Hovde hires former banker for bank research post
Hovde Group has hired a former banker to bolster its coverage of the financial services sector. Brian Urness said in a LinkedIn post that he had been hired as a bank equity research associate. He joined the firm’s Nashville, Tenn., team. Urness previously worked at FirstBank in Nashville, where he most recently served as a […]
Codorus Valley approves more governance measures
Codorus Valley Bancorp in York, Pa., which has faced pressure from an activist investor, will appoint three independent directors and review its compensation and risk policies under a new governance effort. The $2.3 billion-asset company said the decision reflected input from shareholders, including Driver Management. Driver, which owns about 6.7% of Codorus Valley’s common stock, […]
BlackRock deepens ties with USD Coin issuer
Circle Internet Financial in Boston is raising $400 million from a group of investors that includes BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital. Circle, which issues USD Coin (USDC), said in a Tuesday press release that it expects the funding round to close in the second quarter. BlackRock entered into a broader […]
Fifth Third taps its president as next CEO
Fifth Third Bancorp in Cincinnati will soon have a new leader. The $211 billion-asset company said in a press release Tuesday that Tim Spence will succeed Greg Carmichael as CEO on July 5. Carmichael, who is retiring, will remain chairman. Spence “is an outstanding leader who will continue to build on the bank’s strong momentum, […]
Quontic debuts tap-to-pay contactless payment ring
Quontic Bank in New York has unveiled a payment ring that will allow consumers to tap-to-pay at the point of sale. The $916 million-asset Quontic said in a press release Tuesday that the black band, embedded with contactless payment technology, can link to one of three checking accounts. “We’re pleased to continue to push the […]
VyStar to absorb smaller CU in its headquarters city
VyStar Credit Union in Jacksonville, Fla., which is still waiting on regulatory approval to buy a bank, has signed an agreement to merge with First Coast Federal Credit Union in Jacksonville. The $12 billion-asset VyStar said in a press release Monday that it will absorb the $11.2 million-asset First Coast. VyStar has 800,000 members, while […]
RBB Bancorp CEO resigns following internal probe
Alan Thian has resigned as president and CEO of RBB Bancorp after an internal investigation conducted by a special committee of the Los Angeles company’s board. The $4.2 billion-asset company announced Thian’s departure on Monday. He had been on paid leave since Feb. 22, when RBB first disclosed the investigation. David Morris, RBB’s chief financial […]
Group backing proposed mutual makes first loans
Organizers of the proposed Walden Mutual Bank in Concord, N.H., have made their first loans, using seed capital raised as part of their de novo effort. The group has originated loans to a wholesale bakery in Katonah, N.Y.; an egg farm in Mont Vernon, N.H.; and a dairy farm in Cobleskill, N.Y., Charley Cummings, the […]
Piedmont Federal seeking flexibility with MHC move
Piedmont Federal Savings Bank in Winston-Salem, N.C., is seeking flexibility by forming a mutual holding company. The $1 billion-asset bank recently applied with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. related to the move. Creating an MHC would give Piedmont Federal more options for growth in the future […]
Bair one of three Fannie Mae director resigning
Three members of the Fannie Mae board, including former Federal Deposit Insurance Corp. Chairman Sheila Bair, are resigning. Bair, Antony Jenkins and Hugh Frater will step down from the GSE’s board on May 1, Fannie Mae said in a press release. Frater will also retire as Fannie Mae’s CEO, a position he has held since […]
BankUnited, TC Bancshares entering new markets
A pair of banks is testing new markets after hiring bankers. BankUnited in Miami Lakes, Fla., said in a press release Thursday that it opened a corporate banking office in Atlanta – its first location outside of Florida or New York. The $35.8 billion-asset company said the move is part of a “renewed effort” to […]
NY mutual applies to form municipal bank
Gouverneur Bancorp in Gouverneur, N.Y., is looking to form a municipal bank in conjunction with its pending acquisition of a commercial bank. The $133 million-asset parent of Gouverneur Savings and Loan Association applied for deposit insurance with the Federal Deposit Insurance Corp. for the proposed GS&L Municipal Bank. Gouverneur said in the application that it […]
Robert Sarver retiring as Western Alliance chairman
Robert Sarver is retiring as chairman of Western Alliance Bancorp. in Phoenix. The $50 billion-asset company said in a press release that Steve Hilton will also retire as a director at the conclusion of its annual meeting in June. Sarver, who was Western Alliance’s CEO from 2002 to March 2018, has been a director since […]
