National Bank in Denver to buy Utah bank
National Bank Holdings in Denver has agreed to buy Community Bancorp. in Provo, Utah. The $7.3 billion-asset National Bank said in a press release Monday that it will pay $136 million of cash and stock for the $814 million-asset parent of Rock Canyon Bank. The deal, which is expected to close in the second half […]
Piermont in NY creates CRE, fintech analyst programs
Piermont Bank in New York has created a two-year program to train employees to become commercial real estate or fintech lending analysts. The $364 million-asset bank, which opened in 2019, said in its announcement that it will sponsor formal credit training at an accredited institution. The program will include on-the-job training in reviewing and monitoring […]
United Cumberland in Ky. selects next CEO
United Cumberland Bank in Whitley City, Ky., has a new CEO. The $379 million-asset bank said that Michael Laxton had also become its president. Laxton, who joined United Cumberland in 2005, has overseen IT projects and managed the bank’s debit card and bookkeeping departments, according to the Commonwealth Journal. Laxton joined the bank’s board in […]
First Republic’s Herbert joins Forge Global board
Jim Herbert has made his first big decision since announcing plans to retire as CEO of First Republic Bank in San Francisco. Herbert has joined the board of Forge Global Holdings, a San Francisco company that provides trading technology and operating expertise. He also joined the company’s compensation committee. Herbert “is a financial services visionary […]
First Volunteer in Tenn. rebranding as Builtwell Bank
First Volunteer Bank in Chattanooga, Tenn., plans to rebrand as Builtwell Bank. The $1.4 billion-asset unit of First Volunteer Corp. will change its name later this year, according to TheChattanoogan.com. First Volunteer expanding in Georgia with last year’s acquisition of FBD Holdings, the parent of First Bank. “With this expansion further into Georgia, we realized the […]
Main Street Financial in W.Va. selects next chairman
Main Street Financial Services in Wheeling, W.Va., has a new chairman. The $607 million-asset company announced at its annual meeting on Thursday that Nick Sparachane will succeed Bruce Wilson on June 20, according to the Weirton Daily Times. Wilson, who has been chairman for 16 years, will remain on the company’s board.
Bank of Princeton plans to form BHC
Bank of Princeton in New Jersey is looking to form a holding company. The $1.7 billion-asset bank is asking shareholders to approve forming Princeton Bancorp at the 2022 annual meeting set for April 29. Bank of Princeton said in a regulatory filing that the reorganization would give it “a greater ability” to raise Tier 1 […]
Pilot program to help MDIs tackle financial wellness
Thirteen minority depository institutions will soon pilot a program designed to boost the financial wellness of minority communities. The pilot – led by the National Bankers Community Alliance, the HBCU Community Development Action Coalition and iGrad – will help the MDIs create a customized financial wellness website, issue calls to action and reward consumers for […]
A look at Origin’s two-year wait for BT Holdings
Origin Bancorp in Ruston, La., first approached BT Holdings in Quitman, Texas, about an acquisition two years before they agreed to a deal. The $7.9 billion-asset Origin agreed to buy the $2 billion-asset BT Holdings in February for $313.5 million in stock. Drake Mills, president and CEO of the $7.9 billion-asset Origin, originally reached out […]
U.S. Bancorp touts new initiatives in earnings release
U.S. Bancorp in Minneapolis highlighted partnerships with Microsoft, Morningstar and a fintech firm as part of its quarterly results. The $587 billion-asset company said in its earnings press release that it selected Microsoft Azure as its primary cloud provider. U.S. Bancorp said cloud computing will handle the majority of its infrastructure and application portfolio with […]
Group forms association for BaaS providers
A group in Austin, Texas, has formed an association to advocate for financial institutions that offer Banking-as-a-Service (BaaS) products. Bankers Helping Bankers, a bankers-only platform, said in a press release that it had formed the BHB Banking-as-a-Service Association. The association plans to coordinate legislative and regulatory advocacy efforts for BaaS providers and promote best practices […]
Middlefield, Peoples Financial face proxy challenges
A pair of community banks is facing proxy challenges from activist investors. Middlefield Banc Corp. in Beachwood, Ohio, is dealing with pressure from Ancora Advisors to find a buyer. The investor included a proposal for consideration at the $1.3 billion-asset Middlefield’s annual meeting that would recommend that the board “take the necessary steps to achieve […]
Hovde hires former banker for bank research post
