Seacoast to enter Miami with purchase of Apollo Bank
Seacoast Banking Corp. of Florida in Stuart will enter Miami through its pending purchase of Apollo Bancshares in Miami. The $9.7 billion-asset Seacoast said in a press release Tuesday that it will pay $168.3 million for the $1 billion-asset Apollo. The deal is expected to close early in the fourth quarter. Apollo has five branches, […]
MetaBank to rebrand as Pathward
MetaBank in Sioux Falls, S.D., will rebrand as Pathward. The $7.6 billion-asset bank said in a press release Tuesday that the plan is to shift to the new name by the end of this year. Meta Financial, the bank’s holding company, will become Pathward Financial. “Expanding financial access is too complex and important to be […]
Fla. banker Rita Lowman joins wealth manager’s board
Rita Lowman, former president of Pilot Bank, has joined the board of a Venice, Fla., wealth manager. Caldwell Trust Co. said in a press release Tuesday that Lowman had accepted the position. “Rita’s experience with banking issues, combined with her financial expertise and passion for serving nonprofit institutions, makes her an ideal fit and very […]
First Carolina raises $115M for expansion efforts
First Carolina Financial Services in Rocky Mount, N.C., has raised $115 million through a private placement of common stock. The $1.5 billion-asset company said in a press release Monday that it sold 4.6 million shares at $25 each to accredited individual and institutional investors. It is the company’s largest private placement – about $90 million […]
MNB in Nebraska to buy Doniphan Bancshares
MNB Financial Services in McCook, Neb., has agreed to buy Doniphan Bancshares in Doniphan, Neb. The $418 million-asset MNB said in a press release that it expects to complete the purchase of the $149 million-asset Doniphan on June 1. The company did not disclose the price it will pay. “This is a historic day for […]
Norwood Financial identifies next leader
Norwood Financial in Honesdale, Pa., will soon have a new CEO. The $2.1 billion-asset company said in a press release Monday that James Donnelly will also become its president in early May. He will also join the company’s board. Donnelly will succeed Lewis Critelli, who plans to retire but will remain a director. Donnelly previously served as […]
Hometown Financial to buy Randolph Bancorp in Mass.
Hometown Financial Group in Easthampton, Mass., has agreed to buy Randolph Bancorp in Quincy, Mass. The $3.6 billion-asset Hometown said in a press release Monday that it will pay $146.5 million for the $803 million-asset parent of Envision Bank. The deal is expected to close in the fourth quarter. Randolph’s directors and executive officers, who […]
Berkshire in Mass. planning new mobile app with Narmi
Berkshire Hills Bancorp in Boston is building a new consumer and small business mobile app and an online banking site through an expanded partnership with fintech Narmi. The $11.6 billion-asset company said in a press release Monday that the app will have upgrades that include personalization, savings tools, self-service capabilities and apps to support seamless […]
Bison State Bank in Kan. hires new CEO
Bison State Bank in Bison, Kan., has a new CEO. Mark Emley also agreed to become the $18.6 million-asset bank’s CEO. Emley (pictured) previously served as CEO of Kendall Bank in Overland Park, Kan. Bison State named Curt Scoville, a banker who joined earlier this year, as its chief lending officer. The bank said Joylynn […]
Bank First got second shot to buy Denmark Bancshares
Patience paid off for Bank First in Manitowoc, Wis. The $2.9 billion-asset company made an initial overture to buy Denmark Bancshares in February 2020, roughly two years before it reached an agreement to buy the Denmark, Wis., company for $119.5 million. The initial effort was detailed in a regulatory filing associated with the pending acquisition, […]
Citizens in RI creates overdraft-free checking account
Citizens Financial Group in Providence, R.I., has created an overdraft-free checking account designed to help underbanked and underserved communities. The $188 billion-asset company said in a press release Monday that Citizens EverValue Checking accounts will have a $5 monthly fee. Citizens said the account was certified by the CFE Fund for meeting Bank On National […]
A look at how states are blocking CU-bank deals
Mississippi just passed a law that should severely restrict credit unions’ abilities to buy banks in the state. The state is the latest to intervene in an issue of great importance to bankers. In fact, the Independent Community Bankers of America has pushed Washington to step in, either by blocking such seals or imposing a […]
FDIC to seek comments on handling bank mergers
