TowneBank to buy Farmers Bankshares in Virginia
TowneBank in Suffolk, Va., has agreed to buy Farmers Bankshares in Windsor, Va. The $16.9 billion-asset TowneBank said in a press release Thursday that it will pay $56 million in stock for the $609 million-asset Farmers. The deal, which is expected to close in the first quarter, priced Farmers at 196% of its tangible book […]
Northwest in Ohio names permanent CEO
Northwest Bancshares in Columbus, Ohio, has a new CEO. The $14 billion-asset company said in a press release Thursday that Louis Torchio will also serve as its president. Torchio, who joined the company in 2018, recently served as senior executive vice president of retail lending and business banking. Before he joined Northwest, Torchio held senior […]
BofA overdraft fees down 90% from year earlier
Bank of America in Charlotte, N.C., said its overdraft-service fees in June and July fell by 90% from a year earlier, reflecting policies designed to back off of such charges. The $2.2 trillion-asset BofA said in a Wednesday press release that consumer client overdraft fees made up less than 0.4% of its total revenue in […]
Live Oak in N.C. set to benefit from Payrailz sale
Live Oak Bancshares in Wilmington, N.C., is set to benefit from the pending sale of Payrailz to Jack Henry & Associates. The $9.1 billion-asset Live Oak disclosed in a regulatory filing that it expects to report a $29 million pretax gain tied to its investment in Payrailz. The gain would be recorded when the acquisition […]
Proposed N.H. mutual hits capital goal
The organizers of Walden Mutual Bank in Concord, N.H., has exceeded its capital goal. The group said in an email that they have secured more than $20 million of commitments. The plan is to open the mutual in late summer. Walden has received approval from the New Hamphsire Banking Department but it still needs a […]
BOK Financial taps new CEO for Bank of Texas
BOK Financial in Tulsa, Okla., has named a new CEO for Bank of Texas. The $45 billion-asset company said in a press release Wednesday that Mark Wade will take over the post on Jan. 1. He will succeed Norm Bagwell, who previously announced plans to retire. “Norm Bagwell has been an important part of our […]
Republic First: Review of related-party dealings completed
Republic First Bancorp in Philadelphia is one step closer to getting caught up on its regulatory filings. The $5.7 billion-asset company said in a press release that Wilmer Cutler Pickering Hale and Dorr, an outside firm, has completed its review of related-party transactions, certain internal controls and “associated financial statement and disclosure implications.” The results […]
Former Eagle Bancorp CEO barred from banking industry
Ronald Paul, who abruptly stepped down as chairman and CEO of Eagle Bancorp in Bethesda, Md., in 2019, has been barred from the banking industry. The Federal Reserve also fined Paul $90,000 after the former executive agreed to resolve claims he and the $10.9 billion-asset Eagle made negligently false and misleading statements about related-party loans tied to his […]
First Horizon sells title insurance subsidiary
First Horizon in Memphis, Tenn., has sold its title insurance subsidiary. The $43.7 billion-asset company sold Lenders Title Group to Knox-Precision Holdings. The price wasn’t disclosed. “Our historical success is due to the hard work and dedication of our title associates and the confidence our clients have in us, all backed by the support of […]
M&T hires BofA exec as its chief digital officer
M&T Bank in Buffalo, N.Y., has hired an executive from Bank of America to become its chief digital officer. The $204 billion-asset M&T said in a press release Tuesday that Ishet Dhar will focus on the role digital plays in creating simple, differentiated experiences for clients and employees. He will report to Christopher Kay, M&T’s […]
Central Bank of Kansas City spins off payments business
Central Bank of Kansas City in Missouri has spun off its payments and card-issuing platform after the business raised $30 million. Central Payments, founded in 2014 as part of the $350 million-asset Central, said in a press release that it raised funds from investors that include Castle Creek Capital and Launchpad Capital. Central will remain […]
ICBA-backed firm BankTech Ventures closes first fund
BankTech Ventures in Sandy, Utah, has closed on its first fund after bringing in more than $115 million in capital commitments. BankTech said in a press release Monday that the initial round included more than 100 limited partners, comprised almost entirely of community banks. The firm has made eight investments since its first closing in […]
Harvesters Credit Union plans to buy bank in Florida
