Alliance Data rebrands as Bread Financial
Alliance Data Systems in Columbus, Ohio, has rebranded as Bread Financial Holdings, taking on the name of the Buy Now Pay Later (BNPL) business it bought in late 2020. The company, a private-label credit card lender, will also change its stock symbol from “ADS” to “BFH” on April 4. Comenity Bank and Comenity Capital Bank […]
Citizens-Investors merger secures Fed approval
The Federal Reserve has approved another large bank merger announced last year. The Fed said in a press release Tuesday that it had signed off on the proposed sale of Investors Bancorp in Short Hills, N.J., to Citizens Financial Group in Providence, R.I. The $3.5 billion deal was announced in July 2021. The approval had […]
Community Bancorp in Kan. to buy Quarry City Savings
Community Bancorp in Chanute, Kan., has agreed to buy Quarry City Savings and Loan Association in Warrensburg, Mo. The parent of the $1.9 billion-asset Community National Bank & Trust said in a press release Tuesday that it will pay $10.4 million in cash for the $71.3 million-asset Quarry City, subject to adjustment. The deal is […]
Fed notices reveal three small bank mergers
Several bank mergers have been disclosed by the Federal Reserve. The Fed listed the pending transactions in a pair of public notices. Northeast Kansas Bancshares in Overland Park has agreed to acquire Bank of Orrick in Missouri. Community Bancshares of America, a group formed to buy banks, acquired Northeast Kansas Bancshares, the parent of the […]
Former Howard CEO Scully finds second act
Loyola University Maryland has hired a former bank CEO as the next dean of is business school. The university said in a press release that Mary Ann Scully will join the Rev. Joseph A. Sellinger, S.J., School of Business and Management on July 1. Scully co-founded Howard Bank and was its chairman and CEO for 18 years. […]
Proposed Colo. bank to delve into precious metals
A proposed bank in Colorado has a business plan that involves dealing in precious metals. Organizers of the proposed Battle Bank in Avon said in their application with the Federal Deposit Insurance Corp. that the de novo plans to offer clients opportunities to buy, sell, take delivery of, and store non-FDIC insured precious metals. The […]
De novo EntreBank opens in Minnesota
EntreBank has opened in Bloomington, Minn., just seven months after filing its application with the Federal Deposit Insurance Corp. The de novo opened after receiving conditional approval from the FDIC in January and raising nearly $45 million of initial capital, exceeding what was stipulated in the agency’s order. Organizers applied with the FDIC for deposit insurance in August. […]
Everett Co-operative in Mass. plans mutual conversion
Everett Co-operative Bank in Massachusetts is planning to convert from a mutual to a stock-owned company. The $733 million-asset mutual recently filed an application with the Federal Reserve tied to the planned conversion. It would operate as a unit of ECB Bancorp. ECB said in a prospectus that it plans to sell 7.9 million to […]
Dispute surfaces over nixed Amalgamated deal
Amalgamated Financial in New York said Amalgamated Bank of Chicago could pursue compensatory damager after their proposed merger fell through. The $6.9 billion-asset Amalgamated Financial announced in February that it had pulled its application to buy the $1 billion-asset Amalgamated Bank for $98.1 million in cash. The New York bank said it withdrew the application […]
Liberty in Conn. overhauls fees for deposit account
Liberty Bank in Middletown, Conn., created a checking account that replaces overdraft fees with a monthly maintenance fee. The $7.4 billion-asset bank said in a press release that the BankSmart product is designed to connect with more underbanked and unbanked consumers. The product includes free 24-hour in network ATM and online banking access, free monthly […]
BNY Mellon warns of 1Q revenue hit tied to Russian ops
Bank of New York Mellon in New York said it expects to take a notable revenue hit in the first quarter tied to a decision to suspend certain activities in Russia. The $444 billion-asset company disclosed in a regulatory filing Thursday that it had ceased new banking business in Russia and suspended investment management purchases […]
USAA hit with $140M in fines tied to BSA issues
USAA Federal Savings Bank in San Antonio has been ordered to pay a total of $140 million to the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency tied to lapses in its Bank Secrecy Act compliance. The $117 billion-asset bank will pay a $80 million civil money penalty to Fincen, […]
Organizing group looks to form bank in Colorado