The Federal Deposit Insurance Corp. is moving forward on a request for comments tied to laws and regulations for bank mergers. The FDIC said on Friday that it had sent its proposal to the Federal Register for publication, which would start a 60-day period for public comments. The process will also seek comments on mergers between […]
Northrim in Alaska taps insider as next bank president
Northrim BanCorp in Anchorage, Alaska, has a new bank president. The $2.7 billion-asset company said in a press release Friday that Michael Huston will succeed Joe Schierhorn on Saturday. Schierhorn will remain president and chief operating officer of the company and chairman and CEO of the bank. Huston will remain the bank’s chief lending officer. […]
Mortgage lender agrees to buy Wisconsin bank
Thompson Kane & Co., a mortgage lender in Madison, Wis., has agreed to buy Benton State Bank in Wisconsin. The mortgage lender said on Wednesday that it expects to complete the purchase of the $77 million-asset bank in the fourth quarter. It did not disclose the price it will pay. Benton State’s management team is […]
Hancock Whitney to eliminate NSF fees
Hancock Whitney in Gulfport, Miss., will do away with consumer nonsufficient funds fees, along with certain overdraft, fees by the end of this year. The $36.5 billion-asset company said in a press release that it will also increase its existing overdraft balance threshold to provide clients a bigger cushion before fees are assessed. The moves […]
Generations in NY selling insurance agency book of business
Generations Bancorp NY in Seneca Falls is selling its insurance agency’s book of business. The $379 million-asset company disclosed in a regulatory filing Thursday that The Northwoods Corp. is buying the book of business, with payments expected to be made over a six-year period. The amount of the payments was not disclosed. Generations also said […]
Farmers National entering Pittsburgh with Emclaire deal
Farmers National Banc Corp. in Canfield, Ohio, has agreed to buy Emclaire Financial in Emlenton, Pa. The $4.1 billion-asset Farmers said in a press release Thursday that it will pay $105 million in cash and stock for the $1.1 billion-asset Emclaire. The deal, which is expected to close in the second half of this year, […]
Mississippi law would undercut credit union-bank mergers
Mississippi has joined the ranks of states intervening to stop credit unions from buying banks. Gov. Tate Reeves signed into law legislation requiring that any assets or liabilities sold by state-chartered banks must be bought by institutions insured by the Federal Deposit Insurance Corp. “A bank chartered by the State of Mississippi may, with the […]
Ameris joins list of banks curbing overdraft fees
Ameris Bancorp in Atlanta is the latest midsize bank to announce plans to reduce and eliminate certain overdraft fees. The $23 billion-asset company said in a press release Wednesday that it will eliminate nonsufficient funds and return item fees tied to payments that cannot be processed due to a lack of funds. Ameris will also […]
Burke & Herbert continues expansion past northern Va.
Burke & Herbert Bank in Alexandria, Va., plans to expand into the Richmond, Va., market. The $3.6 billion-asset bank – the oldest in Virginia – said in a press release that it has hired a commercial banking team and plans to add an office in the state’s capital later this year. The bank plans to […]
Alliance Data rebrands as Bread Financial
Alliance Data Systems in Columbus, Ohio, has rebranded as Bread Financial Holdings, taking on the name of the Buy Now Pay Later (BNPL) business it bought in late 2020. The company, a private-label credit card lender, will also change its stock symbol from “ADS” to “BFH” on April 4. Comenity Bank and Comenity Capital Bank […]
Citizens-Investors merger secures Fed approval
The Federal Reserve has approved another large bank merger announced last year. The Fed said in a press release Tuesday that it had signed off on the proposed sale of Investors Bancorp in Short Hills, N.J., to Citizens Financial Group in Providence, R.I. The $3.5 billion deal was announced in July 2021. The approval had […]
Community Bancorp in Kan. to buy Quarry City Savings
Community Bancorp in Chanute, Kan., has agreed to buy Quarry City Savings and Loan Association in Warrensburg, Mo. The parent of the $1.9 billion-asset Community National Bank & Trust said in a press release Tuesday that it will pay $10.4 million in cash for the $71.3 million-asset Quarry City, subject to adjustment. The deal is […]
Fed notices reveal three small bank mergers
Several bank mergers have been disclosed by the Federal Reserve. The Fed listed the pending transactions in a pair of public notices. Northeast Kansas Bancshares in Overland Park has agreed to acquire Bank of Orrick in Missouri. Community Bancshares of America, a group formed to buy banks, acquired Northeast Kansas Bancshares, the parent of the […]