New York Community, Circle form custodian partnership
New York Community Bancorp in Westbury has formed a partnership with Circle Internet Financial in Boston where the bank will become a custodian for USD Coin reserves. The $61 billion-asset New York Community and Circle will collaborate on strategies for using Circle blockchain and stablecoin solutions to promote access to low-cost financial solutions for underserved and […]
Three banks submitted bids for PCSB Financial
PCSB Financial in Yorktown Heights, N.Y., fielded acquisition offers from three banks before deciding to deal exclusively with Brookline Bancorp in Boston. The $8.6 billion-asset Brookline agreed to buy the $2 billion-asset PCSB in May for $313 million in cash and stock. PCSB decided to seriously consider selling in November when its board assessed challenges […]
Landmark to buy Freedom Bancshares in Kansas
Landmark Bancorp in Manhattan, Kan., has agreed to buy Freedom Bancshares in Overland Park, Kan. The $1.3 billion-asset Landmark said in a press release Tuesday that it will pay $33.4 million in cash for the $223 million-asset Freedom. The deal is expected to close in the fourth quarter. Freedom “has been a strong commercial bank […]
Former First Republic exec lands new CEO post
The former co-CEO of First Republic Bank in San Francisco has been named CEO of a growth-minded real estate finance company. Greystone said in a press release that Hafize Gaye Erkan will succeed Steve Rosenberg, who will remain chairman. Her executive responsibilities will begin in September. Erkan stepped down as co-CEO of First Republic earlier […]
How Cambridge landed deal for Northmark Bank
Northmark Bank in North Andover, Mass., had in-depth discussions to sell to another bank months before agreeing to be sold to Cambridge Bancorp in Massachusetts. The $5 billion-asset Cambridge agreed in May to buy the $442 million-asset Northmark for $63 million in stock. Northmark, however, had exclusive negotiations with another bank between December 2021 and […]
CSBS taps insider as next president and CEO
Jim Cooper was named president and CEO of the Conference of State Bank Supervisors. Cooper has been serving as acting president and CEO since the unexpected death of John Ryan on May 16. Cooper has been the director of policy and supervision at the CSBS for nine years. Before that, he was deputy director at […]
UMB to buy Old National’s HSA business
UMB Financial in Kansas City, Mo., has agreed to buy the health savings account business of Old National Bancorp in Evansville, Ind. The $40.6 billion-asset UMB said in a press release Monday that it will obtain about $500 million of client assets. About $400 million of those assets are held in deposit accounts. The assets […]
Avidia Bank CEO to retire in 2023
Avidia Bank in Hudson, Mass., is on the lookout for a new CEO. The $2.4 billion-asset bank said in a press release Monday that Mark O’Connell, who is also its president, will retire in May 2023. O’Connell, who joined a predecessor bank in 1988, has been president and CEO since 2004. “I’m really proud of […]
Tenn. bank commish still looking to stop CU-bank deal
Greg Gonzales, the commissioner of the Tennessee Department of Financial Institutions, has appealed a judge’s decision that would allow Orion Credit Union to buy Financial Federal Bank. Gonzales argued in his appeal, filed on June 14, that depositors of the bank would be “irreparably harmed and disrupted” if the acquisition closes. He also argued that […]
Organizers plan new bank in Arizona
A group with ties to a wealth management firm in Scottsdale, Ariz., has applied to form a bank in the city. Organizers of Zenith Bank & Trust applied with the Federal Deposit Insurance Corp. on June 23 for deposit insurance. The group plans to register with the Federal Reserve to make Zenith Financial Holding […]
United in Ga. made fast Progress with Ala. bank deal
The leaders of United Community Banks in Blairsville, Ga., and Progress Financial in Huntsville, Ala., quickly bonded as they discussed what would become United’s agreement to buy Progress. The $24 billion-asset United agreed in May to buy the $1.9 billion-asset Progress for $271.5 million in stock. Progress, however, has United on a list of potential […]
Two large credit union associations explore merger
Cornerstone League in Plano, Texas, and Heartland Credit Union Association in Overland Park, Kan., are exploring a merger of their organizations. The associations said in a press release that they have signed a letter of intent to create a group that would represent 718 credit unions in five states. “We believe that the infrastructure supporting […]
Fed bans former Golden Pacific investor
An investor who tried to buy Golden Pacific Bancorp in Sacramento, Calif., has been banned from the banking industry. The Federal Reserve said it banned Karl Klessig for providing a fraudulent loan document and forged signature when he applied to buy the bank two years ago. “Klessig’s deceptive conduct in connection with his effort to […]
