Bankwell in Conn. says $8.2M chargeoff will impact 3Q results
Bankwell Financial Group in New Canaan, Conn., said its third-quarter results will be hit by an $8.2 million charge-off. The $3.1 billion-asset company said in a regulatory filing that the charge-off is tied to a $13.7 million commercial real estate loan. The loan is secured by a Class A suburban New Jersey office park, where […]
Bravera Holdings to buy VISIONBank in North Dakota
Bravera Holdings in Dickinson, N.D., has agreed to buy VISIONBank in Fargo, N.D. The $3.2 billion-asset Bravera said in a press release that it plans to complete its purchase of the $266 million-asset VISIONBank later this year. The price wasn’t disclosed. VISIONBank will continue to operate under its current name. “This is a strategic move […]
Citadel FCU pledges $6.5M to address redlining claims
Citadel Federal Credit Union in Exton, Pa., agreed to pay about $6.5 million to address claims that it failed to provide mortgage lending services to majority Black and Hispanic neighborhoods in and around Philadelphia. The Department of Justice accused the $5.8 billion-asset credit union of redlining between 2017 and 2021. Citadel will provide $6 million […]
Home in Ark. set aside $16.7M to cover potential Helene-related loan losses
Home BancShares in Conway, Ark., added $16.7 million to its loan-loss allowance to cover potential losses from Hurricane Helene. The hurricane made landfall late last month. The specific loan-loss reserve was recorded in the third quarter. “Due to the widespread devastation of Helene, it will take time to get clarity from customers on damages incurred, […]
Territorial investor vows to vote against Hawaiian company’s sale
An investor in Territorial Bancorp has vowed to vote against the Honolulu company’s pending sale to Hope Bancorp in Los Angeles. Yakira Capital Management in Westport, Conn., which owns about 1.2% of the $2.2 billion-asset Terrotorial’s common stock, said in a press release that the company’s board “is not acting in the best financial interest […]
State Bank of Southern Utah selects insider as its CEO
State Bank of Southern Utah in Cedar City will have a new CEO in 2025. The $2.5 billion-asset bank said in a press release that Trevor Andersen will also become its president on Jan. 14. He is the bank’s chief lending officer. “Trevor has a visionary approach to leadership and is well-equipped to navigate the […]
Family Savings Credit Union to buy two Ala. branches from Merit Bank
Family Savings Credit Union in Rainbow City, Ala., has agreed to buy two branches from Merit Bank in Huntsville, Ala. The $1 billion-asset credit union did not disclose the price it will pay the $400 million-asset Merit. The deal is expected to close in the first half of 2025. The branches include $27 million in […]
MainStreet in Va. to report 3Q loss to address nonperforming loans
MainStreet Bancshares in Fairfax, Va., expects to report a third-quarter loss due to nonperforming loans. The $2.1 billion-asset company said in a press release that it would likely lose 4 cents a share in the quarter after charging off $1.9 million to successfully offload $21.8 million in nonperforming loans. The loans, originated between March 2020 […]
Georgia Banking to buy Primary Bancshares in Atlanta
Georgia Banking Co. in Atlanta has agreed to buy Primary Bancshares in Atlanta. The $2 billion-asset Georgia Banking said in a press release that it will pay $27 million in cash and stock for the parent of the $352 million-asset Georgia Primary Bank. The deal is expected to close in the first half of next […]
First Interstate in Montana hires banking vet Reuter as its CEO
Jim Reuter’s retirement didn’t last long. The $30.2 billion-asset First Interstate BancSystem in Billings, Mont., hired Reuter to become its president and CEO, effective Nov. 1. He will succeed Kevin Riley, who had announced plans to retire. Reuter retired as president and CEO of FirstBank Holding in March. “Having spent more than 37 years in […]
Hills Bancorp. in Iowa selects insider as next CEO
Hills Bancorp. in Hills, Iowa, will start next year with a new leader. The $4.3 billion-asset company said in a press release that Lisa Shileny will become its CEO on Jan. 1. Shileny, the bank’s president and chief operating officer, will succeed Dwight Seegmiller, who plans to fully retire in April. Seegmiller has led the […]
Isabella in Mich. discloses exposure from deposit, loan relationships
Isabella Bank Corp. in Mt. Pleasant, Mich., disclosed about $5.6 million in exposure to two customers. The $2.1 billion-asset company said in a regulatory filing that it had been exposed to a $1.6 million loss tied to a single customer with negative balances on deposit accounts. “The financial impact could be lower and will depend […]
LendingClub, Pagaya buy intellectual property created by now-defunct Tally
LendingClub in San Francisco and Pagaya Technologies in New York have partnered to buy the intellectual property behind the now-defunct Tally Technologies. Tally’s consumer solution let users link credit cards, automate card payments and adopt strategies to lower interest costs and avoid late fees. The company also created an embedded, white-label B2B credit card debt […]
HAPO Community Credit Union to buy Community First Bank in Wash.
