Custodia sues Fed in push for master account approval
Custodia Bank has filed a lawsuit against the Federal Reserve Board and the Kansas City Fed in an effort to have its application for a master account approved. Custodia, which acts as a custodian for digital assets, filed its lawsuit on Jane 7 in the U.S. District Court of Wyoming. The company, formerly known as […]
Broadway Financial raises $150M through ECIP
Broadway Financial in Los Angeles has sold $150 million of preferred stock to the Treasury Department as part of the Emergency Capital Investment Program. The $1.1 billion-asset Broadway disclosed in a regulatory filing Wednesday that it sold 150,000 shares to the Treasury a day earlier for the cash investment. The investment will more than double […]
Atlantic Union to transfer stake in investment adviser
Atlantic Union Bankshares in Richmond, Va., has agreed to sell its stake in a Roanoke, Va., investment advisory firm. The $19.8 billion-asset company disclosed in a regulatory filing Wednesday that it plans to transfer its ownership interest in Dixon, Hubard, Feinour & Brown to Cary Street Partners Financial. Atlantic will receive a minority ownership interest […]
BofA providing financing plans for electric automaker Lucid
Lucid Group in Newark, Calif., has reached a deal with Bank of America where the Charlotte, N.C., banking company will provide financing options for the electric automaker’s newly formed Lucid Financial Services unit. Lucid said in a press release Tuesday that it is offering lease and loan purchase options through a new digital platform. “Lucid […]
New York Community, Flagstar to eliminate NSF fees
New Community Bancorp in Westbury and Flagstar Bancorp in Troy, Mich., will eliminate nonsufficient funds fees on Aug. 1. The $47 billion-asset New York Community said in a press release Monday that it will also do away with uncollected and unavailable funds fees for its consumer and business checking accounts. The company also plans to […]
John Marshall in Va. promotes four executives
John Marshall Bancorp in Reston, Va., has announced several management changes as part of its succession planning. The $2.3 billion-asset company said in a press release Tuesday that Andrew Peden had become its chief banking officer. Peden, who previously served as chief lending officer, succeeded William Ridenour. Jason McDonough, who had been John Marshall’s director […]
Republic, Green Dot settle issue over nixed deal
Republic Bancorp in Louisville, Ky., and Green Dot have settled a dispute over a terminated acquisition. The $6.3 billion-asset Republic disclosed in a regulatory filing that the parties entered into a settlement agreement on June 2 to resolve a lawsuit the bank filed against the fintech in the Delaware Court of Chancery. Green Dot agreed […]
Former FDIC chair McWilliams joins law firm
Jelena McWilliams, who stepped down as chairman of the Federal Deposit Insurance Corp. earlier this year, has joined Cravath, Swaine & Moore as part of the law firm’s plan to open an office in Washington. The law firm said in a press release Monday that McWilliams will be joined by Elad Roisman, former acting chairman […]
CB Financial to record $2.7M chargeoff
CB Financial Services in Washington, Pa., has recorded a $2.7 million chargeoff tied to a commercial-and-industrial loan. The $1.4 billion-asset company said in a press release Monday that the chargeoff is associated with to a $3.5 million revolving line of credit that had an outstanding balance of roughly $2.7 million on June 1. CB Financial […]
Proposed Ohio bank gets conditional FDIC approval
A proposed bank in Columbus, Ohio, has received conditional approval from the Federal Deposit Insurance Corp. The FDIC approved deposit insurance for Adelphi Bank, a de novo planned by a group of Black business owners. Organizers, who initially filed with the FDIC last fall, will need to raise about $17.7 million before the bank can […]
Eagle Financial in Va. taps insider as bank president
Eagle Financial Services in Berryville, Va., has a new bank president. The $1.4 billion-asset company said in a press release Wednesday that Joe Zmitrovich will remain the chief banking officer at Bank of Clarke County. Zmitrovich will oversee the bank’s merger and acquisition strategy, including branches, niche businesses and whole banks. He will continue to […]
Another Ill. bank agrees to sell to a credit union
Credit Union 1 in Rantoul, Ill., has agreed to buy NorthSide Community Bank in Gurnee, Ill. The $1.3 billion-asset CU1 said in a press release Friday that it expects to complete the purchase of the $311 million-asset NorthSide by the first quarter. CU1 did not disclose the price it will pay AliKat Investments for its […]
Capital One forms business to help cloud users
