Cambridge Bancorp in Mass. closes two branches
Cambridge Bancorp in Cambridge, Mass., closed two branches during the third quarter. The $4.5 billion-asset company said in a press release Tuesday that it shuttered offices in Wellesley Square, Mass., and Pease Tradeport, N.H. It also moved its Concord, N.H., wealth management office to a new location. Cambridge recorded $787,000 of expenses tied to the […]
Bank-backed fund invests in fintech Monit
Monit, a Boston fintech that has created a financial platform for small businesses, has become the first investment for JAM FINTOP Banktech, an investment fund that is targeting tech firms. Monit said in a press release that the investment also includes a commercial partnership with the fund, which is backed by 66 small and midsize […]
Third Coast in Texas could raise $75M from planned IPO
Third Coast Bancshares in Humble, Texas, could raise $75 million as part of a planned initial public offering. The $2 billion-asset parent of Third Coast Bank filed its registration statement with the Securities and Exchange Commission on Friday. The company did not disclose how many shares it will sell or the potential pricing; it said […]
Investar recording special provision tied to Hurricane Ida
Investar Holding in Baton Rouge, La., plans to recognize a $21.6 million loan-loss provision in the third quarter tied to hurricane damage to a borrower’s collateral. The $2.7 billion-asset company said in a regulatory filing Thursday that the provision is tied to multiple loans with an outstanding aggregate loan balance of $40.4 million. The loans […]
BankFirst in Miss. making Ala. push with acquisition
BankFirst Capital in Columbus, Miss., has agreed to buy F.B.H. Corp. in Fayette, Ala. The $1.8 billion-asset BankFirst said in a press release Thursday that it expects to buy the parent of the $223 million-asset Citizens Bank of Fayette in the fourth quarter. BankFirst did not disclose the price it will pay. “We are excited […]
Peoples in Pa. to record 4Q gain from selling Visa stock
Peoples Financial Services in Scranton, Pa., plans to record a large gain in the fourth quarter after its sells Visa shares. The $3 billion-asset company said in a regulatory filing that its bank on Oct. 8 agreed to sell nearly 45,000 Class B shares, adding that the entire purchase prices will be realized as a […]
First Internet to buy franchisee loans from ApplePie
First Internet Bancorp in Fishers, Ind., has reached an agreement with ApplePie Capital to buy conventional loans to franchisees. The $4.2 billion-asset First Internet said in a press release Wednesday that it plans to purchase $100 million of ApplePie-originated loans by the end of this year. “As a lifelong entrepreneur, I know the value of […]
Catalyst in La. raises $53M from mutual conversion
Catalyst Bancorp in Opelousas, La., has raised $52.9 million from its initial public offering and the mutual-to-stock conversion of St. Landry Homestead Federal Savings Bank. The parent of the $239 million-asset St. Landry said in a press release Wednesday that it sold nearly 5.3 million shares at $10 each. The stock is trading under the […]
NorthEast Community writing down only NPA on books
NorthEast Community Bancorp in White Plains, N.Y., plans to write off the only nonperforming loan on its books. The $1.1 billion-asset company said in a press release Tuesday that the nonresidential real estate loan had a $3.6 million balance on June 30. It is secured by commercial real estate in Greenwich, Conn., and guaranteed by […]
Synovus specialty finance CEO dies in plane crash
Synovus Financial in Columbus, Ga., announced that its specialty finance division CEO died in an airplane crash on Friday. The $55 billion-asset Synovus said in a public statement issued Monday that Jonathan Rosen and his assistant, Lauren Harrington, along with his daughter and her friend, were killed in the plane crash. Rosen and Harrington joined […]
Umpqua, Columbia merger to create $50B asset bank
Columbia Banking System in Tacoma, Wash., is merging with Umpqua Holdings in Portland, Ore. While the $18 billion-asset Columbia is the legal acquirer, shareholders of the $29.2 billion-asset Umpqua will own 62% of the combined company. The deal, estimated to have a value of $5.2 billion, is expected to close in mid-2022. Columbia will be […]
Oportun withdraws bank charter application
Oportun Financial, a consumer lender in San Carlos, Calf., has withdrawn its application with the Office of the Comptroller of the Currency for a bank charter. The company said in a Friday press release that it plans to revisit the application, adding that it had “forged a constructive relationship with the OCC” since filing its […]
PCB in Los Angeles gives update on ransomware attack
