Rhinebeck to pay fine to address auto loan processes
Rhinebeck Bank in Rhinebeck, N.Y., agreed to pay a $950,000 fine to address claims by the New York State Department of Financial Services that it violated the state’s fair lending law. The $1.3 billion-asset bank also agreed to provide restitution to affected customers, the regulator said in a press release. Rhinebeck’s “specific policies and practices […]
BofA settling legal claims from 2008 financial crisis
Bank of America in Charlotte, N.C., agreed to pay about $1.8 billion to resolve claims that go back to the 2008 financial crisis. The $2.2 trillion-asset Bank of America disclosed in a regulatory filing that it will pay the settlement to Ambac Assurance to address pending Ambac lawsuits against the company and its subsidiaries. Pending […]
Texas group creates platform to test fintech products
Bankers Helping Bankers, a program associated with the Independent Bankers Association of Texas, has created a platform to let participants pilot fintech products. Participating banks will help vetted fintechs by beta testing products, providing feedback, influencing product development and assisting with rollout strategies. Banks that pilot products “have potential fintech partnerships at low to no […]
Home Federal to buy Northwest Bancshares in La.
Home Federal Bancorp in Shreveport, La., has agreed to buy Northwest Bancshares in Benton, La. The $590.5 million-asset Home said in a press release that it will pay $10.1 million in cash for the $81.7 million-asset parent of First National Bank of Benton. The deal is expected to close in the first quarter. A portion […]
Republic First reaches truce with Driver Management
Republic First Bancorp in Philadelphia has reached a truce with a large shareholder. The $5.7 billion-asset company said in a press release that it has secured a cooperation agreement with Driver Management. As part of the agreement, Republic First appointed Peter Bartholow, former chief financial officer and chief operations officer at Texas Capital Bancshares, to […]
Q2 buys machine learning platform Sensibill
Q2 Holdings in Austin, Texas, has acquired Sensibill in Toronto, Canada. Q2 said in a press release that it bought the machine learning platform on Oct. 3. The price wasn’t disclosed. “Delivering differentiated and personalized experiences through the digital channel is a top priority,” Kirk Coleman, Q2’s chief banking officer, said in the release. “Sensibill’s […]
Community Heritage in Md. discloses cyber breach
Community Heritage Financial in Middletown, Md., was the target of a cybersecurity attack. The parent of the $873 million-asset Middletown Valley Bank said in a press release that it determined that there was unauthorized access to a portion of its IT system. The company said it implemented “a series of containment and remediation measures” within […]
Capital One in Va. merges bank subsidiaries
Capital One Financial in McLean, Va., has merged its two banks into a single subsidiary. The $435.3 billion-asset company disclosed in a regulatory filing that it merged Capital One Bank (USA) into Capital One NA. Capital One NA is the surviving entity. Capital One NA had $388.4 billion of assets on June 30, while Capital […]
Customers in Pa. sells unsecured consumer loans
Customers Bancorp in West Reading, Pa., has sold a $500 million portfolio of unsecured consumer installment loans. The $20.3 billion-asset company disclosed in a regulatory filing that the loans were sold to an entity managed by a global asset manager with more than $100 billion in historical investment activity. The loans were sold at 99.5% […]
Taiwanese bank plans U.S. entry via acquisition
Taichung Commercial Bank in Taipei, Taiwan, plans to enter the U.S. with the acquisition of American Continental Bancorp in City of Industry, Calif. The $26 billion-asset Taichung Commercial said in a press release that it agreed to pay $82.1 million in cash for the $324 million-asset American Continental. The deal, which is expected to close […]
1895 Bancorp in Wisconsin shuffles exec ranks
A pair of key roles have changed at 1895 Bancorp of Wisconsin in Greenfield. The $536 million-asset 1895 Bancorp said in a press release that David Ball, its president and chief operating officer, had become its CEO. Ball succeeded Richard Hurd, who stepped down as CEO to become executive vice president of strategic planning. Monica […]
Evolve Bank resolves claims of discriminatory mortgage practice
Evolve Bank & Trust in Memphis, Tenn., will pay about $1.3 million to settle claims that it engaged in lending discrimination on the basis of race, sex and national origin in the pricing of its mortgages from 2014 to 2019. The Justice Department said in a press release Thursday that the $1.3 billion-asset bank will […]
M&T to sell insurance agency to Gallagher
