Prosperity exec joins board of software firm inbanx
Inbanx, an Austin, Texas, software company focused on digital payments and business budgeting, has added a banker to its board. Ken Burgess, a regional president at Prosperity Bank in Houston, announced his appointment on his LinkedIn page. Burgess was chairman and CEO of FirstCapital Bank of Texas when it sold to Prosperity earlier this year.
Shinhan Bank America pays fines for BSA violations
The Financial Crimes Enforcement Network assessed a $15 million civil money penalty against Shinhan Bank America in New York for willful violations of the Bank Secrecy Act. Fincen said in a press release that the $1.8 billion-asset bank’s payment will also cover a $5 million penalty from the Federal Deposit Insurance Corp. The New York […]
Tompkins in NY repositions securities holdings
Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss. The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%. Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield […]
Former CFPB director to lead Florida Bankers Association
The Florida Bankers Association has hired a former director of the Consumer Financial Protection Bureau as its new CEO. Alex Sanchez, who is retiring as the association’s leader, wrote in a LinkedIn post that Kathy Kraninger will be his successor. “The FBA team is a family,” Sanchez wrote. “While this member of the family will […]
RBB Bancorp, Gateway Bank terminate merger
RBB Bancorp in Los Angeles and Gateway Bank in Oakland, Calif., have terminated their planned merger. The $4.1 billion-asset RBB agreed to buy the $185.6 million-asset Gateway in December 2021 for $22.9 million. The deal was meant to give RBB an entry point into the San Francisco market. Since then, RBB has changed […]
Univest in Pa. to combine chairman, CEO roles
Univest Financial in Souderton, Pa., plans to combine its chairman and CEO positions. The $7.6 billion-asset company disclosed in a regulatory filing that Jeffrey Schweitzer, its president and CEO, will become its chairman on Jan. 1. He is currently vice chairman. Schweitzer, who joined Univest in 2007, has led the company since January 2014. The […]
Touchstone in Va. eliminates jobs in cost-cutting effort
Touchstone Bankshares in Prince George, Va., laid off an undisclosed number of employees. The parent of the $644 million-asset bank said the job cuts should lower annual expenses by roughly $1 million. The restructuring is expected to lower third-quarter earnings by about $200,000; savings should kick in the following quarter. “We are continuing to implement […]
Fed looks inward in review of Silicon Valley Bank failure
Federal Reserve examiners should have stepped up their oversight of Silicon Valley Bank prior to its March failure, according to the central bank’s post-mortem of the California bank’s collapse. The “supervisory approach for SVB did not evolve with SVB’s growth and increased complexity,” the Fed’s Office of the Inspector General said in its report. Examiner […]
Camino Financial to buy online lender Fundation
Camino Financial in Los Angeles has agreed to buy Fundation in Reston, Va., in a merger of online small business lenders. The deal is being led by private equity firm LL Funds, with further funding from BankUnited and Community Investment Management. They are providing $250 million of equity and debt. Fundation has a focus on […]
Republic First reaches truces with vocal activist investor group
Republic First Bancorp in Philadelphia has reached a truce with an activist investor by involving them in a planned capital raise and reconstituting its board. The $6.2 billion-asset Republic said in a press release that George Norcross III, Gregory Braca and Philip Norcross will invest $35 million in the company. Republic will raise at least […]
Peoples Financial to buy FNCB Bancorp in Pennsylvania
Peoples Financial Services in Scranton, Pa., has agreed to buy FNCB Bancorp in Dunmore, Pa. The $3.7 billion-asset Peoples said in a press release that it will buy the $1.9 billion-asset FNCB for $129 million in stock. The deal is expected to close in the first half of 2024. Peoples will remain headquartered in Scranton, […]
Carver in New York facing hostile takeover bid
Carver Bancorp in New York, one of the nation’s biggest black-run banks, is facing a hostile takeover. Dream Chasers Capital Group, which owns a 5.5% stake in the $712 million-asset Carver, said in a press release that it had offered to boost its stake to 35%. The investor offered $3 a share, a 39% premium […]
Former MBNA, Allfirst exec Frank Bramble dies
Former MBNA executive Frank Bramble has died. Bramble, who was executive vice chairman of the monoline credit card company when it was sold to Bank of America in 2006, had a heart attack, according to the Baltimore Sun. He was 75. Bramble was still serving as a director at Bank of America, a post he […]
