Ford’s FDIC application sheds light on ILC plans
Ford Motor Company said obtaining an industrial loan charter would help it make electric vehicles (EVs) accessible to all Americans. The automaker said in its application with the Federal Deposit Insurance Corp. that the proposed Ford Credit Bank would offer auto loans for EVs through indirect retail installment and lease contracts originated by auto dealers. […]
Trustmark in Miss. pursuing business lines, tech upgrades
Trustmark in Jackson, Miss., plans to launch new business lines, enter new markets and improve technology under a new program. The $17.4 billion-asset company said in a press release Tuesday that FIT2GROW began in the second quarter. As part of the initiative, Trustmark opened a loan-production office in Atlanta that will focus on its institutional […]
NSTS Bancorp in Illinois names new bank CEO
NSTS Bancorp in Waukegan, Ill., has a new bank CEO. The $285 million-asset company said in a press release Tuesday that Nathan Walker had also become its executive vice president. Walker succeeded Stephen Lear as CEO of North Shore Trust and Savings. Lear remains chairman of the bank and the company’s chairman, president and CEO. […]
Mark Hoppe to retire as Fifth Third regional president
Mark Hoppe, who orchestrated the sale of Taylor Capital Group to MB Financial nearly a decade ago, is retiring. Hoppe plans to step down as the Chicago region president for the $211 billion-asset Fifth Third Bancorp, a title he gained after the Cincinnati regional bank acquired MB Financial in 2019. He will retire at the […]
Genesis Bank in Calif. launches escrow division
Genesis Bank in Newport Beach, Calif., has created an escrow division. The $95.1 million-asset bank said in a press release Tuesday that Genesis Bank Escrow handles commercial and commercial real estate-related escrow transactions, including compliance with local, state and federal real estate guidelines. Genesis launched the division after hiring Michelle Gregorian. “Over multiple decades, our […]
Ford applies for industrial loan charter
Ford Motor Co. has applied to form a bank. Ford Credit Bank would operate under an industrial loan charter from Utah. Ford applied with the Federal Deposit Insurance Corp. on July 22 for deposit insurance. Toyota and BMW already have industrial banks. Ford Credit Bank would look to help customers finance vehicles, accept deposit and […]
Bank First to buy Hometown Bancorp in Wisconsin
Bank First in Manitowoc, Wis., has agreed to buy Hometown Bancorp in Fond Du Lac, Wis. The $2.9 billion-asset Bank First said in a press release Tuesday that it will pay $124 million in cash and stock for the $628 million-asset Hometown. The deal, which is expected to close in the fourth quarter, valued Hometown […]
Somerset Savings to convert, buy Regal Bancorp
Somerset Savings Bank in Bound Brook, N.J., plans to convert to a stock-owned company and acquire Regal Bancorp in Livingston, N.J. The $649 million-asset Somerset said in a press release Monday that it has formed SR Bancorp to prepare from its conversion from a mutual bank. Somerset also plans to convert to a New Jersey […]
NBT Bancorp to buy insurance agency in northwestern NY
NBT Bancorp in Norwich, N.Y., has agreed to buy an insurance agency. The $11.7 billion-asset company said in a press release that NBT Insurance Agency agreed to buy Harrison A. Rogers Agency. The price wasn’t disclosed. The deal is expected to close in the third quarter. H.A. Rogers is a small personal and commercial lines […]
A look at which banks have received ECIP funds
Several banking companies have disclosed the receipt of capital from the Treasury Department’s Emergency Capital Investment Program (ECIP). The Treasury invested nearly $1.8 billion between late April and late July, according to data compiled by Performance Trust Capital Partners. The banks are issuing preferred stock in exchange for the fresh capital. Security Federal in Aiken, […]
Alpine Banks of Colo. raises $34M in private placement
Alpine Banks of Colorado in Glenwood Springs has raised $34 million through a private placement of common stock. The $6.2 billion-asset company said in a press release that it sold nearly 1.2 million shares of Class B nonvoting stock at $28.50 each. Alpine Banks plans to use the proceeds for purposes that could include organic […]
National Bank in Denver invests in B2B payments firm
Finexio, an Orlando, Fla., B2B payments company, has raised $14 million from a group of investors that includes National Bank Holdings, Discover Financial Services and Mendon Venture Partners. Finexio said in a press release that the goal is to raise $30 million in this funding round. The other investors include Post Road Partners, The Banc […]
Citizens becomes official bank of NFL’s Giants
