Apple to finance its own BNPL product
Apple plans to provide the financing for its new Buy Now, Pay Later product. The Cupertino, Calif., technology company said Apple Financing, a wholly owned subsidiary, will provide the loans for Apple Pay Later. Apple will use Installments, Mastercard’s white label BNPL product. Goldman Sachs will issue the credentials for Apple to connect to merchants […]
Wintrust raises $248M by selling common stock
Wintrust Financial in Rosemont, Ill., has raised $248.4 million through a common stock offering. The $50.3 billion-asset Wintrust sold about 3 million shares of stock at $86 each. The company said it could use the net proceeds for a variety of purposes, including providing capital to support growth, acquisitions and reducing or refinancing debt. RBC […]
FB Financial chairman to retire
FB Financial in Nashville, Tenn., needs a new chairman. The $12.7 billion-asset company disclosed in a regulatory filing that Stuart McWhorter will retire on July 31. FB Financial said it plans to fill the vacancy before McWhorter steps down. McWhorter was appointed by Gov. Bill Lee to serve as commissioner for the Tennessee Department of […]
Central Bank becomes official bank of Univ. of Kan.
Central Bank of the Midwest in Jefferson City, Mo., has paid $3.9 million to become the official bank of the University of Kansas. The university said in a press release that the seven-year agreement will become effective on Aug. 1. As part of the deal, the $20 billion-asset Central Bank will open a branch in […]
CrossFirst in Kansas taps next bank president
CrossFirst Bankshares in Leawood, Kan., will soon have a new bank president. The $5.5 billion-asset company said in a press release Wednesday that Randy Rapp will take over the role on July 1. Rapp is the bank’s chief risk officer and chief credit officer. Rapp will oversee credit and risk management, sales and business development, […]
Security Federal, BancPlus are latest ECIP participants
Security Federal in Aiken, S.C., and BancPlus in Ridgeland, Miss., are the latest banking companies to participate in the Treasury Department’s Emergency Capital Investment Program (ECIP). The $1.3 billion-asset Security Federal disclosed in a regulatory filing Wednesday that it received about $82.9 million in Tier 1 capital after selling preferred stock to the Treasury Department. […]
Mission National in California hires new CEO
Mission National Bank in San Francisco has a new CEO. MNB Holdings, the parent company of the $214 million-asset Missional National, said in a press release Tuesday that Ray Skinner had also joined the bank’s board. Skinner succeeded Robert Sweeney. “We are creating a leadership team with a proven record of success in a bank […]
American Bank to buy TexStar National in Texas
American Bank Holding in Corpus Christi, Texas, has agreed to buy TexStar National Bank in Universal City, Texas. The $2.1 billion-asset American said in a press release that it expects to complete the purchase of the $458 million-asset TexStar in the TKTK quarter. TexStar has six branches, $209.7 million of loans and $407.1 million of […]
Custodia sues Fed in push for master account approval
Custodia Bank has filed a lawsuit against the Federal Reserve Board and the Kansas City Fed in an effort to have its application for a master account approved. Custodia, which acts as a custodian for digital assets, filed its lawsuit on Jane 7 in the U.S. District Court of Wyoming. The company, formerly known as […]
Broadway Financial raises $150M through ECIP
Broadway Financial in Los Angeles has sold $150 million of preferred stock to the Treasury Department as part of the Emergency Capital Investment Program. The $1.1 billion-asset Broadway disclosed in a regulatory filing Wednesday that it sold 150,000 shares to the Treasury a day earlier for the cash investment. The investment will more than double […]
Atlantic Union to transfer stake in investment adviser
Atlantic Union Bankshares in Richmond, Va., has agreed to sell its stake in a Roanoke, Va., investment advisory firm. The $19.8 billion-asset company disclosed in a regulatory filing Wednesday that it plans to transfer its ownership interest in Dixon, Hubard, Feinour & Brown to Cary Street Partners Financial. Atlantic will receive a minority ownership interest […]
BofA providing financing plans for electric automaker Lucid
Lucid Group in Newark, Calif., has reached a deal with Bank of America where the Charlotte, N.C., banking company will provide financing options for the electric automaker’s newly formed Lucid Financial Services unit. Lucid said in a press release Tuesday that it is offering lease and loan purchase options through a new digital platform. “Lucid […]
New York Community, Flagstar to eliminate NSF fees