Washington Trust in RI settles DoJ fair lending case
Washington Trust Bancorp in Westerly, R.I., has reached a settlement with the Justice Department over claims its bank violated fair lending laws. The $7 billion-asset company said in a press release that the settlement addressed violations that allegedly took place between 2016 and 2021. Washington Trust denied the allegations, stating that it entered into the […]
MidWestOne in Iowa to buy Denver Bankshares
MidWestOne Financial Group in Iowa City has agreed to buy Denver Bankshares a day after agreeing to sell its Florida operations. The $6.5 billion-asset company said in a press release that it will pay $32.6 million in cash for the parent of the $271.5 million-asset Bank of Denver. The deal, which is expected to close […]
River Financial in Ala. raises $33M via private placement
River Financial in Prattville, Ala., raised $32.9 million through a private placement of common stock. The $3.1 billion-asset company sold shares to 312 investors on Sept. 12, according to a notice of exempt offering of securities. Performance Trust Capital Partners also reported the offering. The pricing and plans for using net proceeds weren’t disclosed. River […]
MidWestOne in Iowa selling Fla. ops to credit union
MidWestOne Financial Group in Iowa City has agreed to sell its Florida operations to DFCU Financial in Dearborn, Mich. The $6.5 billion-asset MidWestOne said in a press release that the $6.4 billion-asset credit union will pay a 7.5% premium, or $11.9 million, for the transfer of $158.8 million of deposits. The sale also includes two […]
HomeStreet rejected ‘inadequate’ offer for DUS license
HomeStreet in Seattle rejected an unsolicited offer to buy its Fannie Mae delegated underwriting and servicing (DUS) license. The $9.5 billion-asset company recently received a nonbinding offer to acquire the license, along with its $32 million loan servicing portfolio, for $57 million, Chairman and CEO Mark Mason divulged in a letter to shareholders. HomeStreet’s […]
Investor group looks to buy, rebrand Michigan bank
An investor group is looking to buy First State Bank of Decatur in Michigan. A group led by Gregg Bigger has applied to buy the $54 million-asset bank, according to the Traverse Ticker. They plan to rebrand First State as Grand Traverse State Bank. The group must raise $14.5 million by early November to move […]
Dutch fintech bunq applies to open U.S. bank
Dutch neobank bunq BV has applied to open a bank in the U.S. The bank applied with the Federal Deposit Insurance Corp. on Thursday for deposit insurance for bung US Bank, which would be based in New York. Bunq, which applied for a U.S. bank license earlier this year, would be regulated by the Office […]
Plains State in Texas buys wealth management business
Plains State Bank in Humble, Texas, bought a wealth management and tax business. The $780 million-asset bank said in a press release that it bought Core+ Financial Strategies and Core+ Tax Strategies. The pricing wasn’t disclosed. “The principals at Core+ have been helping clients with investment planning for many years,” Lori Hilman, Plains State’s president […]
Republic First again delays 2022 annual meeting
Republic First Bancorp in Philadelphia will delay its 2022 annual meeting again. The $6.2 billion-asset company disclosed in a regulatory filing that its board moved the meeting from Oct. 5 to Dec. 19. The annual meeting was originally scheduled January after an investigation into certain third-party transactions kept the board from setting a date. A […]
Mass. mutuals to merge under a single holding company
Cape Cod 5 in Hyannis, Mass., and Fidelity Bank in Leominster, Mass., are merging under the same holding company. The $5.5 billion-asset Cape Cod 5 and the $1.5 billion-asset Fidelity said in a press release that they will operate independently as part of Mutual Bancorp. The mutuals have a combined total of 39 branches. Matt […]
Nebraska, N.J. banks share updates on mutual conversions
Central Plains Bancshares in Grand Island, Neb., and SR Bancorp in Bound Brook, N.J., are progressing with their mutual conversions. The $438 million-asset Central Plains said in a press release that it completed the subscription offering for its mutual-to-stock conversion. Given “sufficient orders,” Central Plains said a community offering or syndicated offering isn’t necessary. Separately, […]
Atlantic Union in Va. announces sale-leaseback agreement
Atlantic Union Bankshares in Richmond, Va., has sold 27 properties in Virginia as part of a sale-leaseback transaction. The $20.6 billion-asset company disclosed in a regulatory filing that it sold 25 branches, a drive through and a parking lot to an affiliate of Blue Owl Capital for $45.8 million. Atlantic Union agreed to lease the […]