OCC rejects Wise’s national trust bank charter application
U.K. fintech Wise is headed back to the drawing board in its effort to form a U.S. national trust bank. The Office of the Comptroller of the Currency denied the company’s application. Stephen Lybarger, the OCC’s senior deputy comptroller for chartering, organization and structure, said in a letter that the application “presents significant supervisory and […]
Flex files for Utah industrial loan charter
Flexible Finance, which operates as Flex, has applied for a Utah industrial loan charter. The New York fintech said in a press release that it plans to form Flex Bank in Nehi. The proposed bank would give Flex an FDIC-insured institution to support its products and services as it continues to scale. Since 2019, Flex […]
Aspira Bank organizers outline a resolution-driven path to California charter
A private investor group is seeking regulatory approval for a shell charter that would be activated only if it wins an FDIC-assisted acquisition of a troubled California commercial bank. Aspira Bank is not being proposed as a traditional de novo. The organizers are pursuing a more opportunistic and considerably more complex strategy: obtain conditional approval for […]
Fintech Albert seeking bank charter in Utah
Albert, a fintech that offers instant lines of credit, is seeking a bank charter. The company applied with the Federal Deposit Insurance Corp. to form Albert Bank, which would be based in Salt Lake City. Albert currently offers credit lines and certain instant loans through FinWise Bank.
Group applies to form national bank based in Pittsburgh
A group in Pittsburgh is looking to open a bank. Organizers applied with the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency to form Sagehaven Bancorp. The group is led by Brian Tabb, who stepped down as senior vice president of corporate treasury at BNY in March. The bank would focus […]
Five Star in California to raise $113M in public offering
Five Star Bancorp in Rancho Cordova, Calif., plans to raise more than $113 million by selling common stock. The company disclosed in a regulatory filing that it aims to sell about 2.7 million shares of stock at $44 each in a public offering. Five Star could sell an additional 409,000 shares if there is sufficient […]
Upstart receives conditional OCC approval to form a bank
Upstart Holdings in Burlingame, Calif., has received conditional approval from the Office of the Comptroller of the Currency to form Upstart Bank. The charter would let Upstart reduce operational, regulatory, and financial complexity for itself and third-party capital partners. The fintech filed its application in March. Conditional approval “is an important milestone … we will […]
Northrim in Alaska makes Oregon push with PBCO Financial purchase
Northrim BanCorp in Anchorage, Alaska, has agreed to buy PBCO Financial in Medford, Ore. The $3.4 billion-asset Northrim said in a press release that it will pay $167.3 million in stock for the $777 million-asset PBCO. The deal is expected to close in the fourth quarter or early next year. “Both of our organizations share […]
Optus in S.C. to buy M&F Bancorp in N.C. in merger of MDIs
Optus Financial in Columbia, S.C., has agreed to buy M&F Bancorp in Durham, N.C., in a merger of minority depository institutions. Optus will pay $105 million in cash, including $46.57 a share at closing and an additional $6.73 a share contingent upon the repurchase of certain outstanding shares of M&F preferred stock within a year […]
First Community in S.C. to split leadership of its bank
First Community in Lexington, S.C., is splitting the leadership roles at its bank. The $2.4 billion-asset company said in a press release that Vaughn Dozier will become CEO of First Community Bank on Jan. 1, while Drew Painter will become president. Dozier and Painter have served as commercial and retail banking officers; they will succeed […]
Gesa Credit Union in Wash. to enter Oregon with bank acquisition
Gesa Credit Union in Richland, Wash., has agreed to buy Willamette Valley Bank in Salem, Ore. Gesa said in a press release that it will pay $43 to $45 a share in cash for the $465 million-asset Willamette Valley. The deal is expected to close in the first half of 2027. Following the sale, Willamette […]
Amador in New Mexico to buy parent of First State Bank
Amador Bancshares in Las Cruces, N.M., has agreed to buy BBS Corp. in Socorro, N.M. Amador, the holding company of the $1.2 billion-asset Citizens Bank, did not disclose the price it will pay for the parent of the $186 million-asset First State Bank. The deal is expected to close in the fourth quarter. First State […]
First Financial to buy Finward in northwest Indiana
