Ohio mutual to convert, hire new CEO
Van Wert Federal Savings Bank in Van Wert, Ohio, which is planning to convert to a stock-owned company, disclosed that it is also looking to hire a new president and CEO. The $134 million-asset mutual said in a prospectus that it plans to sell 1.85 million to 2.51 million shares of stock in VWF Bancorp […]
Southern Missouri Bancorp taps new bank CEO
Southern Missouri Bancorp in Poplar Bluff has promoted its chief financial officer to serve as president and CEO of its bank. The $3.2 billion-asset Southern Missouri said in a press release Friday that Matthew Funke had also been named the company’s president and chief administrative officer, effective July 1. He is expected to join the […]
MVB to buy stake in mortgage firm with direct-to-consumer angle
MVB Financial in Fairmont, W.Va., plans to buy a minority stake in a mortgage company. The $2.8 billion-asset company said in a press release Monday that it will acquire a 38% interest in Warp Speed Holdings for $48 million in cash and stock. The deal is expected to close in mid-2022. Warp is the parent […]
Amerant to consolidate chairman, CEO titles
Amerant Bancorp in Coral Gables, Fla., is consolidating the roles of chairman and CEO. The $7.6 billion-asset Amerant said in a press release that Jerry Plush, its president and CEO, will succeed Frederick Copeland Jr. as chairman when Copeland retires after the company’s June 8 annual meeting. Amerant said that J. Guillermo Villar will also […]
First Republic taps insider as its permanent CEO
First Republic Bank in San Francisco has a new permanent CEO. The $173 billion-asset bank said in a press release Monday that Mike Roffler, who had been its interim co-CEO since January, has the role for good. He will remain the bank’s president. Jim Herbert, who founded the bank in 1985 and is set to […]
Investor offers to buy majority stake in Republic First
An investor group looking to oust Republic First Bancorp CEO Vernon Hill has offered to buy a majority stake in the Philadelphia company. The group, which includes George Norcross III and Gregory Braca, said in a regulatory filing that they sent a nonbinding proposal to Republic First’s investment bank. The offer includes an initial direct […]
VyStar-Heritage Southeast deadline extended again
VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bank in Jonesboro, Ga., have agreed to extend the deadline for their merger for a second time. The $11 billion-asset VyStar and the $1.6 billion-asset Heritage Southeast have pushed the deadline for their deal to March 31. The financial institutions announced in October that the deadline […]
Fifth credit union-bank deal of 2022 announced
Horizon Bancorp in Lake Havasu City, Ariz., has agreed to sell its bank to Arizona Federal Credit Union in Phoenix. The $2.8 billion-asset Arizona Federal plans to buy the $540 million-asset Horizon Community Bank for $91.4 million in cash. Arizona Federal also agreed to cover a portion of Horizon Community’s expected federal income tax liability […]
MLS to borrow $25M from group of Black-owned banks
Major League Soccer will borrow $25 million from a group of Black-owned banks. The league said in a press release Thursday that the lending group includes Carver Bancorp in New York and Citizens Trust Bank in Atlanta. The loan was facilitated by the National Black Bank Foundation (NBBF), a nonprofit. “Major League Soccer’s partnership with […]
BOK Financial records unrealized losses tied to MBS
BOK Financial in Tulsa, Okla., has recorded $50 million of pretax losses to reduce the carrying value of certain trading securities. The $50.2 billion-asset company said in a regulatory filing Wednesday that the losses have been recorded since March 4. Most of the recorded losses are unrealized; they could fluctuate over the rest of the […]
USDF Consortium adds three member banks
Three more banks have joined a group dedicated to blockchain initiatives. Amerant Bancorp in Coral Gables, Fla.; ConnectOne Bancorp in Englewood Cliffs, N.J.; and Primis Financial in McLean, Va., have joined the USDF Consortium in San Francisco. The consortium said it will move to a tier-based participation model while eliminating the minimum $1 billion-asset threshold […]
BNY Mellon to have new CEO in September
Bank of New York Mellon will have a new CEO this summer. The $444 billion-asset company said in a press release Thursday that Todd Gibbons will retire on Aug. 31. Robin Vince, the company’s chairman and CEO of global market infrastructure, has been named president and CEO-elect and will succeed Gibbons following his retirement. Gibbons, […]
BayFirst director resigns following loan-related dispute
