Application filed for proposed mutual in New Hampshire
Organizers of the proposed Walden Mutual Bank in Concord, N.H., have applied for deposit insurance. The application, submitted to the Federal Deposit Insurance Corp. on Wednesday, wasn’t immediately available. The group said on its website that it hopes to open the depositor-owned financial institution next year. “We’re creating an online bank for everyone who eats, makes, grows […]
Texas Capital’s ROA plan underwhelms some analysts
Texas Capital Bancshares in Dallas unveiled a plan to improve returns that will require investors to be patient. The $35.2 billion-asset company disclosed late Wednesday that it is targeting a 1.1% return on assets and 12.5% return on tangible common equity, though management said it might not hit those marks until 2025. Texas Capital said […]
PDL in New York announces sale-leaseback transaction
PDL Community Bancorp in Bronx, N.Y., sold a property for $16.1 million. The $1.5 billion-asset parent of Ponce Bank said in a press release Wednesday that it agreed to lease the property at an initial base annual rent of about $926,100, subject to annual 1.75% rent increases. “We are excited about the sale and leaseback … […]
First Horizon delays Iberiabank integration due to Ida
First Horizon in Memphis, Tenn., will delay the integration of IberiaBank until the first quarter due to the “widespread devastation caused by Hurricane Ida.” The integration of Iberiabank, which was based in Lafayette, La., was supposed to take place this year. First Horizon also said that pretax merger integration costs will likely be $20 million […]
CNB taps Mid Penn executive as its bank president
CNB Financial in Clearfield, Pa., has hired an outsider to serve as president of its bank. The $5.1 billion-asset company said in a press release Tuesday that Michael Peduzzi had also become chief operating officer of CNB Bank. Peduzzi “brings superb financial skills and a deep knowledge of banking to CNB,” Peter Smith, CNB Bank’s […]
First of Long Island to close more branches
The First of Long Island in Glen Head, N.Y., plans to close eight branches at the end of November. The $4.1 billion-asset company said in a press release Wednesday that it expects to record a pretax charge of up to $3.8 million over the rest of the year tied to the planned closures. The effort […]
FVCBancorp buys minority stake in mortgage lender
FVCBancorp in Fairfax, Va., has bought a minority stake in Atlantic Coast Mortgage in Fairfax. The $2 billion-asset company said in a press release Tuesday that it acquired a 28.7% ownership interest in the mortgage company. FVCBancorp did not disclose the price it paid. The bank provides a warehouse lending facility to Atlantic Coast, including […]
Cadence in Houston settles redlining claims
Cadence Bancorp. in Houston has agreed to pay a $3 million penalty and provide more than $4 million in loan subsidies to address claims of discrimination in its mortgage lending operation. The Justice Department and the Office of the Comptroller of the Currency said in a Monday press release that the settlement closes a probe […]
Home Bancorp selling Mississippi branch to Delta Bank
Home Bancorp in Lafayette, La., has agreed to sell a branch in Vicksburg, Miss., to Delta Bank in Vidalia, La. The $2.8 billion-asset Home said in a regulatory filing Monday that it will also sell $15.7 million in deposits and $2.3 million in loans. Home will receive a premium based on specified percentages of deposit […]
Cache Bank in Colo. to sell to Mountain Valley
Mountain Valley Bank in Walden, Colo., has agreed to buy Cache Bank & Trust in Greeley, Colo. The $318 million-asset Mountain Valley said in a press release Friday that it will buy substantially all the $111 million-asset Cache’s deposits, loans and branches in Greeley and Fort Collins. Mountain Valley did not disclose the price it […]
MVB ups stake in tech firm with gaming industry focus
MVB Financial in Fairmont, W.Va., will increase its stake in Interchecks Technologies, a payment disbursement platform. Interchecks, founded in 2016, has offices in Boca Raton, Fla., and Brooklyn, N.Y. The company has a focus on the gaming industry segments of online sports betting, daily fantasy sports and iGaming. The $2.7 billion-asset MVB said in a […]
Rhodium sweetens offer for Sunnyside Bancorp in N.Y.
