Truist officially debuts new technology center
Truist Financial has officially launched its technology center in downtown Charlotte, N.C. The $544 billion-asset company said in a press release Tuesday that the 100,000-square-foot center features “client journey rooms,” a research lab and collaboration hubs where teams will work with clients to improve products and services. The new center “is ultimately all about our […]
Two Rivers in Iowa to cross $1B of assets via M&A
Two Rivers Financial Group in Burlington, Iowa, has agreed to buy Lee County Bank in West Point, Iowa. The $972 million-asset Two River did not disclose the price it will pay Lee Capital for the $239 million-asset Lee County Bank. The deal is expected to close in the third quarter. Two Rivers and Lee County […]
CFPB plans to review mortgage, credit card rules
The Consumer Financial Protection Bureau plans to review credit card rules as the qualified mortgage rule. Rohit Chopra, the CFPB’s director, said in a Friday blog post that the bureau will look at changes made to the QM rule’s underwriting standards, along with the CARD Act and the Fair Credit Reporting Act. “The CFPB aspires to […]
New Peoples in Va. working through systems issue
New Peoples Bank in Honaker, Va., is working through systems outages. The $813 million-asset bank said in a post on its website that it “is working diligently to address and investigate a recent incident” that is interrupting the operation of its computer systems. The bank, which is looking to restore its computer systems “as quickly […]
First National in Michigan names new president
First National Bank & Trust in Iron Mountain, Mich., has a new president. The $421 million-asset bank said Russell Kassin had succeeded David Kashian, who will remain chairman and CEO until 2023. “Our goal during this period is to make this transition to the next generation of leadership as seamless and transparent as possible for […]
Amerant to enter Tampa market after key hires
Amerant Bancorp in Coral Gables, Fla., will enter the Tampa, Fla., market after hiring a team of bankers. The $7.8 billion-asset company said in a press release Thursday that the group will be led by Jason Russek, who was named market president. He previously served as a regional director of commercial banking at BankUnited, according […]
Atlantic Union adds digital banking vet to its board
Atlantic Union Bankshares in Richmond, Va., has added a banking veteran to its board. The $19.8 billion-asset company said in a press release Thursday that Rilla Delorier had become a director, effective immediately. Delorier recently served as chief strategy and digital transformation officer at Umpqua Bank. She serves on the boards of Nymbus and Coastal […]
Canada’s VersaBank turns to M&A for U.S. bank charter
VersaBank in London, Ontario, has agreed to buy Stearns Bank Holdingford in Holdingford, Minn. The $2.1 billion-asset Canadian bank said in a press release that it will pay $13.5 million to Stearns Financial Services for the $60 million-asset Stearns. The deal is expected to close by Oct. 31. Stearns Financial would retain its Stearns Bank […]
Zions in Utah to eliminate, reduce NSF fees
Zions Bancorp. in Salt Lake City is the latest bank to rein in overdraft and nonsufficient funds (NSF) fees. The $91 billion-asset company said in a press release that the changes, which will take place on July 13, include the elimination of a continuing overdraft fee and the end of NSF fees for items that […]
Warren-led group wants OCC to block TD-First Horizon
A group of legislators led by Sen. Elizabeth Warren, D-Mass., wants the Office of the Comptroller of the Currency to reject TD Bank Group’s planned purchase of First Horizon in Memphis, Tenn. The lawmakers, which include Reps. Katie Porter, D-Calif., Al Green, D-Texas, and Jesus Garcia, D-Ill., are citing a May 4 report that claimed […]
M&T’s president to retire in 2023
M&T Bank in Buffalo, N.Y., announced that its president will retire. The $149.9 billion-asset company said in a press release Thursday that Rich Gold will also step down as chief operating officer, effective after the first quarter of 2023. He will remain on the board. “It’s difficult to overstate Rich’s impact on our company, said […]
VyStar-Heritage Southeast terminate planned merger
VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bancorp. have terminated VyStar’s planned acquisition of Heritage Southeast Bank in Jonesboro, Ga., after failing to secure regulatory approval. The $12 billion-asset VyStar and the $1.7 billion-asset Heritage Southeast were nearing a June 30 closing deadline. The parties had repeatedly extended the deadline. “After much contemplation […]
F&M Bancorp to buy Peoples-Sidney in Ohio
