Northwest Community in Conn. lines up next CEO
Northwest Community Bank in Winsted, Conn., will have a new CEO this fall. The $1.1 billion-asset bank said in a press release that Maura O’Sullivan Malo will also become its president on Sept. 1. Malo, the bank’s chief operating officer, will succeed Stephen Reilly, who is retiring. Malo was a bank examiner with the Federal […]
Vista Bank to buy Charis Bank in Texas
Vista Bancshares in Dallas has agreed to buy Charis Holdings in Justin, Texas. The $1.6 billion-asset Vista said in a press release that it will buy the parent of the $258 million-asset Charis Bank for an undisclosed amount of common stock. The deal is expected to close in the second quarter. Charis has $167 million […]
Century Savings in N.J. appoints new CEO
Century Savings Bank in Vineland, N.J., has a new CEO. The $600 million-asset bank said in a press release that David Hanrahan has succeeded David Hemple as CEO. Hanrahan was hired to serve as the bank’s president in February 2020. “I leave the bank with the same sense of optimism that marked the start of […]
BM Technologies cutting 25% of its workforce
BM Technologies in Radnor, Pa., which tried unsuccessfully to buy a bank last year, plans to lay off about 25% of its workforce. The fintech also said in a press release that Jamie Donahue, its chief technology officer, had become its president. Donahue, who joined the company in 2020, will be responsible for leading IT, […]
Ed Wehmer retiring as Wintrust’s CEO
Wintrust Financial in Rosemont, Ill., is preparing for a new CEO. The $53 billion-asset company said in a press release that Ed Wehmer will retire from the post on April 30. He will become executive chairman, a position he will hold until May 23, 2024, then serve as a senior advisor until the end […]
McColl-backed fintech Foro launches
Foro, a fintech that aims to pair business owners with commercial lenders, has launched after receiving financial backing from a group that includes former Bank of America CEO Hugh McColl Jr. The Charlotte, N.C., startup said in a press release that will focus on small- and midsize businesses. The plan is to reduce the initial […]
Former ICBA leader Ken Guenther dies
Ken Guenther, who served as president and CEO of the Independent Community Bankers of America for more than 20 years, has died. The association announced Guenther’s passing in a press release. Guenther joined the ICBA in 1979. He led the association from 1982 to 2004, when he was succeeded by Cam Fine. Guenther established a […]
Fed denies Custodia’s membership application
The Federal Reserve has denied an application by Custodia Bank in Cheyenne, Wyo., to become a member of the Federal Reserve System. The Fed said in a press release that it concluded that Custodia’s application “is inconsistent with the required factors under the law.” The regulator determined that the special purpose depository institution’s business model […]
Atlantic Union hires PNC exec for top tech role
Atlantic Union Bankshares in Richmond, Va., has hired the former chief technology officer at PNC Financial Services Group to fill a key executive position. The $20.5 billion-asset company said in a press release that it had hired Matt Lindeman as its chief information officer. Linderman will be responsible all areas of technology and digital strategy, […]
Silvergate halts dividend on series of preferred stock
Silvergate Capital in La Jolla, Calif., is preserving capital by suspending dividends on a series of preferred stock. The $11.4 billion-asset company said in a press release that dividends were paused on its 5.375% fixed-rate non-cumulative perpetual preferred stock “This decision reflects the company’s focus on maintaining a highly liquid balance sheet with a strong capital […]
Primis expects mortgage business to break even in 1Q
Primis Financial in McLean, Va., expects its bulked-up mortgage business to break even in the first quarter. The $3.6 billion-asset company has been aggressively growing Primis Mortgage by hiring lenders. The expansion lowered the company’s pretax net income by $2.7 million in the fourth quarter. The mortgage division had $27.5 million of loans on Dec. […]
WaFd CEO set to return to work following plane crash
Brent Beardall is set to return to Washington Federal in Seattle just weeks after surviving a plane crash in Utah. The $21.7 billion-asset company said in a press release that Beardall, its president and CEO, expects to be discharged from the hospital on Feb. 10 and return to full-time duty three days later. Beardall is […]
Bank of South Carolina CFO set to take over top spot
Bank of South Carolina in Charleston has finalized its CEO succession. The $653 million-asset company said in a press release that Fleetwood Hassell will also retire as president on Sept. 30. Hassell will be succeeded by Eugene Walpole IV, Bank of South Carolina’s chief financial officer. Hassell, who co-founded the bank in 1986 and has […]
