Community Bank Owatonna in Minnesota appoints new CEO
Community Bank Owatonna in Minnesota has a new CEO. The $98.4 million-asset bank said that Derek Skala had also become its president. Skala was vice president of credit, risk and business development at Central Farm Service. Skala “has built his banking career through progressive leadership roles with experience in credit administration and relationship management, along […]
Proposed Bank of St. George to have single financial backer
Bruce Jensen is again looking to lead a de novo bank in Utah. Jensen is the proposed CEO of Bank of St. George, which recently applied to the Federal Deposit Insurance Corp. He was also set to lead a bank with the same name that received conditional FDIC approval in 2019 but ultimately did not […]
Quaint Oak in Pa. freed from BSA-related consent orders
Quaint Oak Bancorp in Southampton, Pa., has been freed from May 2025 enforcement actions. The company disclosed in a regulatory filing that its bank was released from consent orders from the Federal Deposit Insurance Corp. and the state of Pennsylvania. The orders were tied to the bank’s compliance with the Bank Secrecy Act and followed […]
Longhorn Medical Holdings seeks BHC to buy Robert Lee State Bank
Longhorn Medical Holdings in Tyler, Texas, has applied to become a bank holding company so it can buy Robert Lee Bancshares in Robert Lee, Texas. Longhorn plans to form Ranger Bank to absorb the $44 million-asset Robert Lee State Bank. The price wasn’t disclosed. Commerce Street Capital advised the buyer.
Iowa Trust appoints top credit exec as next CEO
Iowa Trust & Savings Bank in Emmetsburg has a new leader lined up. The $523 million-asset bank said that Scott Menke will become CEO on April 21. Menke, who is the bank’s chief credit officer, will succeed Kris Ausborn, who is retiring.
Houston group applies to form de novo Alba Bank
A group in Houston is planning to open a new bank. Organizers on March 31 applied to the Federal Deposit Insurance Corp. for deposit insurance for the proposed Alba Bank. The application wasn’t immediately available. A legal notice tied to the application lists five organizers: George Martinez, Richard Figueroa, William Woodby, Gregg Reyes and Thomas Reiser. […]
Bolivian banking family behind push for South Florida de novo
The group looking to form Tidestone Bank in Coral Gables, Fla., already have banking chops. Organizers include members of the Monasterio family, who own Banco Ganadero in Bolivia, and Lou Ferreira, a former national bank examiner. Ferreira, set to become president and CEO, was previously brought in to remediate issues at Eastern National Bank in Miami, which […]
Pinnacle in Ga. rebrands at Vallant as part of Morris State acquisition
Pinnacle Financial in Elberton, Ga., rebranded after it acquired Morris State Bancshares in Dublin, Ga. The $4 billion-asset Pinnacle became Vallant Financial just before the deal closing. The combined bank was legally rebranded as Vallant Bank, though the predecessor brands will remain in place until the systems conversion later this quarter.
