Bank-backed group launches blockchain fund
The group behind a large fintech fund has completed a separate effort to invest in blockchain projects. JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, and FINTOP Capital said in a press release Monday that their JAM FINTOP Blockchain fund had raised about $110 million. The fund has more commitments that scale up […]
Former BancorpSouth bankers planning Texas de novo
A group is looking to form a de novo bank in Texas. Organizers of Texas Traditions Bank applied with the Federal Deposit Insurance Corp. on Jan. 3 for deposit insurance. The bank would be based in Fulshear or Katy, just outside of Houston. The bank, which would have a minimum of $35 million of initial […]
Proposed Puerto Rico de novo would be a digital bank
The group behind the proposed Nave Bank in San Juan, Puerto Rico, is planning a digital bank. Organizers said in an application with the Federal Deposit Insurance Corp. for deposit insurance that Nava Bank will look “to provide a unique, affordable offering, and value to customers that are presently unsatisfied, underserved or unbanked.” Nave would […]
Former bank analyst Lana Chan joins Cathay Bank
Lana Chan is the latest bank analyst to cross over and join a bank. Chan, who was an equity analyst for BMO Capital Markets for 15 years, revealed on her LinkedIn profilethat she had become a strategic communications and investor relations consultant at Cathay Bank in Los Angeles. Prior to joining BMO, Chan was an […]
Group looks to form bank in Connecticut
Organizers in New Canaan, Conn., have applied to form a bank. The application for New Canaan Bank was submitted to the Federal Deposit Insurance Corp. on Dec. 28. A week earlier, organizers filed an application with the Connecticut Department of Banking. A notice posted by the state regulator listed six organizers: Frederick Afragola, Louis Garcia, Paul Kuehner, Joseph Rucci […]
Customers Bank in Pa. adds depth to crypto team
Customers Bancorp has hired a team of digital banking experts from Silvergate Capital to help the West Reading, Pa., company build out its commercial cryptocurrency business. The $19 billion-asset company said in a press release Thursday that it added seven bankers with experience in business development, technology, onboarding, payments and Bank Secrecy Act compliance. “We […]
Provident in N.J. promotes insider to bank CEO
Provident Financial Services in Iselin, N.J., has a new bank CEO. The $13.4 billion-asset company said in a press release Thursday that Tony Labozzetta had taken on the expanded role on Jan. 1. He succeeded Chris Martin, who became executive chairman of Provident Bank. Labozzetta will remain the president for the company and the bank. He […]
State regulator stops Iowa credit union’s bank deal
GreenState Credit Union in North Liberty, Iowa, has been blocked from buying a bank. The Nebraska Department of Banking and Finance officially denied an application by the $8 billion-asset credit union to acquire the $395 million-asset Premier Bank in Omaha, Neb. The regulator said the bank failed to provide supporting evidence backing the deal’s legality. […]
Minn. group changes name of planned de novo bank
Organizers of a proposed de novo in Bloomington, Minn., have selected a new name for the bank. The group has changed the name of the planned institution from Brava Bank to EntreBank, according to an application with the Federal Reserve. The bank, as previously reported, would operate as a subsidiary of Entrepreneurs Bancshares. The principal […]
ACNB in Pennsylvania rebrands insurance unit
ACNB Corp. in Gettysburg, Pa., has changed the name of its insurance unit. The $2.8 billion-asset said in a press release Thursday that Russell Insurance Group had been rebranded as ACNB Insurance Services. ACNB bought Russell in 2005. The agency offers property, casualty, health, life and disability insurance to personal and commercial clients. “The insurance […]
Colorado Bankers Association has new leader
The Colorado Bankers Association tapped an insider as its next CEO. The association said in a press release that Jenifer Waller took over the posts on Jan. 1 as part of a two-year transition process. Waller, who has been with the association since 1999, will remain its president. Waller “has been a key part of […]
KS Bancorp in N.C. taps next bank CEO
KS Bancorp in Smithfield, N.C., has a new bank CEO. The $559 million-asset company said in a press release Tuesday that Earl Worley Jr. had also become KS Bank’s president. He succeeded Harold Keen, who will remain president and CEO of the company and is executive chairman of the bank. Worley was the bank’s chief […]
Central Pacific in Hawaii planning BaaS product
