Republic First CEO: We are NOT First Republic Bank
Republic First Bancorp in Philadelphia is looking to address confusion over its name and that of First Republic Bank, which has been under stress since the failures of two other regional banks. Thomas Geisel, the $5.6 billion-asset Republic First’s president and CEO, posted a letter on the company’s website in an effort to draw a […]
FDIC exercises rights tied to First Citizens, NY Community
The Federal Deposit Insurance Corp. has exercised its equity appreciation rights tied to common stock in First Citizens BancShares and New York Community Bancorp. First Citizens disclosed in a regulatory filing that the FDIC on Tuesday exercised its right to a payment of $500 million. An FDIC representative told Reuters that it also exercised its […]
Activist investor withdraws director nominees at Va. bank
An activist investor has backed off a plan to nominate two directors to run for board seats at National Bankshares in Blacksburg, Va. The $1.7 billion-asset company said in a press release that Driver Management had withdrawn its nominees. The company said it did not make any concessions, nor did it negotiate any settlement with […]
First Carolina hires banking vet to oversee fintech push
First Carolina Bank in Rocky Mount, N.C., has hired an executive from Pinnacle Financial Partners to oversee its fintech strategy. The $2.1 billion-asset bank said in a press release that it had named Pat Pritchard to serve as managing director of fintech and digital banking. First Carolina said Pritchard’s initial focus will be on the […]
White House wants to exempt small banks from special assessment
The White House is encouraging the Federal Deposit Insurance Corp. to exempt community banks from a special assessment tied to the failure of two regional banks. The FDIC is weighing options for replenishing an estimated $23 billion hit to the Deposit Insurance Fund, and current law requires the agency to level a special assessment on […]
Wells fined $98M for lax sanctions compliance risk oversight
The Federal Reserve and Treasury Department have fined Wells Fargo in San Francisco a total of $97.8 million for unsafe and unsound practices tied to “historical inadequate oversight of sanctions compliance risks.” The Fed said in a press release that it fined the company $67.8 million. Wells was hit with a separate $30 million fine […]
CEO of SkyPoint FCU in Maryland retiring
SkyPoint Federal Credit Union in Germantown, Md., said its CEO is retiring. The $210 million-asset credit union said in a press release that Jim Norris will also retire as president. SkyPoint didn’t identify his successor. Norris has been SkyPoint’s leader for the past 12 years. He spearheaded a rebranding from Montgomery County Employees FCU in […]
First Financial in N.D. to buy Harwood State Bank
First Financial in Arthur, N.D., has agreed to buy HSB Financial in Harwood, N.D. The parent of the $515 million-asset BankNorth did not disclose the price it will pay for the parent of the $47 million-asset Harwood State Bank. The deal is expected to close this summer. “This purchase will be a great fit for […]
Patriot National in Conn. names new bank CEO
Patriot National Bancorp in Stamford, Conn., will have a new bank CEO. The $1.1 billion-asset company said in a press release that David Lowery will also become president of Patriot Bank in late April. He succeeded Robert Russell, who is leaving to “pursue another career opportunity.” Lowery, who joined the company in 2021, is the […]
Fuller family bringing new bank to Dubuque, Iowa
The Fuller family is again running a bank in Dubuque, Iowa. Capra Bank is set to open next month in the city after an investor group bought and relocated the $62 million-asset Peoples Savings Bank in Montezuma, Iowa, according to the Telegraph Herald. Capra’s chairman and CEO is Lynn “Tut” Fuller. His brother, Thomas Fuller, […]
German American taps insider as next president
German American Bancorp in Jasper, Ind., has tapped an insider to serve as its president. The $6.2 billion-asset company disclosed in a regulatory filing that Bradley Rust will take over the role on May 18. Rust, who will remain chief operating officer and chief financial officer, will succeed D. Neil Dauby. Dauby, who will remain […]
Gruenberg gives behind-the-scenes look at bank failures
The Federal Deposit Insurance Corp. received 27 offers from 18 bidders looking to buy Silicon Valley Bridge Bank and/or Silicon Valley Private Bank before the agency decided to sell the bridge bank to First Citizens BancShares in Raleigh, N.C. Four parties submitted five bids for Signature Bridge Bank before it was sold to a unit […]
FDIC to seek special assessment to address bank failures
