Western Alliance forms executive leadership team
Western Alliance Bancorp. in Phoenix has formed an executive leadership team in conjunction with a series of personnel moves. The $65 billion-asset company said in a press release Tuesday that the team is responsible for making key policy decisions and guiding its strategic direction. The move is designed to position Western Alliance as it prepares […]
State Street still on board to buy BBH investor services biz
State Street in Boston said it remains committed to its proposed purchase of Brown Brothers Harriman’s Investor Services business despite a delay getting regulatory approval. The $300 billion-asset company disclosed in a regulatory filing that the it “continues to believe the strategic rationale for the transaction remains attractive.” State Street said the parties are discussing […]
Cross County Bank in Arkansas to rebrand as Cross Bank
Cross County Bank in Wynne, Ark., plans to streamline its branding. The $378 million-asset bank plans to use the Cross Bank brand for its 10 branches. Currently, four locations operate as Cross County Bank while the other six operate as First Commercial Bank. The changes will take place on Nov. 21 and will include a […]
First Citizens in N.C. forms middle-market banking unit
First Citizens BancShares in Raleigh, N.C., has formed a unit to offer middle-market banking services. The $108 billion-asset company, which acquired CIT Group in January, said in a press release Tuesday that the Charlotte unit will focus on North Carolina, Virginia, South Carolina, Georgia and Florida. First Citizens will offer senior secured loans, cash-flow loans, […]
Liberty Bank in Connecticut to launch digital bank
Liberty Bank in Middletown, Conn., is close to launching a digital bank that will focus on small businesses. The $7.4 billion-asset bank plans to open the bank in the first quarter, according to the Hartford Business Journal. The plan is to offer loans and deposits, along with a series of solutions for invoicing, payments and […]
Texas Capital to sell insurance premium finance unit
Texas Capital Bancshares in Dallas has agreed to sell its insurance premium finance business to Truist Financial in Charlotte, N.C. The $32.3 billion-asset Texas Capital said in a press release Tuesday that it will sell BankDirect Capital Finance to Truist’s AFCO Credit unit for $3.4 billion in cash. The price represents an 8.5% asset premium. […]
Veteran economist Mark Vitner retires from Wells Fargo
Veteran economist Mark Vitner has retired. Vitner, who was a managing director and senior economist at Wells Fargo, said in a LinkedIn post that his last day was Friday. He joined Wells Fargo from Wachovia, where he was the senior economist when the Financial Crisis took hold in 2008. Vitner has been a mainstay at […]
Nova Bank organizers refile after management revamp
A group looking to form a bank in Huntsville, Ala., has refiled its application with the Federal Deposit Insurance Corp. after “strengthening” its management team. Organizers of Nova Bank submitted its first application on Aug. 24. The original paperwork was filed in mid-2021 and withdrawn last April. Marc Minish, one of the proposed bank’s 16 […]
Blue Ridge hit with OCC order tied to fintech supervision
Blue Ridge Bankshares has entered into a written agreement with the Office of the Comptroller of the Currency instructing the Charlottesville, Va., company to improve how it monitors fintech relationships. The $2.8 billion-asset company disclosed in a regulatory filing that, under the Aug. 29 agreement, its bank must create a compliance committee and adopt, implement […]
OCC planning large reduction in bank assessment fees
The Office of the Comptroller of the Currency is planning a dramatic reduction in assessment fees. The OCC is planning a 40% reduction in assessments for a bank’s first $200 million of assets, Acting Comptroller of the Currency Michael Hsu said during prepared remarks to the Texas Bankers Association. The agency will lower the assessment […]
BankFirst Capital to buy Mechanics Bank in Mississippi
BankFirst Capital in Columbus, Miss., has agreed to buy Mechanics Banc Holding in Water Valley, Miss. The $2.2 billion-asset BankFirst said in a press release Thursday that it will pay an undisclosed cash amount for the $331 million-asset Mechanics. The deal is expected to close in the first quarter. “We are excited about … expanding […]
Horicon Bank in Wisconsin selects next president
Horicon Bank in Horicon, Wis., has a new president with a familiar name. The $1.2 billion-asset bank named Fred C. Schwertfeger to succeed his father, Frederick F. Schwertfeger, according to multiple news outlets. The elder Schwertfeger remains CEO. Horicon is a unit of Sword Financial. The younger Schwertfeger, who previously was chief strategy officer, serves […]
Primis in Va. to partner with periodontist group