Citizens Financial Group in Providence, R.I., has become the official bank of the New York Giants. The $227 billion-asset company said in a press release Monday that it had also become the official bank of the New Jersey Devils and the Prudential Center in Newark, N.J. The company did not disclose the deal’s financial details […]
MainStreet in Va. plans to debut BaaS product in 4Q
MainStreet Bankshares in Fairfax, Va., plans to fully introduce its Banking-as-a-Service product during the fourth quarter. The $1.8 billion-asset company said in a press release Monday that Avenu, its BaaS platform, is onboarding its initial beta testing client. Ten fintechs are queued up in various stages of progress, including four that intend to proceed when […]
HomeTrust in NC to enter Atlanta with Quantum deal
HomeTrust Bancshares in Asheville, N.C., will enter Atlanta with an agreement to buy Quantum Capital in Suwanee, Ga. The $3.5 billion-asset HomeTrust said in a press release Monday that it will pay $67.6 million in cash and stock for the parent of the $660 million-asset Quantum National Bank. The deal, which is expected to close […]
Trustar in Va. raises capital with expansion in mind
Trustar Bank in Great Falls, Va., has raised more capital to fuel expansion in northern Virginia. The $546 million-asset bank said in a press release that it brought in $18 million. The bank, which planned to raise $15 million, received more than $20 million in subscriptions. Trustar’s original capital raise in 2019 was also oversubscribed. […]
Customers to close five branches in Pennsylvania
Customers Bancorp in Malvern, Pa., plans to close five branches in Pennsylvania. The $19.2 billion-asset company said in a press release Friday that will shutter locations in Reading, Langhorne, Newtown Square and Wayne. Accounts will be transferred to other branches. The closings are expected to take place in late October and early November. Customers has […]
How F.N.B. landed a deal for NC bank
Better late than never. That mantra rings true for F.N.B. Corp. in Pittsburgh, which agreed in May to buy UB Bancorp in Greenville, N.C., for $117 million in stock. The $42 billion-asset F.N.B. wasn’t among the first group of banks that the $1.2 million-asset UB Bancorp contacted to gauge interest in a potential deal, according […]
Home in Ark. saw ‘mini mutiny’ of Happy State employees
Home BancShares in Conway, Ark., suffered from a “mini mutiny” of employees in some of the markets it entered through the April acquisition of Happy State Bancshares in Amarillo, Texas. That assessment came from Johnny Allison, Home’s chairman, during the $24.3 billion-asset company’s second-quarter earnings call. “We did not see a very warm welcome,” Allison […]
Patriot National, American Challenger call off merger
American Challenger Development is again looking to sell itself after a plan to merge with Patriot National Bancorp in Stamford, Conn., was called off. The $976 million-asset Patriot National agreed in November to buy American Challenger for $119 million in a deal structured as a reverse subsidiary merger. Patriot had also entered into agreements to […]
Vermont de novo receives conditional FDIC approval
Organizers of the proposed Bank of Burlington in South Burlington, Vt., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise $33 million before opening the bank. The group said in its December 2021 application for deposit insurance that it planned to raise $24 million to $30 […]
Amerant boosted stake in mortgage company in 2Q
Amerant Bancorp in Coral Gables, Fla., increased its ownership stake in its mortgage company. The $8.2 billion-asset company said in a press release that its stake in Amerant Mortgage increased from 57.4% to 80% after two former principals became full-time bank employees and relinquished their interest in the business. Amerant also contributed $1 million in […]
Live Oak adds mortgage company CEO to its board
Live Oak Bancshares in Wilmington, N.C., has appointed the CEO of a North Carolina mortgage company to its board. The $8.6 billion-asset company said in a press release Wednesday that Casey Crawford, a co-founder of Movement Mortgage in Charlotte, had become a director. “We are very pleased to welcome Casey to our board of directors,” […]
Citizens State parent to buy First Savanna in Illinois
First Lena Corp. in Lena, Ill., has agreed to buy First Savanna Savings Bank in Savanna, Ill. First Lena, the parent of the $325 million-asset Citizens State Bank, said in a press release that it expects to buy the $9.8 million-asset First Savanna in the fourth quarter. The price wasn’t disclosed. Citizens will enter the […]
Signature in NY to tap brakes on CRE lending
Signature Bank in New York plans to dial down its lending in coming months. The $116 billion-asset bank expects quarterly loan growth of $1 billion to $3 billion over the rest of this year. It previously projected increasing the size of its loan portfolio by $4 billion to $7 billion. Commercial real estate and fund […]