CSBS President/CEO John Ryan dies unexpectedly
John Ryan, president and CEO of the Conference of State Bank Supervisors, has died. The organization, which represents state banking regulators, said in a statement Tuesday that Ryan passed away unexpectedly the day before. James Cooper, executive vice president of policy and supervision, was named acting CEO. “On behalf of the CSBS board of directors, […]
CBTX, Allegiance to rebrand as Stellar after merger
CBTX and Allegiance Bancshares in Houston will rebrand as Stellar Bancorp following their merger. The $4.5 billion-asset CBTX and the $7.2 billion-asset Allegiance announced their proposed merger in November. The deal is expected to close in the second quarter. The bank will be known as Stellar Bank. “When we heard the name Stellar, it fit,” […]
Emclaire had two offers before striking deal with Farmers
Farmers National Banc Corp. in Canfield, Ohio, was one of two banks to make an offer for Emclaire Financial in Emlenton, Pa. The $4.1 billion-asset Farmers agreed in late March to buy the $1.1 billion-asset Emclaire for $105 million. The move will provide Farmers with its first branches in Pittsburgh. Farmers easily cemented its position […]
RBB vice chairman resigns over governance dispute
RBB Bancorp in Los Angeles, which replaced its CEO after a probe found violations of company policies, is facing criticism from its former vice chairman. Raymond Yu resigned from the $4.2 billion-asset company last week. In his resignation letter, Yu said he was leaving due to “ongoing disagreements with the board regarding corporate governance and […]
U.S. Bancorp moves deadline for buying MUFG Union
U.S. Bancorp in Minneapolis has confirmed that it will not complete its planned purchase 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 complete the acquisition by June 30. U.S. Bancorp said in a regulatory filing Monday that […]
Vernon Hill ousted as Republic First’s chairman
In a sudden and unexpected turn of events, Vernon Hill has been removed as chairman of Republic First Bancorp. Hill was replaced by Harry Madonna, his predecessor at the $5.7 billion-asset company, following the death of Theodore Flocco. Flocco’s passing led to a power shift on the divided board, allowing a faction opposed to Hill […]
First Bancshares in Minn. to buy Maple Bank
First Bancshares in Cold Spring, Minn., has agreed to buy Maple Bank in Champlin, Minn. First Bancshares, the parent of the $145 million-asset Granite Bank, did not disclose the price it will pay for the $95 million-asset Maple. The deal is expected to close early in the third quarter. Granite Bank will enter Minnesota’s Hennepin […]
Bank OZK completes solar panel plant
Bank OZK in Little Rock, Ark., has finished construction of a 4.8-megawatt solar power plant in Stuttgart, Ark. The $26.6 billion-asset bank said in a press release that the 11,265-panel plant should produce enough electricity to power its corporate headquarters and up to 40 branches in central Arkansas. Bank OZK did not disclose the costs […]
White River in Ark. launching bilingual bank brand
White River Bancshares in Fayetteville, Ark., is launching a bilingual bank brand. The parent of the $852 million-asset parent Signature Bank of Arkansas said in a press release Friday that its Banco Sí division will officially open in Rogers, Ark., in September. The bank, which is expected to have 10 employees, will be led by […]
ServisFirst rounding out leadership in North Carolin
ServisFirst Bancshares in Birmingham, Ala., has hired two key executives for its operations in North Carolina. The $15 billion-asset company said in a press release Friday that Craig May III had been named Charlotte regional president. May previously served as a managing director and Carolinas region manager for JPMorgan Chase. ServisFirst also hired Robert Shell […]
Michigan group applies to open de novo bank
A group in Traverse City, Mich., is looking to form a de novo bank. Organizers of the proposed Sovereign Bank applied with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance. The bank will be focused on real estate lending, consisting of commercial real estate loans, multifamily loans and home equity loans, the application […]
Michigan credit union to buy First Citrus in Florida
DFCU Financial in Dearborn, Mich., is the latest credit union to agree to buy a bank. The $6.4 billion-asset credit union said in a press release Thursday that it will buy First Citrus Bank in Tampa, Fla., for $93 million in cash, based on the parent company’s shares outstanding. The deal is expected to close […]
FB Financial to close direct-to-consumer mortgage ops
FB Financial in Nashville, Tenn. is shutting down its direct-to-consumer mortgage business. The $12.7 billion-asset company said in a regulatory filing Tuesday that it would close Real Genius, its national mortgage internet delivery channel, as part of a broader restructuring. The company plans to complete the process by the end of this year. FB Financial […]
Bank of Idaho buying branches in Washington
Bank of Idaho in Idaho Falls has agreed to buy five branches in eastern Washington from HomeStreet in Seattle. The $737 million-asset Bank of Idaho said in a press release Tuesday that it will also gain the branches’ lending business and employees. The deal is expected to close by Aug. 1. Bank of Idaho did […]
Proposed Calif. de novo would buy indirect auto loans
A group in California is looking to form a bank with a strategy that would include buying indirect auto loans. Carpenter Acquisition Corp. applied with the Federal Deposit Insurance Corp. on May 3 to form Icon Bank in Riverside. Carpenter Acquisition said in the application that it plans to become Icon Bancorp after the bank […]
KeyCorp buys fintech GradFin
KeyCorp has acquired a fintech that helps borrowers manage their student loans. The $181.2 billion-asset company said in a press release Monday that it bought GradFin, a Philadelphia company created in 2015. Key did not disclose the price it paid. GradFin specializes in working with financial advisers and their clients. “GradFin combines the best of […]
U.S. Bancorp announces $100B community pledge
U.S. Bancorp in Minneapolis, which is looking to buy MUFG Union Bank, has agreed to a five-year community benefits plan totaling more than $100 billion. The $586 billion-asset company reached the agreement with the National Community Reinvestment Coalition and the California Reinvestment Coalition. About 60% of the total will support efforts in California. “Banks are […]
Heartland lowers 1Q earnings due to fraud issue
Heartland Financial USA in Dubuque, Iowa, has amended its first-quarter earnings to account for two separate instances of fraud that led to “material loan collateral deficiencies.” The $19.2 billion-asset company said in a press release Monday that it discovered the issues after reporting its earnings on April 25. Heartland said the collateral issue led it […]
Ponce discloses writedown tied to fintech partnership
Ponce Financial Group in Bronx, N.Y., warned that its first-quarter earnings will be hurt by a “significant write-off and writedown” tied to its relationship with fintech startup Grain Technologies. The $1.7 billion-asset company disclosed in a regulatory filing that Grain had been the victim of cyber fraud. About 25,000 microloans totaling $17 million have been […]
State Street names new president, vice chairman
State Street in Boston has a new president and vice chairman. The $322 billion-asset company said in a Monday press release that it had appointed Louis D. Maiuri to serve as president and head of institutional services, effective immediately. Maiuri, who remains chief operating officer, joined the company in October 2013. He previously served as deputy […]
NY bank debuts digital small business loan platform
National Bank of Coxsackie in New York has formed a new small business lending platform. The $467 million-asset bank said in a press release Saturday that NBC Express lets small businesses apply online for installment loans. Applications through funding are handled through digital channels. “We understand that time is an invaluable resource to small business […]
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 […]