Alerus in N.D. taps CFO to be its next leader
Alerus Financial in Grand Forks, N.D., will have a new CEO in 2022. The $3.2 billion-asset company said in a press release Monday that Katie Lorenson, its chief financial officer, will also become president on Jan. 1. She will also join the board. Lorenson will succeed Randy Newman, who will transition to the role of […]
How the Citizens-Investors merger coalesced
Investors Bancorp in Short Hills, N.J., had “substantive negotiations” with another bank months before agreeing to be sold to Citizens Financial Group in Providence, R.I. The $27 billion-asset Investors agreed in July to sell to the $185 billion-asset Citizens for $3.5 billion. Investors, however, held discussions with another bank in its market in early 2019, […]
Truist backs FDIC effort to aid mission-driven banks
The Federal Deposit Insurance Corp., which investment support from Truist Financial and Microsoft, is launching a fund supporting minority depository institutions and community development financial institutions. The agency said in a press release Thursday that the Mission-Driven Bank Fund has $120 million in initial commitments. Truist and Microsoft are leading the investment fund, while Discovery […]
First Interstate, Great Western announce $2B merger
First Interstate BancSystem in Billings, Mont., has agreed to buy Great Western Bancorp in Sioux Falls, S.D. The $18.9 billion-asset First Interstate said in a press release Thursday that it will pay $2 billion in stock for the $13 billion-asset Great Western. The deal is expected to close in the first quarter. “This is a […]
Republic Bancorp in Kentucky taps new bank CEO
Republic Bancorp in Louisville, Ky., will have a new bank CEO next month. The $6.2 billion-asset company said in a press release Wednesday that Logan Pichel will succeed Steve Trager as CEO of Republic Bank on Oct. 1. Pichtel, who will remain the bank’s president, has also joined the company’s board. Trager will remain chairman […]
Goldman Sachs to buy point-of-sale lender GreenSky
Goldman Sachs Group in New York has agreed to buy point-of-sale lender GreenSky for roughly $2.2 billion. The deal is expected to close by the first quarter of 2022. GreenSky offers payment plans to customers who are planning home-improvement projects or have health care costs. Banks use the company’s technology to make loans to super-prime […]
First Financial in Kan. to buy University National Bank
First Financial Bancshares in Lawrence, Kan., has agreed to buy University National Bank in Lawrence. The parent of the $256 million-asset Great American Bank expects to acquire the $91.9 million-asset University National in the fourth quarter, according to an announcement from Olsen Palmer. The price was not disclosed. University National has one branch. Olsen Palmer […]
Home BancShares entering Texas with Happy State deal
Home BancShares in Conway, Ark., has agreed to buy Happy Bancshares in Amarillo, Texas. The $17.6 billion-asset Home said in a press release Wednesday that it will pay $919 million in stock for the $6.3 billion-asset parent of Happy State Bank. The deal, which is expected to close in the first quarter, priced Happy at […]
First State Fremont in Neb. to buy Two Rivers Bank
First State Fremont in Fremont, Neb., has agreed to buy Two Rivers Bank in Blair, Neb. The $288 million-asset parent of First State Bank & Trust plans to complete the purchase of the $148 million-asset Two Rivers in the fourth quarter, according to an announcement by Olsen Palmer. The price was not disclosed. Two Rivers […]
Metropolitan in N.Y. to raise up to $172.5M in capital
Metropolitan Bank Holding in New York is planning to raise up to $172.5 million from selling common stock. The $5.8 billion-asset company said in a press release Monday that it plans to sell $150 million in public stock offering. The underwriters have an option to buy another $22.5 million of common stock. Metropolitan said it […]
BofA announces sweeping changes to executive team
Bank of America will soon have a new chief financial officer as part of several management changes that include the addition of three women to the executive leadership team. The $3 trillion-asset company announced on Friday that Alastair Borthwick, president of global commercial banking, will become CFO in the fourth quarter. He will succeed Paul […]
KeyCorp sells $3 billion indirect loan portfolio
KeyCorp in Cleveland has sold its indirect retail auto loan portfolio. The $181 billion-asset company said in a press release Friday that it sold the $3.2 billion portfolio to an affiliate of Waterfall Asset Management. Key did not disclose how much the Waterfall affiliate paid for the loans. Key said its bank also purchased $2.8 billion […]
Associated in Wis. shares plan to rev up lending, digital
