Republic in Ky. to create tech incubator
Republic Bancorp in Louisville, Ky., plans to invest $5 million in tech startups after creating an incubator program. The $6.3 billion-asset company plans to launch its BankTech Incubator to back technology companies that complement its strategic goals. To qualify, companies must have an existing or planned strategic relationship with the bank. Republic’s investment committee represents […]
Beach in Fla. tried to find a CU buyer, filing says
Beach Bancorp in Fort Walton Beach, Fla., made overtures to more than a dozen credit unions before agreeing to sell to First Bancshares in Hattiesburg, Miss. The $6.2 billion-asset First agreed to buy the $620 million-asset Beach in April for $117 million. Months earlier, Beach, through its investment bank, contacted 16 potential credit union buyers […]
Ponce in N.Y. hires HSBC exec as next CFO
Ponce Financial Group in Bronx, N.Y., has reshuffled its executive ranks. The $1.7 billion-asset company said in a press release Tuesday that it had hired Sergio Vaccaro as its chief financial officer, effective June 1. Vaccarro previously served as CFO of Private Bank Americas at HSBC. Vaccaro will succeed Frank Perez, who will become Ponce’s […]
PNC taps next head of retail banking
PNC Financial Services Group in Pittsburgh will soon have a new head of retail banking. The $552 billion-asset company said in a press release that Alex Overstrom will take over the post on July 1. He will succeed Karen Larrimer, who is retiring. Larrimer has led retail banking at PNC since July 2016. She has overseen […]
BancCentral in Oklahoma to sell Kansas branches
BancCentral in Alva, Okla., is selling its only branches in Kansas to Plains Bancshares in Plains, Kan. The parent of the $295 million-asset Plains State Bank will gain two locations in Harper County in a deal expected to close this fall. The price was not disclosed. The branches had $131.7 million of deposits in mid-2021, […]
First Financial in Ohio to cut overdraft fees
First Financial in Cincinnati is the latest bank to announce plans to address overdraft fees. The $16 billion-asset company said in a press release that it will take a series of steps, beginning on June 1, to eliminate or reduce fees. The company said it will eliminate nonsufficient funds fees when an item is returned […]
BNY selling business to Franklin Templeton
Bank of New York Mellon has agreed to sell BNY Alcentra Group Holdings to Franklin Templeton. The $440 billion-asset Bank of New York Mellon disclosed in a regulatory filing Tuesday that Franklin Templeton will pay $350 million in cash at closing, and up to $350 million in contingent consideration, for the business. The deal is […]
South State in Florida whittles down its board
South State in Winter Haven, Fla., has reduced the size of its board by nearly a third. The $46.2 billion-asset company disclosed in a regulatory filing that it cut the board’s size from 19 directors to 13 after six members reached its mandatory retirement age. The smaller board “will serve the best interests of the […]
Seacoast-Apollo exclusively negotiated their merger
Seacoast Banking Corp. of Florida’s courtship of Apollo Bancshares in Miami began last summer, leading to exclusive negotiations between the two companies. The $10.9 billion-asset Seacoast announced its $168.3 million acquisition of the $1 billion-asset Apollo on March 29. Apollo had agreed in 2019 to sell itself to Suncoast Credit Union but the deal was […]
Savi Financial looks to form second bank
A bank holding company in Washington state wants to open a second bank. Savi Financial in Mount Vernon, Wash., has applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Orca Bank. Savi is already the parent company for the $494 million-asset SaviBank. Savi said in a press release Thursday that Orca […]
Republic First barred from naming new chairman
Republic First Bancorp in Philadelphia has been barred from appointing a new chairman. Judge Paul Diamond of the Eastern District of Pennsylvania ruled on Thursday that a decision to replace Vernon Hill with Harry Madonna violated state law and the $5.7 billion-asset company’s bylaws and articles of incorporation. Diamond also appointed Alfred Putman of Faegre […]
Former TCF exec retiring from Huntington
Huntington Bancshares in Columbus, Ohio, said that a key executive it gained from its acquisition of TCF Financial is planning to retire. The $178 billion-asset Huntington disclosed in a regulatory filing that Thomas Shafer will step down as co-president of its commercial bank on June 30. He will fully retire from the company on Dec. […]
Middlefield to enter NW Ohio with Liberty deal