PCB Bancorp in Los Angeles is working with clients impacted by a ransomware attack that took place over the summer. The $2.1 billion-asset parent of Pacific City Bank provided an update on its efforts to address fallout from the Aug. 30 incident. The company said in a regulatory filing that an ongoing investigation revealed that […]
Bank7 to buy neighboring bank in Oklahoma
Bank7 in Oklahoma City has agreed to buy Watonga Bancshares in Watonga, Okla. The $1.2 billion-asset Bank7 said in a press release Thursday that it will pay $32 million in cash for the parent of the $241 million-asset Cornerstone Bank. The deal, which is expected to close in the fourth quarter, valued Watonga at 141% […]
Eastern to sell Century’s HQ site for $20.5 million
Eastern Bankshares in Boston is planning to sell the corporate offices of Century Bancorp in Medford, Mass. The $17 billion-asset Eastern disclosed in a regulatory filing Wednesday that it has an agreement to sell a five-story office building, a three-story building and nearly five acres of land for $20.5 million. Eastern agreed in April to […]
Golf outing served as intro to United-Reliant merger
A two-day golf trip kickstarted conversations that led to the pending sale of Reliant Bancorp in Brentwood, Tenn., to United Community Banks in Blairsville, Ga. The $19.6 billion-asset United agreed on July 14 to buy the $3.1 billion-asset Reliant for $517 million. Before we dig into the background, based on a recent regulatory filing tied […]
California group looking to form new bank
A group in Irvine, Calif., is looking to open a bank. Organizers of Beach Cities Commercial Bank applied with the Federal Deposit Insurance Corp. on Sept. 27 for deposit insurance. They plan to raise $25 million to $27 million in initial capital, according to the application. “The bank plans to provide better service than is […]
PDL in N.Y. seeks $225M in capital from federal program
PDL Community Bancorp in Bronx, N.Y., has applied for $225 million in capital through a new program handled by the Treasury Department. The $1.5 billion-asset parent of Ponce Bank disclosed in a regulatory filing Tuesday that it had applied on Aug. 31 for funds from the Emergency Capital Investment Program. PDL has not yet been […]
Frandsen Financial to buy two banks in Minnesota
Frandsen Financial in Lonsdale, Minn., has agreed to buy Bank of Zumbrota and Pine Island Bank from Zumbrota Agency. The $2.6 billion-asset Frandsen said in a press release that the deal for the $201 million-asset Bank of Zumbrota and the $115 million-asset Pine Island is expected to close by the end of this year. Frandsen […]
Nymbus moving HQ as part of collab with VyStar CU
Nymbus has moved its corporate headquarters to Jacksonville, Fla., to be closer to a large credit union that led a major investment in the technology company earlier this year. Nymbus said in a press release Tuesday that the move from Miami reflects its collaboration with VyStar Credit Union. VyStar, which invested $20 million in the […]
Republic in Ky. sues Green Dot after a deal falls through
Republic Bancorp in Louisville, Ky., has filed a lawsuit against Green Dot after a plan to sell its tax refund solutions business to the prepaid card issuer fell through. The $6.2 billion-asset Republic disclosed in a regulatory filing Tuesday that the deal collapsed due to “undisclosed issues” with Green Dot’s primary regulator. Republic said it […]
Arvest in Arkansas to sell 16 branches in four states
Arvest Bank of Fayetteville, Ark., has agreed to sell 16 branches to five different banks. The $26 billion-asset bank said in a Friday press release that it plans to sell the locations during the first quarter. Magnolia Banking in Magnolia, Ark., agreed to buy nine branches in Arkansas and Oklahoma. Cross County Bank in Wynne, […]
Regions in Ala. to buy small-balance CRE lender
Regions Financial in Birmingham, Ala., has agreed to buy Sabal Capital Partners, a leading originator of small-balance commercial real estate loans. The $156 billion-asset company said in a press release Monday that it expected to complete the acquisition in the fourth quarter. It did not disclose the price it will pay. Sabal has originated nearly […]
Community Bank System in N.Y. lines up acquisition
Community Bank System in DeWitt, N.Y., has agreed to buy Elmira Savings Bank in New York. The $14.8 billion-asset Community Bank System said in a press release Monday that it will pay $82.8 million in cash for the $648.7 million-asset Elmira. The deal, which is expected to close in the first quarter, priced Elmira at […]
Iowa credit union to buy Home Savings in Wisconsin
Dupaco Community Credit Union in Dubuque, Iowa, has agreed to buy Home Savings Bank in Madison, Wis. The $2.6 billion-asset Dupaco said in a press release Friday that it will pay between $23.5 million and $24.3 million in cash for the $183 million-asset Home. The deal is expected to close in the second quarter. Home […]