Associated Banc-Corp in Green Bay, Wis., is beefing up in several areas, including auto finance, equipment finance and digital banking. The $34 billion-asset company said in a press release Thursday that it will also bulk up in asset-based lending, small-business lending and wealth management. “We have a significant opportunity to strategically drive revenue growth across […]
SmartFinancial entering Ala. markets after BBVA hires
SmartFinancial in Knoxville, Tenn., has entered three new markets in Alabama after hiring several former BBVA bankers. The $3.7 billion-asset company said in a press release Wednesday that has expended into Montgomery, Dothan and Birmingham. SmartFinancial hired Donna Cooper, a former BBVA government relationship manager, will serve as its market president for Montgomery. She will […]
CBTX in Texas freed from 2020 formal agreement
CBTX in Houston has been freed from a 15-month-old regulatory order. The $4.1 billion-asset parent of CommunityBank of Texas disclosed in a regulatory filing Wednesday that the Office of the Comptroller of the Currency lifted the June 2020 formal agreement earlier this week. The order instructed the bank to improve compliance with the Bank Secrecy […]
Central Valley in California taps insider as next CEO
Central Valley Community Bancorp in Fresno, Calif., has lined up its next CEO. The $2.3 billion-asset company said in a press release Tuesday that James Kim will also become its president on Nov. 1. He will succeed James Ford, who announced plans to retire earlier this year. Kim, who joined Central Valley in 2018, is […]
CItizens Financial to buy capital markets firm
Citizens Financial Group in Providence, R.I., has agreed to buy JMP Group in San Francisco. The $185 billion-asset Citizens said in a press release Wednesday that it will pay $149 million in cash for JMP, a capital markets firms that focuses on the health care, technology, financial services and real estate sectors. The deal is […]
BayCom to buy Pacific Enterprise in Southern California
BayCom in Walnut Creek, Calif., has agreed to buy Pacific Enterprise Bancorp in Irvine, Calif. The $2.1 billion-asset BayCom said in a press release Tuesday that it will pay $53.1 million in stock for the $647 million-asset Pacific Enterprise. The deal, which is expected to close in the first quarter, priced Pacific Enterprise at 87.1% […]
Nicolet in Wisconsin to close 15 branches
Nicolet Bankshares in Green Bay, Wis., plans to close 15 branches in Wisconsin and Michigan in December. The $4.6 billion-asset company, which recently completed its purchase of Mackinac Financial, also said in a press release Tuesday that it will sell a branch in Birmingham, Mich., to Bank of Ann Arbor. The branch has $176 million […]
Patriot National freed from 2018 formal agreement
Patriot National Bancorp in Stamford, Conn., has been freed from a nearly three-year-old formal agreement with the Office of the Comptroller of the Currency. The $963 million-asset company said in a regulatory filing Tuesday that it was released from the November 2018 order after the OCC “concluded that the safety and soundness of the bank […]
MVB to let fintech clients offer Bitcoin-related products
MVB Financial in Fairmont, W.Va., has entered into a partnership to allow its fintech clients to offer Bitcoin-related products. The $2.7 billion-asset company said in a press release Tuesday that the collaboration with Victor Technologies and NYDIG, will integrate Bitcoin into MVB’s Banking-as-a-Service (BaaS) offerings. MVB has more than 50 fintech, payments and gaming clients. […]
Meta Financial CEO retiring to start unbanked initiative
Meta Financial in Sioux Falls, S.D., will soon have a new CEO. The $7.1 billion-asset company said in a press release Tuesday that Brad Hanson will also retire as president and as co-president and CEO of MetaBank on Sept. 30. He will serve as a strategic adviser until the end of 2022. Hanson plans to […]
First US Bancshares to close consumer finance unit
First US Bancshares in Birmingham, Ala., will shutter its consumer finance unit. The $947 million-asset company disclosed in a regulatory filing that it will close the 20 locations in Alabama and southeast Mississippi associated with Acceptance Loan Company. The unit will continue to service its remaining loan portfolio as management prepares for its closure. The […]
Bank investor buys Rochelle State in Georgia
ST Hldgs in Orlando, Fla., has acquired Rochelle State Bank in Rochelle, Ga. ST Hldgs, a bank holding company formed to invest in community banks, said in a Monday press release that it bought the $34 million-asset Rochelle State on June 4. The company did not disclose the price it paid. “ST Hldgs … and […]
Cadence divesting seven branches in Mississippi
First Bancshares in Hattiesburg, Miss., has agreed to buy seven branches in northeast Mississippi from Cadence Bancorp. in Houston. The $18.7 billion-asset Cadence is selling the branches as part of its pending sale to BancorpSouth Bank in Tupelo, Miss. The branch sale resulted from a joint letter of agreement among BancorpSouth, Cadence and the Department […]