WesBanco in W.Va. to buy Premier in Ohio for $959 million
WesBanco in Wheeling, W.Va., has agreed to buy Premier Financial in Defiance, Ohio. The $18.1 billion-asset WesBanco said in a press release that it will pay $959 million in stock for the $8.8 billion-asset Premier. The deal, which is expected to close in the first quarter, priced Premier at 142% of its tangible book value. […]
First Northwest in Wash. reports lower earnings in noisy quarter
First Northwest Bancorp in Port Angeles, Wash., had a noisy second quarter that included a balance sheet restructuring, a sale-leaseback transaction and a spike in its loan-loss provision. The $2.2 billion-asset company also announced in its press release that it cut about 9% of its workforce. Net income fell 22% from a year […]
New York Community posts another loss, selling mortgage servicing business
New York Community Bancorp in Hicksville reported another quarterly loss and announced plans to sell its residential mortgage servicing business to Mr. Cooper for roughly $1.4 billion. The $119.1 billion-asset company said in a press release that it lost $323 million in the second quarter. Its loan-loss provision increased by 24% in the second quarter […]
Goodwill impairment leads to big 2Q loss at Kearny in N.J.
Kearny Financial in Fairfield, N.J., reported a quarterly loss after recording a $95.3 million goodwill impairment charge. The $7.7 billion-asset company said in a press release that it lost $90.1 million in the second quarter. Kearny said the impairment reflects the impact of the current interest rate environment on bank stock prices. “Goodwill impairment in […]
ChoiceOne to buy Fentura Financial in Michigan
ChoiceOne Financial Services in Sparta, Mich., has agreed to buy Fentura Financial in Fenton, Mich. The $2.6 billion-asset ChoiceOne said in a press release that it will pay $180.4 million in stock for the $1.8 billion-asset Fentura. ChoiceOne also announced that it will raise at least $30 million in a stock offering. The deal, which […]
Eagle in Md. reports big 2Q loss on goodwill impairment
Eagle Bancorp in Bethesda, Md., recorded a large quarterly loss after taking a goodwill impairment charge. The $11.3 billion-asset company said in a press release that it lost $83.8 million in the second quarter. The $104.2 million impairment came after Eagle conducted its annual impairment test and reflected “current economic conditions.” Separately, the company said […]
Time Bank in Ill. to buy Northwest Bank in Iowa
Time Bank in Park Ridge, Ill., has agreed to buy Northwest Investment Corp. in Davenport, Iowa. The $470 million-asset Time said in a press release that it expects to buy the parent of the $225 million-asset Northwest Bank & Trust in the fourth quarter. The price wasn’t disclosed. Northwest has three branches. Joe Slavens, Northwest’s […]
CIB Marine in Illinois completes sale-leaseback for three branches
CIB Marine Bancshares in Champaign, Ill., has completed a sale-leaseback transaction for three branches. The $889 million-asset company sold the Champaign locations to MountainSeed Real Estate Services for $6.5 million. CIBM Bank then agreed to lease the branches for an initial 15-year term with an option to renew for another 15 years. The lease terms […]
Fremont in California selects insider as next president
Fremont Bank in Fremont, Calif., will soon have a new president. The $5.9 billion-asset bank said in a press release that Don Marek will take on the role on Aug. 1. Marek will succeed Andy Mastorakis, who will remain CEO. Marek recently led the bank’s commercial lending group. “Don is an exceptional leader who embodies […]
First Guaranty in La. cutting 15% of workforce, discloses big CRE nonaccrual
First Guaranty Bancshares in Hammond, La., laid off about 15% of its employees as it braces for slowing asset growth and aims to increase its capital position. The $3.6 billion-asset company said in a press release that it cut 71 positions. Each employee will receive 60 days of pay, payment for unused vacation time and […]
Fortuna Bank organizers hit capital goal, plan fall opening
The planned Fortuna Bank is targeting a fall opening after meeting its capital requirement. The proposed Grandview Heights, Ohio, de novo said in a LinkedIn post that it raised more than $20.7 million! “This incredible milestone reflects the unwavering support and confidence from our shareholders and community partners,” the organizers said in the post. “Our […]
Comerica could lose Treasury Department’s Direct Express contract
The Treasury Department has informed Comerica that the Dallas company could lose a lucrative Direct Express government contract. As the exclusive provider of the Direct Express prepaid card, the $71.8 billion-asset Comerica serves 4.5 million recipients and handles more than $3 billion of noninterest-bearing deposits. Though a decision has not yet been made, Comerica said […]
ACNB to buy Traditions Bancorp in Pennsylvania
