Cullen/Frost in Texas invests $5M in Harrison Barnes’ bank
Cullen/Frost Bankers in San Antonio, Texas, has invested $5 million in the Iowa bank recently acquired by San Antonio Spurs forward Harrison Barnes. The parent company Frost Bank invested in Barnes Bancorp, the bank holding company for the $41.4 million-asset Community State Bank in Paton. Cullen/Frost received preferred stock in exchange for the investment, which […]
Sullivan Bank to buy Bank of Crocker in Missouri combination
Sullivan Bank in Sullivan, Mo., has agreed to buy Bank of Crocker in Waynesville, Mo. The $1.4 billion-asset Sullivan Bank did not disclose how much it will pay for the $144 million-asset Bank of Crocker. “We are very excited about the opportunity to welcome Bank of Crocker’s customers and employees to Sullivan Bank,” Michael Hoffman, […]
Pinnacle in Nebraska to buy Southern Bancshares in Texas
Pinnacle Bancorp in Omaha, Neb., has agreed to buy Southern Bancshares in Moulton, Texas. The $20.9 billion-asset Pinnacle did not disclose how much it will pay for the parent of the $1.4 billion-asset SouthStar Bank. The deal is expected to close early next year. SouthStar has 17 branches, $1 billion of loans, and $1.1 billion […]
OCC hits Amex with $350M penalty, C&D order over AML controls
The Office of the Comptroller of the Currency has issued a cease-and-desist order and a $350 million civil money penalty against American Express National Bank for deficiencies in its Bank Secrecy Act and anti-money laundering compliance program. The penalty was set out in an Oct. 8 consent order, in which the bank neither admitted nor […]
Southern Michigan Bancorp begins CEO search
Southern Michigan Bancorp in Coldwater has begun a search for a new CEO. The $1.7 billion-asset company said in a press release that John Waldron also resigned as its president. John Castle, Southern Michigan’s chairman, will serve as interim CEO, while Kurt Miller, the vice chairman, is now interim president. Castle stepped down as CEO […]
Houston group snags conditional FDIC approval for Alba Bank
Organizers of the proposed Alba Bank in Houston have received conditional approval from the Federal Deposit Insurance Corp. The group must raise $37 million before the bank can open. Organizers applied to the FDIC in March. A legal notice tied to the application lists five organizers: George Martinez, Richard Figueroa, William Woodby, Gregg Reyes and Thomas […]
First National Bank of Alaska lines up next CEO
First National Bank Alaska in Anchorage will start 2027 with a new leader. The $5.1 billion-asset bank said in a press release that Darren Franz will become president and CEO on Jan. 2. Franz, who is president, lending and administration, will succeed Betsy Lawer, who will transition to executive chair. “Leadership is never about one […]
Anchorage Digital buys payout platform Routable
Anchorage Digital has acquired payouts platform Routable. Anchorage did not disclose the price it paid for the platform, which helps commercial and enterprise businesses onboard payees, automate compliance, and orchestrate high-volume payouts via a developer-first API. Routable’s clients include Veho, Ethos, and Polestar. “We spent nearly a decade earning the trust of crypto natives and […]
Former neobank founder forms fractional chief of staff firm for startups
A former neobank founder is launching a new business to help founder-led fintechs. Cam & Bow, created by Amber Buker, will focus on early-stage companies with eight to 25 employees and institutional capital secured. The goal is to handle responsibilities such as investor pipeline and diligence, bank and vendor follow-up, hiring, and company administration. Buker created Totem […]
Group looks to form new bank in central Tennessee
A group is looking to form a de novo bank near Nashville, Tenn. Mark Minish posted on LinkedIn that he is leading the group behind Virtus Bank, which would be based in Williamson County. “We are building the organizing group and the senior management team that will take the institution through chartering, capital raising, and […]
Third Coast in Texas to enter Oklahoma with Great Plains acquisition
Third Coast Bancshares in Houston has agreed to buy Great Plains Bancshares in Oklahoma City. The $7 billion-asset Third Coast said in a press release that it will pay $239.6 million in stock for the $1.9 billion-asset parent of Great Plains National Bank. The deal, which is expected to close in the first quarter, priced […]
Byline in Chicago crossing $10B mark with in-market acquisition
Byline Bancorp in Chicago has agreed to buy Illinois State Bancorp in Chicago. The $9.9 billion-asset Byline said in a press release that it will pay $87.9 million in cash and stock for the $617.3 million-asset parent of First Nations Bank and Bank of Bourbonnais. The deal, which is expected to close in the first […]
TowneBank in Virginia to buy blueharbor bank in North Carolina
