First Internet buying deposit-rich bank in Georgia
First Internet Bancorp in Fishers, Ind., has agreed to buy First Century Bancorp in Roswell, Ga. The $4.3 billion-asset First Internet said in a press release Tuesday that it will pay $80 million in cash for the $408 million-asset First Century. The deal, which is expected to close in the first quarter, priced First Century at […]
MidWestOne to buy Iowa First Bancshares for $48M
MidWestOne Financial Group in Iowa City has agreed to buy Iowa First Bancshares in Muscatine. The $5.9 billion-asset MidWestOne said in a press release Monday that it will pay $47.6 million in cash for the $520 million-asset Iowa First. The deal is expected to close in the first quarter. “This is a natural extension of […]
Wintrust to buy Allstate loans, offer products to agents
Wintrust Financial in Rosemont, Ill., has agreed to buy a loan portfolio from Allstate. The $48 billion-asset Winstrust said in a press release Monday that it will acquire about $570 million of loans, most of which belong to Allstate agents. The agents use the funds to establish and expand their businesses, along with other working […]
Midland States to wind down GreenSky portfolio
Midland States Bancorp in Effingham, Ill., will spend the next two years winding down a portfolio of point-of-sale loans. The $7.1 billion-asset company holds about $834 million of loans originated by GreenSky, a nonbank lender that agreed in September to be sold to Goldman Sachs. The company said loan originations should continue through mid-2022. After […]
BancFirst in Oklahoma to buy Dallas-area bank
BancFirst in Oklahoma City has agreed to buy Worthington National Bank in Arlington, Texas. The $11 billion-asset BancFirst disclosed in a regulatory filing Monday that it expects to buy the $463 million-asset Worthington in the first quarter. BancFirst did not disclose the price it will pay. Worthington has four branches, $269 million of loans and […]
VyStar braces for delay in biggest-ever CU-bank merger
VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bancorp. in Jonesboro, Ga., are bracing for a delayed closing of the credit union’s pending acquisition of Heritage Southeast Bank. The $11 billion-asset VyStar and the $1.6 billion-asset Heritage Southeast said in a press release Friday that the termination data for the deal has been pushed […]
Black-owned bank proposed for central Ohio
A group of Black business owners is looking to form a bank in Columbus, Ohio. Organizers of Adelphi Bank filed an application with the Federal Deposit Insurance Corp. on Monday for deposit insurance. The proposed bank would be located on a site once occupied by Adelphi Loan & Savings, a former Black-owned bank in the […]
Primis in Va. to launch digital bank in November
Primis Financial in McLean, Va., will debut its digital bank in mid-November. The $3.5 billion-asset company said it will launch the bank on Nov. 15, limiting participation to “family and friends.” The bank will be available to more participants in late December. “Development on expanded consumer and full commercial deposit services are already under way […]
MetaBank to wind down community bank portfolio in 1Q
MetaBank Financial Group in Sioux Falls, S.D., has sold $30.2 million of loans as part of an ongoing plan to wind down its community bank loan portfolio. The $6.7 billion-asset company said in a press release Wednesday that it sold the loans to Central Bank in Storm Lake, Iowa, earlier this month. MetaBank has agreements […]
New York Community braces for delayed Flagstar closing
New York Community Bancorp’s pending purchase of Flagstar Bancorp in Troy, Mich., is the latest big bank merger to face a delayed closing. Thomas Cangemi, chairman and CEO of the $58 billion-asset New York Community, said during a conference call Wednesday that he doesn’t expect the $2.6 billion acquisition of the $27 billion-asset Flagstar to […]
City National in Miami forms law firm group
City National Bank of Florida in Miami has formed a law firm group. The $20.2 billion-asset company said the newly created group will provide services such as credit lines, debtor-in-possession accounts, receivership accounts, escrow services, plaintiffs’ firm financing and corporate trustee services. The group will also serve individuals, including law firm partners, shareholders and their […]
Valley in N.Y. planning mobile wallet for cannabis firms
Valley National Bancorp in New York is planning a digital payment solution that will target cannabis-related businesses. The $41.2 billion-asset company said in a Wednesday press release that Valley Pay will migrate cash usage to a secure, web application. The goal is to ease the burden on cannabis operators that rely on cash transactions. The […]
Arrow in N.Y. announces branch closings, tech upgrades