ACNB in Gettysburg, Pa., has agreed to buy Traditions Bancorp in York, Pa. The $2.5 billion-asset ACNB said in a press release that it will pay $73.5 million in stock for the $859 million-asset Traditions. After the deal closes, Traditions’ shareholders will receive a quarterly cash dividend equal to about 23 cents a share. […]
KKR to buy Janney Montgomery Scott from Penn Mutual
KKR has agreed to buy investment bank Janney Montgomery Scott from Penn Mutual Life Insurance. Janney, which has more than $150 billion in assets under administration and 900 financial advisers, will become a standalone private company after the sale closes. “We are excited to enter this next chapter in our nearly 200-year history with a […]
Arrow Financial to merge its banks under the ‘Arrow’ brand
Arrow Financial in Glen Falls, N.Y., is planning to merge its two banks under a new brand. The $4.2 billion-asset company said in a press release that it will combine Glens Falls National Bank and Trust and Saratoga National Bank and Trust to form Arrow Bank. Arrow said the plan has already been approved by […]
Boston credit union hires new CEO
The City of Boston Credit Union has a new CEO. The $585 million-asset credit union said in a press release that Lisa Perrin had also become its president. Perrin recently served as CEO of Worcester Credit Union. “Her expertise and vision will undoubtedly guide us toward tremendous success and innovation,” Cecil Jones, the credit union’s […]
BayFirst in Florida to enter healthcare lending with banker hire
BayFirst Financial in St. Petersburg, Fla., is expanding into healthcare lending after hiring a veteran banker. The $1.1 billion-asset bank said it hired Phil Russo to serve as director of healthcare lending. He is also responsible for building out BayFirst’s treasury team. Russo “brings vast knowledge of the complex issues facing medical service providers to […]
BCB in New Jersey reports earnings dip after agreeing to sell CRE loans
BCB Bancorp in Bayonne, N.J., reported lower quarterly earnings after selling loans. The $3.8 billion-asset company’s second-quarter earnings fell by 67% from a year earlier, to $2.8 million. BCB agreed to sell a $38.4 million pool of commercial real estate and multifamily loans at a $4.6 million pretax loss. It also sold a nonperforming loan […]
FS Bancorp in Wash. promotes insider to serve as president
FS Bancorp in Mountlake Terrace, Wash., has a new president. The $3 billion-asset company said in a press release that Matthew Mullet has also become president of its bank. Mullet, who will remain chief financial officer, succeeded Joseph Adams, who will remain CEO of the company and the bank. Mullet “has been an integral part […]
Generations in NY discloses written agreement with OCC
Generations Bancorp NY in Seneca Falls has entered into a written agreement with the Office of the Comptroller of the Currency tied to managing its balance sheet. The $411 million-asset company disclosed in a regulatory filing that the July 19 agreement requires it to develop written programs for liquidity risk management and interest rate management. […]
Fed fines Green Dot $44M for consumer compliance breakdowns
Green Dot in Austin, Texas, was fined $44 million by the Federal Reserve to address consumer compliance breakdowns tied to its prepaid debit card products. The fintech, which acquired a bank in 2011, was accused of unfair and deceptive practices and a deficient consumer compliance risk management program. The Fed said that Green Dot violated […]
Bank of Hawaii promotes insider to become its president
Bank of Hawaii in Honolulu has a new president. The company disclosed in a regulatory filing that James Polk has taken on the role. Polk, who was vice chairman and chief banking officer, succeeded Peter Ho, who remains chairman and CEO. Polk, who joined Bank of Hawaii in 1999, gained responsibility for retail […]
Fulton Financial in Pa. to close 13 branches in Penn., New Jersey
Fulton Financial in Lancaster, Pa., plans to close 13 branches in Pennsylvania and New Jersey. The company disclosed in a regulatory filing that the branches will close by Nov. 22. The board approved the closures plan as part of the bank’s integration of the failed Republic First Bank. Fulton said it expects to incur pretax […]
Synovus posts Q2 loss after restructuring its bond portfolio
Synovus Financial in Columbus, Ga., posted a net loss in the second quarter after purging its securities portfolio. The $60 billion-asset company lost $14.7 million in the quarter, a reversal from the $173.9.8 million it earned a year earlier. Synovus sold $257 million of bonds during the quarter at a discount. The company plans to […]
Discover strikes deal to sell private student loan portfolio
Discover Financial Services in Riverwoods, Ill., has agreed to sell its private student loan portfolio to strategic partnerships that involve Carlyle and KKR. Discover said in a press release that Firstmark Services, a division of Nelnet, would assume responsibility for servicing the $10.1 billion portfolio following the sale. The purchase price will have a premium […]