has agreed to sell its branch in Holdingford, Minn., to Stearns Bank. The Office of the Comptroller of the Currency has already approved the sale. VersaBank obtained the bank when it bought Stearns Bank Holdingford in 2024. The sale is expected to close in the second quarter. The price wasn't disclosed. The branch has $101.7 million of deposits in mid-2025, based on data from the Federal Deposit

Eagle Bancorp in Bethesda, Md., is facing a board challenge from an activist investor. Diligence Capital Management said it plans to nominate three directors to run for seats at Eagle's upcoming annual meeting. Diligence was founded by James Abbott, who recently oversaw investor relations at Zions Bancorp. Diligence also wants the board to make swift governance and strategic changes and quickly complete its CEO succession process. Abbott wants the new