Exec at bank selling to credit union gives up ABA post
Rita Lowman, whose bank is being sold to a credit union, has resigned from the board of the American Bankers Association. Lowman is president of Pilot Bank in Tampa, Fla., which announced plans earlier this month to sell to Lake Michigan Credit Union in Grand Rapids, Mich. Her resignation was first reported by the Tampa […]
TS Banking to buy State Bank of Arcadia in Wisconsin
TS Banking Group in Treynor, Iowa, has agreed to buy State Bank of Arcadia in Wisconsin. The $1.5 billion-asset TS Banking said in a press release Wednesday that the $210 million-asset State Bank will be merged into its First National Bank and Trust. The deal is expected to close in the third quarter. TS Banking […]
AI-focused firm in Chicago applies to form a bank
A Chicago company that provides AI solutions for lenders is looking to form a digital-only bank. Organizers of the proposed Beta Bank submitted an application on Monday with the Federal Deposit Insurance Corp. for deposit insurance. The bank would operate as a subsidiary of Beta Financial Services, according to the application. Beta Financial plans to apply with […]
Popular adds fintech consultant to its board
Popular in San Juan, Puerto Rico, has added a fintech expert to its board. The $67 billion-asset company said in a press release Friday that Betty DiVita had become a director. DeVita is chief business officer and a director at FinConecta, a technology firm focused on the digitalization of finance and open banking. She is […]
First Internet taps insider as next president
First Internet Bancorp in Fishers, Ind., will soon have a new president. The $4.2 billion-asset company said in a press release Thursday that Nicole Lorch will remain chief operating officer when she adds the new title on June 30. Lorch will succeed David Becker, who will remain chairman and CEO. She will also serve as president […]
Columbia Banking entering California with $266M deal
Columbia Banking System in Tacoma, Wash., will enter California with its pending purchase of Bank of Commerce Holdings in Sacramento. The $17.3 billion-asset Columbia said in a press release Wednesday that it will pay $265.6 million in stock for the $1.8 billion-asset parent of Merchants Bank of Commerce. The deal is expected to close in […]
Cross River in N.J. buys data analytics firm
The parent company of Cross River Bank in Fort Lee, N.J., has acquired a data and risk analytics firm. CRB Group said in a press release Wednesday that it bought Synthetic P2P Holdings, which operates as PeerIQ. The company helps fintechs and banks analyze, assess and manage risk in the lending sector. CRB, which did […]
Farmers National expanding in NE Ohio with latest deal
Farmers National Banc in Canfield, Ohio, has agreed to buy Cortland Bancorp in Cortland, Ohio. The $3.3 billion-asset Farmers National said in a press release Wednesday that it will pay $124 million in cash and stock for the $792 million-asset Cortland. The deal, which is expected to close in the fourth quarter, priced Cortland at […]
Fifth Third to acquire health care focused fintech
Fifth Third Bancorp in Cincinnati has agreed to buy Provide, a digital platform for health care practices. The $207 billion-asset Fifth Third said the acquisition will add capabilities to address complex lending and banking needs for retail health care providers. Fifth Third did not disclose the price it will pay. “Over the last decade, Fifth […]
Nicolet to buy ag lender County Bancorp
Nicolet Bankshares in Green Bay, Wis., has agreed to buy County Bancorp in Manitowoc, Wis. The $4.5 billion-asset Nicolet said in a press release Tuesday that it will pay $219 million in cash and stock for the $1.5 billion-asset parent of Investors Community Bank. The deal, which is expected to close in the fourth quarter, […]
First Commonwealth forms equipment-finance business
First Commonwealth Financial in Indiana, Pa., has created an equipment finance division. The $9.4 billion-asset company said in a recent press release that it had hired Rob Boyer to serve as president of First Commonwealth Equipment Finance Group. Boyer recently served as a senior director at TCF Bank, according to his LinkedIn profile. He was […]
Middlefield Banc CEO to retire in 2022
Middlefield Banc Corp. in Middlefield, Ohio, is looking for a new leader. The company said in a press release Friday that Thomas Caldwell plans to retire as president and CEO in March 2022. Middlefield said it has begun looking at internal and external candidates to succeed Caldwell. Caldwell has been Middlefield’s president and CEO for […]
RCB in Oklahoma to buy family-owned bank
RCB Holding in Claremore, Okla., has agreed to buy Oklahoma State Bancshares in Vinita. The $3.7 billion-asset RCB said in a press release that it expects to buy the $306 million-asset parent company of Oklahoma State Bank and Lakeside Bank in the third quarter. RCB did not disclose the price it will pay. “What attracted […]
