Blue Ridge Bankshares taps new bank president
Blue Ridge Bankshares in Charlottesville, Va., has a new bank president. The $2.7 billion-asset company said in a press release Wednesday that it had named Judy Gavant to the post. Gavant will remain the company’s chief financial officer. In the new position, she will lead commercial banking efforts and oversee bank operations, including policies and […]
Security Federal in SC set to receive ECIP capital
Security Federal in Aiken, S.C., said it is eligible to receive nearly $83 million of capital from the Treasury Department’s Emergency Capital Investment Program. The Treasury has $9 billion set aside to invest in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through the program. The capital will help the institutions provide loans, […]
Prudential Bancorp juggled legal settlement, M&A talks
Prudential Bancorp in Philadelphia had to negotiate settlement of a legal issue as it finalized an agreement to be sold to Fulton Financial in Lancaster, Pa. The $26 billion-asset Fulton stipulated as part of its merger talks that the $1.1 billion-asset Prudential needed to resolve all outstanding issues associated with borrower litigation, according to a […]
Colony closing branches, cutting jobs in efficiency push
Colony Bankcorp in Fitzgerald, Ga., announced an efficiency initiative designed to lower annual expenses by $3 million starting in the third quarter. The $2.7 billion-asset company said in a press release Thursday that it plans to close two branches and eliminate 25 positions in its banking division. Colony said it is targeting a 60% efficiency […]
Amerant continues to reduce size of NYC loan book
Amerant Bancorp in Coral Gables, Fla., has sold $57.3 million of loans in New York City. The $7.8 billion-asset company said in a press release Wednesday that had $68.6 million of New York City loans available for sale on March 31. Amerant said its portfolio of New York City loans fell by 24% during the […]
Fidelity in Pa. to buy new headquarters building
Fidelity Bank in Scranton, Pa., is moving its corporate headquarters. The $1.8 billion-asset bank said in a press release Thursday that it bought the Scranton Electric Building in downtown Scranton for the new office. Fidelity said the entire project is expected to cost $20 million, though it received about $4 million from Pennsylvania’s Redevelopment Assistance […]
Triumph in Dallas designates 15 branches as held for sale
Triumph Bancorp in Dallas has designated 15 branches in rural markets, along with some factored receivables, for eventual sale. The $6.1 billion-asset company said in a press release that the branches are located in eastern Colorado and western Kansas. Triumph said $159.2 million of loans and $367.3 million of deposits were also designated as held-for-sale […]
Central Pacific BaaS client Swell to debut this summer
Central Pacific Financial in Honolulu said its first Banking-as-a-Service client is on pace to launch its first product this summer. The $7.3 billion-asset company said in a press release Wednesday that Swell Financial should debut its integrated checking and line-of-credit account in a matter of months. The fintech is working with Central Pacific and Elevate […]
Triumph in Dallas names new bank president
Triumph Bancorp in Dallas tapped a new president for its bank as part of a broader management restructuring. The $6 billion-asset company said in a press release Tuesday that Todd Ritterbusch had been named president of TBK Bank. Ritterbusch previously oversaw the bank’s retail and treasury management teams. Ed Schreyer was named chief operating officer […]
Minnesota is latest state to block credit union-bank deal
Another state has intervened to impede a credit union’s pending purchase of a bank. The Minnesota Department of Commerce has rejected the sale of Lake Area Bank in Lindstrom, Minn., to Royal Credit Union in Eau Claire, Wis. The agency determined that, in Minnesota, “a state-chartered bank is not authorized to transfer its assets and […]
Pathfinder in NY names interim president/CEO
Pathfinder Bancorp in Oswego, N.Y., has made an abrupt change in leadership. The $1.3 billion-asset company said in a press release Tuesday that James Dowd had been named interim president and CEO, succeeding Thomas Schneider, who resigned effectively immediately. Schneider, who also stepped down from the board, was named the company’s director of capital markets […]
MainStreet gets closer to debuting BaaS product
MainStreet Bankshares in Fairfax, Va., is in the process of bringing on its first Banking-as-a-Service customer. The $1.8 billion-asset company said in a press release that Avenu, its BaaS division, plans to go live with the initial beta customer in the fourth quarter. “Our focus is to help fintechs manage risk and meet compliance obligations […]
Pinnacle brings equipment lease investment in-house
Pinnacle Financial Partners in Nashville, Tenn., has fully acquired an commercial equipment leasing company. The $39.4 billion-asset company said in a press release Tuesday that it bought the remaining equity of JB&B Capital in early March. Pinnacle paid an undisclosed cash amount for the 80% stake it did not previously own. Pinnacle bought an initial […]
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 […]