Synovus to shrink branch footprint by 15%
Synovus Financial in Columbus, Ga., is planning to close about 15% of its existing branches next year. The $56 billion-asset company disclosed in a presentation for a conference hosted by Goldman Sachs that it will shutter more than 40 branches. The move is expected to save the company $12 million annually. Synovus has about 280 […]
First Financial in Ohio to buy equipment finance firm
First Financial Bancorp in Cincinnati has agreed to buy Summit Funding Group, an equipment financing company in Cincinnati. The $16 billion-asset First Financial said in a press release Tuesday that it will pay $121 million in cash and stock for Summit. The deal is expected to close in the fourth quarter. Summit is expected to […]
Columbia Financial in N.J. lines up next mutual merger
Columbia Financial in Fair Lawn, N.J., has agreed to buy RSI Bancorp in Rahway, N.J. The $9.2 billion-asset Columbia said in a press release Wednesday that it plans to complete the purchase of the $620 million-asset RSI in the second quarter. Columbia will issue about 7.1 million shares of common stock, valued at $129 million, […]
Three banks invest in First Independence Bank
A trio of banks has invested in a minority-depository institution in Detroit. First Independence, the parent of the $407 million-asset First Independent Bank, said in a press release Wednesday that it closed equity investments from Citigroup in New York, U.S. Bancorp in Minneapolis and Old National Bancorp in Evansville, Ind. First Independence, a black-owned bank […]
Univest in Pennsylvania buys insurance agency
Univest Financial in Souderton, Pa., has acquired an insurance agency in Intercourse, Pa. The $7 billion-asset Univest said in a press release Wednesday that it bought Paul I. Sheaffer Insurance Agency. Univest did not disclose the price it paid. “As Univest continues to grow in central Pennsylvania, the acquisition … allows us to better serve […]
Court rejects Republic effort to force deal with Green Dot
A court in Delaware has rejected a request by Republic Bancorp to force Green Dot to buy its tax refund solutions business to the Louisville, Ky., banking company. The $6.2 billion-asset Republic disclosed in a regulatory filing that the Delaware Court of Chancery on Thursday denied its expedited motion for summary judgment that tried to […]
Amerant lines up sale-leaseback of corporate HQ
Amerant Bancorp in Coral Gables, Fla., is set to bring in $135 million from selling its headquarters property. The $7.5 billion-asset company disclosed in a regulatory filing Wednesday that it will sell the building, along with surrounding real estate, in a deal that is expected to close by Dec. 15. Amerant plans to lease the […]
InBankshares in Colo. to buy Legacy Bank
InBankshares in Denver has agreed to buy Legacy Bank in Wiley, Colo. The $705 million-asset InBankshares said in a press release Wednesday that it will pay $56 million in cash and stock for the $497 million Legacy. The deal is expected to close in the second quarter. Legacy, founded in 1907, has nine branches, $316 […]
TriState in Pittsburgh lines up next CEO
TriState Capital Holdings in Pittsburgh will soon have a new CEO. The $12.1 billion-asset company said in a press release Wednesday that Brian Fetterolf will also become its president on Jan. 1. Fetterolf will succeed James Getz, who will remain chairman. Getz, who has been president and CEO since 2007, will continue to lead the […]
BOK Financial accelerates CEO succession
BOK Financial in Tulsa, Okla., has accelerated the succession plan for its president and CEO. The $47 billion-asset company said in a press release Wednesday that Steven Bradshaw will retire on Dec. 31. He will be succeeded by Stacy Kymes, the company’s chief operating officer. BOK said in August that Bradshaw would retire on March […]
Organizers apply to form Bank of Burlington in Vermont
A group is looking to form a bank in Burlington, Vt. Organizers of Bank of Burlington applied on Tuesday with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. A public notice filed in conjunction with the application listed 19 organizers, including Bruce Lisman, a former chairman of the global equities […]
First National in Omaha to enter Wyo. via acquisition
Lauritzen Corp. has agreed to buy Western States BanCorp. in Laramie, Wyo. Lauritzen, the parent of the $25.7 billion-asset First National Bank of Omaha, did not disclose the price it will pay for the $542 million-asset Western States. The deal is expected to close in the first quarter. Western States has 10 branches and $486 […]
Ion in Connecticut to acquire Lincoln Park in N.J.
