Citizens in Okla. launches VA loan application portal
Citizens Bank of Edmond in Oklahoma has launched a mortgage platform that focuses on VA financing. Jill Castilla, the $370 million-asset bank’s president and CEO, said in a LinkedIn post that the decision to create ROGER came after she and her husband tried to use VA financing to buy a home last year. “We went […]
CUNA Mutual Group to rebrand in 2023
CUNA Mutual Group plans to rebrand as TruStage in 2023. The company, which already sells TruStage insurance products to credit unions and consumers, said the name change will include all of its enterprise, business-to-business and consumer brands. “We were born out of the credit union movement more than 85 years ago and founded on the […]
Former bank CFO joining fintech-focused fund
An investment group that focuses on fintech and blockchain companies has hired the former chief financial officer of Bryn Mawr Trust to oversee growth and parternships. JAM FINTOP said in a press release Friday that Mike Harrington will help with engagement with the group’s more than 80 bank investors. “As a career banker I have […]
Lawsuit aims to force Republic First annual meeting
An activist investor has filed a lawsuit against Republic First Bancorp in an effort to force the Philadelphia company to hold its annual meeting. The $5.7 billion-asset Republic First recently said it would delay the meeting indefinitely while independent legal counsel investigates certain related-party transactions. Driver Management filed a lawsuit Monday in U.S. District Court for […]
Regulators seeking comments for CRA revamp
The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have issued a series of proposed updates to the Community Reinvestment Act. The agencies on Thursday released proposals to revamp the law, which was originally enacted in 1977 to prevent banks from engaging in discriminatory lending practices. It has […]
Hanover in NY could raise $36M from planned IPO
Hanover Bancorp in Mineola, N.Y., plans to raise up to $36.1 million from its initial public offering. The $1.5 billion-asset company said in a press release that it plans to sell nearly 1.4 million shares of common stock at $21 to $23 each. The underwriters could sell another 204,545 shares if there is enough demand. […]
U.S. Bancorp: Closing MUFG deal by mid-2022 ‘uncertain’
U.S. Bancorp in Minneapolis expressed doubt that it can complete its acquisition of MUFG Union Bank along the timeline it originally provided. The $586 billion-asset company said when it announced the $8 billion acquisition in September that it expected to close the purchase by June 30. U.S. Bancorp, in its quarterly filing with […]
ConnectOne developing digital business banking suite
ConnectOne Bancorp in Englewood Cliffs, N.J., is working with Nymbus on a suite of digital business banking products. The $8 billion-asset ConnectOne said in a press release Thursday that the partnership will allow it to target new market segments. The plan is to launch the new platform by the end of this year. “As we […]
Seacoast to buy Drummond Banking in N. Florida
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Drummond Banking Co. in Chiefland, Fla. The $10.9 billion-asset Seacoast said in a press release Wednesday that it will pay $173.2 million for the parent of the $985 million-asset Drummond Community Bank. The deal is expected to close early in the fourth quarter. Drummond […]
BofA to pay $10M fine tied to garnishment practices
Bank of America in Charlotte, N.C., will pay a $10 million fine to the Consumer Financial Protection Bureau to address how the bank processed garnishment notices. The CFPB said in a press release Wednesday disclosing the consent order that it determined that the $2.5 trillion-asset company “engaged in unfair and deceptive acts and practices in […]
Sunnyside sale saga nears its conclusion
Sunnyside Bancorp in Irvington, N.Y., is close to being sold. The $94.4 million-asset company said in a press release Tuesday that it had secured regulatory approval to sell to Rhodium BA Holdings, a private equity group in New York. Sunnyside said the sale should close by May 31. Sunnyside’s shareholders approved the $16.1 million deal […]
United in Ga. to buy Progress Financial in Ala.
