Quaint Oak discloses stake in equipment finance firm
Quaint Oak Bancorp in Southampton, Pa., disclosed that it bought a majority stake in an equipment finance company. The $568 million-asset company said in a press release Thursday that it bought a 51% stake in Oakmont Capital Holdings on Jan. 4. The company did not disclose the price it paid. Oakmont has offices in West […]
South State in Florida eliminate NSF fees
South State in Winter Haven, Fla., is the latest regional bank to do away with nonsufficient funds fees. The $46 billion-asset company said in a press release Thursday that it will modify its consumer overdraft program to eliminate NSF fees, as well as transfer fees to cover overdrafts. South State said it will introduce a […]
BayFirst retools mortgage, SBA operations
BayFirst Financial in St. Petersburg, Fla., has laid off more than 60 mortgage employees and added a national Small Business Administration platform. The $889 million-asset company said in a press release that it cut 65 jobs in the first quarter, including 62 within its residential mortgage division. BayFirst said the impact of the layoffs will […]
Bank on Women scales up work with small banks
Bank on Women has formed a partnership with the Nasdaq to give exchange-listed community banks access to more board recruiting services. The nonprofit, which looks to increase female representation in the banking industry, said on its LinkedIn page that the arrangement will give smaller banks access to its database of potential director candidates. “We are […]
First Independence officially debuts Minneapolis branch
First Independence Bank, a black-owned bank in Detroit, has expanded into Minneapolis. The $412 million-asset bank officially debuted the office this week, according to KARE11.com. The office quietly opened in late February. The Federal Deposit Insurance Corp. approved the expansion in January. First Independence has been supported – with capital, research and marketing services – […]
Finward promotes exec to chief revenue officer
Finward Bancorp in Munster, Ind., has promoted an insider to become its chief revenue officer. The $2 billion-asset company said in a press release Thursday that Todd Scheub had also become president of its bank. Scheub, who joined Finward in 1996, previously served as the company’s chief banking officer. In the new role, Scheub will […]
CoVantage CU to buy LincolnWay in Illinois
CoVantage Credit Union in Antigo, Wis., has agreed to buy LincolnWay Community Bank in New Lenox, Ill. The $2.7 billion-asset CoVantage said in a release that it expects to complete the purchase of the $277 million-asset LWCBancorp unit in the fourth quarter. The credit union did not disclose the price it will pay. LincolnWay has […]
Univest enters new markets, upgrading digital platform
Univest Financial in Souderton, Pa., has entered two new markets and is improving its digital banking platform. The $7.1 billion-asset company said in a press release Wednesday that it entered western Pennsylvania and Maryland. Univest hired Chris Trombetta to serve as market president for the western Pennsylvania region and Matthew Cohen to serve as market […]
Coastal in Wash. gains momentum in its BaaS business
Coastal Financial in Everett, Wash., is gaining momentum with its Banking-as-a-Service platform. The $2.8 billion-asset company said total loans in its BaaS division increased by 49% in the first quarter from a quarter earlier, to roughly $515 million. Deposits rose by 26% to $900 million. Coastal gained seven new relationships over the 12-month period that […]
Lendistry joins rare company with SBLC license
B.S.D. Capital in Los Angeles has received a license to participate in the Small Business Administration’s 7(a) program. The company, which operates as Lendistry, said in a press release that it can now originate 7(a) loans of up to $5 million. Only 14 nondepository lenders have a small business lending company (SBLC) license, and Lendistry […]
Finward in Indiana mulling branch closures
Finward Bancorp in Munster, Ind., is evaluating the size of its branch network. The $2 billion-asset company said in a press release Wednesday that it plans to close two locations and is looking at four others for potential closure. If those branches are closed, it would reduce the size of Finward’s network by 20%, to […]
New York Community, Flagstar extend merger agreement
New York Community Bancorp in Hicksville and Flagstar, Mich., have extended their merger agreement to Oct. 31. The $47 billion-asset New York Community and the $23 billion-asset Flagstar have been waiting on regulatory approval for their $2.6 billion merger. The deal was announced in April 2021 and had an original deadline of April 24, 2022. […]
First Bancshares in Miss. to buy Florida’s Beach Bank
First Bancshares in Hattiesburg, Miss., has agreed to buy Beach Bancorp in Fort Walton Beach, Fla. The $6.1 billion-asset First said in a press release Tuesday that it will pay $117 million in stock for the $620 million-asset Beach. The deal, which is expected to close by the end of this year, priced Beach at […]
