CrossFirst expanding in Ariz. with Canyon purchase
CrossFirst Bankshares in Leawood, Kan., has agreed to buy Canyon Bancorp. in Tucson, Ariz. The $6.9 billion-asset CrossFirst said in a press release that it will pay $15.1 million in cash and stock for the parent of the $198 million-asset Canyon Community Bank. The deal is expected to close in the second half of this […]
FVCBankcorp’s lower 1Q profit reflects securities sales
FVCBankcorp in Fairfax, Va., reported lower earnings that reflected balance sheet repositioning and a loss tied to its investment in a mortgage lender. The $2.4 billion-asset company said in a press release that its first-quarter net income fell by 91% from a year earlier, to $621,000. FVCBankcorp had an after-tax loss of $3.6 million tied […]
Western Alliance: Lessons learned from deposit exodus
Western Alliance Bancorp. in Phoenix is looking to sell loans and rebuild its deposit base as part of a plan to increase liquidity and get its Tier 1 capital ratio back to 11%. Loans held for sale at the $71 billion-asset company rose from $1.2 billion at yearend to $7 billion on March 31. Its […]
Comerica sheds more light on 1Q deposit outflows
Comerica in Dallas provided more details on the deposit outflows that took place during the first quarter. The $91.1 billion-asset company said in a press release that deposits fell by $3.7 billion, or 5.2%, between March 9 and March 31. The decrease reflected “diversification efforts by customers with excess balances significantly above those of the […]
NBH Bank in Colo. buys StoneCastle deposit platform
National Bank Holdings in Denver has bought a deposit acquisition and processing platform from StoneCastle Partners. The $9.9 billion-asset banking company did not disclose how much it paid for StoneCastle Digital Solutions, which operates as Cambr. Cambr, which handles accounts for embedded finance companies, administers about $1.7 billion of deposits comprising more than 500,000 FDIC-insured […]
Securities sales cut into profit at F&M in Ohio
Farmers & Merchants Bancorp in Archibold, Ohio, reported lower quarterly earnings that reflected higher noninterest expenses and a decision to sell securities at a loss. The $3.1 billion-asset company said in a press release that its first-quarter net income fell by 20% from a year earlier, to $6.5 million. Farmers & Merchants said it sold […]
Liberty Bank in Conn. debuts digital-only division
Liberty Bank in Middletown, Conn., has launched a digital-only bank. The $7 billion-asset bank said in a press release that Owners Bank debuted on Monday. Owners will focus primarily on small business owners. The digital bank will be initially available to customers in Connecticut, Massachusetts, Pennsylvania and Rhode Island prior to a national rollout. Liberty […]
BancFirst to buy Okla. branch from RCB Bank
BancFirst in Oklahoma City plans to buy a branch from RCB Bank in Claremore, Okla. The $12.4 billion-asset BancFirst applied with the Federal Deposit Insurance Corp. to buy the branch, located in Stroud, Okla., according to a legal notice tied to the application. The branch had $15 million of deposits in mid-2022, according to FDIC […]
Pinnacle gained $200M in deposits from failed banks
Pinnacle Financial Partners in Nashville, Tenn., was able to play offense and defense in the wake of two high-profile bank failures last month. The $45 billion-asset Pinnacle identified about $200 million of new deposits that came from Silicon Valley Bank and Signature Bank, Terry Turner, the company’s president and CEO, said during a conference call […]
Goldman open to selling GreenSky fintech business
Goldman Sachs Group in New York could look to sell GreenSky, a fintech it bought about year ago for more than $2.2 billion. While GreenSky, which lends to homeowners through home improvement contractors, is a “good business” that is “performing well with first-quarter originations,” Goldman CEO David Solomon said the business might not fit well […]
First Horizon unable to provide clarity on pending sale
First Horizon in Memphis, Tenn., is being tight-lipped about the status of its pending sale to TD Bank. The $81 billion-asset company said in its earnings release that the $13.4 billion deal is unlikely to secure regulatory approval before an already adjusted May 27 deadline. The release stated that TD “cannot provide a new projected […]
Nicolet reports loss after repositioning balance sheet
Nicolet Bankshares in Green Bay, Wis., reported a quarterly loss after repositioning its balance sheet. The $8.2 billion-asset company said in a press release that it lost $9 million in the first quarter, a reversal of the $24 million profit it reported a year earlier. Nicolet said it sold U.S. Treasury held-to-maturity securities with a […]
ICBA names six fintechs for latest accelerator
