Bair one of three Fannie Mae director resigning
Three members of the Fannie Mae board, including former Federal Deposit Insurance Corp. Chairman Sheila Bair, are resigning. Bair, Antony Jenkins and Hugh Frater will step down from the GSE’s board on May 1, Fannie Mae said in a press release. Frater will also retire as Fannie Mae’s CEO, a position he has held since […]
BankUnited, TC Bancshares entering new markets
A pair of banks is testing new markets after hiring bankers. BankUnited in Miami Lakes, Fla., said in a press release Thursday that it opened a corporate banking office in Atlanta – its first location outside of Florida or New York. The $35.8 billion-asset company said the move is part of a “renewed effort” to […]
NY mutual applies to form municipal bank
Gouverneur Bancorp in Gouverneur, N.Y., is looking to form a municipal bank in conjunction with its pending acquisition of a commercial bank. The $133 million-asset parent of Gouverneur Savings and Loan Association applied for deposit insurance with the Federal Deposit Insurance Corp. for the proposed GS&L Municipal Bank. Gouverneur said in the application that it […]
Robert Sarver retiring as Western Alliance chairman
Robert Sarver is retiring as chairman of Western Alliance Bancorp. in Phoenix. The $50 billion-asset company said in a press release that Steve Hilton will also retire as a director at the conclusion of its annual meeting in June. Sarver, who was Western Alliance’s CEO from 2002 to March 2018, has been a director since […]
Hawaiian CU League hires banker as next CEO
A former banker has been hired to lead the Hawaii Credit Union League. The association said in a press release that its board had appointed Carol Marx as its new president and CEO, succeeding Dennis Tanimoto. Marx previously served as a retail sales manager for the mortgage banking division at Bank of Hawaii in Honolulu. […]
FDIC wants advance notice of banks’ crypto plans
The Federal Deposit Insurance Corp. has joined a growing list of federal agencies weighing in on financial institutions’ cryptocurrency activities. The FDIC on Thursday issued a letter to supervised banks making it clear that they should inform the agency if they are dealing in crypto or plan to do so. FDIC-supervised institutions should notify a […]
Payments provider Bolt to buy crypto-focused firm
Bolt, a payments provider based in San Francisco, has agreed to buy Wyre, a cryptocurrency infrastructure provider. Bolt said in a press release Thursday that it expects the acquisition of the San Francisco company to close later this year. The companies plan to collaborate on projects designed to provide mainstream, secure crypto usage for shoppers, […]
Bank of Marin in California selects next chairman
Bank of Marin Bancorp in Novato, Calif., will soon have a new chairman. The $4.3 billion-asset company said in a press release Thursday that Willie McDevitt will become the chairman on May 10. He has been a director since 2007 and vice chairman since 2015. McDevitt is a consultant to McDevitt Construction Partners, a company […]
ICBA invests in wealth management fintech
Unifimoney, a fintech that is building a wealth management platform for small banks and credit unions, has raised $10 million from investors that include the Independent Community Bankers of America. The San Francisco startup has a platform that includes trading in over 70 cryptocurrencies, along with passive and active investing in stocks, ETFs and precious […]
Republic First gets delisting warning from Nasdaq
Republic First Bancorp received a notice that its shares could be delisted from the Nasdaq after the Philadelphia company said it would be unable to file its annual report in a timely manner. The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that it received the written notification last week. The company has up […]
NY de novo working with fintech on fraud detection
Grasshopper Bank, a de novo in New York, is working with a fintech to improve its fraud detection capabilities. FiVerity said in a press release that it is working with the $299 million-asset digital-first bank. “FiVerity helps us take an aggressive approach to fraud detection,” Michael Butler, Grasshopper’s CEO, said in the release. The fintech’s […]
Unsolicited bid, market challenges led to Comunibanc sale
Comunibanc in Napoleon, Ohio, began to seriously explore selling itself after receiving an unsolicited offer last summer from an unnamed bank. The $329 million-asset parent of Henry County Bank would agree in January to be sold to Civista Banchares in Sandusky, Ohio, for $50.2 million in cash and stock. The deal is expected to close […]
Stripe-backed fintech Fast to close
Fast, a fintech that included Stripe among its financial backers, is closing. The startup, founded in 2020, allowed users to check out instantly without entering passwords or other account information. “Sometimes trailblazers don’t always make it all the way to the mountain top,” Domm Holland, the San Francisco company’s co-founder and CEO, tweeted Tuesday afternoon. […]
