Ky. bank commissioner hired to fill NCUA fintech post
A state bank regulator has been appointed to oversee fintech developments for the National Credit Union Administration. The NCUA said in a press release that Charles Vice had become its director of financial technology and access. He will serve as the principal adviser to the agency’s board in areas such as fintech, cryptocurrency, blockchain and […]
Investor group looks to buy Illinois bank
An investor group is looking to form a holding company to buy First National Bank of Brookfield in Illinois. Brookfield HoldCo includes five individuals, including Phil Richard, the $316 million-asset bank’s president. Michael Ryan, the bank’s chairman, and two other directors are a part of the group, which applied with the Fed in mid-December for […]
Federal regulators express concerns over crypto dealings
Banks dealing with digital assets must be mindful of potential fraud, legal uncertainties, volatility and inaccurate or misleading disclosures, federal regulators said in a joint statement. The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said the statement reflected “the significant volatility and vulnerabilities” witnessed in the cryptocurrency […]
Blue Ridge Bank hires fintech division president
Blue Ridge Bankshares in Charlottesville, Va., which was ordered last year to improve its oversight of fintech partnerships, has hired an outsider to serve as president of its fintech division. The $2.9 billion-asset company said in a press release that Kirsten Muetzel is responsible for managing a portfolio of partners, strengthening regulatory compliance and overseeing […]
First Merchants freed from 2019 Justice Department order
First Merchants in Muncie, Ind., has been freed from a 2019 order from the Department of Justice tied to its fair lending practices. The $17.7 billion-asset company disclosed in a regulatory filing that the U.S. District Court for the Southern District of Indiana approved a joint request from its bank and the DoJ to terminated […]
Trustmark paying $100M to settle 13-year-old lawsuit
Trustmark in Jackson, Miss., will recognize a $100 million litigation settlement expense in the fourth quarter after settling longstanding litigation involving Stanford Financial Group. The $17.2 billion-asset Trustmark said the settlement is tied to a lawsuit that was initially filed in August 2009 in the District Court of Harris County, Texas. Trustmark did not admit […]
A look at bank deals that fell through in 2022
Several high-profile acquisitions were scuttled last year for a variety of reasons. Overall, 167 bank deals were announced in 2022, according to Dec. 28 data compiled by Mercer Capital. Many of the transactions were unable to cross the finish line after the parties were unable to secure regulatory approval. Here are some of the notable […]
Citizens Bank of Weston CEO to retire
Citizens Bank of Weston in West Virginia said that its president and CEO will retire. Charles Stalnaker has been in the top roles at the $237 million-asset unit of Citizens Bancshares in 2014, joining the board the next year, according to the Exponent Telegram. Scott Steele was hired as co-CEO on Dec. 5 and was […]
Number of bank deals fell sharply in 2022
Bank consolidation in 2022 fell well short of the prior year’s level. There were 167 bank acquisitions announced through Dec. 28, according to data compiled by Mercer Capital. That represents a 31% decrease from 2021 and 38% from the annual average between 2017 and 2019. The median premium was 154% of a seller’s tangible book […]
Penn East FCU in Pa. looking for its next CEO
Penn East Federal Credit Union in Scranton, Pa., is looking for a new president and CEO. The $258.4 million-asset credit union has begun a search for a successor for Jeff DeBree, who is retiring. The search is being handled by D. Hilton Associates. “I guess this makes it official,” DeBree wrote in a LinkedIn post […]
Lake Shore forced to end two change-in-control agreements
Lake Shore Bancorp in Dunkirk, N.Y., has terminated a pair of change-in-control agreements to comply with a recent formal agreement with the Office of the Comptroller of the Currency. The $696 million-asset company disclosed in a regulatory filing that it did not extend the one-year agreements with Rachel Foley, its chief financial officer and treasurer, […]
New CEOs named at several credit unions
Several credit unions have named new CEOs heading into 2023. The $628 million-asset Dover Federal Credit Union in Dover, Del., appointed Janell Upton as its president and CEO, effective Jan. 23. Upton, formerly an executive vice president at Education Federal Credit Union, will replace Chaz Rzewnicki, who left last summer to become president and CEO […]
Juniata Valley to buy Pa. branch from Orrstown
Juniata Valley Financial in Mifflintown, Pa., has agreed to buy a branch from Orrstown Financial in Shippensburg, Pa. The $815 million-asset Juniata said in a press release that it will buy a location in Path Valley, Pa., along with $31.7 million of deposits. No loans will be included in the sale. The deal is expected […]
Investor group pitches $75M investment in Republic First
A shareholder group has updated an offer to significantly increase its investment in Republic First Bancorp in Philadelphia. A group that includes George Norcross III, Philip Norcross and Gregory Braca sent the $5.6 billion-asset company’s investment bank a term sheet that proposes making a direct investment of $75 million. The group would invest by buying […]
Citizens National Bank at Brownwood CEO to retire
The CEO of Citizens National Bank at Brownwood in Texas is retiring. John Guest will step down on Dec. 31, according to the Brownwood News. Guest, who joined the $288 million-asset bank in 1982, became its president in 2010. He has been CEO since 2014. Guest will remain on the bank’s board.
