Provident in NJ hires first chief digital officer
Provident Financial Services in Iselin, N.J., has hired an outsider to serve as its first chief digital and innovation officer. The $13.7 billion-asset company said in a press release Monday that Ravi Vakacherla had accepted the post, which is a recasting of the bank’s chief information officer role. He also joined Provident’s executive leadership team. […]
First Missouri rebrands as Verimore Bank
First Missouri Bank in Brookfield has a new name. The $377 million-asset bank has rebranded as Verimore Bank in a move that deemphasizes location and focuses on products and services. The rebranding “is the result of time spent asking bank customers, employees and community leaders about what we do well, where we can improve, and […]
Allegiance, CBTX move merger’s termination date
Allegiance Bancshares in Houston and CBTX in Houston have pushed back the termination date of their planned merger. The companies disclosed in regulatory filings that the termination date was changed from Aug. 2 to Nov. 1. Allegiance and CBTX “remain committed to the merger and obtaining” approval from the Federal Reserve, the companies said. The […]
Bank Slate to provide content to the ABA Banking Journal
The Bank Slate and the American Bankers Association have an agreement where the banking blog will share content with the ABA Banking Journal. The agreement allows the ABA to pick up select content from The Bank Slate to include in its Daily NewsBytes coverage, with a particular focus on articles about M&A, personnel moves and […]
Texas Partners division names new president
Bank of San Antonio in Texas has a new president. The bank, which is part of the $2.1 billion-asset Texas Partners Bank, said in a press release that Brandi Vitier had taken on the role. She previously served as an executive vice president and market executive. Vitier, with two colleagues, recently launched Stride, a free […]
Former insurance exec becomes MVB’s chairman
MVB Financial in Fairmont, W.Va., has a new chairman. The $3 billion-asset company said in a press release Thursday that W. Marston Becker had taken on the role. Marston, who joined the board in November 2020, succeeded David Alvarez, who retired. “Marty’s leadership and experience have proven to be a great asset to the MVB […]
Raj Date joins board of Customers Bancorp in Pa.
Raj Date, the former deputy director of the Consumer Financial Protection Bureau, has joined the board of Customers Bancorp in West Reading, Pa. The $20.3 billion-asset company said in a press release that Date, a managing partner of investment and advisory firm Fenway Summer, will serve on its board compliance and risk committees. Date is […]
The Bancorp to pay $1.75M to settle CMBS-related issue
The Bancorp in Wilmington, Del., agreed to pay a nearly $1.8 million penalty to resolve alleged violations tied to commercial mortgage-backed securities (CMBS). The $7.1 billion-asset company said the settlement was tied to an Aug. 24 order by the Securities and Exchange Commission. The company did not admit or deny wrongdoing. The SEC, in a […]
Sumitomo Mitsui Financial Group plans U.S. digital bank
Sumitomo Mitsui Financial Group in Tokyo plans to introduce a digital bank through its U.S. subsidiary. SMFG said in a press release Wednesday that Jenius Bank will operate as a new division of its $4.3 billion-asset Manufacturers Bank in Los Angeles. Jenius will launch in “coming months,” initially offering personal loans before adding savings and […]
Sullivan Bank in Mo. to offer bitcoin, Ethereum services
Sullivan Bank in Sullivan, Mo., will let customers buy, sell and hold bitcoin and Ethereum through a partnership with Bakkt Holdings. Bakkt said in a press release that the $836 million-asset Sullivan decided to offer the service to better serve customers’ needs and to increase engagement. “We are pleased to work with Sullivan Bank to […]
F&M in Va. to benefit from broker-dealer investment
F&M Bank in Timberville, Va., should have a $3.8 million windfall from the sale of one of its investments. The $1.2 billion-asset company disclosed in a regulatory filing Tuesday that it will benefit from the sale of broker-dealer Infinex Financial Holdings to Advisor Group. F&M said it could also receive up to $750,000 from post-closing […]
HBT Financial to buy Town and Country in Illinois
HBT Financial in Bloomington, Ill., has agreed to buy Town and Country Financial in Springfield, Ill. The $4.2 billion-asset HBT said in a press release that it will pay $101.4 million in cash and stock for the $875 million-asset Town and Country. The deal, which is expected to close in the first quarter, priced Town […]
Umpqua in Oregon opens CRE office in Denver
Umpqua Holdings in Portland, Ore., has opened a commercial real estate lending office in Denver. The $30.1 billion-asset company said in a press release Tuesday that it had opened the office after hiring Todd Grover as its Colorado market leader. “Todd is a tremendous CRE professional with a strong reputation for his leadership, customer-focused service […]