Arrow Financial in Glens Falls, N.Y., has outlined plans to close three branches at a time when it is also beefing up its online offerings. The $4.1 billion-asset company said in a press release Tuesday that it will close two locations in Fort Edward, N.Y., and one in Wilton, N.Y. Arrow said it making improvements […]
HV Bancorp taps vice chairman as new president
HV Bancorp in Doylestown, Pa., has a new president. The $549 million-asset company said in a press release Tuesday that Bob Marino, its vice chairman, had also become president of unit Huntingdon Valley Bank. Marino joined HV Bancorp’s board nearly four years ago. Marino recently served as a founder, director and Mid-Atlantic division president of […]
Heartland in Iowa mulls charter consolidation
Heartland Financial USA in Dubuque, Iowa, is evaluating a plan to consolidate its 11 bank charters. Bruce Lee, the $11.9 billion-asset company’s president and CEO, said in a press release Monday that the analysis is part of a broader effort “to explore ways to improve operational efficiency.” Heartland said its initial analysis suggests that collapsing […]
Equity Bancshares to sell three northern Kan. branches
Equity Bancshares in Wichita, Kan., has agreed to sell branches in three northern Kansas markets to UBT Bancshares in Marysville, Kan. The $4.3 billion-asset Equity said in a press release Monday that it will sell three branches, located in Concordia, Belleville and Clyde, to the parent of the $738 million-asset United Bank and Trust. The […]
GreenState Credit Union to buy Illinois Bank
GreenState Credit Union in North Liberty, Iowa, has agreed to buy Midwest Community Bank in Freeport, Ill. The $8.5 billion-asset GreenState will buy assets and assume liabilities of the $368 million-asset Midwest Community, according to an announcement by Hovde Group. Hovde advised Freeport Bancshares, which is selling Midwest Community. The deal is expected to close […]
Esquire selling loans tied to NFL concussion settlement
Esquire Financial Holdings in Jericho, N.Y., plans to sell its portfolio of loans tied to the National Football League’s concussion settlement program. The $1.1 billion-asset company said in a press release Monday that it moved the $23.6 million portfolio to held-for-sale status during the third quarter as part of a plan to sell the loans […]
MainStreet in Va. forms division focused on fintech
MainStreet Bancshares in Fairfax, Va., has created a division dedicated to serve fintechs. The $1.7 billion-asset company said in a press release Monday that Avenu will expand on its Banking-as-a-Service (Baas) platform by offering fintechs a streamlined way to accept deposits and facilitate payments while managing risk and meeting compliance obligations. “We have come to […]
Trustmark paying $5M to resolve Fair Housing Act claims
Trustmark in Jackson, Miss., will pay a $5 million civil money penalty tied to consent orders with regulators. The $17.1 billion-asset company said in a press release Friday that its bank entered into an order with the Office of the Comptroller of the Currency and a separate order with the Justice Department and the Consumer […]
Piermont in N.Y. creates lending platform for fintechs
Piermont Bank, a de novo in New York, has created a platform to offer credit products to its fintech clients. The $347 million-asset bank said in a press release that BancFi will also serve fintechs’ end-users. The effort builds on the bank’s Banking-as-a-Service platform, which consists of more than 30 fintech clients. The bank also […]
Ally returning to credit cards with Fair Square purchase
Ally Financial in Detroit is getting back into credit cards with an agreement to buy Fair Square Financial in Wilmington, Del. The $79 billion-asset Ally said in a press release Thursday that it will pay $750 million in cash for Fair Square. The deal is expected to close in the first quarter. Ally said the deal […]
Business First to enter Houston with bank acquisition
Business First Bancshares in Baton Rouge, La., has agreed to buy Texas Citizens Bancorp in Houston. The $4.4 billion-asset Business First said in a press release Thursday that it will pay $52.9 million in stock for the $517 million-asset parent of Texas Citizens Bank. The deal, which is expected to close in the first quarter, […]
Raymond James plans to buy TriState Capital
Raymond James Financial in St. Petersburg, Fla., has agreed to buy TriState Capital Holdings in Pittsburgh. Raymond James, parent of the $35 billion-asset Raymond James Bank, said in a press release Thursday that it will pay about $1.1 billion in cash and stock for the $12 billion-asset TriState. The deal is expected to close in […]
Banner efficiency effort includes branch closures
Banner Corp. in Walla Walla, Wash., plans to close 15 branches as part of a broader efficiency effort. The $16.6 billion-asset company said in a presentation Thursday that its Banner Forward program will also involve reducing office and operations space and minimize third-party spending. The goal is to lower annual expenses by $15 million in […]