Columbia in N.J. lines up mutual merger with Freehold
Columbia Financial in Fair Lawn, N.J., has agreed to buy Freehold Bancorp in Freehold, N.J. The $9 billion-asset Columbia said in a press release Thursday that the $300 million-asset Freehold will convert to a federal savings bank and operate as a wholly-owned subsidiary. Freehold Bank will be merged into Columbia Bank two years after the […]
Cross River Bank forms VC division to invest in startups
Cross River Bank in Fort Lee, N.J., has formed a venture capital division to invest in fintechs and other startups. The $13.5 billion-asset company said that Cross River Digital Ventures will also evaluate companies involved with lending, payments and investing. The bank already serves as the regulated financial institution for several fintechs. “Cross River already […]
Sunnyside in N.Y. opts for unsolicited takeout offer
Sunnyside Bancorp in Irvington, N.Y., has terminated an agreement to be sold to a Florida real estate firm to instead sell to group tied to a New York real estate investor. The $98 million-asset Sunnyside agreed in March to a deal with DLP Real Estate Capital in Saint Augustine, Fla., valued at $12.3 million. Shortly […]
How Equity in Kan. learned American State was in play
Equity Banchshares in Wichita, Kan., didn’t waste time getting the S-4 out for its pending acquisition of American State Bancshares in Wichita. The $73.6 million deal, announced last month, would bolster the $4.2 billion-asset Equity’s operations in its home state. First, a review of the acquisition’s terms: The deal, which is expected to close in […]
Arizona group planning bank focused on small business
Organizers in Arizona have applied to form a Integro Bancorp in Phoenix. The group submitted an application with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance. The application did not disclose how much initial capital organizers plan to raise. In an April announcement posted on LinkedIn, they said the proposed bank would be […]
Lake Michigan Credit Union to buy another Fla. bank
Lake Michigan Credit Union in Grand Rapids, Mich., is doubling down in Florida with an agreement to buy Pilot Bank and National Aircraft Finance. The $10.4 billion-asset credit union said in a press release Wednesday that it will pay about $96.6 million in cash for the $656 million-asset Pilot. The deal is expected to close […]
Eggemeyer joins board of Primis Financial in Virginia
Primis Financial in Charlottesville, Va., has added a prominent bank investor to its board. The $3.3 billion-asset company said in a press release Tuesday that John Eggemeyer had agreed to become a director. Eggemeyer is the founder and chairman of Castle Creek Capital, which has invested in banks for three decades. He has been the […]
SunTrust freed from Fed order predating BB&T merger
The Federal Reserve has freed SunTrust Bank from a November 2019 consent order it handed down before approving the bank’s sale to BB&T in the deal that created Truist Financial. SunTrust was hit with the order due to unfair and deceptive practices tied to “misleading or inaccurate statements” it made between 2013 and 2017 about […]
A look at the Bank of Marin-American River merger
Let’s take a look at some of the behind-the-scenes action for Bank of Marin Bancorp’s pending purchase of American River Bankshares in Sacramento, Calif. First, a review of the deal’s terms: Bank of Marin, a $3.1 billion-asset company in Novato, Calif., agreed to buy the $916 million-asset American River on April 19 for $134.5 million […]
HomeTrust closing nine branches under efficiency push
HomeTrust Bancshares in Asheville, N.C., plans to close nine branches in three states as part of a broader efficiency effort. The $3.6 billion-asset company said in a press release Tuesday that it will also restructure its balance sheet and bring Small Business Administration loan servicing in-house. The moves are expected to increase annual pretax income […]
Pinnacle hires nine BBVA bankers to enter Ala. market
Pinnacle Financial Partners in Nashville, Tenn., will enter Huntsville, Ala., after hiring nine former bankers from BBVA USA. The $35 billion-asset Pinnacle said in a press release Monday that it brought on four financial advisers, a credit adviser, an office leader and three support and processing associates. The group is led by Jason Baldwin, a […]
Mortgage lender agrees to buy Texas community bank
Cornerstone Home Lending in Houston has agreed to buy Roscoe State Bank in Texas. Cornerstone did not disclose the price it will pay for the $213 million-asset Roscoe State or when it expects to complete the acquisition. The acquisition “will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of […]