The Federal Deposit Insurance Corp. plans to impose special assessments on the banking industry to replenish losses to the Deposit Insurance Fund (DIF) stemming from the failures of Silicon Valley Bank and Signature Bank. FDIC Chairman Martin Gruenberg, in written testimony released prior to a Tuesday hearing of the Senate Banking Committee, said the agency […]
FinWise in Utah taps insider as new bank president
FinWise Bancorp in Murray, Utah, has a new bank president. The $402 million-asset company said in a regulatory filing that James Noone had accepted the post at FinWise Bank. He will remain the bank’s chief strategy officer and chief credit officer. Noone succeeded Kent Landvatter, who remains the company’s president and CEO and the bank’s […]
BankMobile parent hires outsider as co-CEO
BM Technologies in Radnor, Pa., has hired an experienced banker to serve as co-CEO. The parent company of BankMobile said in a press release that Raj Singh will share responsibilities with Luvleen Sidhu, who has been CEO. BM Technologies said that Singh, who is on its board, most recently served as vice chairman of […]
First Citizens buys SVB bridge bank deposits, loans
First Citizens BancShares in Raleigh, N.C., has entered into a purchase and assumption agreement to buy deposits and loans tied to Silicon Valley Bridge Bank from the Federal Deposit Insurance Corp. The FDIC said in a press release that the bridge bank’s 17 branches will open as First–Citizens Bank & Trust locations today. All deposits […]
Vizo Financial in NC lines up next CEO
Vizo Financial Corporate Credit Union in Greensboro, N.C., has lined up its next CEO. The $6 billion-asset credit union said in a press release that Fred Eisel will also succeed David Brehmer as president on Jan. 5, 2024. Eisel is Vizo’s chief investment officer. He had been a member of the credit union’s executive team […]
Next ICBA fintech program to focus on deposit strategies
The Independent Community Bankers of America’s first fintech accelerator of 2023 will focus on retaining and attracting deposits – a timely endeavor given the recent fluidity of accounts. The ICBA’s ThinkTECH Accelerator, which will run from April 24 to June 30, will also look at real-time and instance payments ahead of the July launch of […]
Proposed Ala. bank gets conditional FDIC approval
Organizers of Nova Bank in Huntsville, Ala., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC signed off on plans for the de novo bank on Tuesday, provided the founders can raise $21.7 million of initial capital. Organizers originally applied with the FDIC in mid-2021 but withdrew the application in April 2022. […]
How Lone Star in Houston found an acquirer
Lone Star Bank in Houston considered offers from two other suitors – a bank and an investment group – before deciding to have serious discussions with First Guaranty Bancshares in Hammond, La. The $3.2 billion-asset First Guaranty agreed in January to buy the $160.8 million-asset Lone Star. Lone Star’s board began to evaluate the rationale […]
First Carolina hauling in deposits with BankMobile pact
First Carolina Bank in Raleigh has a new deposits partnership with BM Technologies in Radnor, Pa. The $2.2 billion-asset First Carolina said in a press release that it will be the exclusive provider of deposit accounts for BankMobile’s higher education program. First Carolina, which is exempt from interchange caps under the Durbin Amendment, should […]
First Republic execs forego bonuses in 2023
Executives at First Republic Bank in San Francisco will forego annual bonuses for 2023. The $213 billion-asset bank disclosed in a regulatory filing that CEO Michael Roffler, Executive Chairman James Herbert II and all other executive officers will also forfeit vesting all performance-based incentives this year. Herbert also decided to waive his salary, effective March […]
PacWest explored, opted against capital raise
PacWest Bancorp in Los Angeles briefly explored raising capital before deciding that doing so “would not be prudent.” The $41.2 billion-asset company said in a press release that it secured $1.4 billion in fully funded cash proceeds from ATLAS SP Partners through a new senior asset-backed financing facility. The move unlocked liquidity from “unencumbered, […]
First Mid in Illinois to buy Blackhawk Bancorp
First Mid Bancshares in Mattoon, Ill., has agreed to buy Blackhawk Bancorp in Beloit, Wis. The $6.7 billion-asset First Mid said in a press release that it will pay $90.3 million in stock for the $1.3 billion-asset Blackhawk. The deal, which is expected to close in the second half of this year, priced Blackhawk at […]
PacWest: Deposit volatility has ‘calmed’ in recent days
PacWest Bancorp in Los Angeles said deposit volatility has “calmed” in recent days. The $41.2 billion-asset company said in a press release that it had elevated net deposit outflows after regulators closed Silicon Valley Bank and Signature Bank, with a concentration in its venture banking business. Net outflows “have fallen sharply” since March […]