Merchants in Ohio to consolidate president, CEO roles
Merchants Bancorp. in Hillsboro, Ohio, will combine the roles of president and CEO. The $1.2 billion-asset company said in a press release that Paul Pence Jr., its chairman and CEO, will also become president of Merchants National Bank, effective Jan. 31. Pence, who served as president from 1981 to 2014, will succeed Jim Evans. The […]
Premier Financial in Ohio buys insurance agency
Premier Financial in Defiance, Ohio, has acquired an insurance agency. The $8.5 billion-asset company said in a press release that its insurance unit bought Benham Insurance Associates on Dec. 30. The price wasn’t disclosed. Benham is a property and casualty insurance agency based in Holland, Ohio. It has annual revenues of about $200,000. Premier said […]
First Busey taps insider to run payments unit
First Busey in Champaign, Ill., disclosed that it has a new leader for its payments unit. The $12.3 billion-asset company said in a press release that Robin Elliott replaced Farhan Yasin as president and CEO of FirsTech late in the fourth quarter. Elliott is also president and CEO of Busey Bank. First Busey said the […]
Coastal Financial in Wash. hires head of technology
Coastal Financial in Everett, Wash., has hired an outsider to oversee tech initiatives. The $3.1 billion-asset company said in a press release that it hired Barb MacLean as its head of technology operations and implementation. She previously served as vice president of integration and analytics at Celero Solutions. “The capabilities and experience that Barb brings to […]
Fed fines Popular $2.3M for PPP deficiencies
The Federal Reserve has fined Popular Bank $2.3 million for deficiencies processing six Paycheck Protection Program loans. The Fed said in a press release that the New York unit of the $70.7 billion-asset Popular processed the PPP loans, totaling $1.1 million, “despite having detected that the loan applications contained significant indications of potential fraud.” Popular […]
Former PPP official to lead BaaS Association
The White House official who oversaw the Paycheck Protection Program has been hired to serve as the first CEO of the Banking-as-a-Service (BaaS) Association. The association said in a press release that Bill Briggs had accepted the post. He previously served as the acting associate administrator in the Small Business Administration Office of Capital Access where […]
North Shore Bank in Wis. selects insider as new CEO
North Shore Bank in Brookfield, Wis., has a new CEO with a familiar name. The $2.6 billion-asset bank said in a press release that Jay McKenna had succeeded his father, Jim McKenna. The younger McKenna, the bank’s president and chief operating officer, will retain his title as president, while his father will remain the bank’s […]
Northwest in Ohio laying off 12% of its employees
Northwest Bancshares in Columbus, Ohio, plans to close eight branches and lay off 12% of its staff. The $14.1 billion-asset company said in a press release that the closures will take place in April. “In-branch activity continues to slow as customers prefer to transact through online and mobile channels,” Louis Torchio, the company’s president and […]
Citizens Holding in Miss. recruits new bank CEO
Citizens Holding in Philadelphia, Miss., has lined up its next bank CEO. The $1.4 billion-asset company said in a press release that Stacy Brantley will take over the role on Feb. 13. He will succeed Greg McKee, who will remain the company’s president and CEO. Brantley previously served as chief banking officer at Morris Bank […]
Bank of Marin in Calif. to close four branches
Bank of Marin Bancorp in Novato, Calif., plans to close four branches. The $4.1 billion-asset company said in a press release that it will shutter branches in Santa Rosa, Healdsburg, Tiburon and Buckhorn. Two closures are due to overlap created by the company’s purchase of American River Bank. The branches, which represent 13% of Bank […]
Carver Bank in NY freed from OCC formal agreement
Carver Bancorp in New York has been freed from an enforcement action. The $756 million-asset company disclosed in a press release that the Office of Comptroller of the Currency terminated a formal agreement against its bank. The agreement had been in place since May 2016. Carver said the agreement’s individual minimum capital ratio – which requires the bank to […]
Triumph in Dallas adds banking veteran to its board
Triumph Financial in Dallas has added a banking veteran to its board. The $5.6 billion-asset company said in a press release that it appointed Davis Deadman, its former chief lending officer, to its board. He also serves on the board of Triumph’s bank. Davis was CEO of NexBank from 2004 to 2010. Before that, he […]
NBKC Bank becomes BaaS provider for Acorns
