Georgia’s Own Credit Union lines up bank acquisition
Georgia’s Own Credit Union in Atlanta has agreed to buy Vinings Bank in Smyrna, Ga. The $3.4 billion-asset Georgia’s Own said in a press release Monday that it will keep all of the $653 million-asset Vinings’ employees. Georgia’s Own, which bought State Bank of Georgia in 2018, did not disclose the price it will pay. […]
M&T, People’s United extend merger deadline
M&T Bank in Buffalo, N.Y., and People’s United Financial in Bridgeport, Conn., have extended the deadline for their merger agreement by more than three months. The $143 billion-asset M&T and the $60 billion-asset People’s United said in a press release Friday that the end date was moved from Feb. 21 to June 1. While the […]
Solera in Colorado parts ways with another CEO
Solera National Bancorp in Lakewood, Colo., is again looking for a new leader. The $651million-asset company said in a press release Friday that Kreighton Reed had resigned as its president and CEO, effective Jan. 24. Peter Lindquist, Solera’s chief credit officer, resigned on Dec. 10. “We thank Kreighton and Peter for their many contributions to […]
Fintech-focused MVB to unveil new three-year plan
MVB Financial in Fairmont, W.Va., is set to discuss its next three-year plan. The $2.8 billion-asset company said in a press release that the plan, called MVB F1, will debut at an investor day in Las Vegas set to take place on March 14-15. The fintech-focused MVB recently completed its last three-year plan. Its 2021 […]
Capitol Federal reportedly prepping core system upgrade
Capitol Federal Financial in Topeka, Kan., is set up upgrade its core back-office system aa it nears $10 billion of assets. The $9.6 billion-asset company plans to complete the conversion in September 2023, Andrew Liesch, an analyst at Piper Sandler, wrote in a note to clients following meetings with top executives. “This new core should […]
Middlefield in Ohio selects insider as next CEO
Middlefield Banc in Middlefield, Ohio, will have a new CEO in a few weeks. The $1.3 billion-asset company said in a press release Thursday that James Heslop II, its chief operating officer, will also become its president on April 1. He will succeed Thomas Caldwell, who is retiring. Caldwell will also retire from Middlefield’s board. […]
Truist agrees to buy title insurance company
Truist Financial in Charlotte, N.C., has agreed to buy Kensington Vanguard National Land Services, a title insurance company in New York. The $517 billion-asset Truist said in a press release that it will integrate its existing unit, BridgeTrust Title, into the Kensington Vanguard platform. Truist did not disclose the price it will pay. The acquisition is […]
Zions to buy three Nevada branches from RBC
Zions Bancorp. in Salt Lake City has agreed to buy three branches in northern Nevada from Royal Bank of Canada. The $65 billion-asset Zions said in a press release that its Nevada State Bank division will gain locations in Reno, Carson City and Minden. Royal Bank of Canada inherited the branches from its 2015 acquisition […]
Sterling in Mich. to sell hotel-related CRE loans
The turnaround story at Sterling Bancorp in Southfield, Mich., continues. The $3.1 billion-asset company said in a press release Thursday that it has agreed to sell a pool of commercial real estate loans to an unnamed buyer. The pool includes 21 loans with an aggregate outstanding balance of $56.8 million. The loans, which are primarily secured […]
Peoples in Ohio to buy equipment leasing firm
Peoples Bancorp in Marietta, Ohio, has agreed to buy Vantage Financial, a nationwide provider of equipment financing. The $7.1 billion-asset Peoples said in a press release Wednesday that it will pay $54 million in cash for the Excelsior, Minn., lender. Peoples will also repay about $21 million of recourse debt on behalf of Vantage. The […]
Webster to buy cloud-based HSA platform
Webster Financial in Stamford, Conn., has agreed to buy Bend Financial, a cloud-based platform tied to health savings accounts. The $65 billion-asset Webster said in a press release Wednesday that it plans to complete the acquisition by the end of March. Webster did not disclose the price it will pay for the Boston company, which […]
Live Oak hires exec to manage embedded banking push
Live Oak Bancshares in Wilmington, N.C., has hired an executive to oversee its embedded banking efforts. The $8.2 billion-asset company said in a press release Tuesday that Jake Tupa, as head of embedded banking, will report to Stephanie Mann, its executive vice president of corporate development and strategy. Tupa previously worked at Choice Financial and […]
MasterCard hiring push to bulk up crypto, ESG services
