MainStreet in Virginia adds former regulator to board
MainStreet Bancshares in Fairfax, Va., has added a former regulator to its board. The $1.7 billion-asset company said in a press release that Rafael DeLeon has become one of its directors. DeLeon, a senior vice president of industry engagement for Ncontracts, recently retired as director for banking relations at the Office of the Comptroller of […]
First Western to buy Rocky Mountain Bank in Wyoming
First Western Financial in Denver has agreed to buy Teton Financial Services in Jackson, Wyo. The $2 billion-asset First Western said in a press release that it will pay $47.8 million in cash and stock for the $420.7 million-asset parent of Rocky Mountain Bank. The deal is expected to close by early 2022. Rocky Mountain […]
Bank of the Lowcountry in S.C. hires new CEO
Bank of the Lowcountry in Walterboro, S.C., has a new CEO. The $269 million-asset bank said in a LinkedIn post on Friday that it had hired Marc Bogan. Bogan previously served as president and CEO of Fauquier Bank in Warrenton, Va. The bank was sold to Virginia National Bancshares in Charlottesville earlier this year. Prior to […]
HBT in Illinois sets timeline for branch closures
HBT Financial in Bloomington, Ill., is planning to close a number of branches. The $4 billion-asset company said in a press release Monday that it closed a location in the second quarter, with five more closures set to take place by Sept. 30. The branches represented about 9.5% of its network. HBT said the closures […]
Old Second set to double size with West Suburban deal
Old Second Bancorp in Aurora, Ill., has agreed to buy West Suburban Bancorp in Lombard, Ill. The $3.3 billion-asset Old Second said in a press release Monday that it will pay $297 million in cash and stock for the $3 billion-asset West Suburban. The deal, which is expected to close in the fourth quarter, priced […]
Hanmi in Los Angeles gets ‘needs to improve’ CRA rating
Hanmi Financial in Los Angeles disclosed that its bank recently received a “needs to improve” rating tied to the Community Reinvestment Act. The $6.4 billion-asset company said in a Friday regulatory filing that the rating, issued by the Federal Deposit Insurance Corp., covers the period between March 29, 2018 and May 3, 2021. The rating […]
Heritage Financial in Wash. closing more branches
Heritage Financial in Olympia, Wash., is continuing to close branches. The $7.1 billion-asset company said in a press release Friday that it will shutter four locations on Oct. 29. The move will lower Heritage’s branch count to 49 locations, or a 21% decline from last fall. Heritage’s noninterest expenses fell 1.8% in the second quarter […]
South State to buy Atlantic Capital for $542 million
South State in Winter Haven, Fla., has agreed to buy Atlantic Capital Bancshares in Atlanta. The $40.4 billion-asset South State said in a press release Friday that it will pay $542 million in stock for the $3.8 billion-asset Atlantic Capital. The deal, which is expected to close in early 2022, priced Atlantic Capital at 161% […]
Three banks disclose nearly $1 billion of PPP loan sales
A trio of banks has disclosed recent sales of Paycheck Protection Program loans. Amerant Bancorp in Coral Gables, Fla.; Eagle Bancorp in Bethesda, Md.; and BancorpSouth Bank in Tupelo, Miss., said in separate press releases that they had sold a total of $990 million of PPP loans. They did not disclose the buyers. The $7.5 […]
Simmons-Landmark negotiations had fits and starts
Simmons First National in Pine Bluff, Ark., and Landmark Community Bank in Collierville, Tenn., tried on three occasions to work out a deal before announcing a $146.3 million merger in early June. The $23.3 billion-asset Simmons walked away twice, according to a regulatory filing associated the with its proposed acquisition. We’ll look at the details […]
CNB in Pennsylvania entering Virginia with new brand
CNB Financial in Clearfield, Penn., is set to enter Virginia. The $5.1 billion-asset company said in a press release Tuesday that it will open a loan-production office in Roanoke, Va. CNB said the office, which will offer commercial loans, cash management services and private banking, will operate as Ridge View Bank. The company operates under […]
Level One in Michigan taps insider as new president
Level One Bancorp in Farmington Hills, Mich., has a new president. The $2.6 billion-asset company said in a press release Tuesday that it had promoted Timothy Mackay to the role. He succeeded Patrick Fehring, who will remain chairman and CEO. Mackey, previously an executive vice president and consumer banking officer, also become president of Level […]
Hancock Whitney cuts 200 jobs, closing more branches
