Smaller banks start to cut into overdraft, NSF fees
Smaller banks are starting to reduce and eliminate overdraft and nonsufficient funds (NSF) fees. The latest community bank to act is 1st Colonial Bancorp in Cherry Hill, N.J. The $698 million-asset company said in a press release that, effective June 1, reduced its overdraft and NSF fees from $35 to $15. The company said overdraft […]
M&T taps exec to lead charitable foundation
M&T Bank in Buffalo, N.Y., has a new leader for its charitable foundation. Dominique Goss was named executive director of the M&T Charitable Foundation. She now oversees M&T’s corporate giving strategy over 12 states. Goss reports to Mike Keegan, M&T’s head of community banking. She is based in Buffalo. Goss previously served as senior group […]
Activist investor pressing Peoples Financial in Mississippi
An activist investor is pressing Peoples Financial in Biloxi, Miss., to “explore all possibilities to maximize shareholder value.” Stilwell Partners, which owns about 11.2% of the $939 million-asset company’s stock, has taken issue with management decisions in recent years. The New York investor tends to push banks to maximize value by selling. Stilwell noted in […]
Proposed Texas bank gets conditional FDIC approval
A proposed bank in Katy, Texas, has received conditional approval from the Federal Deposit Insurance Corp. The FDIC on Jan. 7 approved deposit insurance for Texas Traditions Bank. Organizers, who initially filed with the FDIC in January, will need to raise about $35 million before the bank can open. Organizers have said they plan to open […]
CUNA exec lands top role at FHLB advocacy group
The Council of Federal Home Loan Banks has lined up its next CEO. The council said in a press release that Ryan Donovan will also serve as its president, effective Sept. 6. He will succeed John von Seggern, who retired last month. Donovan previously served as chief advocacy officer at the Credit Union National Association. […]
Wilson Bank in Tenn. forms mortgage joint venture
Wilson Bank Holding in Lebanon, Tenn., has formed a mortgage joint venture. The $4.1 billion-asset company said in a press release Thursday that it had created Encompass Home Lending with Celebration Homes and Willow Branch Homes. Wilson said the effort was profitable in its first month of operations. “We have been impressed with both builder […]
Citizens Financial to buy NH investment adviser
Citizens Financial Group in Providence, R.I., has agreed to buy select assets and liabilities of Paladin Advisors in Kensington, N.H. The $192 billion-asset Citizens did not disclose in a Thursday press release how much it will pay for the investment adviser. “This acquisition will strengthen our wealth management business, as we gain additional reach and […]
Bank of America hit with $225M in fines from OCC, CFPB
Bank of America in Charlotte, N.C., was fined $225 million for practices tied to it’s prepaid card program for disbursing unemployment benefits in California. The Office of the Comptroller of the Currency levied a $125 million fine, while the Consumer Financial Protection Bureau imposed a $100 million fine. “Bank of America automatically and unlawfully froze […]
Apiture raises $29M from Live Oak, Pinnacle and others
Apiture, a Wilmington, N.C., company that produces software for community banks, has raised $29 million in a fundraising round led by Live Oak Bancshares. The company said in a Thursday press release that other investors, including Pinnacle Bank and BHG Financial, also participated. Apiture has raised $69 million since its formation in 2017. Apiture said […]
Jill Castilla joins alma mater’s board of trustees
Jill Castilla is the latest banker to join a university’s governing board. Castilla, president CEO of Citizens Bank of Edmond in Oklahoma, recently joined the board of trustees at Hawaii Pacific University. Castilla graduated from the university in 1996. Several current and former bank executives have made similar moves in recent months. Castilla’s addition comes […]
Pinnacle in Tennessee to lower overdraft fees
Pinnacle Financial Partners in Nashville, Tenn., has joined the expanding list of banks cutting and eliminating overdraft and nonsufficient funds (NSF) fees. The $39.4 billion-asset company said in a press release that it will eliminate the NSF fee for returned items for consumer accounts and reduce the NSF returned item fee from $38 to $30 […]
Citadel Credit Union in Pa. hires Santander banking team
Citadel Credit Union in Exton, Pa., will launch a business banking division in August after hiring a team of bankers from Santander Bank. The $5 billion-asset credit union said on its website that it will look to form strategic partnerships in an around Philadelphia. “We are ready to hit the ground running and partner with […]
Lakeland in NJ expands footprint for health care lending