The Independent Community Bankers of America has identified six fintechs to join its latest cohort. The latest ThinkTECH Accelerator program will begin on April 24. It is the first of two accelerators planned this year as the ICBA shifts to year-round programming. Three fintechs are focused on deposit-based products and services. CNote helps banks invest […]
AmeriServ profit falls due to hit from Signature sub debt
AmeriServ Financial in Johnstown, Pa., reported lower net income after absorbing a $926,000 hit from a subordinated debt investment in the failed Signature Bank. The $1.3 billion-asset AmeriServ said in a press release that its first-quarter net income fell by 37% from a year earlier, to $1.5 million. A big reason for the […]
CCFNB in Pa. to buy Muncy Bank Financial
CCFNB Bancorp in Bloomsburg, Pa., has agreed to buy Muncy Bank Financial in Muncy, Pa. The $944 million-asset parent of First Columbia Bank & Trust said in a press release that it will pay $65.6 million in stock for the $633 million-asset Muncy. The deal is expected to close in the fourth quarter. The renamed […]
Apple savings account raises stakes for deposit gathering
Apple debuted a savings account for its Apple Card users that offers a 4.15% annual rate. The technology giant said in press release that the savings account from Goldman Sachs offers rates that it more than 10 time the national average, based on data from the Federal Deposit Insurance Corp. Goldman Sachs, in comparison, offers […]
SBA set to expand SBLC participation in 7(a) lending
The Small Business Administration is set to end a 41-year moratorium limiting how many nondepository lenders from participating in the agency’s 7(a) loan guarantee program. The SBA said the moratorium, which restricted 7(a) participation to 14 small-business lending companies (SBLCs), will be lifted on May 12. Three SBLCs are set to join existing lenders. Banking […]
Avenu BaaS platform to launch in late April
MainStreet Bankshares in Fairfax, Va., said its Banking-as-a-Service (BaaS) platform should launch at the end of this month. The $2.1 billion-asset company said in a press release that Avenu should debut on April 30. MainStreet said it is making a final push to strengthen its cyber architecture and implement a debit card for funding. Three […]
Fed Gov. Bowman: ‘Viable’ de novo pipeline needed
Regulators should rethink their approach to de novo bank activity, Federal Reserve Gov. Michelle Bowman said in a Friday speech. Bowman, who chairs the Fed Board of Governors’ subcommittee on smaller regional and community banks, said the upfront capital requirements – which require organizers to raise capital to meet forward-looking projections of a bank’s future […]
Capital Bancorp in Md. taps insider as next bank president
Capital Bancorp in Rockville, Md., has a new bank president. The $2.1 billion-asset company said in a regulatory filing that Steve Poynot, chief operating officer of Capital Bank, will take on the added role on Monday. Poynot will be responsible for commercial banking production, along with the bank’s credit and operations. Poynot will succeed Scot […]
Mary Mack to retire from Wells Fargo
Wells Fargo in San Francisco said that veteran executive Mary Mack is retiring. The $1.9 trillion-asset company said in a press release that Mack will step down as CEO of consumer and small business banking on May 15. She will be succeeded by Saul Van Beurden, the company’s head of technology. Tracy Kerrins, head of […]
Minnesota Credit Union Network names new CEO
The Minnesota Credit Union Network has lined up its next CEO. The St. Paul, Minn., association said in a press release that Mara Humphrey will also become its president at the end of April. Humphrey, who holds the association’s chief advocacy position, will succeed Mark Cummins, who announced his intention to retire last summer. Cummins […]
Fintech Altruist raises $112M in latest funding round
Altruist, a fintech custodian for registered investment advisers, has raised $112 million in a funding round led by Insight Partners and Adams Street. The company, which recently announced plans to buy Shareholder Services Group and the launch of its self-clearing custodian, said in a press release that the Series D round brought its total […]
U.S. Bancorp shifting duties amid high-profile retirements
U.S. Bancorp in Minneapolis is shifting some executive responsibilities. The $675 billion-asset company said in a press release that Kate Quinn, its vice chair and chief administrative officer, and Jim Kelligrew, vice chair of corporate and commercial banking, will retire on June 30. Quinn, 58, has been with the company for 10 years, while Kelligrew, […]
Huntington in Ohio sells retirement planning service
Huntington Bancshares in Columbus, Ohio, has sold its retirement planning service business. The $182.9 billion-asset company disclosed in a regulatory filing that it sold the business to OneDigial Investment Advisors, a registered investment adviser, on March 31. The business handles about 1,200 plans and $5.6 billion in retirement plan assets under management. Huntington said it […]