An investor group led by one of Martin Luther King Jr.’s children and a former Trump Administration official has bought and rebranded Holladay Bank and Trust in Salt Lake City. Redemption Bank was created when the group acquired the $65 million-asset Holladay. The $68 bank is now a minority depository institution (MDI). Ashley Bell, a former White House policy advisor and Small Business Administration regional administrator, is the executive chairman

Hoyne Bancorp in Oak Park, Ill., plans to raise up to $77 million by converting Hoyne Savings MHC from a mutual to a stock holding company. The $467 million-asset company said in a regulatory filing that it plans to sell 5.1 million to 6.9 million shares of common stock. The offering could go up to 7.9 million shares if there is enough demand. Hoyne plans to invest half of the

Hope Bancorp in Los Angeles sold underwater securities at a $40 million pretax net loss. The company disclosed in a regulatory filing that it sold securities with a fair value of $422 million. Net proceeds from the sale were used to buy higher-yielding securities and collateralized loan obligations. The repositioning should increase Hope’s interest income by about $12 million annually. It should take the company about three years to earn

Byline Bancorp in Chicago bought back more than 418,000 shares of its stock in conjunction with a secondary offering. The company said in a press release that the estate of Daniel Goodwin and Equity Shares Investors, an affiliate of the estate, sold nearly 4.3 million shares as part of the offering. The sellers sold the shares for about $106 million. Byline did not sell any stock and it not receive

Commerce Bancshares in Kansas City, Mo., has agreed to buy FineMark Holdings in Fort Myers, Fla. The $32.4 billion-asset Commerce said in a press release that it will pay $585 million in stock for the $4 billion-asset parent of FineMark National Bank & Trust. The deal, which is expected to close on Jan. 1, priced FineMark at 153% of its tangible book value. FineMark, founded in 2007, has 13 branches

National Bank of Blacksburg in Virginia will soon have a new CEO. The $1.8 billion-asset unit of National Bankshares said in a press release that Lara Ramsey will also become its president on July 1. Ramsey, who is chief operating officer, will succeed F. Brad Denardo, who remains chairman.

Vine Financial in Austin, Texas, has secured seed funding and created a board of directors. The fintech, which uses AI tools to make commercial lending faster, more accurate, and more auditable, did not disclose how much money it raised. The funding will fuel Vine’s growth and expand its ability to provide an alternative to traditional spreadsheets and legacy systems. The company will also expand the platform’s capabilities to improve how

GrailPay, a risk and data platform for bank payments, raised $6.7 million in funding. The fintech said in a press release that the funding round was led by Construct Capital and included Commerce Ventures, Broadhaven Ventures, Soma Capital, and Grasshopper Bank. The company's initial funding round was led by Noemis Ventures. GrailPay is pioneering a modern intelligence platform designed to detect and prevent risk across the ACH lifecycle, before transactions