Hancock Whitney in New Orleans eliminated 200 jobs and will close 18 branches. The $35.1 billion-asset company said in a press release Tuesday that the branches will close in October. Including 20 locations that were closed earlier in the year, Hancock has reduced its network by about 18% since the end of 2020. The layoffs […]
Cambridge Savings launches digital-only bank
Cambridge Savings Bank in Boston has created a digital-only bank. The $5 billion-asset mutual bank said in a press release that it had created Ivy Bank to provide competitive rates for online savings accounts and CD, along with “human-centric customer support to help consumers work towards reaching their financial goals.” The digital-only bank includes a […]
Equity in Kansas to enter new market with branch deal
Equity Bancshares in Wichita, Kan., will enter the St. Joseph, Mo., market after buying three branches from Valley View Financial in Overland Park, Kan. The $4.3 billion-asset Equity said in a press release Monday that it will also gain the assets and deposits associated with the branches. The deal is expected to close in December. […]
Spencer Savings in N.J. to buy neighboring bank
Spencer Savings Bank in Elmwood Park, N.J., has agreed to buy Mariner’s Bank in Edgewater, N.J. The $3.6 billion-asset Spencer said in a press release Friday that it will pay cash for the $414 million-asset Mariner’s. The deal is expected to close in the fourth quarter. Mariner’s has six branches, $348 million of loans and […]
LendingClub to pay $18M to settle FTC litigation
LendingClub will pay $18 million to settle a longstanding dispute with the Federal Trade Commission over allegedly hidden fees. The San Francisco lender said in a press release Wednesday that the funds would be used for “consumer remediation.” LendingClub did not admit any liability as part of the settlement. “While we have never agreed with […]
United in Ga. making big Tenn. push with Reliant deal
United Community Banks in Greenville, S.C., will enter central Tennessee with an agreement to buy Reliant Bancorp in Brentwood. The $18.6 billion-asset United said in a press release Wednesday that it will pay $517 million in stock for the $3.1 billion-asset Reliant. The deal, which is expected to close in the first quarter, priced Reliant […]
Blue Ridge, FVCB merger to create bigger Virginia bank
Blue Ridge Bankshares in Charlottesville, Va., has agreed to buy FVCBankcorp in Fairfax, Va. The $3.2 billion-asset Blue Ridge said in a press release Wednesday that it will pay $306.6 million in stock for the $1.9 billion-asset parent of FVCbank. The deal is expected to close by the first quarter. Blue Ridge shareholders will own […]
First Republic moves to co-CEO management structure
First Republic Bank in San Francisco now has two CEOs. The $161 billion-asset bank said in a press release Monday that Hafize Gaye Erkan had become co-CEO, sharing responsibilities with Jim Herbert. First Republic also said it had renewed the contract for Herbert, who is also the bank’s chairman, through the end of next year. […]
F.N.B. to buy Howard in Baltimore for $418M
F.N.B. Corp. in Pittsburgh has agreed to buy Howard Bancorp in Baltimore. The $38 billion-asset F.N.B. said in a press release Tuesday that it will pay $418 million in stock for the $2.6 billion-asset Howard. The deal, which is expected to close in early 2022, priced Howard at 160% of its tangible book value. Howard, […]
RBB Bancorp entering Hawaii with branch acquisition
RBB Bancorp in Los Angeles has agreed to buy a branch in Honolulu from Bank of the Orient. The $3.7 billion-asset RBB said in a press release Monday that it will also gain $77.8 million of deposits and $10 million of performing loans. RBB said the total consideration is $2.8 million. The deal is expected […]
Former TCF exec hired to lead S&T in Pennsylvania
S&T Bancorp in Indiana, Pa., will soon have a new leader. The $9.3 billion-asset company said in a press release Monday that Christopher McComish will become its CEO on Aug. 23. McComish will succeed David Antolik, who has been interim CEO since April. Antolik will remain the company’s president, a position he has held since […]
Lakeland entering three N.J. counties with latest deal
Lakeland Bancorp in Oak Ridge, N.J., has agreed to buy 1st Constitution Bancorp in Cranbury, N.J. The $7.8 billion-asset Lakeland said in a press release Monday that it will pay $244.4 million in stock for the $1.3 billion-asset 1stConstitution. The deal, which is expected to close by early 2022, priced 1st Constitution at 157% of […]
BNY Mellon buying fintech that serves fund managers
Bank of New York Mellon in New York has agreed to buy Milestone Group, a company that provides fund management technology. The $460 billion-asset BNY Mellon said in a press release Thursday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will […]