Sandy Spring sells insurance business to Hub
Sandy Spring Bancorp in Olney, Md., has sold it insurance business to Hub International. The $12.7 billion-asset company said in press release Thursday that the transaction closed on June 1. The pricing wasn’t disclosed. “Our clients will now have access to an expanded offering of insurance solutions through Hub,” Lou Caceres, an executive vice president […]
Eagle in Md. to pay $13M to resolve SEC probe
Eagle Bancorp in Bethesda, Md., will pay nearly $13 million to resolve a longstanding probe by the Securities and Exchange Commission into its ties to a former Washington councilman. The $11 billion-asset company disclosed in a regulatory filing that it will pay a $10 million civil money penalty and $2.6 million in disgorgement as part […]
Heritage in Washington hires 25 bankers
Heritage Financial in Olympia, Wash., has hired 25 bankers in a number of key markets. The $7.5 billion-asset company said in a press release Wednesday that it added personnel in Vancouver, Wash.; Portland, Ore.; and Eugene, Ore. The bankers’ focus will be commercial, small business and nonprofit clients. “We are excited to have this talented […]
Retired ABA exec launches lobbying firm
James Ballentine, who retired in May from the American Bankers Association, has formed his own lobbying and consulting firm. Ballentine Strategies will also handle government relations in areas such as financial services and small business. The “boutique lobbying firm” said on its website that it can help clients develop strategies and advance issues through Congress. […]
F.N.B. to buy bank in eastern North Carolina
F.N.B. in Pittsburgh has agreed to buy UB Bancorp in Greenville, N.C. The $42 billion-asset F.N.B. said in a press release Wednesday that it will pay $117 million in stock for the $1.2 billion parent of Union Bank. The deal, which is expected to close late this year, priced UB Bancorp at 154% of its […]
PNC converting 60% of branches to automated model
PNC Financial Services Group in Pittsburgh will convert about 60% of its branches to an automated model over the next five years. The $552 billion-asset company said the model will use technology to replace teller windows. The branches will also emphasize financial advice, according to the Pittsburgh Post-Gazette. The branches, for instance, will have video […]
Savi Financial outlines plans for de novo bank
Savi Financial in Mount Vernon, Wash., is planning a complicated process to form a de novo and become a multibank holding company. The parent of the $494 million-asset SaviBank detailed its plan in an application with the Federal Deposit Insurance Corp. for deposit insurance for Orca Bank. Savi plans to raise $1 million from Orca […]
Republic in Ky. to create tech incubator
Republic Bancorp in Louisville, Ky., plans to invest $5 million in tech startups after creating an incubator program. The $6.3 billion-asset company plans to launch its BankTech Incubator to back technology companies that complement its strategic goals. To qualify, companies must have an existing or planned strategic relationship with the bank. Republic’s investment committee represents […]
Beach in Fla. tried to find a CU buyer, filing says
Beach Bancorp in Fort Walton Beach, Fla., made overtures to more than a dozen credit unions before agreeing to sell to First Bancshares in Hattiesburg, Miss. The $6.2 billion-asset First agreed to buy the $620 million-asset Beach in April for $117 million. Months earlier, Beach, through its investment bank, contacted 16 potential credit union buyers […]
Ponce in N.Y. hires HSBC exec as next CFO
Ponce Financial Group in Bronx, N.Y., has reshuffled its executive ranks. The $1.7 billion-asset company said in a press release Tuesday that it had hired Sergio Vaccaro as its chief financial officer, effective June 1. Vaccarro previously served as CFO of Private Bank Americas at HSBC. Vaccaro will succeed Frank Perez, who will become Ponce’s […]
PNC taps next head of retail banking
PNC Financial Services Group in Pittsburgh will soon have a new head of retail banking. The $552 billion-asset company said in a press release that Alex Overstrom will take over the post on July 1. He will succeed Karen Larrimer, who is retiring. Larrimer has led retail banking at PNC since July 2016. She has overseen […]
BancCentral in Oklahoma to sell Kansas branches
BancCentral in Alva, Okla., is selling its only branches in Kansas to Plains Bancshares in Plains, Kan. The parent of the $295 million-asset Plains State Bank will gain two locations in Harper County in a deal expected to close this fall. The price was not disclosed. The branches had $131.7 million of deposits in mid-2021, […]
First Financial in Ohio to cut overdraft fees