Richmond Mutual in Ind. lines up next bank president
Richmond Mutual Bancorp. in Richmond, Ind., will soon have a new bank president. The $1.3 billion-asset company disclosed in a regulatory filing that Paul Witte will also become chief operating officer of First Bank Richmond on Jan. 1. Witte, the bank’s chief lending officer, will succeed Garry Kleer, who will remain the company’s chairman, president […]
Currency Bank in La. raises more capital
Currency Bank in Baton Rouge, La., has raised more capital. The $124 million-asset bank said in a press release that it brought in $4 million. Axxess Partners, the bank’s holding company, raised roughly $26 million in May 2021, around the time that it acquired Commerce Community Bank and rebranded it as Currency. Currency said in […]
Bell Bank parent raises $37M in private placement
State Bankshares in Fargo, N.D., raised roughly $37.3 million in capital. The parent of the $11.7 billion-asset Bell Bank brought in the funds through a Dec. 16 private placement of common stock, according to data compiled by Performance Trust Capital Partners. It is unclear what the company’s plans are for the capital.
A look at de novo activity in 2022
De novo activity, while far off levels seen before the 2008 financial crisis, had notable momentum in 2022. Fifteen new banks opened this year, raising at least $362 million in total capital, based on date from the Federal Deposit Insurance Corp. That compares to 10 de novos the year before and eight in 2020. It […]
Group behind planned Conn. de novo pulls application
Organizers of the proposed New Canaan Bank in Connecticut have given up on an effort to create the de novo. The group withdrew its application with the Connecticut Department of Banking on Dec. 14. Had it opened, New Canaan would have been the state’s first new bank in a dozen years. Organizers submitted an application […]
BM Technologies, First Sound end merger agreement
BM Technologies and First Sound Bank in Seattle have terminated their plans to merge. BM Technologies, a fintech spun off from Customers Bancorp, agreed in November 2021 to buy the $154 million-asset First Sound for $23 million in cash but they were unable to secure the required regulatory approvals. The fintech said a few weeks […]
CEO of Provident in Massachusetts departs
Provident Bancorp in Amesbury, Mass., said its CEO has stepped down just weeks after it projected a large quarterly loss tied to its dealings with crypto mining companies. The $1.8 billion-asset company said in a press release that Dave Mansfield also relinquished his title as president as part of a “mutual decision” with the board, […]
Land of Lincoln Credit Union to buy Illinois bank
Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Colchester State Bank in Colchester, Ill. The $378 million-asset Land of Lincoln announced on its website that it expects to complete the purchase of the $82 million-asset Colchester by the end of the second quarter. The price wasn’t disclosed. “We are excited for […]
Lake Shore in N.Y. announces CEO’s retirement plans
Lake Shore Bancorp in Orchard Park, N.Y., is in the market for a new president and CEO. The $700 million-asset company said in a press release that Daniel Reininga plans to retire in May. The board plans to conduct a national search for Reininga’s successor. Reininga, who joined the bank in 1994 as an outside director […]
Wyo. bank with Nexo ties completes private placement
Hulett Bancorp in Hulett, Wyo., which sold a stake in itself to Nexo earlier this year, raised another $400,000 through a private placement of common stock The stock sale, which took place on Dec. 13, was included in data aggregated by Performance Trust Capital Partners. Hulett, which operates as Mode Eleven and owns Summit National […]