Middlefield Banc Corp. in Middlefield, Ohio, has agreed to buy Liberty Bancshares in Ada, Ohio. The $1.3 billion-asset Middlefield said in a press release Thursday that it will pay $64.4 million in stock for the $437 million-asset Liberty. The deal, which is expected to close in the fourth quarter, priced Liberty at 115% of its […]
M&T creates $25M fund for New England, New York
M&T Bank in Buffalo, N.Y., has created a $25 million philanthropic fund tied to its recent acquisition of People’s United Financial in Bridgeport, Conn. The $63 billion-asset M&T, which completed the purchase in April, said in a press release that the Amplify Fund will support People’s United communities in New England and New York. Amplify is […]
Iowa credit union buys digital insurance business
Collins Community Credit Union in Cedar Rapids, Iowa, has acquired the digital insurance business of Coverage Direct in Des Moines, Iowa. The $1.5 billion-asset credit union said in a press release that it folded the business into its family of Credit Union Service Organizations (CUSOs). The price was not disclosed. Coverage Direct, founded in 2016, […]
FDIC drops banker-supported appeals process
The Federal Deposit Insurance Corp. has eliminated a short-lived appeals process that had the backing of bankers. The Office of Supervisory Appeals, formed before President Biden took office, had become fully staffed on Dec. 6. The standalone office was intended to act as an internal court where banks could appeal supervisory findings by examiners. The […]
Credit union hires veteran banker as COO
IC Federal Credit Union in Fitchburg, Mass., has hired a veteran banker as its chief operating officer. CarrieAnne Cormier announced on her LinkedIn account that she is joining the $574 million-asset credit union. Cormier had spent the previous 17 years at Avidia Bank in Hudson, Mass. She had been the $2.4 billion-asset bank’s senior vice […]
Kansas City Fed President Esther George to retire
Esther George is set to retire as president and CEO of the Federal Reserve Bank of Kansas City. The Kansas City Fed announced that George will retire in January. George, who has been in the post for 11 years, is set to reach the central bank’s mandatory retirement age of 65. Egon Zehnder, an executive […]
Denver Community Credit Union rebrands as Zing
Denver Community Credit Union in Colorado has rebranded as Zing Credit Union. The $457 million-asset credit union said in a press release that it had considered rebranding since 2017 when it began to include more communities and members beyond Denver. “Interviews and focus groups guided the decision,” the credit union, which was formed in 1934, […]
Heartland in Ohio adds politician to its board
Heartland BanCorp in Whitehall, Ohio, has added the state’s lieutenant governor to its board. The company said in a press release that Jon Husted became a director on May 17. He joined the $1.4 billion-asset bank’s board in March. Husted “brings an enormous amount of knowledge, relationships and experience that will be beneficial to the […]
CEO of Northwest Bancshares in Ohio dies
The president and CEO of Northwest Bancshares in Columbus, Ohio, has died. The $14.4 billion-asset company said in a press release Wednesday that Ronald Seiffert, 65, died unexpectedly of natural causes. He was also the company’s chairman. Northwest said that William Harvey Jr., its chief financial officer, was named interim president and CEO. Timothy Fannin, […]
Farmers and Merchants in Md. names next CEO
Farmers and Merchants Bancshares in Hampstead, Md., has found a successor for its retiring CEO. The $718 million-asset company said in a press release Tuesday that Gary Harris will become its president on July 1. He will succeed James Bosley Jr. as CEO at the end of this year. Farmers and Merchants worked with Kaplan […]
Integro Bank gets conditional FDIC approval
Organizers of Integro Bank in Phoenix have cleared another major hurdle. The group said in a press release that it has received conditional approval from the Federal Deposit Insurance Corp. Organizers must raise at least $27.9 million before being cleared to open. Integro received conditional approval from the Arizona Department of Insurance and Financial Institutions […]
Top bank associations oppose US CBDC
The nation’s biggest banking associations are opposed to the creation of a U.S. Central Bank Digital Currency (CBDC). The Federal Reserve had been seeking comments on whether or not to pursue a US CBDC, though the central bank has said it would prefer a legislative mandate before going down that path. The comment period ended […]
South State in Florida to close 30 branches
South State in Winter Haven, Fla., is planning to close 30 branches. The $46 billion-asset company disclosed in a regulatory filing Tuesday that 16 of the closures will be in Florida, six in South Carolina, five in Georgia and the rest in Virginia and North Carolina. The branches represent about 10.5% of the company’s branch […]