FedFis founder Dave Mayo dies
Dave Mayo, who founded FedFis and Bankers Helping Bankers, has died. FedFis announced Mayo’s passing via a LinkedIn post. “Dave may no longer be with us, but his spirit lives on in the community he built,” the post said. “Every time you share a memory and tag Bankers Helping Bankers, you’re keeping that spirit alive […]
Hope in California to gain low-cost deposits from SMBC MANUBANK deal
Hope Bancorp in Los Angeles has agreed to buy the commercial banking unit of SMBC MANUBANK. The $18.5 billion-asset Hope said in a press release that it will enter into a collaboration and partnership agreement with Sumitomo Mitsui Banking Corp. to provide commercial and consumer banking services to SMBC’s Japanese midsize business and retail customers. […]
Edgar County Banc Shares to buy Preferred Bancorp in Illinois
Edgar County Banc Shares in Paris, Ill., has agreed to buy Preferred Bancorp in Casey, Ill. Edgar County, the parent of the $676 million-asset Prospect Bank, said in an announcement that it plans to buy the holding company for the $73.3 million-asset Preferred Bank later this year. The price wasn’t disclosed. Preferred Bank President Kenneth […]
Cross River Bank in New Jersey raises $50 million
CRB Group in Fort Lee, N.J., has raised $50 million to fuel growth initiatives at Cross River Bank. The company said in a press release that the funding round included existing investors, including accounts advised by T. Rowe Price Investment Management. “We’re proud to announce that T. Rowe Price deepened its investment in Cross River,” […]
Intercredit Bank in Miami moves to digital-only model
Intercredit Bank in Miami plans to close its branches and shift to a digital-only strategy using its Pibank brand. Pibank, launched in the United States in 2024, has more than $2 billion of assets. The move to a branchless, cashless, digital-first model should be completed by this summer. “The transition to a fully digital model […]
Eagle in Md. invalidates activist’s board nominees, proposes new director
Eagle Bancorp in Bethesda, Md., tossed out three board nominees proposed by activist investor Diligence Capital Management. The company disclosed in a regulatory filing that it invalidated the nominees, along with four shareholder proposals from Diligence, because the investor’s notice failed to comply with its amended bylaws. Eagle also said that Diligence was not a […]
North Salem State applies to buy stake in Tri-County Bancorp in Indiana
North Salem State Bancorp in North Salem, Ind., is proposing to buy a minority stake in Tri-County Bancorp in Roachdale, Ind. North Salem is proposing to acquire a 13.08% stake in the $295.7 million-asset Tri-County. The pricing wasn’t disclosed. Tri-County has $204.3 million in loans.
Fidelity in N.C. to expand in Georgia with Affinity acquisition
Fidelity BancShares in Fuquay-Varina, N.C., has agreed to buy Affinity Bancshares in Covington, Ga. The $4.6 billion-asset Fidelity said in a press release that it will pay $142.8 million in cash for the $882 million-asset Affinity. The deal is expected to close in the third quarter. “The acquisition “brings together two community‑focused organizations that share […]
Carter Bankshares in Va. unloads loans tied to Sen. Jim Justice
Carter Bankshares in Martinsville, Va., has severed ties with its biggest and most problematic business relationships. The $4.9 billion-asset company disclosed in a regulatory filing that it sold a batch of nonperforming loans connected to Sen. Jim Justice (R-W.Va.) and his family. Carter said it sold loans with an aggregate principal amount of roughly $209.5 […]
Heritage Bank in Minnesota taps COO to become new leader
Heritage Bank in Willmar, Minn., has a new leader. The bank said that Robert Mathiasen will become its CEO on April 1. Mathiasen, who is chief operating officer, will succeed Tom Geiger, who will remain chairman. “I am deeply honored to carry forward the Geiger family’s philosophy of banking,” Mathiasen said in a press release. […]
Riverview in Washington sells lower-yielding securities
Riverview Bancorp in Vancouver, Wash., sells a large batch of securities. The $1.5 billion-asset company said in a press release that it sold $149.3 million in lower-yielding investment securities at an estimated pretax loss of $11.4 million. The move happened after Riverview reclassified all of its bonds as available-for-sale. Riverview said it expects to reinvest […]
Plaid buys This Week in Fintech media platform
Plaid bought media platform This Week in Fintech. Plaid announced the acquisition in a LinkedIn post. The price wasn’t disclosed. “We are huge fans of what TWIF has evolved into, and plan to help it grow with more resources, more formats, and more ways for the community to connect — all while preserving the editorial […]
Proposed digital bank VALT secures conditional OCC approval
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 […]
Payments CUSO Valera sets date for CEO succession
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 […]
Organizers apply to form de novo banks in Florida, Utah
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 […]
Profile Bank in N.H. taps insider as next CEO
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 […]
Fifth Third to invest $3M in Clearinghouse CDFI
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 […]