Mastercard in Purchase, N.Y., plans to hire more than 500 young professionals to expand its data and services division in a move that includes the creation of consulting groups for open banking and cryptocurrency. The payments company said in a press release Tuesday that it will also form a consulting group that will focus on […]
Longview in Illinois to buy neighboring bank
Longview Capital in Newman, Ill., has agreed to buy Farmers Bank of Mt. Pulaski in Mount Pulaski, Ill. The $665 million-asset Longview said in a press release Tuesday that it will pay cash for the $66 million-asset Farmers Bank. Longview did not disclose the price it will pay. The deal is expected to close in […]
DoorDash forms division to make restaurant loans
DoorDash has formed a division that will make business loans to restaurants. DoorDash Capital will allow merchants to use the delivery service’s app to apply for loans that could be used to buy equipment, apply for business and liquor licenses, make payroll and pay rent. The company has already made some loans, based on testimonialsincluded […]
Two investor groups back new directors at Republic First
An investor group looking to oust Vernon Hill as CEO of Republic First Bancorp is backing another shareholder’s effort to have three directors added to the Philadelphia company’s board. George Norcross III, Gregory Braca and Philip Norcross said in a regulatory filing that they intend to support the nominees submitted by Driver Management. They also […]
CNB in Pennsylvania sets stage for next CEO
CNB Financial in Clearfield, Pa., will have a new CEO later this year. The $5.3 billion-asset CNB said in a press release Wednesday that Joseph Bower will retire as CEO of CNB Bank on July 1 and the company’s president and CEO on Dec. 31. He has been the company’s CEO since December 2009. Michael […]
Colony in Georgia looking to raise $53M in capital
Colony Bankcorp in Fitzgerald, Ga., is looking to sell $52.5 million of common stock. The $2.5 billion-asset company said in a term sheet filed on Monday that it has a 15% overallotment option for the offering, which is being handled by Hovde Group and Janney Montgomery Scott. Proceeds would be used for general corporate purposes […]
Former banker Calk sentenced to year in prison
Former banker Stephen Calk was sentenced by a federal judge to just over a year in prison after he was convicted in a bribery case involving former Trump campaign chairman Paul Manafort. Lorna Schofield, a judge representing the Southern District of New York, also assess a $1.25 million fine. Calk, once CEO of Federal Savings […]
Home BancShares buys $238M yacht loan portfolio
Home BancShares in Conway, Ark., has acquired a portfolio of marine loans from LendingClub. The $18.1 billion-asset Home said in a press release Monday that it bought $238 million of performing yacht loans, which will be housed in its Shore Premier Finance division. Home did not disclose the price it paid. The division now has […]
Activist investor group ups stake in Republic First
A shareholder group interested in replacing the CEO of Republic First Bancorp has increased its stake in the Philadelphia company. George Norcross III, Gregory Braca and Philip Norcross, who raised their stake from 6.6% to 8.8%, reiterated in the Feb. 7 regulatory filing their desire to meet with the $5.4 billion-asset company’s board. The investors […]
Fed, OCC to hold hearing on U.S. Bancorp-MUFG Union deal
The Federal Reserve and the Office of the Comptroller of the Currency will hold a public meeting to discuss U.S. Bancorp’s pending purchase of MUFG Union Bank. The Fed and OCC said in a press release Monday that they will host a virtual meeting on March 8 at 11 am EST. Members of the public […]
MidWestOne CEO announces plans to retire
MidWestOne Financial Group in Iowa City is looking for its next CEO. The $6 billion-asset company said in a regulatory filing Monday that Charles Funk will retire later this year. He will remain a director. MidWestOne said it had hired an executive search firm to identify and evaluate potential successors. The company said internal and […]
Acting FDIC chair puts M&A, crypto at top of agenda
The acting chairman of the Federal Deposit Insurance Corp. wasted no time indicating a new direction for the agency following the resignation of his predecessor. Martin Gruenberg made it clear in a Monday release that the FDIC’s priorities include taking a closer look at cryptocurrency and climate change, reviewing how it vets large bank mergers […]
CF in Ohio expanding equipment finance business
CF Bankshares in Columbus, Ohio, is taking a regional approach to equipment finance. The $1.5 billion-asset company recently hired Chad Owens at head of equipment finance to oversee an effort to expand into Indiana, Michigan, Pennsylvania, West Virginia and Kentucky. CF said it plans to add and enhance its commercial lending products and capabilities as […]