BaaS helps ease sting of Provident deposit outflows
Deposit inflows from Banking-as-a-Service (BaaS) and digital assets partially offset an exodus of more traditional deposits at Provident Bancorp in Amesbury, Mass. The $1.8 billion-asset company said that overall deposits at June 30 fell by 1.4% from the end of 2021, to $1.4 billion. Traditional deposits fell by 3.3%, to about $1.1 billion. Another $14 […]
F.N.B. stepping up expansion in Virginia
F.N.B. Corp. in Pittsburgh is looking to fill some gaps in Virginia. The $42 billion-asset company said it had hired Wes York to open a commercial lending office in Richmond. It also plans to open at least 11 offices in Northern Virginia and Washington, D.C., by 2024. F.N.B. currently has seven branches in the Washington […]
Comerica hires new head of payments from Wells Fargo
Comerica in Dallas has a new head of payments. The $87 billion-asset company said in a press release Monday that Allysun Fleming will oversee all of its payments-related operations. She will report to Peter Sefzik, an executive vice president at Comerica Bank. “Our vision is to grow and optimize Comerica in ways that deepen the […]
Nano Banc in Calif. adds new CEO, chairman
Nano Banc in Irvine, Calif., made changes to several high-profile posts. The $1.1 billion-asset business bank said in a press release that it had named R. Scott Racusin as its CEO and Mary Lynn Lenz as its chairman. Steven Buster was named vice chairman. Racusin previously served as president and CEO of Merchants Bank of […]
U.S. Bancorp to pay $37.5M fine over fake accounts
U.S. Bancorp in Minneapolis will pay a $37.5 million penalty to the Consumer Financial Protection Bureau to address claims it opened accounts without informing customers or getting their consent. The $591 billion-asset bank entered into a consent order with the CFPB on Thursday. The order addresses claims that U.S. Bancorp employees issued credit cards and […]
Blue Ridge Bankshares has update on fintech, mortgages
Blue Ridge Bankshares in Charlottesville, Va., reported lower quarterly earnings that reflected adjustments to the value of its fintech investments and a sharp decline in mortgage volume. The $2.8 billion-asset company’s second-quarter net income fell by 94% from a quarter earlier, to $1.1 million. Blue Ridge said the lower results reflected $9.4 million of fair […]
Heritage Commerce in California selects next CEO
Heritage Commerce in San Jose, Calif., will soon have a new CEO. The $5.1 billion-asset company said in a press release Thursday that Clay Jones will also succeed Walter Kaczmarek as president, effective Sept. 15. Jones, who is president and chief operating officer of Heritage Bank of Commerce, will also join the company’s board. Kaczmarek […]
Red River Bancshares in La. to open New Orleans branch
Red River Bancshares in Alexandria, La., is planning to open its first branch in New Orleans. The $3.1 billion-asset company said in a press release that it leased and remodeled a downtown branch. The location, which received regulatory approval, will open in the third quarter. Red River opened a branch in Lafayette, La., in January. […]
Tech upgrades in works at several community banks
Several community banks used their quarterly earnings releases to tease out technological enhancements. Kearny Financial in Fairfield, N.J.; Quaint Oak Bancorp in Southampton, Pa.; and Third Coast Bancshares in Humble, Texas, were among the smaller banks to talk about upgrades in their core platforms, working with fintech or moving into Banking-as-a-Service (BaaS). The $7.7 billion-asset […]
FDIC approves proposed de novo in S. Florida
Organizers of the proposed Evermore Bank in Fort Lauderdale, Fla., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise at least $25 million before opening the bank. Organizers originally outlined plans to raise $26 million to $45 million of initial capital. They plan to open a […]
Customers in Pa. makes progress with digital assets push
Customers Bancorp in Wyomissing, Pa., continues to make progress with digital assets. The $20.3 billion-asset company said in a press release that it onboarded 90 instant token clients to its digital bank during the second quarter, increasing total customers to 190. Digital asset-related deposits increased by $300 million in the second quarter from a quarter […]
How a small Ohio bank pulled in 10 buyout offers
Peoples-Sidney Financial in Sidney, Ohio garnered considerable interest from potential buyers before agreeing to be sold to Farmers & Merchants Bancorp in Archbold, Ohio. The $2.7 billion-asset F&M agreed in mid-June to buy the $133 million-asset Peoples-Sidney for $27 million. Peoples-Sidney received 10 nonbinding indications of interest before agreeing to talk with F&M, according to […]
Heritage Southeast to sell to First Bancshares in Miss.