New Community Bancorp in Westbury and Flagstar Bancorp in Troy, Mich., will eliminate nonsufficient funds fees on Aug. 1. The $47 billion-asset New York Community said in a press release Monday that it will also do away with uncollected and unavailable funds fees for its consumer and business checking accounts. The company also plans to […]
John Marshall in Va. promotes four executives
John Marshall Bancorp in Reston, Va., has announced several management changes as part of its succession planning. The $2.3 billion-asset company said in a press release Tuesday that Andrew Peden had become its chief banking officer. Peden, who previously served as chief lending officer, succeeded William Ridenour. Jason McDonough, who had been John Marshall’s director […]
Republic, Green Dot settle issue over nixed deal
Republic Bancorp in Louisville, Ky., and Green Dot have settled a dispute over a terminated acquisition. The $6.3 billion-asset Republic disclosed in a regulatory filing that the parties entered into a settlement agreement on June 2 to resolve a lawsuit the bank filed against the fintech in the Delaware Court of Chancery. Green Dot agreed […]
Former FDIC chair McWilliams joins law firm
Jelena McWilliams, who stepped down as chairman of the Federal Deposit Insurance Corp. earlier this year, has joined Cravath, Swaine & Moore as part of the law firm’s plan to open an office in Washington. The law firm said in a press release Monday that McWilliams will be joined by Elad Roisman, former acting chairman […]
CB Financial to record $2.7M chargeoff
CB Financial Services in Washington, Pa., has recorded a $2.7 million chargeoff tied to a commercial-and-industrial loan. The $1.4 billion-asset company said in a press release Monday that the chargeoff is associated with to a $3.5 million revolving line of credit that had an outstanding balance of roughly $2.7 million on June 1. CB Financial […]
Proposed Ohio bank gets conditional FDIC approval
A proposed bank in Columbus, Ohio, has received conditional approval from the Federal Deposit Insurance Corp. The FDIC approved deposit insurance for Adelphi Bank, a de novo planned by a group of Black business owners. Organizers, who initially filed with the FDIC last fall, will need to raise about $17.7 million before the bank can […]
Eagle Financial in Va. taps insider as bank president
Eagle Financial Services in Berryville, Va., has a new bank president. The $1.4 billion-asset company said in a press release Wednesday that Joe Zmitrovich will remain the chief banking officer at Bank of Clarke County. Zmitrovich will oversee the bank’s merger and acquisition strategy, including branches, niche businesses and whole banks. He will continue to […]
Another Ill. bank agrees to sell to a credit union
Credit Union 1 in Rantoul, Ill., has agreed to buy NorthSide Community Bank in Gurnee, Ill. The $1.3 billion-asset CU1 said in a press release Friday that it expects to complete the purchase of the $311 million-asset NorthSide by the first quarter. CU1 did not disclose the price it will pay AliKat Investments for its […]
Capital One forms business to help cloud users
Capital One Financial in McLean, Va., has created an enterprise B2B software business to help companies that operate in the cloud. The $434 billion-asset company said in a press release that Capital One Software has already introduced Capital One Slingshot, a data management solution for customers of Snowflake. The product should help users accelerate the […]
Challenger bank Greenwood buys membership network
Greenwood Financial, an Atlanta digital bank aimed at Black and Latino clients, has bought The Gathering Spot, a private membership network focused on the Black community. Greenwood said in a press release that the two platforms have a community of more than a million people. The company did not disclose the price it paid. The […]
NuMark Credit Union to buy Illinois bank
NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $623 million-asset NuMark said it expects to complete the purchase of the $135 million-asset Pioneer in the fourth quarter. It did not disclose the price it will pay NBE Bancshares for its bank. Pioneer has four branches. McQueen […]
Former bank CEO convicted on bribery, fraud charges
A former CEO of Noah Bank in Elkins Park, Pa., has been convicted on charges that he accepted bribes in connection with loans made through the Small Business Administration. A jury found Edward Shin guilty of charges that include bank bribery, conspiracy to commit bank fraud and theft of funds by a bank officer that […]
Esquire Financial forms partnership to bank law firms
Esquire Financial Holdings in Jericho, N.Y., has signed an agreement to offer financing to a wide swath of commercial law firms. The $1.2 billion-asset Esquire said in a press release Thursday that its arrangement with investment firm B.E. Blank & Co will allow both companies to market products and services to existing and potential clients. […]