Harvesters Credit Union in Cantonment, Fla., has agreed to buy First National Bank Northwest Florida in Panama City. The $239 million-asset First National filed an application with the Federal Deposit Insurance Corp. for the proposed merger on Aug. 5. The filing wasn’t immediately available. The $275 million-asset Harvesters has more than 18,000 members. First National […]
Sterling in Mich. still dealing with defunct loan program
Sterling Bancorp in Southfield, Mich., is continuing to reckon with issues tied to a mortgage program it abruptly shuttered in 2019. The $2.5 billion-asset company said in a press release Monday that it is making progress tied to various investigations into the defunct Advantage Loan Program. Thomas O’Brien, who was hired as chairman, president and […]
MidWestOne CEO recovering from ‘serious’ bike accident
MidWestOne Financial Group in Iowa City, Iowa, said its CEO has stepped down temporarily to recover from a serious bicycle accident. The $6.4 billion-asset company disclosed in a regulatory filing Monday that Len Devaisher was named interim CEO on Aug. 12 after Charles Funk was injured. The filing gave no details on the extent of […]
First Seacoast in NH to pursue second-step conversion
First Seacoast Bancorp in Dover, N.H., will convert to a fully stock-owned company. The $500 million-asset mutual holding company said in a press release that it will undertake a second-step conversion. First Seacoast held its initial public offering in July 2019. The total amount of common stock to be issued in the proposed offering will […]
Black-led credit union proposed for Minn. changes name
A proposed black-led credit union in North Minneapolis has changed its name. The Association for Black Economic Power has decided to rebrand the proposed Village Financial Credit Union as Arise Community Credit Union. Organizers are planning for the credit union to serve members in Hennepin and Ramsey counties. The group decided to scrap the Village […]
Clarion FCU rebrands as Top Tier Federal Credit Union
Clarion Federal Credit Union in Brookville, Pa., has rebranded as Top Tier Federal Credit Union. The $162 million-asset credit union said in a press release that it decided to change its name as it grows and expands. Top Tier expanded its field of membership last year from four to 13 counties in northwestern Pennsylvania. The […]
Park National in Ohio to record income from property sale
Park National in Newark, Ohio, will record $11.4 million of net income in the third quarter after selling a foreclosed property. The $9.8 billion-asset company disclosed in a regulatory filing that SE Property Holdings, a subsidiary, completed the foreclosure of a property that had been charged off. The property was sold on Aug. 5 for […]
MVB to gain SBA, USDA heft with latest acquisition
MVB Financial in Fairmont, W.Va., has agreed to buy Integrated Financial Holdings in Raleigh, N.C. The $3 billion-asset MVB said in a press release Friday that it will pay $98 million in stock for the parent of the $435 million-asset West Town Bank & Trust. The deal, which is expected to close in the […]
ConnectOne in N.J. forms health care division
ConnectOne Bancorp in Englewood Cliffs, N.J., has formed a division to focus on health care prospects and clients. The $8.8 billion-asset company tweeted an announcement about its health care commercial banking team. “Our expert team will work to provide clients with custom-tailored solutions so they can focus on delivering the highest-quality care to their patients,” […]
BTC in Missouri to buy Merchants and Farmers Bank
BTC Bank in Bethany, Mo., has agreed to buy Merchants and Farmers Bank of Salisbury in Missouri. The $934 million-asset BTC said in a press release that it expects to gain approvals to buy the $118 million-asset Merchants and Farmers over the next two months. Integration is expected to take place in October. The price […]
Meridian in Pennsylvania expands into Florida
Meridian Corp. in Malvern, Pa., has entered Florida after hiring a former bank CEO. The $1.9 billion-asset company said in a press release that it has opened a loan-production office in Bonita Springs, near Fort Myers. Meridian hired Wayne Griest, former CEO of Continental Bank in Philadelphia, to lead the Florida expansion. Griest moved to […]
Farm Bureau Bank to buy loans from Funding Circle
Farm Bureau Bank in Reno, Nev., plans to buy small-business loans originated by Funding Circle as part of a new partnership with the online lending platform. The $807 million-asset bank said the loans it buys will include those made to the agricultural community. “Our work with Farm Bureau Bank reflects our ongoing commitment to identifying […]
Pacific West in Oregon selects next president
Pacific West Bank in West Linn, Ore., could soon have a new president. The $300 million-asset bank said in a press release that Jason Wessling is set to take over the post, subject to regulatory approval. He will remain Pacific West’s chief financial officer and join the board. Wessling “was the first executive recruited after […]