Central Pacific Financial in Honolulu plans to implement a Banking-as-a-Service (BaaS) strategy. The $7.3 billion-asset Central Pacific said in a press release Monday that Kevin Dahlstrom had resigned as its chief strategy officer to lead a fintech initiative being formed in partnership with the company tied to the BaaS effort. The company plans to disclose […]
Wisconsin bank CEO shifting to part-time employment
The CEO of 1895 Bancorp of Wisconsin in Greenfield will soon become a part-time employee. The $541 million-asset company disclosed in a regulatory filing Wednesday that Richard Hurd, who is also CEO of unit Pyramax Bank, will “reduce his day-to-day operational involvement in the operation of the bank” on Jan. 8. Hurd will remain CEO […]
Washington Federal in Seattle to switch bank charters
Washington Federal in Seattle plans to switch the charter for its bank from a national association to a state-chartered bank. The $19.7 billion-asset company disclosed in a regulatory filing Monday that it filed an application on Dec. 31 with the Washington State Department of Financial Institutions. If approved, the Federal Deposit Insurance Corp. would replace […]
First Republic in San Francisco starts CEO search
First Republic Bank in San Francisco is looking for a new CEO after one of its leaders abruptly stepped down. The $173 billion-asset bank said in a press release Monday that Hafize Gaye Erkan resigned as co-CEO to pursue other opportunities. Erkan, who joined the bank in 2014 from Goldman Sachs, was named co-CEO in […]
Jelena McWilliams to resign as FDIC chair
Jelena McWilliams will resign as chairman of the Federal Deposit Insurance Corp. McWilliams, who has chaired the agency since June 2018, said in an open letter to President Biden on Friday that she will step down on Feb. 4. “Serving the American people alongside the dedicated career professionals of the FDIC has been the highlight […]
Mercantile, First United form charitable foundations
A pair of banks has formed charitable foundations before the end of 2021. Mercantile Bank in Grand Rapids, Mich., said in a press release Thursday that it had created the Mercantile Bank Foundation to fund and administer its charitable giving activities. The bank made a $4 million initial capital contribution that will be recorded as […]
RBB entering San Francisco market with latest deal
RBB Bancorp in Los Angeles will enter the San Francisco market after it buys Gateway Bank in Oakland. The $3.8 billion-asset RBB said in a press release Tuesday that it will pay $22.9 million in cash for the $172 million-asset Gateway. The deal is expected to close in the second quarter. Gateway has on branch, […]
Activist investor questions Codorus bylaw changes
An activist investor is pressing the board of Codorus Valley Bancorp to explain several bylaw changes that were not highlighted in a recent announcement about the York, Pa., company’s corporate governance changes. The $2.3 billion-asset Codorus issued a press release on Dec. 20 touting several changes to its board and the decision to adopt majority […]
Planned Vermont bank aiming for $24M in initial capital
Organizers behind Bank of Burlington in Vermont plan to raise $24 million to $30 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the bank would focus largely on small businesses. There are no plans to offer retail loans, and most of the deposits would come from […]
California bank hit with C&D order tied to board shakeup
Nano Banc in Irvine, Calif., has been issued a cease-and-desist order after replacing several directors and hiring a new CEO without securing approval from California’s Department of Financial Protection and Innovation. The state regulator issued the C&D order against the $1.2 billion-asset bank on Dec. 15. The order states that Nano Banc violated a February […]
Washington Federal freed from BSA-related reg order
Washington Federal in Seattle has been freed from a three-year-old regulatory order. The $19.7 billion-asset company disclosed in a regulatory filing Monday that the Office of the Comptroller of the Currency has terminated a 2018 consent order it had issued to WaFd Bank. The order required WaFd to enhance its Bank Secrecy Act program by […]
Bank of Montreal buying Bank of the West for $16B
Bank of Montreal has agreed to buy Bank of the West in San Francisco. Bank of Montreal said in a press release Monday that it will pay $16.3 billion in cash for the $105 billion-asset unit of BNP Paribas. The deal, which priced Bank of the West at 150% of its tangible book value, is […]
Codorus shifts board posts, adopts new voting standard
Codorus Valley Bancorp in York, Pa., which has been facing pressure from an activist investor, has shaken up a number of board positions and adopted a majority voting standard. The $2.3 billion-asset parent of PeoplesBank said in a press release Monday that Keith Cenekofsky would join its board, succeeding Larry Miller on Jan. 1. Cenekofsky, […]