Hovde Group has hired a former banker to bolster its coverage of the financial services sector. Brian Urness said in a LinkedIn post that he had been hired as a bank equity research associate. He joined the firm’s Nashville, Tenn., team. Urness previously worked at FirstBank in Nashville, where he most recently served as a […]
Codorus Valley approves more governance measures
Codorus Valley Bancorp in York, Pa., which has faced pressure from an activist investor, will appoint three independent directors and review its compensation and risk policies under a new governance effort. The $2.3 billion-asset company said the decision reflected input from shareholders, including Driver Management. Driver, which owns about 6.7% of Codorus Valley’s common stock, […]
BlackRock deepens ties with USD Coin issuer
Circle Internet Financial in Boston is raising $400 million from a group of investors that includes BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital. Circle, which issues USD Coin (USDC), said in a Tuesday press release that it expects the funding round to close in the second quarter. BlackRock entered into a broader […]
Fifth Third taps its president as next CEO
Fifth Third Bancorp in Cincinnati will soon have a new leader. The $211 billion-asset company said in a press release Tuesday that Tim Spence will succeed Greg Carmichael as CEO on July 5. Carmichael, who is retiring, will remain chairman. Spence “is an outstanding leader who will continue to build on the bank’s strong momentum, […]
Quontic debuts tap-to-pay contactless payment ring
Quontic Bank in New York has unveiled a payment ring that will allow consumers to tap-to-pay at the point of sale. The $916 million-asset Quontic said in a press release Tuesday that the black band, embedded with contactless payment technology, can link to one of three checking accounts. “We’re pleased to continue to push the […]
VyStar to absorb smaller CU in its headquarters city
VyStar Credit Union in Jacksonville, Fla., which is still waiting on regulatory approval to buy a bank, has signed an agreement to merge with First Coast Federal Credit Union in Jacksonville. The $12 billion-asset VyStar said in a press release Monday that it will absorb the $11.2 million-asset First Coast. VyStar has 800,000 members, while […]
RBB Bancorp CEO resigns following internal probe
Alan Thian has resigned as president and CEO of RBB Bancorp after an internal investigation conducted by a special committee of the Los Angeles company’s board. The $4.2 billion-asset company announced Thian’s departure on Monday. He had been on paid leave since Feb. 22, when RBB first disclosed the investigation. David Morris, RBB’s chief financial […]
Group backing proposed mutual makes first loans
Organizers of the proposed Walden Mutual Bank in Concord, N.H., have made their first loans, using seed capital raised as part of their de novo effort. The group has originated loans to a wholesale bakery in Katonah, N.Y.; an egg farm in Mont Vernon, N.H.; and a dairy farm in Cobleskill, N.Y., Charley Cummings, the […]
Piedmont Federal seeking flexibility with MHC move
Piedmont Federal Savings Bank in Winston-Salem, N.C., is seeking flexibility by forming a mutual holding company. The $1 billion-asset bank recently applied with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. related to the move. Creating an MHC would give Piedmont Federal more options for growth in the future […]
Bair one of three Fannie Mae director resigning
Three members of the Fannie Mae board, including former Federal Deposit Insurance Corp. Chairman Sheila Bair, are resigning. Bair, Antony Jenkins and Hugh Frater will step down from the GSE’s board on May 1, Fannie Mae said in a press release. Frater will also retire as Fannie Mae’s CEO, a position he has held since […]
BankUnited, TC Bancshares entering new markets
A pair of banks is testing new markets after hiring bankers. BankUnited in Miami Lakes, Fla., said in a press release Thursday that it opened a corporate banking office in Atlanta – its first location outside of Florida or New York. The $35.8 billion-asset company said the move is part of a “renewed effort” to […]
NY mutual applies to form municipal bank
Gouverneur Bancorp in Gouverneur, N.Y., is looking to form a municipal bank in conjunction with its pending acquisition of a commercial bank. The $133 million-asset parent of Gouverneur Savings and Loan Association applied for deposit insurance with the Federal Deposit Insurance Corp. for the proposed GS&L Municipal Bank. Gouverneur said in the application that it […]
Robert Sarver retiring as Western Alliance chairman
Robert Sarver is retiring as chairman of Western Alliance Bancorp. in Phoenix. The $50 billion-asset company said in a press release that Steve Hilton will also retire as a director at the conclusion of its annual meeting in June. Sarver, who was Western Alliance’s CEO from 2002 to March 2018, has been a director since […]