First Financial in Cincinnati is the latest bank to announce plans to address overdraft fees. The $16 billion-asset company said in a press release that it will take a series of steps, beginning on June 1, to eliminate or reduce fees. The company said it will eliminate nonsufficient funds fees when an item is returned […]
BNY selling business to Franklin Templeton
Bank of New York Mellon has agreed to sell BNY Alcentra Group Holdings to Franklin Templeton. The $440 billion-asset Bank of New York Mellon disclosed in a regulatory filing Tuesday that Franklin Templeton will pay $350 million in cash at closing, and up to $350 million in contingent consideration, for the business. The deal is […]
South State in Florida whittles down its board
South State in Winter Haven, Fla., has reduced the size of its board by nearly a third. The $46.2 billion-asset company disclosed in a regulatory filing that it cut the board’s size from 19 directors to 13 after six members reached its mandatory retirement age. The smaller board “will serve the best interests of the […]
Seacoast-Apollo exclusively negotiated their merger
Seacoast Banking Corp. of Florida’s courtship of Apollo Bancshares in Miami began last summer, leading to exclusive negotiations between the two companies. The $10.9 billion-asset Seacoast announced its $168.3 million acquisition of the $1 billion-asset Apollo on March 29. Apollo had agreed in 2019 to sell itself to Suncoast Credit Union but the deal was […]
Savi Financial looks to form second bank
A bank holding company in Washington state wants to open a second bank. Savi Financial in Mount Vernon, Wash., has applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Orca Bank. Savi is already the parent company for the $494 million-asset SaviBank. Savi said in a press release Thursday that Orca […]
Republic First barred from naming new chairman
Republic First Bancorp in Philadelphia has been barred from appointing a new chairman. Judge Paul Diamond of the Eastern District of Pennsylvania ruled on Thursday that a decision to replace Vernon Hill with Harry Madonna violated state law and the $5.7 billion-asset company’s bylaws and articles of incorporation. Diamond also appointed Alfred Putman of Faegre […]
Former TCF exec retiring from Huntington
Huntington Bancshares in Columbus, Ohio, said that a key executive it gained from its acquisition of TCF Financial is planning to retire. The $178 billion-asset Huntington disclosed in a regulatory filing that Thomas Shafer will step down as co-president of its commercial bank on June 30. He will fully retire from the company on Dec. […]
Middlefield to enter NW Ohio with Liberty deal
Middlefield Banc Corp. in Middlefield, Ohio, has agreed to buy Liberty Bancshares in Ada, Ohio. The $1.3 billion-asset Middlefield said in a press release Thursday that it will pay $64.4 million in stock for the $437 million-asset Liberty. The deal, which is expected to close in the fourth quarter, priced Liberty at 115% of its […]
M&T creates $25M fund for New England, New York
M&T Bank in Buffalo, N.Y., has created a $25 million philanthropic fund tied to its recent acquisition of People’s United Financial in Bridgeport, Conn. The $63 billion-asset M&T, which completed the purchase in April, said in a press release that the Amplify Fund will support People’s United communities in New England and New York. Amplify is […]
Iowa credit union buys digital insurance business
Collins Community Credit Union in Cedar Rapids, Iowa, has acquired the digital insurance business of Coverage Direct in Des Moines, Iowa. The $1.5 billion-asset credit union said in a press release that it folded the business into its family of Credit Union Service Organizations (CUSOs). The price was not disclosed. Coverage Direct, founded in 2016, […]
FDIC drops banker-supported appeals process
The Federal Deposit Insurance Corp. has eliminated a short-lived appeals process that had the backing of bankers. The Office of Supervisory Appeals, formed before President Biden took office, had become fully staffed on Dec. 6. The standalone office was intended to act as an internal court where banks could appeal supervisory findings by examiners. The […]
Credit union hires veteran banker as COO
IC Federal Credit Union in Fitchburg, Mass., has hired a veteran banker as its chief operating officer. CarrieAnne Cormier announced on her LinkedIn account that she is joining the $574 million-asset credit union. Cormier had spent the previous 17 years at Avidia Bank in Hudson, Mass. She had been the $2.4 billion-asset bank’s senior vice […]
Kansas City Fed President Esther George to retire
Esther George is set to retire as president and CEO of the Federal Reserve Bank of Kansas City. The Kansas City Fed announced that George will retire in January. George, who has been in the post for 11 years, is set to reach the central bank’s mandatory retirement age of 65. Egon Zehnder, an executive […]