Capital One Financial in McLean, Va., has created an enterprise B2B software business to help companies that operate in the cloud. The $434 billion-asset company said in a press release that Capital One Software has already introduced Capital One Slingshot, a data management solution for customers of Snowflake. The product should help users accelerate the […]
Challenger bank Greenwood buys membership network
Greenwood Financial, an Atlanta digital bank aimed at Black and Latino clients, has bought The Gathering Spot, a private membership network focused on the Black community. Greenwood said in a press release that the two platforms have a community of more than a million people. The company did not disclose the price it paid. The […]
NuMark Credit Union to buy Illinois bank
NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $623 million-asset NuMark said it expects to complete the purchase of the $135 million-asset Pioneer in the fourth quarter. It did not disclose the price it will pay NBE Bancshares for its bank. Pioneer has four branches. McQueen […]
Former bank CEO convicted on bribery, fraud charges
A former CEO of Noah Bank in Elkins Park, Pa., has been convicted on charges that he accepted bribes in connection with loans made through the Small Business Administration. A jury found Edward Shin guilty of charges that include bank bribery, conspiracy to commit bank fraud and theft of funds by a bank officer that […]
Esquire Financial forms partnership to bank law firms
Esquire Financial Holdings in Jericho, N.Y., has signed an agreement to offer financing to a wide swath of commercial law firms. The $1.2 billion-asset Esquire said in a press release Thursday that its arrangement with investment firm B.E. Blank & Co will allow both companies to market products and services to existing and potential clients. […]
Judge in Tenn. lifts roadblock to credit union-bank deal
Orion Federal Credit Union’s pending purchase of Financial Federal Bank in Memphis is back on track after a judge in Tennessee lifted a temporary injunction that had blocked the transaction. The $1 billion-asset Orion, which is also based in Memphis, agreed in August to buy the $774 million-asset Financial Federal. Greg Gonzalez, commissioner of the […]
Sandy Spring sells insurance business to Hub
Sandy Spring Bancorp in Olney, Md., has sold it insurance business to Hub International. The $12.7 billion-asset company said in press release Thursday that the transaction closed on June 1. The pricing wasn’t disclosed. “Our clients will now have access to an expanded offering of insurance solutions through Hub,” Lou Caceres, an executive vice president […]
Eagle in Md. to pay $13M to resolve SEC probe
Eagle Bancorp in Bethesda, Md., will pay nearly $13 million to resolve a longstanding probe by the Securities and Exchange Commission into its ties to a former Washington councilman. The $11 billion-asset company disclosed in a regulatory filing that it will pay a $10 million civil money penalty and $2.6 million in disgorgement as part […]
Heritage in Washington hires 25 bankers
Heritage Financial in Olympia, Wash., has hired 25 bankers in a number of key markets. The $7.5 billion-asset company said in a press release Wednesday that it added personnel in Vancouver, Wash.; Portland, Ore.; and Eugene, Ore. The bankers’ focus will be commercial, small business and nonprofit clients. “We are excited to have this talented […]
Retired ABA exec launches lobbying firm
James Ballentine, who retired in May from the American Bankers Association, has formed his own lobbying and consulting firm. Ballentine Strategies will also handle government relations in areas such as financial services and small business. The “boutique lobbying firm” said on its website that it can help clients develop strategies and advance issues through Congress. […]
F.N.B. to buy bank in eastern North Carolina
F.N.B. in Pittsburgh has agreed to buy UB Bancorp in Greenville, N.C. The $42 billion-asset F.N.B. said in a press release Wednesday that it will pay $117 million in stock for the $1.2 billion parent of Union Bank. The deal, which is expected to close late this year, priced UB Bancorp at 154% of its […]
PNC converting 60% of branches to automated model
PNC Financial Services Group in Pittsburgh will convert about 60% of its branches to an automated model over the next five years. The $552 billion-asset company said the model will use technology to replace teller windows. The branches will also emphasize financial advice, according to the Pittsburgh Post-Gazette. The branches, for instance, will have video […]
Savi Financial outlines plans for de novo bank
Savi Financial in Mount Vernon, Wash., is planning a complicated process to form a de novo and become a multibank holding company. The parent of the $494 million-asset SaviBank detailed its plan in an application with the Federal Deposit Insurance Corp. for deposit insurance for Orca Bank. Savi plans to raise $1 million from Orca […]