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 […]
Former Howard CEO Scully finds second act
Loyola University Maryland has hired a former bank CEO as the next dean of is business school. The university said in a press release that Mary Ann Scully will join the Rev. Joseph A. Sellinger, S.J., School of Business and Management on July 1. Scully co-founded Howard Bank and was its chairman and CEO for 18 years. […]
Proposed Colo. bank to delve into precious metals
A proposed bank in Colorado has a business plan that involves dealing in precious metals. Organizers of the proposed Battle Bank in Avon said in their application with the Federal Deposit Insurance Corp. that the de novo plans to offer clients opportunities to buy, sell, take delivery of, and store non-FDIC insured precious metals. The […]
De novo EntreBank opens in Minnesota
EntreBank has opened in Bloomington, Minn., just seven months after filing its application with the Federal Deposit Insurance Corp. The de novo opened after receiving conditional approval from the FDIC in January and raising nearly $45 million of initial capital, exceeding what was stipulated in the agency’s order. Organizers applied with the FDIC for deposit insurance in August. […]
Everett Co-operative in Mass. plans mutual conversion
Everett Co-operative Bank in Massachusetts is planning to convert from a mutual to a stock-owned company. The $733 million-asset mutual recently filed an application with the Federal Reserve tied to the planned conversion. It would operate as a unit of ECB Bancorp. ECB said in a prospectus that it plans to sell 7.9 million to […]
Dispute surfaces over nixed Amalgamated deal
Amalgamated Financial in New York said Amalgamated Bank of Chicago could pursue compensatory damager after their proposed merger fell through. The $6.9 billion-asset Amalgamated Financial announced in February that it had pulled its application to buy the $1 billion-asset Amalgamated Bank for $98.1 million in cash. The New York bank said it withdrew the application […]
Liberty in Conn. overhauls fees for deposit account
Liberty Bank in Middletown, Conn., created a checking account that replaces overdraft fees with a monthly maintenance fee. The $7.4 billion-asset bank said in a press release that the BankSmart product is designed to connect with more underbanked and unbanked consumers. The product includes free 24-hour in network ATM and online banking access, free monthly […]
BNY Mellon warns of 1Q revenue hit tied to Russian ops
Bank of New York Mellon in New York said it expects to take a notable revenue hit in the first quarter tied to a decision to suspend certain activities in Russia. The $444 billion-asset company disclosed in a regulatory filing Thursday that it had ceased new banking business in Russia and suspended investment management purchases […]
USAA hit with $140M in fines tied to BSA issues
USAA Federal Savings Bank in San Antonio has been ordered to pay a total of $140 million to the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency tied to lapses in its Bank Secrecy Act compliance. The $117 billion-asset bank will pay a $80 million civil money penalty to Fincen, […]
Organizing group looks to form bank in Colorado
A group with ties to EverBank are looking to form a de novo in Colorado. The group behind Battle Bank in Avon applied with the Federal Deposit Insurance Corp. on March 11 for deposit insurance. The application wasn’t immediately available. A public notice filled in connection to the application said Battle Bank would be a […]
MainStreet Bancshares president to retire
The president of MainStreet Bancshares in Fairfax, Va., is retiring. The $1.7 billion-asset company said in a press release Friday that Chris Brockett will retire on March 31. Brockett, who has been MainStreet’s president since January 2017, will remain on the company’s board. “As an accomplished career banker, Chris has insights and experience that will […]
Trustmark selling corporate trust business
Trustmark in Jackson, Miss., has agreed to sell its corporate trust business to Peoples Financial in Biloxi, Miss. The $17.6 billion-asset Trustmark said in a press release Thursday that it expects to sell the business in the second quarter. Peoples said in a regulatory filing that it will pay $650,000 for the business, subject to […]
Huntington hires Truist exec to oversee consumer banking
Huntington Bancshares in Columbus, Ohio, has hired a former Truist Financial executive to oversee its consumer and business banking operations. The $174 billion-asset Huntington said in a press release Wednesday that Brant Standridge will become president of consumer and business banking in early April. He will oversee the company’s branches, business banking, mortgage and home lending […]