Alton Bancshares to buy Table Rock in Missouri
Alton Bancshares in Alton, Mo., has agreed to buy Table Rock Community Bank in Kimberling City, Mo. Alton, the parent of the $144 million-asset First Community Bank of the Ozarks and the $106 million-asset Alton Bank, said in a press release that it expects to buy the $150 million-asset Table Rock in the second or […]
Zions creates new expense line for tech costs
Zions Bancorp. in Salt Lake City created a new expense line item to break out costs tied to technology, telecom and information processing. The $93 billion-asset company disclosed in a regulatory filing Friday that those items had previously resided under the line items for “furniture, equipment and software” and for “other expenses” that included data […]
Piedmont Federal in NC to form MHC
Piedmont Federal Savings Bank in Winston-Salem, N.C., is looking to form a holding company. The $1 billion-asset bank filed applications with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency tied to the initiative. The filings weren’t immediately available. In a legal notice filed in conjunction with the applications, Piedmont […]
Southern First discloses ‘needs to improve’ CRA rating
Southern First Bancshares in Greenville, S.C., said its bank recently received a “needs to improve” rating from the Federal Deposit Insurance Corp. tied to its compliance with the Community Investment Act. The $2.9 billion-asset company disclosed in a regulatory filing Friday that the notice, received on March 16, covers the period from Feb. 12, 2018, […]
Republic First to probe related-party transactions
Republic First Bancorp in Philadelphia is planning to delay its 2022 annual meeting while it conducts an investigation into certain related-party transactions. The $5.4 billion-asset company disclosed in a regulatory filing Friday that its auditors, as part of a review of its 2021 financial statements, advised management and the chairman of the audit committee that […]
U.S. Century parent adds Robert Kafafian to its board
USCB Financial Holdings in Miami has added a high-profile banking consultant to its board. The $1.9 billion-asset parent if U.S. Century Bank said in a press release Friday that it had appointed Robert Kafafian as an independent director and serve on the bank’s asset and liability committee. Kafafian is the founder, chairman and CEO of […]
Benchmark to buy Va. branch from First Community
Benchmark Bankshares in Kenbridge, Va., has agreed to buy a branch in Emporia, Va., from First Community Bankshares in Bluefield, Va. The $1 billion-asset Benchmark said in a press release that it will also buy the deposits housed at the branch. No loans are changing hands. The branch had $65.8 million of deposits in June […]
Ponce in N.Y. hires former regulator as its COO
Ponce Financial Group in Bronx, N.Y., has hired a former regulator as its chief operating officer. The $1.7 billion-asset company said in a press release Friday that Luis Gonzalez Jr. will have the same role at its bank. Gonzalez held several posts at the Office of the Comptroller of the Currency over 15 years, at […]
VyStar-Heritage deal delayed – again
Patience is becoming a virtue with VyStar Credit Union’s still-pending purchase of Heritage Southeast Bank in Jonesboro, Ga. The $11.7 billion-asset Vystar said late Thursday that the $196 million acquisition is being delayed for a third time as it awaits regulatory approval. This time, the closing has been pushed back to June 30. The credit […]
BankGuam’s chairman retires as an employee
BankGuam Holding in Hagatna said its chairman has retired as an employee of the company. The $2.8 billion-asset company disclosed in a regulatory filing Friday that William Leon Guerrero’s employment contract recently expired. He will remain BankGuam’s chairman. Guerrero was the bank’s chief operating officer from its founding in 2011 until he was named chairman […]
National Bank in Denver buying Wyoming-based bank
National Bank Holdings in Denver has agreed to buy Bancshares of Jackson Hole in Jackson Hole, Wyo. The $7.2 billion-asset National Bank said in a press release Friday that it will pay $230 million in cash and stock for the $1.6 billion-asset parent of Bank of Jackson Hole. The deal, which is expected to close […]
Sterling in Mich. revises 4Q earnings upward
Sterling Bancorp in Southfield, Mich., significantly increased its fourth-quarter earnings after revising the fair value of a commercial real estate loans it sold. The $2.9 billion-asset company said in a press release Thursday that it earned $8.1 million in the quarter, compared to the $4.8 million it reported in early February. Sterling determined after reporting […]