FirstSun in Colorado sells multifamily portfolio
FirstSun Capital Bancorp in Denver sold a portfolio of multifamily loans it inherited from its purchase of First Foundation. FirstSun said in a press release that it sold loans with a total contractual balance of $890 million to entities affiliated with Brookfield Asset Management. The pricing wasn’t disclosed. “Successfully completing the sale of this performing […]
New buyer emerges for troubled Summit National in Wyoming
A new buyer has emerged for Summit National Bank in Hulett, Wyo., after other sales efforts failed to close. Mode Eleven, the bank’s bankrupt holding company, recently received an offer from Kraken co-founder Arjun Sethi to buy the bank for $5.5 million, according to bankruptcy court documents. The offer includes a $750,000 nonrefundable deposit that […]
Execs at Security Bank in Minn. buy stake in Citizens Community in Wis.
A group of investors tied to Security Bank & Trust Co. in Glencoe, Minn., has acquired a 6.3% stake in Citizens Community Bancorp in Eau Claire, Wis. The group, in a regulatory filing, said it was open to discussing strategy, governance, board composition, or a potential transaction with the $1.8 billion-asset Citizens Community. Gale Hoese, […]
Group with Amerant ties planning new bank in Southern Florida
A group with ties to Amerant Bank is planning a new bank in Southern Florida. Organizers of the proposed Glades Bank & Trust applied to the Federal Deposit Insurance Corp. on June 2. Th bank would be based in Plantation, Fla., The filing was immediately available. Howard Levine, former chief consumer banking officer at Amerant, […]
Security Federal in S.C. lines up successors for retiring CEO, CFO
Security Federal in Aiken, S.C., made some key C-Suite changes. The company said in a press release that J. Chris Verenes will retire as its CEO on July 10. Darrell Rains, the chief financial officer, will retire on the same date. Rains joined the company’s board, while Verenes will become vice chairman. “The company and […]
NSTS in Illinois divests mortage ops ahead of sale to Brookfield
NSTS Bancorp in Waukegan, Ill., sold its mortgage business to comply with the terms of its pending sale to Brookfield Bancshares in Brookfield, Ill. The $333.4 billion-asset Brookfield agreed in May to pay $73.7 million in cash for the $266.6 million-asset NSTS in a deal expected to close in the fourth quarter. NSTS transferred certain […]
First Federal in Florida to sell third-party mortgage ops to CUSO
First Federal Bank in Lake City, Fla., has agreed to sell its third-party mortgage origination division. The $4.4 billion-asset bank said in a press release that it will sell the division, including QRL Financial, to Mortgage Forward in Chicago, a credit union service organization affiliated with Great Lakes Credit Union. The price wasn’t disclosed. The sale […]
Ramp raises $750 million in latest fundraising round
Ramp raised $750 million in a Series F fundraising round. The fintech said the funding round valued it at $44 billion. The round included 70,000+ customers, ICONIQ, GIC, Ontario Teachers’ Pension Plan, and several new investors. “For 2000 years, business was built on two pillars. Today, a third: intelligence,” CEO Eric Glyman said in a […]
CCBank in Utah creates Quill Bank to target fintech clients
CCBank in Pleasant Grove, Utah, created a bank division designed to offer services to fintechs. The bank said in a press release that Quill Bank will launch on June 30. “The fintech space is driven by innovation, but innovation without a solid banking backbone can be a liability,” Andrew Cusick, CCBank’s chief business development officer, […]
Groups seek bank charters in Florida, Puerto Rico
Organizing groups are pursuing bank charters in Florida and Puerto Rico. A group applied to the Federal Deposit Insurance Corp. on May 27 to form Dorado Bank in San Juan, P.R. A separate group submitted an application to the FDIC on June 2 to open Glades Bank and Trust in Plantation, Fla. The applications were […]
First National of Nebraska to buy Blue Ridge Bancshares in Missouri
First National of Nebraska in Omaha has agreed to buy Blue Ridge Bancshares in Independence, Mo. The $35 billion-asset parent of FNBO said in a press release that it expects to buy the holding company for the $850 million-asset Blue Ridge Bank and Trust by the end of this year. The price wasn’t disclosed. “FNBO […]
FD Bancorp in Washington completes last phase of CEO succession
FS Bancorp in Mountlake Terrace, Wash., has a new CEO. The company said in a press release that Matthew Mullet had succeeded Joe Adams, who retired. Mullet will remain the company’s president, as well as president and CEO of the bank. Adams will remain on the board.