Ion Financial in Naugatuck, Conn., has agreed to buy Lincoln Park Bancorp in Pine Brook, N.J. The $1.7 billion-asset Ion said in a press release last week that the $300 million-asset Lincoln 1st Bank will merge into its Ion Bank. The acquisition, which is expected to close in the third quarter of 2022, will expand […]
Pinnacle hires Truist bankers to enter nation’s capital
Pinnacle Financial Partners in Nashville, Tenn., has entered Washington, D.C., after hiring six bankers from Truist Financial. The $36.5 billion-asset company said in a press release that Carolyne Pelton, formerly Truist’s director of aerospace, defense and government contracting, will lead the team as regional president for the national capital region. “This is exactly the team […]
SmartBank enters Nashville after hiring three lenders
SmartFinancial in Knoxville, Tenn., has hired a team of bankers to enter Nashville, Tenn. The $4.4 billion-asset company said in a press release Monday that it had recruited two bankers from Triumph Bank, along with a lender from Reliant Bank, to pursue commercial and consumer relationships in Nashville. Rachael Meurrier, formerly with Triumph, will become […]
National Bank eyeing business-focused digital platform
National Bank Holdings in Denver is working on a digital platform for small and midsize businesses. The $7.1 billion-asset company provided details in an investor presentation for 2UniFi, a platform that it said would increase businesses’ access to the banking system, reduce costs and save time, and increase access to actionable and real-time information. The […]
Proposed de novo has new name, high-profile director
A proposed de novo has a new name and a high-profile addition to its board. Organizers of ConNext Bank submitted a new application to the Federal Deposit Insurance Corp. on Monday for deposit insurance. The group, which originally filed with the FDIC in June 2020, originally intended to call the de novo NewBank with a plan […]
Blue Foundry to incur charge from benefit plan exit
Blue Foundry Bancorp in Rutherford, N.J., said it will recognize a $2 million charge in the fourth quarter tied to its exit from a defined-benefit plan. The $2 billion-asset company said in a regulatory filing Wednesday that it had decided in August to withdraw from the tax-qualified, multiple-employer defined benefit pension plan. The move was […]
Calif. group looks to form bank for Chinese-Americans
A group in Irvine, Calif., is looking to form a minority depository institution. Organizers applied with the Federal Deposit Insurance Corp. on Nov. 18 for Bank Irvine. The proposed bank, which will primarily work with the Chinese-American community in Orange and Los Angeles counties, is looking to become an MDI. The proposed bank “will be […]
Organizers in California, Delaware looking to form banks
Groups in California and Delaware have applied for deposit insurance. ConNext Bank would be based in Wilmington, Del., according to a notice from the Federal Deposit Insurance Corp. Organizers are going for a national bank charter from the Office of the Comptroller of the Currency. Separately, a group in Southern California has applied for deposit […]
KeyCorp buys software developer XUP
KeyCorp in Cleveland has acquired XUP Payments, a B2B-focused digital platform. The $187 billion-asset KeyCorp, which did not disclose the price it paid, said it will use XUP’s payments-related technology to improve the experience of its commercial products. XUP, a software developer, has built integrations with processors, third-party risk tools, customer relationship management systems and […]
First National of Nebraska to buy Wyoming bank
First National of Nebraska in Omaha has agreed to buy Western States BanCorp. in Laramie, Wyo. The $25.8 billion-asset First National said in a press release Monday that it expects to complete the purchase of the $542 million-asset Western States in the first quarter. First National did not disclose the price it will pay. Western […]
Technology fund with ICBA ties raises $55 million
A fund with ties to the Independent Community Bankers of America and two community banks has raised $55 million to invest in technology ventures. BankTech Ventures (BTV) said in a press release Tuesday that most of the funds came from community banks. The general partners come from the ICBA, The Venture Center, Hovde Group, Coastal […]
Oak Valley in California taps insider as next president
Oak Valley Bancorp in Oakdale, Calif., will have a new president next year. The $1.9 billion-asset company said in a press release Friday that Rick McCarty will take on the new role on Jan. 1. He will succeed Christopher Courtney, who will remain CEO. McCarty joined Oak Valley more than 22 years ago. He will […]
Judge temporarily halts credit union-bank deal in Tenn.
Orion Federal Credit Union in Memphis, Tenn., has been momentarily barred by a Tennessee court from moving ahead with its planned purchase of Financial Federal Bank in Memphis. Davidson County Chancery Court Judge Patricia Moskal granted Tennessee Department of Financial Institutions Commissioner Greg Gonzales’ request for a temporary injunction to block the proposed merger, according […]