HAPO Community Credit Union in Richland, Wash., has agreed to buy Community First Bank in Kennewick, Wash. The $2.3 billion-asset credit union said in a press release that it plans to buy the $632 million-asset Community First in the third quarter of 2025. The price wasn’t disclosed. HFG Trust, a unit of Community First, will […]
Grasshopper in NY to buy Auto Club Trust in Michigan
Grasshopper Bank in New York has agreed to buy Auto Club Trust in Dearborn, Mich. The $835 million-asset Grasshopper said in a press release that it will raise about $35 million in conjunction with the acquisition. The deal is expected to close in the first half of next year. The price wasn’t disclosed. The $485 […]
Stryv Bank in Kansas promotes insider as next president
Stryv Bank in Wichita, Kan., has a new president. The $236 million-asset bank said in a press release that Zach Weast succeeded Cuy Mauck, who remains CEO. Weast, who joined Stryv in 2018, was the bank’s executive vice president, according to his LinkedIn profile. Stryv was created in September 2021 when Chisholm Trail State Bank […]
Mass. mutuals River Run Bancorp, Rollstone Bancorp to merge
River Run Bancorp in Newburyport, Mass., is planning to merge with Rollstone Bancorp in Fitchburg, Mass. The $2.6 billion-asset River Run said in a press release it plans to absorb the $900 million-asset Rollstone in the first half of next year. The mutuals did not disclose the merger’s terms. “As community banks face challenges that […]
How Bank Director’s AOBA conference spurred big bank merger
Discussions between WesBanco in Wheeling, W.Va., and Premier Financial in Defiance, Ohio seemingly began at the Acquire or Be Acquired conference hosted by Bank Director. The $18.1 billion-asset WesBanco agreed in July to buy the $8.8 billion-asset Premier for $959 million in a deal expected to close in the first quarter. Talks began on Jan. […]
NASB Financial in Mo. lines up new CEO for 2025
NASB Financial in Kansas City, Mo., will have a new leader in 2025. The parent of the $2.8 billion-asset North American Savings Bank said in a press release that Tom Wagers will retire in January. He will be succeeded by Enrique Venegas, who was recently promoted to serve as president. Wagers will remain on the […]
Georgia grants Fiserv special charter to handle card transactions
The Georgia Department of Banking and Finance approved Fiserv’s application for a special banking charter that gives it direct access to card networks. The Brookfield, Wis., payments company, by obtaining the merchant acquirer limited purpose bank charter, no longer needs to partner with banks to process credit card transactions. The charter gives Fiserv the right […]
Territorial in Hawaii delays investor vole on sale to Hope Bancorp
Territorial Bancorp in Honolulu, which is facing pressure from an unsolicited offer, has postponed a shareholder vote for its pending sale to Hope Bancorp in Los Angeles. The $2.2 billion-asset company said in a press release that it will move the meeting from Oct. 10 to Nov. 6 to give its board and management time […]
Education First FCU removes ‘interim’ from CEO’s title
Education First Federal Credit Union in Beaumont, Texas, has a new CEO. Urjit Patel announced on his LinkedIn account that he had also become president of the $tk billion-asset credit union. Patel, who had been acting president and CEO, previously served as the credit union’s chief operating officer.
OneAZ-1st Bank of Yuma sets annual record for credit union-bank mergers
OneAZ Credit Union in Phoenix has agreed to buy 1st Bank of Yuma in Arizona. The $3.6 billion-asset credit union said in a press release that it will by substantially all of the $600 million-asset bank’s assets and liabilities from Western Arizona Bancorp in a cash transaction. The price wasn’t disclosed. The deal is expected […]
Coastal in Wash. hires fintech vet to run BaaS division
Coastal Financial in Everett, Wash., has a new president for its fintech and Banking-as-a-Service division. The $4 billion-asset company said in a press release that it bifurcated the bank president role by appointing Brian Hamilton, a Coastal director, to lead CCBX. Curt Queyrouze, president of the company and the bank, will serve as president of […]
CU WealthNext invests in fractional real estate investing platform Concreit
CU WealthNext, a credit union-owned fintech, has invested in Concreit, a fractional real estate investing platform. CU WealthNext, which did not disclose the size of its investment, said in a press release that Concreit is preparing to pilot its platform with credit unions. The investment “is a key milestone in our journey to deliver affordable, […]