TowneBank in Suffolk, Va., has agreed to buy blueharbor bank in Mooresville, N.C. The $22.6 billion-asset TowneBank said in a press release that it will pay $150 million in cash and stock for the $628 million-asset blueharbor. The deal is expected to close in the first quarter. “We are excited to welcome blueharbor and its […]
Rain aims to form national trust bank to handle stablecoin offerings
Rain, which provides infrastructure for stablecoin payments, has applied to the Office of the Comptroller of the Currency to create a national trust bank. The proposed Rain National Trust Bank would serve institutional clients in the digital asset payment ecosystem through three lines of business: custody, reserve management, and issuance and redemption. Brandon Soto would […]
New Horizon in Virginia is moving its headquarters
New Horizon Bank in Virginia is moving its headquarters. The bank said in a press release that it will relocated from Powhatan to Richmond. The bank noted in the release that most of its staff already work in the state capital, and most of its deposits and loans are from there. “While we’ve built a […]
Bank of Ann Arbor to buy Huron Valley State Bank for $52 million
Arbor Bancorp in Ann Arbor, Mich., has agreed to buy Huron Valley Bancorp in Milford, Mich. The parent of the $2.7 billion-asset Bank of Ann Arbor will pay $52.1 million in cash for the $270.4 million-asset Huron Valley State Bank. The deal is expected to close in late 2026 or the first quarter. “We have been […]
Modern Treasury applies to form national trust bank
Modern Treasury in San Francisco, which provides infrastructure for global money movement, has applied to the Office of the Comptroller of the Currency to establish a national trust bank. The company said that Modern Treasury National Trust Bank, if approved, would provide customers with a custody solution that seamlessly integrates payments and settlement capabilities with […]
National Bank in Colo. flags $47M in chargeoffs on franchise and healthcare loans
National Bank Holdings in Denver warned that it expects material impairments on specific commercial loans in the third quarter, mostly involving credits in the franchise and healthcare industries. The company said the affected relationships carry $65 million in outstanding principal. Management is still assessing the remaining collateral and will charge the loans down to their […]
Blackhawk in Illinois to buy Liberty Bank in Iowa
Blackhawk Bancorp. in Milan, Ill., has agreed to buy Liberty Bancorp. in Durant, Iowa. The $2 billion-asset parent of Blackhawk Bank & Trust said in a statement that it expects to buy the holding company for the $186.2 million-asset Liberty Trust & Savings Bank in the fourth quarter. The price wasn’t disclosed. The acquisition “represents […]
Chemung in N.Y. to combine banks under single brand
Chemung Financial in Elmira, N.Y., will rebrand its banks under one name. The $2.8 billion-asset company said in a press release that Chemung Canal Trust Co., Capital Bank and Canal Bank will rebrand as Canal Bank & Trust. “For nearly 200 years, our organization has grown while staying true to the principles that have defined […]
American Bancorp in Ga. sells New Republic charter to Florida group
American Bancorp in Macon, Ga., has sold the charter of New Republic Bank in Charlotte, N.C., to a Florida investor group. Juno Bancorp in Palm Beach Gardens, Fla., applied in June to become a bank holding company by acquiring New Republic. American Bancorp announced the completed sale on Oct. 1; the price was not disclosed. […]
Parkway in Chicago raises $350M, introduces new leadership
Parkway Bancorp in Chicago has fresh capital and new leadership. The company said in a press release that it raised $350 million through a private placement of common stock co-led by investment funds managed by Patriot Financial Partners and Stone Point Capital. Most of the proceeds were used to complete a private tender offer to repurchase shares of […]
Proposed New South Bank in Florida receives conditional FDIC approval
Organizers of the proposed New South Bank in Tampa, Fla., have received conditional approval from the Federal Deposit Insurance Corp. The group must raise $25 million before the bank can open. In their application, organizers said the goal is to be profitable in the second year and to have $250 million of assets the following […]
First Merchants in Ind. taps bank president as its next CEO
First Merchants in Muncie, Ind., will begin 2027 with a new CEO. The $21 billion-asset company said in a press release that Mike Stewart will also become its president. Stewart, the bank’s president, will succeed. Mark Hardwick, who is retiring. “We wish Mark well and are grateful for his outstanding leadership through years of tremendous […]
Stripe to buy embedded financial services platform Parafin
Stripe has agreed to acquire Parafin, an embedded financial products platform. Parafin supports platforms that include DoorDash, Gusto, Jobber, and Mindbody. The deal is expected to close in the coming months; the price wasn’t disclosed. “Platforms power millions of small businesses throughout the world and are central to Stripe’s mission,” Neetika Bansal, Stripe’s business lead, […]