Farmers & Merchants Bancorp in Archbold, Ohio, has agreed to buy Peoples-Sidney Financial in Sidney, Ohio. The $2.6 billion-asset F&M said in a press release Tuesday that it will pay $27 million in cash and stock for the $133 million-asset parent of Peoples Federal Savings and Loan Association. The deal, which is expected to close […]
Former bank CEO added to Codorus Valley board
Codorus Valley Bancorp in York, Pa., has added a veteran banker to its board. The $2.3 billion-asset company said in a press release Tuesday that Scott Fainor had also joined its risk management committee. Fainor was president and CEO of National Penn Bancshares when it was sold to BB&T in April 2016. He was a […]
Buckeye State Bank to buy First City in Ohio
Buckeye State Bank in Powell, Ohio, has agreed to buy First City Bank in Columbus, Ohio. The $263 million-asset Buckeye said in a press release that it expects to buy the $73 million-asset First City in the fourth quarter. It did not disclose the price it will pay. First City has one branch and $64 […]
CrossFirst to enter Colorado, NM with F&S acquisition
CrossFirst Bankshares in Leawood, Kan., will enter Colorado and New Mexico as part of an agreement to buy Farmers & Stockmens Bank in Clayton, N.M. The $5.6 billion-asset CrossFirst said in a press release Tuesday that it will pay $75 million in cash to Central Bancorp for the $567 million-asset F&S Bank. The deal, which […]
Coinbase to cut nearly a fifth of its workforce
Coinbase Global in Wilmington, Del., will cut nearly a fifth of its employees. The crypto exchange said in a Tuesday regulatory filing that it will lay off about 1,100 employees by the end of this month. The cuts are part of a restructuring plan to manage operating expenses “in response to current market conditions and […]
Truist opens Chicago wealth management office
Truist Financial in Charlotte, N.C., has opened a wealth management office in downtown Chicago. The $554 billion-asset company said in a press release Monday that Truist Wealth launched the office after hiring a 10-person team. Truist Wealth offers banking, financial planning, investment management, risk management and other products to individuals, families and business owners. “Disciplined […]
PacWest lines up successor to its CEO
PacWest Bancorp in Los Angeles will soon have a new president. The $39 billion-asset company said in a press release Monday that Paul Taylor will take on the role on July 1. Taylor joined the PacWest board in January 2021; he is a member of the asset/liability management and risk committees. Taylor will succeed Matthew […]
Comerica to close 22 branches this fall
Comerica in Dallas plan to close 22 branches later this year. The $89 billion-asset company said in a press release Monday that it will close 11 branches in Michigan, eight in Texas and three in California in September. The closures represent about 5% of the company’s total branch network. “While we are constantly evaluating how […]
Achieva Credit Union adds bitcoin service to its app
Achieva Credit Union in Dunedin, Fla., has begun offering a bitcoin service on its mobile app. The $2.6 billion-asset credit union said in a press release that it began working with NYDIG, a bitcoin technology company, in December. Achieva said it had noticed in the past year that its members had been trading in more […]
Cullen/Frost in Texas to eliminate NSF fees
The list of banks curbing overdraft and nonsufficient funds (NSF) fees continues to grow. Cullen/Frost Bankers in San Antonio said on Monday that it has expanded its $100 overdraft feature to two more checking accounts. The $51 billion-asset company also said it will eliminate fees on nonsufficient and returned items for all consumer customers. “Combined, […]
First Waterloo to buy Village Bank in Illinois
First Waterloo Bancshares in Waterloo, Ill., has agreed to buy Village Bancshares in St. Libory, Ill. The $803 million-asset First Waterloo said in a press release that it plans to complete the purchase of the $116 million-asset Village in the fourth quarter. It did not disclose the price it will pay. “We believe that we […]
Daryl Byrd to step down as First Horizon chairman
Daryl Byrd is stepping down as chairman of First Horizon in Memphis, Tenn. The $88.7 billion-asset company disclosed in a regulatory filing that Byrd will resign on July 1 in accordance with the provisions of his employment agreement and its bylaws. Byrd, who was CEO of Iberiabank when it was sold to First Horizon in […]
Ponce in NY receives $225 million in ECIP funds
Ponce Financial Group in Bronx, N.Y., has received $225 million in Tier 1 capital through the Emergency Capital Investment Program (ECIP). The $1.7 billion-asset Ponce said in a press release Thursday that it sold 225,000 shares of preferred stock to the Treasury Department. “This large investment … will be transformative not only for Ponce,” Carlos […]