Liberty Bank in Conn. eliminates NSF fees
Liberty Bank in Middletown, Conn., is the latest bank to eliminate nonsufficient fund (NSF) and other fees. The $7.4 billion-asset bank said in a press release that it also ended uncollected funds and certain transfer fees tied to consumer and business deposit accounts. “We continuously identify and implement strategies to more effectively serve our personal […]
Hanover Bancorp discloses president’s planned retirement
Hanover Bancorp in Mineola, N.Y., announced that its president is retiring. The $1.6 billion-asset company disclosed in a regulatory filing that Brian Finneran will also retire as president of its bank on Feb. 15. The filing did not disclose if the company has a successor lined up. Hanover and Finneran also agreed to a consulting […]
Green Dot removes CEO, successor named
Green Dot in Austin, Texas, has terminated its president and CEO. The prepaid card and digital banking fintech said in a press release that George Gresham had succeeded Dan Henry, effective Friday. Gresham has been the company’s chief financial and operating officer. Gresham also joined Green Dot’s board in October 2021. Henry also resigned from […]
HBT took second look at Town and Country, filing shows
Town and Country Financial in Springfield, Ill., initially tried to sell itself to HBT Financial in Bloomington, Ill., more than two years prior to announcing a deal. The $4.2 billion-asset HBT agreed in August to buy the $876 million-asset Town and Country for $101.4 million. The banks discussed a merger in December 2019 when they […]
Minneapolis group applies to form de novo bank
A group that includes the former CEO of Amalgamated Bank in New York wants to open a new bank in Minneapolis. Organizers of AarBank applied with the Federal Deposit Insurance Corp. on Oct. 11 for deposit insurance. The application wasn’t immediately available. A public notice filed with the Minneapolis Star Tribune listed 11 organizers, including […]
Fed, OCC approve U.S. Bancorp-MUFG Union merger
The Federal Reserve and the Office of the Comptroller of the Currency have approved U.S. Bancorp’s pending purchase of MUFG Union Bank in San Francisco. U.S. Bank will have $680 billion of assets when the deal closes. The OCC’s conditional approval requires U.S. Bancorp to identify business lines and portfolios that could be sold quickly […]
Business First in La. to raise $47M through stock offering
Business First Bancshares in Baton Rouge, La., plans to raise about $46.8 million from selling common stock. The $5.5 billion-asset company said in a press release that it intends to sell 2.5 million shares at $20 each. Business First plans to use the offering’s net proceeds for general corporate purposes, which may include augmenting […]
How First Bancshares in Miss. got another shot at Heritage Southeast
First Bancshares in Hattiesburg, Miss., took advantage of a second window to buy Heritage Southeast Bancorp. in Jonesboro, Ga. The $6 billion-asset First agreed on July 27 to buy the $1.7 billion-asset Heritage Southeast in a deal valued at $207 million. Hoppy Cole, First’s president and CEO, actually met with Leonard Moreland, Heritage Southeast’s CEO, in […]
HomeStreet to buy three branches from MUFG Union
HomeStreet in Seattle has agreed to buy three branches in California from U.S. Bancorp and MUFG Union Bank. U.S. Bancorp and MUFG Union said in a press release that the $8.6 billion-asset HomeStreet will buy locations in Big Bear Lake, Hesperia and Yucca Valley. The branches include $490 million of deposits and $22 million of […]
Broadway Financial CEO joins Intrafi board
Intrafi, a fintech that provides cash and liquidity management services to financial institutions, has added the CEO of the nation’s biggest minority depository institution to its board. Brian Argrett, president and CEO of the $1.2 billion-asset Broadway Financial in Los Angeles, is one of two additions to the fintech’s 14-member board. Argrett was CEO […]
Edwards Jones scraps plan for industrial bank
Edward Jones in St. Louis has abandoned a two-year quest to form an industrial bank. The company said in a regulatory filing that it had withdrawn its applications with the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions. The broker/dealer referenced conversations with the FDIC and “the current environment.” The company said […]
Second People’s United exec leaves after sale to M&T
Another executive from People’s United Financial has found a new home following the company’s sale to M&T Bank. Columbia Financial in Fair Lawn, N.J., said in a press release that it had hired Manesh Prabhu as its chief information officer. He is responsible for information systems and digital banking at the $9.8 billion-asset company. […]
Proposed Colo. bank gets conditional OCC approval
Battle Financial, the holding company for a proposed digital bank in Avon, Colo., has received conditional approval from the Office of the Comptroller of the Currency. Organizers said in a press release that they expect to open the bank early next year. “I’m pleased to have accomplished this key milestone with the OCC and […]