Primis Financial in McLean, Va., has formed a partnership to provide financial services to members of the American Academy of Periodontology. The $3.2 billion-asset Primis said in a press release that Panacea Financial, a division formed to serve physicians, dentists and veterinarians, will have access to the AAP’s more than 7,500 members. Periodontists specialize in […]
BaaS association taps Ohio banker as first chairman
The BHB BaaS Association has its first chairman. The Austin, Texas, group formed by Bankers Helping Bankers earlier this year to focus on Banking-as-a-Service providers, said in a press release Wednesday that Robert Keil had accepted the role. Keil, chief payments officer at Sutton Bank, leads the Attica, Ohio, bank’s BaaS efforts. He previously worked […]
Associated to close 13 branches in Illinois, Wisconsin
Associated Banc-Corp. in Green Bay, Wis., plans to close 13 branches in two states. The $37.2 billion-asset company plans to shutter six locations in Illinois and seven in northwest Wisconsin on Nov. 18, several media publications reported. Six of the offices are in-store branches, with five in Festival Foods stores and one inside a Piggly […]
Equity in Kansas to sell Oklahoma branch to High Plains
High Plains Bank in Okeene, Okla., has agreed to buy a branch in Oklahoma from Equity Bancshares in Wichita, Kan. The $5 billion-asset Equity said in a press release that it is selling its location in Cordell to the $160 million-asset High Plains. The sale is expected to close by Dec. 31. The price wasn’t […]
Mortgage lender gets reg approval to buy Texas bank
Cornerstone Home Lending has received regulatory approval to buy Roscoe State Bank in Roscoe, Texas. The mortgage lender said in a Wednesday press release that it expects to buy the $226 million-asset Roscoe on or around Oct. 1. Cornerstone Capital Bank will have more than $380 million of capital and roughly $1.5 billion of assets. […]
First Commonwealth to buy Centric Financial in Pa.
First Commonwealth Financial in Indiana, Pa., has agreed to buy Centric Financial in Harrisburg, Pa. The $9.6 billion-asset First Commonwealth said in a press release Tuesday that it will pay $144 million in stock for the $1.1 billion-asset Centric. The deal, which is expected to close in the first quarter, priced Centric at 131% of […]
First National Bank of Omaha debuts API-focused product
First National Bank of Omaha in Nebraska has formed a business to offer credit card services to fintechs and other startups. The $27.2 billion-asset bank said in a press release that Bend by FNBO will offer customized credit card issuance to clients. The business is being marketed as a credit card-as-a-service (CaaS) platform. Bend offers […]
Genesis Bank in Calif. forms 1031 exchange division
Genesis Bank in Newport Beach, Calif., has created a division to handle 1031 exchanges. The $95.1 million-asset company said in a press release that it had launched Genesis Bank Exchange to facilitate Section 1031 exchanges of investment and business real estate. The division will hold client funds in segregated trust accounts and handle administrative, legal […]
California group clears hurdle to opening new bank
A group in Irvine, Calif., has received approval from the Federal Deposit Insurance Corp. to open a bank. The FDIC on Aug. 24 gave conditional approval for Beach Cities Commercial Bank. Organizers must raise $25 million before the bank can open. The group applied with the FDIC in September. “The bank plans to serve the […]
Thumb Bancorp to buy Exchange State in Michigan
Thumb Bancorp in Pigeon, Mich., has agreed to buy Exchange State Bank in Carsonville, Mich. The $401 million-asset Thumb said in a press release that it will pay $29.9 million in cash and stock for the $219 million-asset Exchange Bank. The merger is expected to close late this year or in early 2023. The final […]
Four suitors pursued GrandSouth in South Carolina
GrandSouth Bancorp. in Greenville, S.C., considered four bids before deciding to negotiate with First Bancorp in Southern Pines, N.C. The $10.6 billion-asset First Bancorp agreed to buy the $1.3 billion-asset GrandSouth in June for $181 million of stock. GrandSouth’s investment bank contacted 11 potential acquirers in March with the candidates selected because of “their size, […]
WSFS forms health care vertical after hiring Fulton banker
WSFS Financial in Wilmington, Del., has formed a health care banking division after hiring a banker from Fulton Financial. The $20.6 billion-asset WSFS said in a press release Monday that Kevin McKeown had become its director of health care banking. He will report to Jim Wechsler, the company’s chief operating officer, commercial banking. The group […]
Gulf Coast Bank buys equipment finance business
Gulf Coast Bank & Trust in New Orleans has acquired an equipment finance business. The $3 billion-asset bank bought the assets of KLC Financial and KLC Capital Partners in Minnetonka, Minn. The price wasn’t disclosed. KLC offers leases to vendors and commercial businesses across a national platform. “KLC will continue their existing leasing programs but […]