Hawaiian CU League hires banker as next CEO
A former banker has been hired to lead the Hawaii Credit Union League. The association said in a press release that its board had appointed Carol Marx as its new president and CEO, succeeding Dennis Tanimoto. Marx previously served as a retail sales manager for the mortgage banking division at Bank of Hawaii in Honolulu. […]
FDIC wants advance notice of banks’ crypto plans
The Federal Deposit Insurance Corp. has joined a growing list of federal agencies weighing in on financial institutions’ cryptocurrency activities. The FDIC on Thursday issued a letter to supervised banks making it clear that they should inform the agency if they are dealing in crypto or plan to do so. FDIC-supervised institutions should notify a […]
Payments provider Bolt to buy crypto-focused firm
Bolt, a payments provider based in San Francisco, has agreed to buy Wyre, a cryptocurrency infrastructure provider. Bolt said in a press release Thursday that it expects the acquisition of the San Francisco company to close later this year. The companies plan to collaborate on projects designed to provide mainstream, secure crypto usage for shoppers, […]
Bank of Marin in California selects next chairman
Bank of Marin Bancorp in Novato, Calif., will soon have a new chairman. The $4.3 billion-asset company said in a press release Thursday that Willie McDevitt will become the chairman on May 10. He has been a director since 2007 and vice chairman since 2015. McDevitt is a consultant to McDevitt Construction Partners, a company […]
ICBA invests in wealth management fintech
Unifimoney, a fintech that is building a wealth management platform for small banks and credit unions, has raised $10 million from investors that include the Independent Community Bankers of America. The San Francisco startup has a platform that includes trading in over 70 cryptocurrencies, along with passive and active investing in stocks, ETFs and precious […]
Republic First gets delisting warning from Nasdaq
Republic First Bancorp received a notice that its shares could be delisted from the Nasdaq after the Philadelphia company said it would be unable to file its annual report in a timely manner. The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that it received the written notification last week. The company has up […]
NY de novo working with fintech on fraud detection
Grasshopper Bank, a de novo in New York, is working with a fintech to improve its fraud detection capabilities. FiVerity said in a press release that it is working with the $299 million-asset digital-first bank. “FiVerity helps us take an aggressive approach to fraud detection,” Michael Butler, Grasshopper’s CEO, said in the release. The fintech’s […]
Unsolicited bid, market challenges led to Comunibanc sale
Comunibanc in Napoleon, Ohio, began to seriously explore selling itself after receiving an unsolicited offer last summer from an unnamed bank. The $329 million-asset parent of Henry County Bank would agree in January to be sold to Civista Banchares in Sandusky, Ohio, for $50.2 million in cash and stock. The deal is expected to close […]
Stripe-backed fintech Fast to close
Fast, a fintech that included Stripe among its financial backers, is closing. The startup, founded in 2020, allowed users to check out instantly without entering passwords or other account information. “Sometimes trailblazers don’t always make it all the way to the mountain top,” Domm Holland, the San Francisco company’s co-founder and CEO, tweeted Tuesday afternoon. […]
Alton Bancshares to buy Table Rock in Missouri
Alton Bancshares in Alton, Mo., has agreed to buy Table Rock Community Bank in Kimberling City, Mo. Alton, the parent of the $144 million-asset First Community Bank of the Ozarks and the $106 million-asset Alton Bank, said in a press release that it expects to buy the $150 million-asset Table Rock in the second or […]
Zions creates new expense line for tech costs
Zions Bancorp. in Salt Lake City created a new expense line item to break out costs tied to technology, telecom and information processing. The $93 billion-asset company disclosed in a regulatory filing Friday that those items had previously resided under the line items for “furniture, equipment and software” and for “other expenses” that included data […]
Piedmont Federal in NC to form MHC
Piedmont Federal Savings Bank in Winston-Salem, N.C., is looking to form a holding company. The $1 billion-asset bank filed applications with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency tied to the initiative. The filings weren’t immediately available. In a legal notice filed in conjunction with the applications, Piedmont […]