United Community Banks in Blairsville, Ga., has agreed to buy Progress Financial in Huntsville, Ala. The $24.4 billion-asset United said in a press release Wednesday that it will pay $271.5 million in stock for the $1.9 billion-asset Progress. The deal, which is expected to close in the fourth quarter, priced Progress at 165% of its […]
Consumer Bankers Association names new CEO
The Consumer Bankers Association has found a successor for the retiring Richard Hunt. The association said in a press release Tuesday that Lindsey Johnson, president of U.S. Mortgage Insurers since 2015, will become its president and CEO on July 5. “From leading an industry association that works to expand access to homeownership to serving in […]
Judge urges Bremer Financial to find a buyer
A judge has urged Bremer Financial and the trust that owns it to resolve longstanding legal differences and find a buyer for the St. Paul, Minn., bank. Ramsey County District Judge Robert Awsumb made the assessment as part of a 103-page ruling issued on April 29. “Capturing the hard-earned value of [Bremer] in today’s marketplace […]
Truist buys gamification app Long Game
Truist Financial in Charlotte, N.C., has acquired Long Game, a gamified finance mobile app. The $544 billion-asset Truist did not disclose the price it paid. Long Game uses prize-linked savings and casual gaming to motivate smart financial behavior. The goal is to add new accounts and retain clients. Truist said it will leverage the acquisition […]
Norwood CEO to become chairman after retiring
Lewis Critelli, who is retiring as president and CEO of Norwood Financial, will become the Honesdale, Pa., company’s chairman. The $2.1 billion-asset company said in a press release that Critelli will take on the new role after he steps down from his leadership posts on May 9. Critelli joined the bank in 1995 as chief financial […]
Midland States forms consumer lending pact with fintech
Midland States Bancorp in Effingham, Ill., is working with LendingPoint to fund consumer loans using the AI-driven fintech’s national network of point-of-sale relationships. The $7.3 billion-asset Midland States said in a press release Monday that it expects outstanding balances to increase by $200 million to $250 million over the next couple of years due to […]
Origin in Louisiana adds CDFI leader to its board
Origin Bancorp in Ruston, La., has added the CEO of a community development financial institution to its board. The $8.1 billion-asset Origin said in a press release Monday that Daniel Chu was elected as a director at its April 27 annual meeting. Chu is the founder and CEO of Tricolor Holdings, a Dallas CDFI that […]
AI-focused company reapplies to form de novo
A Chicago company that provides AI solutions for lenders has resubmitted an application for deposit insurance for a proposed de novo bank. Organizers of BetaBank filed a new application with the Federal Deposit Insurance Corp. on Thursday. The group originally applied with the FDIC last summer. The bank would operate as a unit of […]
California BanCorp taps next president
California BanCorp in Oakland, Calif., has a new president. The $1.9 billion-asset company said in a press release Monday that Thomas Sa was also named president of its bank, effective immediately. Sa will remain the company’s chief financial officer and chief operating officer. Sa succeeded Steven Shelton, who remains CEO. The move “reflects the growth […]
Investor group seeks special meeting at Republic First
A group of shareholders has urged Republic First Bancorp in Philadelphia to hold a special meeting. George Norcross III, Gregory Braca, Philip Norcross and Avery Conner Capital Trust sent a written request to the $5.4 billion-asset company’s board on Thursday for the meeting. “Consistent with its fiduciary duties, the board, together with its advisers, is […]
Sterling in Mich. in settlement talks with OCC, DoJ
Sterling Bancorp in Southfield, Mich., has started having discussions with federal agencies to resolve longstanding issues tied to its Advantage Loan Program. The $2.8 billion-asset company said in a press release Monday that talks with the Department of Justice and the Office of the Comptroller of the Currency are under way. Investigations by both agencies […]
First Century terminates planned sale to First Internet
First Century Bancorp in Roswell, Ga., has terminated its merger agreement with First Internet Bancorp in Fishers, Ind. The $4.2 billion-asset First Internet said in a press release Sunday that the $408 million-asset First Century called off the deal. The proposed transaction, announced on Nov. 2, was supposed to be completed by April 30. First […]
Peoples Bank of Alabama has new CEO
Peoples Bank of Alabama in Cullman has a new CEO. The $1.2 billion-asset bank tweetedon Friday that Robin Cummings had retired. Peoples said that Cummings, who has more than 38 years of services, remains on the board and will serve as a special adviser to its executive team. The bank’s website noted that Tim Williams […]
Provident in Mass. gains traction in BaaS business
Provident Bancorp in Amesbury, Mass., is the latest bank to report traction in its Banking-as-a-Service (BaaS) platform. The $1.8 billion-asset company said in a press release Friday that deposits with BaaS customers increased by 58% in the first quarter from a quarter earlier, to $94.3 million. Provident said its portfolio of digital asset loans decreased […]