Highland in Minn. to buy Boundary Waters Bank
Highland Bank in St. Paul, Minn., has agreed to buy Boundary Waters Bank in Ely, Minn. The $630 million-asset Highland said in a press release that it expects to buy the $115 million-asset Boundary Waters by the end of this year. The price wasn’t disclosed. “This merger presented an ideal opportunity to expand our organization, […]
American Challenger sues Credit Suisse over nixed merger
American Challenger Development has filed a lawsuit against Credit Suisse and its Cayman Islands branch for their alleged role in the digital bank having to terminate a planned merger with Patriot National Bancorp in Stamford, Conn. The $976 million-asset Patriot National agreed in November to buy American Challenger for $119 million in a deal structured […]
Truist gaining new tech capabilities through M&A
Truist Financial in Charlotte, N.C., has agreed to buy a data governance platform from Zaloni. The $545 billion-asset Truist said in a press release Monday that it will acquire the Zaloni Arena platform, which will also help the company accelerate its expansion into metadata management, advanced analytics, artificial intelligence (AI) and machine learning (ML). Ben […]
Southern First in S.C. taps insider as president
Southern First Bancshares in Greenville, S.C., has a new president. The $3.3 billion-asset company said in a press release Monday that Cal Hurst had taken on the role. He previously served as chief banking officer. “Cal’s charismatic leadership has been integral to our continued growth and strong company culture,” Art Seaver, the company’s CEO, said […]
Westpac, BankSouth invest in AI company
Westpac Banking in Australia and BankSouth in Greensboro, Ga., participated in the latest round of fund-raising for Kasisto, a New York company that developed a virtual assistant the banks use. Kasisto, which specializes in conversational artificial intelligence (AI), raised $15.5 million in the funding round, which was led by Westpac and FIS. Kasisto raised $15.5 […]
ICBA opposes Ford’s application to form an ILC
The Independent Community Bankers of America has voiced its opposition to Ford Credit Bank becoming an industrial loan company. Ford Motor Co. applied for the ILC in late July. The ICBA, which has for years opposed the ILC, argued that approving the application would let Ford “skirt regulatory oversight and violate longstanding U.S. policy separating […]
First Bancshares in Miss. combines chairman, CEO roles
First Bancshares in Hattiesburg, Miss., has consolidated the titles of chairman and CEO. The $6 billion-asset company said in a press release Friday that CEO Hoppy Cole had also become its chairman. He succeeded E. Ricky Gibson, who remains on the board. Ted Parker was named lead independent director. Gibson “has been an integral part […]
Simmons in Ark. hires banker to work on its CRA plan
Simmons First National in Pine Bluff, Ark., has hired an executive to oversee the delivery of its Community Reinvestment Act plan. The $27.2 billion-asset company said in a press release Friday that Maurice Butler was named director of community development. Butler will also be responsible for developing products and solutions designed to support the needs […]
GreenState CU walks away from planned bank purchase
Another credit union has called off a proposed bank acquisition after hitting a roadblock. The board of the $10.6 billion-asset GreenState Credit Union in North Liberty, Iowa, has decided to give up on trying to buy the $369 million-asset Premier Bank, according to the Credit Union Times. A judge decided earlier this month that the […]
Ponce in N.Y. launches ESG initiative
Ponce Financial Group in Bronx, N.Y., has formed an environmental, social and governance (ESG) committee. The $1.7 billion-asset company said the committee is comprised of the executive management team that reports directly to the board. Frank Perez, who was recently named chief investor relations officer, will lead the initiative. The committee has adopted an ESG […]
United Community adds former Truist exec to its board
United Community Banks in Greenville, S.C., has added a former Truist Financial executive to its board. The $24.2 billion-asset company said in a press release Thursday that George Bell had become a director. Bell recently served as software engineering group head at Truist. He also worked at Truist predecessor BB&T and Bank of America. Bell […]
Puerto Rico de novo identifies proposed CEO
Organizers of the proposed Nave Bank in San Juan, Puerto Rico, have tapped a veteran banker to serve as its chairman and CEO. The group disclosed in an amended application with the Federal Deposit Insurance Corp. that Carlos Garcia would also serve as chairman and CEO of Nave Holdings, the bank’s proposed holding company. Garcia, […]