Heritage Southeast Bancorp. in Jonesboro, Ga., which tried unsuccessfully to sell its bank to a credit union, has agreed to be sold to First Bancshares in Hattiesburg, Miss. The $6.3 billion-asset First Bancshares said in a press release Wednesday that it will pay $207 million in stock for the $1.7 billion-asset Heritage Southeast. The […]
Sturgis Bancorp in Mich. names new bank leadership
Sturgis Bancorp in Michigan has a new bank CEO. The $318 million-asset company said in a press release Wednesday that Jason Hyska had been appointed to the role. Hyska previously served as head of retail lending. Matt Scheske was named the bank’s president and chief operating officer. He was head of commercial lending. Hyska and […]
Grasshopper in NY signs up initial BaaS client
Grasshopper Bank in New York has signed its first Banking-as-a-Service client. The $305 million-asset bank is working with Treasure Financial, a fintech that provides automated cash management solutions for growing businesses. The partnership is designed to support Treasure’s treasury management offering and help Grasshopper deepen ties to small and midsize businesses. Treasure said in a […]
BayFirst adds new SBA product, hires mortgage team
BayFirst Financial in St. Petersburg, Fla., is seeing early traction from the launch of a Small Business Administration product. The $922-million asset company said in a press release that it debuted Bolt, a 7(a) product designed to quickly originate loans of $150,000 or less, during the second quarter. BayFirst said that, through July 22, about […]
Finward closes two branches, reinvesting in digital
Finward Bancorp in Munster, Ind., has closed two branches. The $2.1 billion-asset company said in a press release Wednesday that it shuttered the offices on July 1. Finward did not identify the markets where the branches were located, the restructuring costs or long-term cost savings. Finward, which had already closed a branch in 2021, said […]
Investar to sell two branches in south Texas
Investar Bancorp in Baton Rouge, La., has agreed to sell two branches in south Texas to First Community Bank in Corpus Christi, Texas. The $2.6 billion-asset Investar said in a press release that it expects to sell the locations in the first quarter. “We expect that the sale will permit us to focus more on our […]
BaaS drives deposit growth at New York Community
New York Community Bancorp in Hicksville said deposit growth in the second quarter largely reflected growth in its Banking-as-a-Service (BaaS) platform. The $63.1 billion-asset company said in a press release that its total deposits increased by $3.3 billion from a quarter earlier, to $41.2 billion. Nearly 70% of that increase – $2.3 billion – came […]
Hanover Bancorp to expand onto Long Island
Hanover Bancorp in Mineola, N.Y., plans to open its first branch on Long Island. The $1.5 billion-asset company said in a press release Wednesday that it will open a location in Hauppage, N.Y., by the end of this year. Hanover said the full-service, high-tech branch has already received regulatory approval. It will be located next […]
Ford’s FDIC application sheds light on ILC plans
Ford Motor Company said obtaining an industrial loan charter would help it make electric vehicles (EVs) accessible to all Americans. The automaker said in its application with the Federal Deposit Insurance Corp. that the proposed Ford Credit Bank would offer auto loans for EVs through indirect retail installment and lease contracts originated by auto dealers. […]
Trustmark in Miss. pursuing business lines, tech upgrades
Trustmark in Jackson, Miss., plans to launch new business lines, enter new markets and improve technology under a new program. The $17.4 billion-asset company said in a press release Tuesday that FIT2GROW began in the second quarter. As part of the initiative, Trustmark opened a loan-production office in Atlanta that will focus on its institutional […]
NSTS Bancorp in Illinois names new bank CEO
NSTS Bancorp in Waukegan, Ill., has a new bank CEO. The $285 million-asset company said in a press release Tuesday that Nathan Walker had also become its executive vice president. Walker succeeded Stephen Lear as CEO of North Shore Trust and Savings. Lear remains chairman of the bank and the company’s chairman, president and CEO. […]
Mark Hoppe to retire as Fifth Third regional president
Mark Hoppe, who orchestrated the sale of Taylor Capital Group to MB Financial nearly a decade ago, is retiring. Hoppe plans to step down as the Chicago region president for the $211 billion-asset Fifth Third Bancorp, a title he gained after the Cincinnati regional bank acquired MB Financial in 2019. He will retire at the […]
Genesis Bank in Calif. launches escrow division
Genesis Bank in Newport Beach, Calif., has created an escrow division. The $95.1 million-asset bank said in a press release Tuesday that Genesis Bank Escrow handles commercial and commercial real estate-related escrow transactions, including compliance with local, state and federal real estate guidelines. Genesis launched the division after hiring Michelle Gregorian. “Over multiple decades, our […]