National Capital in DC hires outsider as president
National Capital Bank of Washington in Washington, D.C., has a new president. The $735 million-asset unit of National Capital Bancorp said in a press release that Jimmy Olevson would serve as “second in command” to CEO Randy Anderson. Olevson previously served as chief lending officer at MainStreet Bank. “We are thrilled to have Jimmy join […]
Western Alliance forms entertainment lending group
Western Alliance Bancorp. in Phoenix has formed an entertainment and media group. The $50 billion-asset company said on its websitethat the group offers “a wide range of banking resources to TV, film and music producers across North America with the ability to lend in multiple currencies.” Melanie Krinsky and Charlene Paling, who joined the company […]
Orrstown in Pennsylvania highlights tech initiatives
Orrstown Financial in Shippensburg, Pa., plans to introduce a new treasury management application later this year. The effort is one of several technology enhancements the $2.9 billion-asset company highlighted in its slidedeck for its 2022 annual meeting. Orrstown, which hired a chief digital officer in 2021, said it also plans to focus on robotic process […]
Blue Ridge Bankshares taps new bank president
Blue Ridge Bankshares in Charlottesville, Va., has a new bank president. The $2.7 billion-asset company said in a press release Wednesday that it had named Judy Gavant to the post. Gavant will remain the company’s chief financial officer. In the new position, she will lead commercial banking efforts and oversee bank operations, including policies and […]
Security Federal in SC set to receive ECIP capital
Security Federal in Aiken, S.C., said it is eligible to receive nearly $83 million of capital from the Treasury Department’s Emergency Capital Investment Program. The Treasury has $9 billion set aside to invest in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through the program. The capital will help the institutions provide loans, […]
Prudential Bancorp juggled legal settlement, M&A talks
Prudential Bancorp in Philadelphia had to negotiate settlement of a legal issue as it finalized an agreement to be sold to Fulton Financial in Lancaster, Pa. The $26 billion-asset Fulton stipulated as part of its merger talks that the $1.1 billion-asset Prudential needed to resolve all outstanding issues associated with borrower litigation, according to a […]
Colony closing branches, cutting jobs in efficiency push
Colony Bankcorp in Fitzgerald, Ga., announced an efficiency initiative designed to lower annual expenses by $3 million starting in the third quarter. The $2.7 billion-asset company said in a press release Thursday that it plans to close two branches and eliminate 25 positions in its banking division. Colony said it is targeting a 60% efficiency […]
Amerant continues to reduce size of NYC loan book
Amerant Bancorp in Coral Gables, Fla., has sold $57.3 million of loans in New York City. The $7.8 billion-asset company said in a press release Wednesday that had $68.6 million of New York City loans available for sale on March 31. Amerant said its portfolio of New York City loans fell by 24% during the […]
Fidelity in Pa. to buy new headquarters building
Fidelity Bank in Scranton, Pa., is moving its corporate headquarters. The $1.8 billion-asset bank said in a press release Thursday that it bought the Scranton Electric Building in downtown Scranton for the new office. Fidelity said the entire project is expected to cost $20 million, though it received about $4 million from Pennsylvania’s Redevelopment Assistance […]
Triumph in Dallas designates 15 branches as held for sale
Triumph Bancorp in Dallas has designated 15 branches in rural markets, along with some factored receivables, for eventual sale. The $6.1 billion-asset company said in a press release that the branches are located in eastern Colorado and western Kansas. Triumph said $159.2 million of loans and $367.3 million of deposits were also designated as held-for-sale […]
Central Pacific BaaS client Swell to debut this summer
Central Pacific Financial in Honolulu said its first Banking-as-a-Service client is on pace to launch its first product this summer. The $7.3 billion-asset company said in a press release Wednesday that Swell Financial should debut its integrated checking and line-of-credit account in a matter of months. The fintech is working with Central Pacific and Elevate […]
Triumph in Dallas names new bank president
Triumph Bancorp in Dallas tapped a new president for its bank as part of a broader management restructuring. The $6 billion-asset company said in a press release Tuesday that Todd Ritterbusch had been named president of TBK Bank. Ritterbusch previously oversaw the bank’s retail and treasury management teams. Ed Schreyer was named chief operating officer […]