A loan dispute is seemingly at the root of a director’s abrupt resignation at BayFirst Financial in St. Petersburg, Fla. The $917 million-asset company disclosed in a regulatory filing Wednesday that it asked Trifon Houvardas to step down. He resigned on March 4. BayFirst said, prior to his resignation, Houvardas had guaranteed a loan to […]
Former Heartland CEO pushes bank to consider selling
Lynn Fuller, who made a number of acquisitions as CEO of Heartland Financial USA, now wants the Dubuque, Iowa, company to consider finding a buyer. Fuller, who retired as CEO in 2018, is part of group that sent a letter to the $19.3 billion-asset company’s board on March 8 “expressing concerns” about management’s decisions tied […]
Lake Shore discloses unauthorized data access
Lake Shore Bancorp in Dunkirk, N.Y., disclosed that someone gained unauthorized access to data in its internal systems. The $714 million-asset company said in a regulatory filing that its bank experienced a data security incident in November that barred employees from accessing internal systems and data for “a limited period of time.” The bank immediately […]
First Republic’s Herbert returning from medical leave
First Republic Bank in San Francisco expects its founder to return from medical leave next month. The $173 billion-asset bank disclosed in a regulatory filing the co-CEO Jim Herbert will be back on April 4. He has also been reappointed to the board. The leave of absence began on Jan. 1 and was expected to […]
OceanFirst-Partners merger faces regulatory delay
OceanFirst Financial in Red Bank, N.J., is the latest bank to delay the closing date of a planned acquisition. Partners Bancorp in Salisbury, Md., disclosed in a regulatory filing Tuesday that it no longer expects to complete its $186 million sale to the $11.7 billion-asset OceanFirst by the end of the second quarter. The disclosure […]
Banc of California partially recoups funds from ’19 chargeoff
Banc of California in Santa Ana is set to receive a large payment that partially addressed a chargeoff it recorded in 2019. The $9.4 billion-asset company said in a regulatory filing Monday that it should receive $31.3 million tied to a settlement with Chicago Title Insurance and Chicago Title. The bank agreed to release the […]
Texas bank to pilot digital bank for bankers
Texas National Bank in Sweetwater is planning to introduce a digital bank for bankers. The $170 million-asset bank plans to pilot Bankers Lender in April, according to an articlein Bankers Digest. The initial offerings will include secured and unsecured revolving lines of credit, secured and unsecured closed-end loans and demand deposit accounts. “Bankers are no […]
Fed approves M&T-People’s United merger after long wait
The Federal Reserve has approved M&T Bank’s pending purchase of People’s United Financial in Bridgeport, Conn. – nearly 380 days after the $7.6 billion deal was announced. The Fed said in a press release late Friday that it will use next year’s stress test to recalculate M&T’s stress test buffer to include the impact of […]
Card portfolio manager applies for Nevada ILC
A group is looking to form an industrial loan company in Nevada. Capital Card Services, a credit card portfolio manager in Sioux Falls, S.D., is looking to form Capital Preferred Savings Bank in Las Vegas. The company filed an application on Thursday with the Federal Deposit Insurance Corp. The ILC would operate with a Nevada thrift charter. A […]
Republic First ending employment pact with former CEO
Republic First Bancorp in Philadelphia, which is facing pressure from two shareholder groups, will not renew an employment agreement with a former CEO. The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that the agreement with Harry Madonna, its president and chairman emeritus, will end on Feb. 28, 2023. The original agreement had an […]
Mid Penn hires Spirit of Texas CFO to fill same post
Mid Penn Bancorp in Harrisburg, Pa., has hired the chief financial officer at Spirit of Texas Bancshares to serve as its CFO. The $4.7 billion-asset Mid Penn disclosed in a regulatory filing Friday that Allison Johnson had recently accepted the position. She will also become the CFO of Mid Penn Bank. Johnson has been the […]
Big bank deals are taking longer to close: Janney
A new report from Janney Montgomery Scott shows that it is taking much longer for big bank acquisitions to make their way through the regulatory approval process. The percentage of deals that took more than 250 days to close has increased to 18% this year from 10% in 2021. Acquisitions with a deal value of […]
Ark. bank is fourth in ’22 to announce sale to credit union
Barksdale Federal Credit Union in Bossier City, La., has agreed to buy Home Bank of Arkansas in Portland. The $2 billion-asset Barksdale did not disclose how much it will pay Peoples Home Holding for its $73.8 million-asset bank. HomeBank has five branches. The deal, which was announced on Tuesday, is expected to close in the […]