Fed approves Allegiance, CBTX merger
Allegiance Bancshares and CBTX have received approval from the Federal Reserve three weeks after moving the deadline for the Houston companies’ merger. The companies, which plan to rebrand as Stellar Bancorp, announced their merger in November. They disclosed late last month that they had pushed the termination date back from Aug. 2 to Nov. 1. […]
Republic First in Pa. exploring strategic options
Republic First Bancorp in Philadelphia has begun a strategic review. The $5.7 billion-asset company said in a press release that the decision came after “inquiries by multiple parties expressing interest in one or more potential strategic transactions.” Republic First said it had set up a strategic review committee of the board to review the inquiries […]
SVB in California adds investment banker to board
SVB Financial Group in Santa Clara, Calif., has appointed an investment banker to its board. The $214 billion-asset company said in a press release Wednesday that Thomas King, an operating partner of Atlas Merchant Capital, had become a director. King, who was CEO of investment banking at Barclays from 2014 to 2016, will serve on […]
The Bancorp in Delaware set to switch bank charters
The Bancorp in Wilmington, Del., is set to convert to a national bank charter. The $7.1 billion-asset company disclosed in a regulatory filing Wednesday that its bank will begin operating as a national bank tomorrow. The Bancorp plans to move its bank’s headquarters from Wilmington to Sioux Falls, S.D., early next year. The company’s payments […]
First Seacoast raising up to $36M from second step
First Seacoast Bancorp in Dover, N.H., plans to raise up to $36.3 million from its second-step conversion from a mutual to a fully stock-owned company. The $510 million-asset company said in a regulatory filing that it expects to receive $26.5 million to $36.3 million of net proceeds as part of the conversion. First Seacoast said […]
First NBC exec pleads guilty for role in bank’s failure
Another former executive at First NBC Bank has pleaded guilty to charges tied to the New Orleans bank’s April 2017 failure. William Burnell, the bank’s chief credit officer from 2006 until its failure, pleaded guilty to conspiracy to defraud First NBC. He was accused of misrepresenting information on monthly reports showing the quality of the […]
Citizens in R.I. to buy college planning tool
Citizens Financial Group in Providence, R.I., has agreed to buy College Raptor, an online college planning platform based in Iowa City. The $227 billion-asset Citizens did not disclose the price it will pay. The deal is expected to close in the fourth quarter. College Raptor, founded in 2012, matches prospective students to schools based on […]
Colony in Ga. splits president, CEO titles
Colony Bankcorp in Fitzgerald, Ga., is splitting up the roles of president and CEO. The $2.7 billion-asset company said in a press release Tuesday that R. Dallis Copeland Jr. had become its president. Copeland, who had been serving as a special adviser to Colony, succeeded Heath Fountain, who remains CEO. Colony said the move follows […]
VisionBank of Iowa to buy Legacy Bank
VisionBank of Iowa in Ames has agreed to buy Legacy Bank in Altoona, Iowa. The $595 million-asset VisionBank said in a press release that it expects to complete the purchase of the $176 million-asset Legacy in late 2022. The price wasn’t disclosed. “We are confident that the powerful synergies, additional market coverage and financial strength […]
JPMorgan to buy payments technology company
JPMorgan Chase in New York has agreed to buy Renovite Technologies in Fremont, Calif. The $3.8 trillion-asset company said in a press release Monday that Renovite, a cloud-native payments technology company, will help it build a next-generation merchant acquiring platform. JPMorgan did not disclose the price it will pay. Renovite, founded in 2015, will become […]
U.S. Bancorp moving closing, conversion for MUFG Union
U.S. Bancorp in Minneapolis now expects its pending purchase of MUFG Union Bank to close several months later than previously forecast. Executives at the $558 billion-asset U.S. Bancorp said during a conference appearance Monday that they expect to complete the $8 billion acquisition, announced a year ago, later in the second half of 2022. With […]
OCC names new chief climate risk officer
The Office of the Comptroller of the Currency has named a new chief climate risk officer. The OCC said in a press release Monday that Nina Chen had accepted the post. She will lead the agency’s climate risk efforts tied to supervision, policy and external engagement. Chen will report to Acting Comptroller of the Currency […]
Neighborhood National in Calif. freed from BSA order