First Financial Bancorp. in Cincinnati has agreed to buy Finward Bancorp in Munster, Ind. The $22.4 billion-asset First Financial said in a press release that it will pay $208 million in stock for the $2 billion-asset Finward. The deal, which is expected to close in the fourth quarter, priced Finward at 140% of its tangible […]
FinWise in Utah brings credit card processing in-house with acquisition
FinWise Bancorp in Murray, Utah, has acquired the technology platform and related assets of Tallied Technologies. FinWise did not disclose how much it paid for the credit card issuance and processing platform behind its co-branded credit card programs. FinWise now owns its card technology stack from application through issuing, processing and servicing, retaining the fees, […]
Future Financial agrees to buy Palmer Bancshares in Texas
Future Financial Bankshares has agreed to buy Palmer Bancshares in Palmer, Texas. Future Financial, an entity formed to buy a bank, did not disclose what it will pay for the parent of the $120.4 million-asset Commercial State Bank. “What began as conversations, relationships, and an unwavering belief that a community bank could be built around […]
Lumin Digital raises $70 million in latest funding round
Lumin Digital in San Ramon, Calif., raised $70 million. The digital platform said in a press release that the new funding round will support advancements in AI, payments, CRM, and lending. The capital raise follows a recent $45 million growth equity financing led by Light Street Capital. “We’ve built Lumin around a simple idea: the […]
Activist investor pushes Cashmere Valley in Pa. to find a buyer
Down Range Capital Opportunity Fund is pushing the board of Cashmere Valley Bancorp in Cashmere, Wash., to sell the bank. Down Range’s letter leans on four main points: No credible succession plan. CSHX has had only two CEOs since 1993 — Ken Martin and Greg Oakes — with a smooth internal handoff between them. Oakes’s […]
Palo Alto Networks co-founder completes Liberty Bank purchase
Tech money keeps finding its way into small banks — and the latest example closed this week in Irvine, Calif. Nir Zuk, co-founder of cybersecurity giant Palo Alto Networks, completed his purchase of DMG Bancshares, the holding company of the $442 million-asset Liberty Bank. He wasn’t alone: Daniel and Betsy Cohen, co-founders of The Bancorp, […]
Payments fintech Flex raises $70 million
Flex has raised $70 million to expand its platform for high-net-worth business owners. The fintech also said in an announcement that it had launched Flex Global, a service that connects local currency accounts, cross-border payments, and stablecoins for around-the-clock funds transfers. The company will also use the funds to double in size to more than […]
Houston Bank & Trust raises nearly $44M in private placement
Houston Bank & Trust in Texas raised $43.5 million in a private placement. The bank sold common stock, with Commerce Street Capital serving as the placement agent. The bank opened in May 2025 after raising $35 million.
CSI buys treasury solutions fintech Qolo
Software and technology provider CSI bought Qolo, a fintech that offers treasury solutions and payments infrastructure. The price wasn’t disclosed. “Community financial institutions are built on trusted relationships, local expertise, and deep knowledge of their markets,” Nancy Langer, CSI’s president and CEO, said in a press release. “Businesses in their communities also need sophisticated banking […]
F&M in Virginia uses gain from agency sale to purge low-yielding securities
F&M Bank in Timberville, Va., used a gain from selling its insurance agency to offset a hit from selling underperforming securities. The company said in a press release that it recorded a $4.8 million pretax gain from selling Bearing Insurance in April. F&M then sold $29.8 million of securities, or 8.2% of its portfolio, at […]
First Community Bank of Central Alabama to buy branch
First Community Bank of Central Alabama in Wetumpka has agreed to buy a branch from Merchants & Farmers Bank of Greene County in Eutaw, Ala. FCB plans to buy a branch in Prattville, Ala., along with $14 million of deposits and $8 million of loans, for an undisclosed price. The deal is expected to close […]
First Bancorp in N.C. to buy First Carolina in S.C.
First Bancorp in Southern Pines, N.C., has agreed to buy First Carolina Bancshares in Florence, S.C. First Bancorp said in a press release that it will pay $166 million in cash and stock for the $831 million-asset First Carolina. The deal is expected to close in the fourth quarter or early next year. “Carolina Bank […]
First Gothenburg to buy Foundation First in Nebraska bank merger
First Gothenburg Bancshares in Gothenburg, Neb., has agreed to buy Foundation First in Waterloo, Neb. The $1.2 billion-asset parent of Dayspring Bank expects to buy the holding company for the $200.9 million-asset Foundation First Bank in the second half of this year. The price was not disclosed. Olsen Palmer advised Foundation First.