NBKC Bank in Kansas City, Mo., has agreed to become the Banking-as-a-Service (BaaS) provider to Acorns, a fintech that helps people with savings and investments. The $1.1 billion-asset NBKC said in a press release that it will provide Acorns-branded checking accounts and debit cards to qualifying the fintech’s customer. With Acorns Checking, subscribers can invest […]
Silvergate: Genesis relationship limited to deposits
Silvergate Capital in La Jolla, Calif., said its relationship with Genesis Global Holdco was limited to deposits. The $11.4 billion-asset Silvergate said in a press release that it holds less than $2.5 million of deposits tied to Genesis, which recently filed for bankruptcy protection, or its subsidiaries. Silvergate said that Genesis is not a custodian […]
Lending marketplace for credit unions raises $5M
A new fintech plans to offer speedy loan approvals and one-click loan activation for credit union members after raising $5 million in initial funding. Union Credit in Santa Rosa, Calif., said in a press release that the seed funding was led by CMFG Ventures and was supported by Marin Sonoma Impact Ventures, Array and other […]
CapStar hires director for growing SBA division
CapStar Financial Holdings in Nashville, Tenn., has a new leader for its Small Business Administration lending division. The $3.1 billion-asset company said in a press release that Marc Gibson had been named the division’s director. CapStar also said it had hired a team of experienced SBA professionals, increasing the division’s staff to three […]
Texas credit union agrees to buy bank branch
First Central Credit Union in Waco, Texas, has agreed to buy a branch from Citizens State Bank in Woodville, Texas. The $264 million-asset Citizens applied with the Federal Deposit Insurance Corp. to sell assets and liabilities tied to a branch in Marlin, Texas. “It is contemplated that this branch location will continue to be operated […]
Metropolitan looks to resolve probe tied to fintech client
Metropolitan Bank Holding in New York is hopeful it can resolve an investigation by bank regulators tied to a former fintech client. The $6.3 billion-asset bank said in a press release that it reserved $35 million in the fourth quarter for the potential resolution of a probe by the Federal Reserve and the New York […]
BV Financial in Baltimore plans second-step conversion
BV Financial in Baltimore is planning to become a fully stock-owned company. BV Financial said in a press release that Bay-Vanguard, the mutual holding company, plans to undertake a second-step conversion. BV Financial is the holding company for the $841 million-asset BayVanguard Bank. Bay-Vanguard owns about 86.6% of the company’s outstanding common stock. Eligible accountholders […]
Oregon Pacific repositions its securities portfolio
Oregon Pacific Bank in Florence repositioned its securities portfolio during the fourth quarter. The $754 million-asset bank said in a press release that it sold $15.5 million of securities it bought in early 2021 and had a remaining weighted average life of roughly 5.4 years, at a pretax loss of $1.8 million. The securities have […]
Bank with FTX ties leaving the crypto business
Farmington State Bank in Farmington, Wash., is the latest bank to announce plans to get out of the crypto business. The $98.9 million-asset bank, which has operated as Moonstone Bank and gained notoriety when it was disclosed that it had received an $11.5 million investment from an FTX affiliate, said in a press release that […]
First Community was Surrey’s only serious suitor
First Community Bankshares in Bluefield, Va., found itself negotiating one-on-one with Surrey Bancorp in Mount Airy, N.C., after another potential bidder backed out early in the process. The $3.6 billion-asset First Community agreed in November to buy the $500 million-asset Surrey for $113.2 million in stock in a deal expected to close in the second […]
Old National forms new wealth management business
Old National Bancorp in Evansville, Ind., unveiled a new wealth management brand that combines a number of its wealth advisory and investment management businesses. The $46 billion-asset company said in a press release that 1834 was formed to meet the wealth advisory needs of high-net-worth individuals and institutions. The brand reflects the year the bank […]
AmeriServ in Pa. responds to looming proxy fight
AmeriServ Financial in Johnstown, Pa., has responded to Driver Management, stating that its board tried to work with the activist investor before it went public with a proxy challenge. Driver Management, led by Abbott Cooper, recently disclosed plans to nominate three directors to stand for election to the $1.4 billion-asset AmeriServ’s board. Driver owns about […]
Florence Bank in Mass. has new CEO
Florence Bank in Florence, Mass., has a new CEO. Matt Garrity was also named president of the $1.9 billion-asset bank, according to MassLive. Garrity succeeded Michael Lynch, a senior commercial lender who had been interim president and CEO since Kevin Day retired in late November. Garrity previously served as chief lending officer and head […]