Former acting comptroller to retire
Blake Paulson, who briefly served as acting comptroller in 2021, is one of three members of the Office of the Comptroller of the Currency’s executive committee who are stepping down on July 1. The agency said Paulson, senior deputy comptroller for supervision risk and analysis, will fully retire on Aug. 31. Jay Gallagher, deputy comptroller for […]
Horizon in Ind. taps former banker as lead director
Horizon Bancorp in Michigan City, Ind., has tapped a former bank executive as its lead director. The $7.4 billion-asset company said in a press release Friday that Michele Magnuson will succeed Daniel Hopp on June 30. Hopp’s three-year term as lead director is set to end; he will also reach Horizon’s mandatory retirement age be […]
Burke & Herbert in Va. to form holding company
Burke & Herbert in Alexandria, Va., plans to form a holding company. The $3.6 billion-asset bank said in a press release Wednesday that it will seek regulatory approval to create Burke & Herbert Financial Services. “We believe the new corporate structure will provide further financial and operational flexibility for the Bank and is an important […]
BankFirst to buy Sycamore Bank in Mississippi
BankFirst Capital in Columbus, Miss., has agreed to buy Tate Financial in Senatobia, Miss. The $2 billion-asset BankFirst said in a press release Thursday that it expects to complete the purchase of the parent of the $330 million-asset Sycamore Bank in the third quarter. The price was not disclosed. The acquisition “will be another milestone […]
St. Landry in La. rebrands as Catalyst Bank
St. Landry Homestead Federal Savings Bank in Opelousas, La., has rebranded. The $287 million-asset bank said in a press release Thursday that it had officially changed its name to Catalyst Bank. The change follows the bank’s mutual-to-stock conversion in October that created Catalyst Bancorp. “Our customers played a key role in helping us raise over […]
CFPB stepping up review of overdraft, NSF practices
The Consumer Financial Protection Bureau plans to step up its examination of certain financial institutions’ overdraft policies. The bureau said in a blog Friday that it has been piloting a supervision effort to collect key metrics from 20 institutions regarding the consumer impact of their overdraft and nonsufficient fund (NSF) practices. It did not name […]
New Peoples makes progress on systems issues
New Peoples Bank in Honaker, Va., has made “significant progress” getting its computer systems back online. The $813 million-asset bank said in a tweetthat all transactions, aside from ATM and debit card transactions from June 15 to June 17, have been processed and should be posted today. The bank said online and mobile banking services […]
First Bancorp in NC to buy GrandSouth in SC
First Bancorp in Southern Pines, N.C., has agreed to buy GrandSouth Bancorp. in Greenville, S.C. The $10.5 billion-asset First Bancorp said in a press release Tuesday that it will pay $181.1 million in stock for the $1.3 billion-asset GrandSouth. The deal, which is expected to close late this year or in early 2023, priced GrandSouth […]
Stripe co-founder agrees to buy business bank
Washington Business Bank in Olympia, Wash., has agreed to sell itself to Stripe co-founder Darragh Buckley. The $106 million-asset bank said in a press release that an unnamed investor planned to buy all of its outstanding stock for $30 a share in cash. The transaction is expected to close in the second half of this year. […]
A refresher on banks ending overdraft, NSF fees
Let’s talk about overdraft fees. Citigroup just announced that it had removed overdraft, overdraft protection transfer and returned item fees from its Citi Retail Banking consumer accounts, among other changes. It is the largest U.S. bank to make such dramatic changes to its policies. But many other banks are reducing or eliminating overdraft and nonsufficient […]
ECB in Mass. raises purchase limits for mutual conversion
ECB Bancorp in Everett, Mass., is letting investors buy more shares of its stock as part of its mutual-to-stock conversion. The $733 million-asset ECB said in a press release Tuesday that the maximum purchase limitation for individual investors was increased from 35,000 shares to 55,000 shares. The limit for a collective of purchasers was raised […]
Digital FCU in Mass. lines up new CEO
Digital Federal Credit Union in Marlborough, Mass., will soon have a new CEO. The $9.8 billion-asset credit union said in a press release that Shruti Miyashiro will also succeed the retiring Jim Regan as president on Aug. 1. Miyashiro has been the CEO of the $2.3 billion-asset Orange County’s Credit Union in California since 2007. […]