Capital in Md. taps insider to oversee fintech business
Capital Bank in Rockville, Md., has tapped an insider to run its fintech business. The $2.2 billion-asset bank said in a press release that Karl Dicker had become president of OpenSky and fintech. OpenSky is the bank’s secured Visa credit card. “Karl has been instrumental in the development and growth of OpenSky,” Ed Barry, […]
Investment adviser team leaves Atlantic Union to form firm
Four investment advisers have left Atlantic Union Bankshares in Richmond, Va., to form their own firm. Dover Advisors was launched in August after the advisers left the $19.7 billion-asset Atlantic Union’s wealth management division, according to Richmond BizSense. The firm’s president, Jess Ellington, had been the bank’s chief investment officer. He had led the […]
State Street hires Google exec to oversee global compliance
State Street in Boston has hired a former Google executive to serve as its global chief compliance officer. The $300 billion-asset company said in a press release that Yvette Hollingsworth Clark will report to Brad Hu, its global head of risk. She will also be accountable to the board’s examining and audit committee. Hollingsworth […]
BNY Mellon to manage digital assets for clients
Bank of New York Mellon has formed a platform to manage digital assets. The $438 billion-asset company said in a press release that its digital asset custody platform allows clients to hold and transfer bitcoin and ether. The move comes a year after BNY Mellon formed a unit to develop solutions for digital asset […]
Prosperity in Texas announces two bank deals
David Zalman is back in the M&A game with two acquisitions. Prosperity Bancshares in Houston has agreed to buy Lone Star State Bancshares in Lubbock, Texas, and First Bancshares of Texas in Midland, marking Prosperity’s first bank deals since it bought LegacyTexas Financial Group in 2019. The $37.4 billion-asset Prosperity will pay $228.7 million in […]
Affinity in Ga. discloses president’s planned departure
Affinity Bancshares in Covington, Ga., will consolidate two roles following the expected resignation of its president. The $767 million-asset company disclosed in a regulatory filing that Gregory Proffitt, who is also president of its bank, plans to resign by Nov. 18. Affinity said its board, at its next meeting, will likely appoint CEO Edward Cooney […]
Sterling in Mich. sues founder over defunct mortgage program
Sterling Bancorp in Southfield, Mich., has filed a lawsuit against its founder and controlling shareholder. The $2.5 billion-asset company disclosed in a regulatory filing that it filed a lawsuit in U.S. District Court for the Eastern District of Michigan against former CEO Scott Seligman and “other nominal defendants.” The lawsuit, which seeks to claw back […]
Rhinebeck to pay fine to address auto loan processes
Rhinebeck Bank in Rhinebeck, N.Y., agreed to pay a $950,000 fine to address claims by the New York State Department of Financial Services that it violated the state’s fair lending law. The $1.3 billion-asset bank also agreed to provide restitution to affected customers, the regulator said in a press release. Rhinebeck’s “specific policies and practices […]
BofA settling legal claims from 2008 financial crisis
Bank of America in Charlotte, N.C., agreed to pay about $1.8 billion to resolve claims that go back to the 2008 financial crisis. The $2.2 trillion-asset Bank of America disclosed in a regulatory filing that it will pay the settlement to Ambac Assurance to address pending Ambac lawsuits against the company and its subsidiaries. Pending […]
Texas group creates platform to test fintech products
Bankers Helping Bankers, a program associated with the Independent Bankers Association of Texas, has created a platform to let participants pilot fintech products. Participating banks will help vetted fintechs by beta testing products, providing feedback, influencing product development and assisting with rollout strategies. Banks that pilot products “have potential fintech partnerships at low to no […]
Home Federal to buy Northwest Bancshares in La.
Home Federal Bancorp in Shreveport, La., has agreed to buy Northwest Bancshares in Benton, La. The $590.5 million-asset Home said in a press release that it will pay $10.1 million in cash for the $81.7 million-asset parent of First National Bank of Benton. The deal is expected to close in the first quarter. A portion […]
Republic First reaches truce with Driver Management
Republic First Bancorp in Philadelphia has reached a truce with a large shareholder. The $5.7 billion-asset company said in a press release that it has secured a cooperation agreement with Driver Management. As part of the agreement, Republic First appointed Peter Bartholow, former chief financial officer and chief operations officer at Texas Capital Bancshares, to […]