Lakeland Bancorp in Oak Ridge, N.J., has expanded its health care lending services to four new states. The $10.3 billion-asset company said in a press release that it has started making loans in Florida, Massachusetts, Ohio and Virginia. Lakeland’s health care banking team has been operating in Connecticut, Delaware, Maryland, New Jersey, New York and […]
Battle between Republic First, Hill likely to linger
A dispute among Vernon Hill, Republic First Bancorp and the Philadelphia company’s investors is ongoing. Hill, who recently announced plans to resign on Aug. 8, claimed in a July 6 letter that four of the $5.7 billion-asset company’s directors breached his 2021 employment agreement as wrangling escalated in recent months. Hill alleged the group, led by […]
Amerant lines up sponsorship deal with NBA’s Heat
Amerant Bancorp in Coral Gables, Fla., has become the official bank of the Miami Heat. The $7.6 billion-asset company said in a press release Tuesday that it agreed to a multi-year deal with the professional basketball team. The deal includes marketing and business development opportunities, including prominent courtside signage, VIP client events and access to […]
Former Alloy exec forms neobank for indigenous people
A former executive at Alloy Labs Alliance is leading an effort to form a digital bank for indigenous people. Amber Buker, who recently stepped down as Alloy’s director of insights, announced plans for Totem in a tweet, calling the startup the “only digital bank by and for indigenous people.” Alloy disclosed that it is an […]
Bankers Helping Bankers launching fintech fund
Bankers Helping Bankers, a program launched by FedFis and the Independent Bankers Association of Texas, has launched a fintech venture capital fund. The Bankers Helping Bankers Fund will support community bankers’ engagement with emerging technology providers. Bankers Helping Bankers did not disclose the targeted size of the fund. “For years founders have been […]
ICBA hires banker for government relations post
The Independent Community Bankers of America has hired a Maryland banker to serve as its executive in charge of chief government relations and public policy. The association said in a press release Monday that it hired Anne Balcer. She previously served as general counsel and internal auditor at Forbright Bank in Chevy Chase, Md. Forbright […]
Horicon Bank in Wis. to buy Cornerstone Community
Sword Financial in Horicon, Wis., has agreed to buy Community Bancshares of Wisconsin in Grafton. Sword, the parent of the $1.2 billion-asset Horicon Bank, expects to complete the purchase of the holding company for the $247 million-asset Cornerstone Community Bank in the fourth quarter. Sword, which did not disclose the price it will pay, will […]
Synovus, Verdant form equipment leasing business
Synovus Financial in Columbus, Ga., and Verdant Commercial Capital in Cincinnati have formed an equipment finance business. Synovus Equipment Leasing will offer leasing and equipment finance agreements for the $56 billion-asset bank’s customers ranging from $25,000 to $50 million. The financing is supported by a line of credit from Synovus Specialty Finance. “We are excited […]
Gate City in N.D. to settle lawsuit over overdraft fees
Gate City Bank in Fargo, N.D., has agreed to pay $5.5 million to settle claims it breached its contract with depositors over overdraft and nonsufficient funds (NSF) fees. The lawsuit, filed in Cass County District Court, alleged that the $3.3 billion-asset bank improperly assessed fees on certain transactions. Gate City, which did not admit wrongdoing, […]
Connecticut group gets state approval to form a bank
A group looking to form a bank in Connecticut has received approval from the state’s banking regulator. Organizers of New Canaan Bank stated in a LinkedIn post Saturday that the Connecticut Department of Banking had given them a temporary certificate of approval. The post said the organizers want to open the bank in the fourth […]
Southwest Bank in Texas starts oil and gas division
SouthWest Bank in Odessa, Texas, has created an oil and gas division after hiring two bankers. The $645 million-asset bank said in a press release that it hired commercial lenders Richard Davis Browning II and Wes Webb. Webb previously served as an account officer at First Oklahoma Bank. Browning was a portfolio manager at Texas […]
CapStar hires banker to enter Western North Carolina
CapStar Financial Holdings in Nashville, Tenn., is entering Asheville, N.C., after hiring a banker from First Horizon. The $3.2 billion-asset company said in a press release Friday that Martin Nesbitt will serve as its Asheville market president. Nesbitt will build a team of bankers to focus on small and midsize business, professionals, real estate investors […]
Vernon Hill to resign as Republic First’s CEO
Vernon Hill is resigning as CEO of Republic First Bancorp in Philadelphia. The announcement that Hill will step down on Aug. 8 comes two days after an appeals court ruled that a rival faction of directors could remove him as chairman and appoint a director to replace Ted Flacco, who died in May. Those developments […]