Strategic Insights into Banking & Fintech

Cogent Bancorp in Florida raises $6.6M through private placement

Cogent Bancorp in Florida raises $6.6M through private placement

Cogent Bancorp in Orlando, Fla., has raised nearly $6.6 million. The parent of the $1.9 billion-asset Cogent Bank completed a private placement of common stock on Jan. 2, according to data compiled by Performance Trust Capital Partners. The data did not include the amount of stock sold, the pricing, or the investors.

January 6, 2025
KeyCorp sets up rewards pool for top execs after Scotiabank investment

KeyCorp sets up rewards pool for top execs after Scotiabank investment

KeyCorp in Cleveland granted five executives, including CEO Chris Gorman, a total of $16.7 million in performance-based equity awards that will vest in two years. The company disclosed in a regulatory filing that the executives will receive the awards if it meets capital requirements and earnings goals. Gorman would receive nearly $7.6 million in equity rewards if the bank hits its goals in 2025 and 2026. Clark Khayat, Key's chief

January 6, 2025
Peoples Savings in Ohio selects insider as its new CEO

Peoples Savings in Ohio selects insider as its new CEO

The Peoples Savings Bank in Urbana, Ohio, has a new CEO. The $159.8 million-asset bank said in a press release that Marsha Bumgardner had also become its president. Bumgardner, who was a senior vice president and has been at the bank since 1997, succeeded Brian Nicol.

January 6, 2025
Bogota in N.J. uses sale-leaseback to offset hit from securities sales

Bogota in N.J. uses sale-leaseback to offset hit from securities sales

Bogota Financial in Teaneck, N.J., used proceeds from a sale-leaseback transaction to offset the costs of selling underwater securities. The $979 million-asset company said in a press release that it sold three branches to Mountainseed Real Estate Services for a $9 million pretax gain. Bogota said it will cost $1 million to rent the branches during the first year. Bogota also realized an $8.9 million pretax loss after selling $66

January 6, 2025
Great Southern in Mississippi promotes CFO to lead bank

Great Southern in Mississippi promotes CFO to lead bank

Great Southern Bank in Meridian, Miss., has a new CEO. The $338 million-asset bank also named Steven Cooksey to serve as its president. Cooksey, who joined the bank in 2015, was chief financial officer and chief operating officer.

January 3, 2025
Amerant in Florida sells residential mortgage loans at $12.6 million loss

Amerant in Florida sells residential mortgage loans at $12.6 million loss

Amerant Bancorp in Coral Gables, Fla., sold a portfolio of mortgages at a $12.6 million loss. The company disclosed in a regulatory filing that it sold 323 investment property, residential mortgage loans to Temple View Capital Funding and TVC Funding VII for $58.9 million in cash. The loans had an outstanding principal balance of $71.4 million. The sales come on the heels of Amerant restructuring its securities portfolio and selling its

January 2, 2025
MVB in West Virginia to book $11.8M gain from sale-leaseback transaction

MVB in West Virginia to book $11.8M gain from sale-leaseback transaction

MVB Financial in Fairmont, W.Va., entered into a sale-leaseback transaction tied to four properties. The company disclosed in a regulatory filing that it sold the properties to Mountainseed Real Estate Services for $17.6 million, or a pretax gain of $11.8 million. MVB then signed a 15-year lease for the properties, with three five-year renewal options. The initial lease is $1.5 million for the first year, with 2% annual increases. MVB

January 2, 2025
Honesdale National in Pennsylvania promotes insider as new CEO

Honesdale National in Pennsylvania promotes insider as new CEO

Honesdale National Bank in Honesdale, Pa., has a new leader. The $1 billion-asset bank posted on its website that Kate Bryant had become its president and CEO. Bryant, who has worked at the bank for more than 20 years, succeeded Thomas Sheridan, who retired. She was the bank's CFO.

January 2, 2025