Orrstown Financial in Pennsylvania promotes COO as its new leader
Orrstown Financial in Harrisburg, Pa., has a new leader. The $5.6 billion-asset company said in a press release that Adam Metz had become its president and CEO. Metz, who was chief operating officer, succeeded Thomas Quinn Jr., who retired. Metz also joined the board. “Adam is a proven and respected leader who understands our markets, […]
Bogota in New Jersey to absorb GSL Savings Bank
Bogota Financial in Teaneck, N.J., has agreed to buy GSL Savings Bank in Guttenberg, N.J. Bogota said in a press release that it will issue shares to GSL’s mutual holding company as part of the deal, which is expected to close in the second half of 2026. The terms were not disclosed. The deal “allows […]
BCB Bancorp in N.J. hires veteran turnaround expert as new CEO
Tom O’Brien can’t quit banking. The veteran turnaround artist has agreed to become the president and CEO of BCB Bancorp in Bayonne, N.J. The company said in a press release that O’Brien, 75, will also join its board. O’Brien was chairman, president and CEO of Sterling Bancorp, orchestrating the sale of most of its banking […]
Coastal Carolina to buy Beacon Holding in S.C. bank merger
Coastal Carolina Bancshares in Myrtle Beach, S.C., has agreed to buy Beacon Holding Co. in Charleston, S.C. Coastal Carolina said in a press release that it will exchange stock for the parent of Beacon Community Bank. The deal is expected to close in the third or fourth quarter. The combined bank will be rebranded as […]
Former SRM execs leading new vendor management firm for credit unions
Orion Financial in Memphis, Tenn., is looking to disrupt the status quo among vendor management consultants with an effort led by former executives from an established firm. Mark Mrva, who recently joined Orion from Strategic Resource Management, wrote on LinkedIn that the credit union had formed WonderLab Advisors, a new firm designed to help credit unions […]
ScotiaBank to buy MapleMark Bank in Texas
Scotiabank in Toronto has agreed to buy Maple Financial Holdings in Tulsa, Okla. The Canadian bank did not disclose how much it will pay for the parent of the $1 billion-asset MapleMark Bank. Most of the bank’s deposits are in the Dallas area. The acquisition “allows Scotiabank to offer FDIC deposit insurance to our clients, […]
SoFi buys lending fintech Peach Finance
SoFi bought Peach Finance, a California fintech that provides loan management and servicing software to financial institutions. The price wasn’t disclosed. Peach, founded in 2018 by Eddie O., Eran Sandler, and Gur Brosh, has raised $35.8 million in total funding, backed by SciFi VC, Caffeinated Capital, Background Capital, Nyca Partners, and Canapi Ventures. Its raised […]
Legend Bancorp to buy Graham Savings in Texas bank merger
Legend Bancorp in Bowie, Texas, has agreed to buy Graham Savings and Loan in Graham, Texas. The $1.2 billion-asset Legend said in a press release that it expects to buy the $160 million-asset Graham Savings this fall. The price wasn’t disclosed. “As a locally-owned, community bank focused on our employees, customers, and communities, we have […]
Former First Hawaiian CFO leading new Calif. de novo effort
An organizing group is looking to create Venture Coast Bank in Palo Alto, Calif. The application describes a one-branch de novo built around a relatively simple proposition: a back-to-basics community bank serving small and midsize businesses, retail customers, and local organizations. Venture Coast’s organizers plan to operate without affiliates or a complex organizational structure, leaning […]
Members Credit Union in Conn. mourns CEO’s passing
Members Credit Union in Stamford, Conn., is coordinating next steps following the death of its CEO. The credit union disclosed that Kathy Chartier had passed away. She was also Members’ president. “Kathy was a respected leader, mentor, and advocate for the credit union philosophy of people helping people,” the credit union said in a LinkedIn […]
Alliance Bancshares in Missouri to buy Anna State Bank in Illinois
Alliance Bancshares in Cape Girardeau, Mo., has agreed to buy ASB Management in Anna, Ill. The $399.9 million-asset Alliance expects to buy the parent of the $112.3 million-asset Anna State Bank in the fourth quarter, according to Olsen Palmer, which advised the seller. The price wasn’t disclosed.
Regions in Ala. pays $4.9M to settle DoJ claims tied to PPP loan
Regions Financial agreed to pay about $4.9 million as part of a Department of Justice settlement tied to claims the Birmingham, Ala., bank received government payments related to a Paycheck Protection Program loan that it shouldn’t have. The DoJ had alleged that the $161 billion-asset Regions approved forgiveness of a customer’s PPP loan in August […]
Axiom in Florida freed from 2024 formal agreement
Axiom Bank in Orlando, Fla., has been freed from a formal agreement with the Office of the Comptroller of the Currency. The bank disclosed that the OCC terminated the October 2024 agreement last month. “We are excited to announce the closure of this Formal Agreement in just over 18 months,” Ross Breunig, the bank’s president […]