Neighborhood National Bank in El Cajon, Calif., has been freed from a consent order with the Office of the Comptroller of the Currency. The $119 million-asset Neighborhood had been operating under the order since March 2016. It required the bank to improve compliance tied to the Bank Secrecy Act and anti-money laundering laws. “We are […]
Proposed trust bank hires blockchain vet as CEO
Protego Trust Bank, a proposed federally chartered trust bank that would serve the digital asset needs of institutional investors, has hired a new CEO. Organizers of the planned Seattle trust bank said in a press release Monday that Ron Totaro has accepted the post. He previously served as CEO of Tassat Group. Totaro “brings a […]
Stearns Bank division offering small-dollar SBA loans
Stearns Bank in St. Cloud, Minn., has introduced a small-dollar Small Business Administration loan through one of its lending divisions. The $2.3 billion-asset bank said in a press release that South End Capital is now offering an SBA Express platform that makes streamlined 7(a) loans for up to $25,000. “We have revolutionized the way small […]
California group applies to form a bank
A group in Encino, Calif., is looking to form a bank that will have a focus on the Syrian American community. Organizers for the proposed United Community Bank applied with the Federal Deposit Insurance Corp. on Aug. 31 for deposit insurance. The bank plans to focus on small- and midsize businesses and their owners, business […]
Firstrust in Pennsylvania lines up next CEO
Firstrust Bank in Conshohocken, Pa., will soon have a new CEO. The $5 billion-asset bank said in a press release Thursday that Timothy Abell, its president, will become CEO on Jan. 1. He will succeed Richard Green, who will remain executive chairman. Green will continue to own the bank his grandfather founded in 1934 and […]
Texas Brand, Harmony Bank announce merger
Texas Brand Bank in Dallas and Harmony Bank in Kemp, Texas, have agreed to merge. The $330 million-asset Texas Brand Bank plans to adopt the $350 million-asset Harmony Bank’s name. The price wasn’t disclosed. “Merging with Harmony … is synergistic for our teams, and we look forward to the benefits it will bring to our […]
StoneCastle terminates interLINK sale to Veritex
StoneCastle Partners has terminated an agreement to sell its digital deposit-gathering business to Veritex Holdings in Dallas. The $11.3 billion-asset Veritex agreed in March to buy interLINK for $91 million in cash and stock. Veritex has already received approval from the Texas Department of Banking and was pursuing approval from the Federal Deposit […]
Pinnacle entering Louisville, Ky., after hiring banker
Pinnacle Financial Partners in Nashville, Tenn., is planning to enter Louisville, Ky., after hiring a banker to lead the effort. The $40 billion-asset company said in a press release that it had hired Tom Crockett as regional president with the responsibility of building a team. Pinnacle will open its first branch in the market next […]
Live Oak in N.C. to invest $25M to expand in home state
Live Oak Banchares in Wilmington, N.C., plans to invest $25 million and create 204 jobs in North Carolina’s Hanover County as part of a campus expansion. The expansion includes the construction of a new office building to support lending and technology personnel for new products and services. “We are grateful for the support of city, […]
Oakworth to enter Charlotte market after key hire
Oakworth Capital Bank in Birmingham, Ala., will enter the Charlotte, N.C., market after hiring a banker from Aquesta Bank. The $1.2 billion-asset bank said in a press release Wednesday that it had hired Tim Beck to serve as its central Carolinas market leader. Beck previously served as chief credit officer at Aquesta, which was sold […]
Truist taps insider as its new CFO
Truist Financial in Charlotte, N.C., has a new chief financial officer. The $545 billion-asset company said in a press release Wednesday that it Mike Maguire, its chief consumer finance and payments officer, will succeed Daryl Bible as CFO on Sept. 15. Bible in May announced plans to retire. Maguire will remain on Truist’s executive leadership […]
LINKBANCORP in Pa. could raise $50M from IPO
LINKBANCORP in Harrisburg, Pa., plans to raise up to $50 million through an initial public offering. The $1.1 billion-asset company said in a press release Wednesday that it plans to sell about 4.6 million shares of common stock at $8 to $9.50 each. The underwriters can sell another 686,000 shares if there is enough demand. […]
SmartFinancial in Tennessee buys insurance agency
SmartFinancial in Knoxville, Tenn., has acquired an insurance agency. The $4.8 billion-asset company said in a press release Tuesday that it bought the operating assets of Sunbelt Group in Chattanooga, Tenn., for $6.5 million. Sunbelt, formed in 1984, provides personal and commercial property and casualty insurance, as well as life and health. The agency also […]