First Internet to exit consumer mortgage business
First Internet Bancorp in Fishers, Ind., plans to exit the consumer mortgage business. The $4.3 billion-asset company said in a press release that the decision reflects a “steep decline in mortgage volumes and the negative outlook for mortgage lending over the next several years.” The exit, which will take place in the first quarter, includes […]
PBCO Financial in Ore. lines up CEO succession
PBCO Financial in Medford, Ore., will have a new CEO this summer. The $800 million-asset parent of People’s Bank of Commerce said in a press release that Julie Beattie, its president, will succeed Ken Trautman as CEO on July 1. Trautman, who is retiring, will remain on the company’s board. Trautman co-founded the bank with […]
Signature Bank in Ark. has new mortgage leader
Signature Bank of Arkansas in Fayetteville has promoted an insider to oversee its mortgage operations. The $935 million-asset unit of White River Bancshares said in a press release that Kim Whedbee has become president of its mortgage division. She succeeded Christine Morrison, who has taken on a role in Signature’s human resources department. Whedbee, who […]
Cullen/Frost pilot makes first mortgage loan
Cullen/Frost Bankers in San Antonio, Texas, is moving forward with a return to mortgage lending. The $52.3 billion-asset company said in a press release that it closed its first loan under a mortgage pilot program that largely included its own employees. It has been more than 20 years since Cullen/Frost had a meaningful presence in […]
ICBA accelerator hires director
The Independent Community Bankers of America has hired a director for its ThinkTECH Accelerator. The banking association said in a press release that Stephanie Foster will be responsible for planning and executing the day-to-day operations of the accelerator’s programs. Foster previously served as chief administrative officer for XY Planning Network, an advisory service for Gen […]
ChoiceOne preps enhanced treasury services platform
ChoiceOne Financial Services in Sparta, Mich., plans to launch an enhanced treasury services online platform this year. The $2.4 billion-asset company said in a press release that the new platform will target midsize businesses and municipalities that require enhanced reporting, security and payment capabilities. The company also said it opened a loan production office in […]
Peoples in Miss. facing Stilwell Group proxy challenge
A well-known activist investor plans to nominate a director candidate to stand for election at the upcoming annual meeting of Peoples Financial in Biloxi, Miss. Stilwell Group in New York disclosed in a regulatory filing that it plans to nominate Rodney Blackwell, with Stewart Peck as its alternate nominee. “We believe management and the directors […]
First Internet provides update on BaaS platform
First Internet Bancorp in Fishers, Ind., has made progress with several fintech clients as it ramps up its Banking-as-a-Service platform. The $4.3 billion-asset company said in a press release that, during the fourth quarter, it went live with Increase and it provided payments services for Ramp’s small business bill pay product. First Internet also said […]
Court blocks Republic First from electing directors
A legal tussle will prevent Republic First Bancorp in Philadelphia from holding director elections at tomorrow’s annual meeting. The $5.6 billion-asset Republic First disclosed in a regulatory filing that the Court of Common Pleas issued an order barring it from conducting a shareholder vote on director seats until a hearing is held on April 25. […]
Spring Bank in Wis. splits president, CEO positions
Spring Bank in Brookfield, Wis., has a new president. The $375 million-asset bank said in a press release that Heather Nelson had succeeded David Schuelke, who will remain CEO. “Expanding our leadership team and splitting the responsibilities of the CEO and president reflect Spring Bank’s 15 years of success and positions us for future growth,” […]
Salisbury in Conn. warns of exposure to trust gaffe
Salisbury Bancorp in Lakeville, Conn., is looking to retrieve funds that were erroneously sent to a trust client. The $1.5 billion-asset company said in a press release that about $1 million was mistakenly distributed when a trust account was terminated in May 2020. The company’s management discovered the mishap in July 2022. Salisbury said it […]
Popular to invest $50M into tech initiatives in 2023
Popular in San Juan, Puerto Rico, plans to spend $50 million this year on technology initiatives. The $70.7 billion-asset company said in a press release that the investments are intended to expand its digital capabilities, modernize its technology platform and implement “agile and efficient business processes.” Popular said the effort is expected to continue through […]