A group with ties to EverBank are looking to form a de novo in Colorado. The group behind Battle Bank in Avon applied with the Federal Deposit Insurance Corp. on March 11 for deposit insurance. The application wasn’t immediately available. A public notice filled in connection to the application said Battle Bank would be a […]
MainStreet Bancshares president to retire
The president of MainStreet Bancshares in Fairfax, Va., is retiring. The $1.7 billion-asset company said in a press release Friday that Chris Brockett will retire on March 31. Brockett, who has been MainStreet’s president since January 2017, will remain on the company’s board. “As an accomplished career banker, Chris has insights and experience that will […]
Trustmark selling corporate trust business
Trustmark in Jackson, Miss., has agreed to sell its corporate trust business to Peoples Financial in Biloxi, Miss. The $17.6 billion-asset Trustmark said in a press release Thursday that it expects to sell the business in the second quarter. Peoples said in a regulatory filing that it will pay $650,000 for the business, subject to […]
Huntington hires Truist exec to oversee consumer banking
Huntington Bancshares in Columbus, Ohio, has hired a former Truist Financial executive to oversee its consumer and business banking operations. The $174 billion-asset Huntington said in a press release Wednesday that Brant Standridge will become president of consumer and business banking in early April. He will oversee the company’s branches, business banking, mortgage and home lending […]
JPMorgan Chase to buy Irish software firm
JPMorgan Chase in New York has agreed to buy Global Shares, an Irish company that provides cloud-based share plan management services. The $3.7 trillion-asset JPMorgan said in a press release Tuesday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will pay. […]
OceanFirst hires former First Midwest CFO
OceanFirst Financial in Red Bank, N.J., has hired the former chief financial officer at First Midwest Bancorp to fill the same post. The $11.7 billion-asset OceanFirst said in a press release Thursday that Patrick Barrett will join the company as executive vice president of finance on April 18, then succeed Michael Fitzpatrick as CFO on […]
Wisconsin’s IncredibleBank planning first Florida branch
IncredibleBank in Wausau, Wis., is making a push into Florida. The $1.8 billion-asset bank is planning to enter the Sunshine State with a full-service branch in Cape Coral. Todd Nagel, the bank’s president and CEO, said the plan is to open the branch in the first quarter of 2023. The bank will have 10 employees […]
Eagle Bancorp Montana lines up CEO succession
Eagle Bancorp Montana in Helena is promoting an insider to become its next CEO. The $1.4 billion-asset company said in a press release Wednesday that Laura Clark will also succeed Peter Johnson as its president. Johnson, who plans to retire on Dec. 31, will remain on the board. Clark, Eagle’s chief financial officer and chief […]
Fulton CEO Wenger to retire in December
E. Phillip Wenger plans to retire as chairman and CEO of Fulton Financial in Lancaster, Pa. The $26 billion-asset Fulton said in a press release Wednesday that Wenger will step down on Dec. 31 after 43 years at the company. Wenger, who became CEO in 2013, will remain on the board. Curtis Myers, Fulton’s president […]
Heartland strips Fuller of chairman role
Heartland Financial USA has removed Lynn Fuller as chairman after the Dubuque, Iowa, company’s retired CEO openly questioned its strategic direction and pressed for the board to find a buyer. The $19.3 billion-asset company said in a press release Wednesday that the board had appointed John Schmidt to serve as independent chairman. He joined the […]
Wisconsin merger to create $3B asset bank
Monona Bank and State Bank of Cross Plains are planning to merge. The Wisconsin banks said in a press release Tuesday that the deal is expected to close by the end of this year. They did not disclose any financial details. The $1.2 billion-asset Monona Bank and the $1.7 billion-asset State Bank of Cross Plains […]
Trustmark in Miss. to eliminate NSF fees
Trustmark in Jackson, Miss., has joined a growing list of banks that are eliminating nonsufficient funds fees. The $17.6 billion-asset company disclosed in a Tuesday regulatory filing that it plans to do away with NSF fees by the end of this year. Trustmark said the move could reduce annual revenue by about $2 million in […]
Arizona de novo effort hires placement agent
Organizers of a proposed de novo bank in Phoenix have hired an investment bank to assist it with raising capital. Integro Bank said in a press release Tuesday that it had retained PNC Capital Markets as its placement agent. The organizing group said in on its website that it is looking to bring in $26.7 […]