M&T Bank in Buffalo, N.Y., has agreed to sell its insurance agency to Arthur J. Gallagher. The $204 billion-asset bank said in a press release that it will sell M&T Insurance Agency in a deal that is expected to close in the fourth quarter. The price wasn’t disclosed. The insurance agency specializes in property […]
Bank Five Nine in Wis. lines up next CEO
Bank Five Nine in Oconomowoc, Wis., will soon have a new CEO. The $1.5 billion-asset bank said in a LinkedIn post that Tim Schneider will also become its president in October. Schneider previously served as a senior vice president at Nicolet National Bank. Before that, he was the CEO of Investors Community Bank in […]
Six big banks to participate in Fed climate-risk study
Six large U.S. banks will participate in a Federal Reserve pilot program designed to examine banks’ climate-related financial risks. The Fed said in a press release Thursday that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will participate in the program, which is expected to begin early next year. […]
Brookline in Mass. taps insider as next bank CEO
Brookline Bancorp in Boston will soon have a new bank CEO. The $8.5 billion-asset company said in a press release Thursday that William Tsonos will also become the president of Bank Rhode Island on Nov. 1. Tsonos, who joined Brookline in 2006, is the bank’s executive vice president of commercial lending. Tsonos will succeed […]
M&T to compensate clients harmed by integration
M&T Bank said it is taking steps to compensate customers who were stung by the Buffalo, N.Y., bank’s conversion of People’s United Financial in Bridgeport, Conn. The $204 billion-asset M&T, which bought People’s United earlier this year, experienced glitches and other issues as part of the integration process. “For customers who were unable to […]
First Bank in N.J. to offer credit lines to PE firms
First Bank in Hamilton, N.J., has expanded its commercial lending operations to serve private equity funds and their portfolio companies. The $2.6 billion-asset bank said in a press release that it will offer capital call lines of credit. Such loans are usually used to bridge gaps between the timing of an acquisition and the receipt […]
Trade groups file lawsuit against CFPB
Seven trade groups have filed a lawsuit against the Consumer Financial Protection Bureau alleging the agency exceeded its statutory authority when it updated its exam manual. The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, targets the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) […]
Orrstown to shutter five Pennsylvania branches
Orrstown Financial Services in Shippensburg, Pa., plans to close five branches and adjust its staffing model. The $2.8 billion-asset company said in a press release Wednesday that the moves are “designed to drive long-term growth, focus … on a rapidly changing banking environment and improve operating efficiencies.” The branches, all of which are in Pennsylvania, […]
Sterling in Mich. pays fine for defunct mortgage program
Sterling Bancorp in Southfield, Mich., will pay a $6 million civil money penalty as part of a formal agreement with the Office of the Comptroller of the Currency. The OCC said in a press release it had freed the $2.5 billion-asset company’s bank from the June 2019 formal agreement after determining it had “implemented all […]
Two de novo banks opened in September
A pair of de novo banks opened in September. Texas Traditions Bank in Katy opened on Sept. 6 after organizers raised the required $35 million in initial capital. Ryan Whitzel, a former market president for BancorpSouth, is the CEO. Keith Badough, who once was a community bank president at BancorpSouth, is the president. GS&L Municipal […]
FDIC gives conditional approval for two de novos
Two proposed de novo banks have received conditional approval from the Federal Deposit Insurance Corp. The FDIC signed off on Community Unity Bank in Birmingham, Ala., on Sept. 23. Organizers must raise about $23.2 million before the bank can open. Two former Talmer Bancorp bankers are behind the Community Unity effort. They filed their initial application with […]
Investor proposes buying big stake in Republic First
An investor group has proposed a transaction that would give it a large stake in Republic First Bancorp in Philadelphia. The group, which includes George Norcross and Gregory Braca, sent a letter to the $5.7 billion-asset company’s board on Sept. 22 proposing a transaction where the investors would invest $50 million in exchange for newly […]
Lakeland in N.J. settles DoJ redlining claims
Lakeland Bancorp in Oak Ridge, N.J., will invest $12 million in underserved markets around Newark, N.J., to settle redlining claims from the Department of Justice. The $10.4 billion company, which recently agreed to be sold to Provident Financial Services in Iselin, N.J., agreed to the third-largest redlining settlement in DoJ history. “Financial institutions that refuse to provide […]