Rhodium BA Holdings has increased the price it will pay for Sunnyside Bancorp in Irvington, N.Y. The $99 million-asset Sunnyside disclosed in a regulatory filing Thursday that Rhodium increased the size of its offer by 8%, to $20.25 a share. Sunnyside also agreed to pay Rhodium a $1.5 million fee if it terminates the sale. […]
Finucane, Montag to leave Bank of America at yearend
Two veteran members of Bank of America’s executive team are stepping down at the end of this year. The $3 trillion-asset company said in a press release Thursday that succession plans for Anne Finucane, its vice chairman, and Thomas Montag, chief operating officer and president of global banking and markets, will be announced in coming […]
Germantown Capital is latest Memphis bank to sell
Planters Holding in Indianola, Miss., will enter Tennessee with an agreement to buy Germantown Capital. The $1.3 billion-asset Planters said in a press release Wednesday that it expects to complete the purchase of the parent of the $378 million-asset First Capital Bank in the fourth quarter. Planters did not disclose the price it will pay. […]
New Hampshire group planning ag-focused mutual bank
A group in New Hampshire is looking to form the first new mutual in more than four decades. Organizers of Walden Mutual Bank expect to submit a new bank application this summer in hopes of opening the depositor-owned financial institution next year, according to the proposed mutual’s website. “We’re creating an online bank for everyone […]
Berkshire in Boston has new chairman, adds director
Berkshire Hills Bancorp has a new chairman. The $12.3 billion-asset company said in a Wednesday press release that Bill Dunlaevy retired from the board over the weekend. David Brunelle succeeded Dunlaevy as chairman as “part of a preestablished succession plan,” Berkshire said. Brunelle, co-founder and managing director or North Pointe Wealth Management, had been vice […]
Houston Rockets owner applies to buy Texas bank
The owner of the Houston Rockets has agreed to buy Chasewood Bank in Houston. MergerCo, an entity owned by Tilman Fertitta, filed an application with the Federal Deposit Insurance Corp. and the Texas Department of Banking on Aug. 23 to buy the $114 million-asset bank. Bob Tyer, the bank’s president and CEO, is expected to […]
BOK Financial taps insider to handle specialized lending
BOK Financial in Tulsa, Okla., has promoted an executive to oversee all of its specialized lending businesses. The $47 billion-asset company said in a press release Tuesday that Brad Vincent will be responsible for energy, commercial real estate, treasury services, commercial strategies, while remaining in charge of health care. Vincent will also be responsible for […]
Berkshire Hills in Boston to sell insurance business
Berkshire Hills Bancorp in Boston has agreed to sell its insurance business to Brown & Brown in Daytona Beach, Fla. The $12.3 billion-asset Berkshire said in a press release Tuesday that it will sell the assets and operations of Berkshire Insurance Group for $41.5 million. The deal is expected to close by the end of […]
Western Bankers Association cancels 2021 conference
The Western Bankers Association has cancelled the annual conference it was planning next month in Hawaii. The event was scheduled to take place from Sept. 9 to Sept. 14 in Waimea. The association said in a statement on its website that it was “a difficult decision” to make. “With the COVID situation in Hawaii rapidly […]
Illinois credit union plans to acquire Tempo Bank
Scott Credit Union in Edwardsville, Ill., has agreed to buy Tempo Bank in Trenton, Ill. The $1.5 billion credit union said in a press release Friday that it plans to pay $14.3 million in cash for the $92.9 million-asset Tempo. The deal is expected to close in the second quarter of 2022. Tempo has two […]
Santander Consumer agrees to parent’s buyout offer
Santander Consumer USA Holdings in Dallas has agreed to a deal that will bring it completely under the umbrella of majority shareholder Santander Holdings USA. Santander Holdings will pay $2.5 billion, or $41.50 a share, in cash for the remaining 20% stake in the subprime auto lender. The premium is roughly double what Santander Holdings […]
Seacoast to cross $10B of assets with two acquisitions
Seacoast Banking Corp. of Florida in Stuart has agreed to buy Sabal Palm Bancorp in Sarasota, Fla., and Business Bank of Florida in Melbourne. The $9.3 billion-asset Seacoast said in a press release Monday that it will enter Sarasota and expand its operations in Brevard County with the purchases. Seacoast will pay $53.9 million in […]
First Bancshares in Miss. to switch to state charter
The First Bancshares in Hattiesburg, Miss., plans to switch from a national bank charter to a state bank charter. The $5.5 billion-asset company disclosed in a regulatory filing Friday that its bank unit, The First, had filed an application with the Mississippi Department of Banking and Consumer Finance to convert to a state charter. The First […]
Proposed Ariz. de novo gets conditional FDIC approval
Organizers of Gainey Business Bank in Scottsdale, Ariz., have secured conditional approval from the Federal Deposit Insurance Corp. The group must raise $15 million in initial capital before opening, according to the Aug 12 order. Gainey’s organizers received approval from the Arizona Department of Financial Institutions in 2018 to start raising capital. They applied with […]