JPMorgan Chase to buy Irish software firm
JPMorgan Chase in New York has agreed to buy Global Shares, an Irish company that provides cloud-based share plan management services. The $3.7 trillion-asset JPMorgan said in a press release Tuesday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will pay. […]
OceanFirst hires former First Midwest CFO
OceanFirst Financial in Red Bank, N.J., has hired the former chief financial officer at First Midwest Bancorp to fill the same post. The $11.7 billion-asset OceanFirst said in a press release Thursday that Patrick Barrett will join the company as executive vice president of finance on April 18, then succeed Michael Fitzpatrick as CFO on […]
Wisconsin’s IncredibleBank planning first Florida branch
IncredibleBank in Wausau, Wis., is making a push into Florida. The $1.8 billion-asset bank is planning to enter the Sunshine State with a full-service branch in Cape Coral. Todd Nagel, the bank’s president and CEO, said the plan is to open the branch in the first quarter of 2023. The bank will have 10 employees […]
Eagle Bancorp Montana lines up CEO succession
Eagle Bancorp Montana in Helena is promoting an insider to become its next CEO. The $1.4 billion-asset company said in a press release Wednesday that Laura Clark will also succeed Peter Johnson as its president. Johnson, who plans to retire on Dec. 31, will remain on the board. Clark, Eagle’s chief financial officer and chief […]
Fulton CEO Wenger to retire in December
E. Phillip Wenger plans to retire as chairman and CEO of Fulton Financial in Lancaster, Pa. The $26 billion-asset Fulton said in a press release Wednesday that Wenger will step down on Dec. 31 after 43 years at the company. Wenger, who became CEO in 2013, will remain on the board. Curtis Myers, Fulton’s president […]
Heartland strips Fuller of chairman role
Heartland Financial USA has removed Lynn Fuller as chairman after the Dubuque, Iowa, company’s retired CEO openly questioned its strategic direction and pressed for the board to find a buyer. The $19.3 billion-asset company said in a press release Wednesday that the board had appointed John Schmidt to serve as independent chairman. He joined the […]
Wisconsin merger to create $3B asset bank
Monona Bank and State Bank of Cross Plains are planning to merge. The Wisconsin banks said in a press release Tuesday that the deal is expected to close by the end of this year. They did not disclose any financial details. The $1.2 billion-asset Monona Bank and the $1.7 billion-asset State Bank of Cross Plains […]
Trustmark in Miss. to eliminate NSF fees
Trustmark in Jackson, Miss., has joined a growing list of banks that are eliminating nonsufficient funds fees. The $17.6 billion-asset company disclosed in a Tuesday regulatory filing that it plans to do away with NSF fees by the end of this year. Trustmark said the move could reduce annual revenue by about $2 million in […]
Arizona de novo effort hires placement agent
Organizers of a proposed de novo bank in Phoenix have hired an investment bank to assist it with raising capital. Integro Bank said in a press release Tuesday that it had retained PNC Capital Markets as its placement agent. The organizing group said in on its website that it is looking to bring in $26.7 […]
Ohio mutual to convert, hire new CEO
Van Wert Federal Savings Bank in Van Wert, Ohio, which is planning to convert to a stock-owned company, disclosed that it is also looking to hire a new president and CEO. The $134 million-asset mutual said in a prospectus that it plans to sell 1.85 million to 2.51 million shares of stock in VWF Bancorp […]
Southern Missouri Bancorp taps new bank CEO
Southern Missouri Bancorp in Poplar Bluff has promoted its chief financial officer to serve as president and CEO of its bank. The $3.2 billion-asset Southern Missouri said in a press release Friday that Matthew Funke had also been named the company’s president and chief administrative officer, effective July 1. He is expected to join the […]
MVB to buy stake in mortgage firm with direct-to-consumer angle
MVB Financial in Fairmont, W.Va., plans to buy a minority stake in a mortgage company. The $2.8 billion-asset company said in a press release Monday that it will acquire a 38% interest in Warp Speed Holdings for $48 million in cash and stock. The deal is expected to close in mid-2022. Warp is the parent […]
Amerant to consolidate chairman, CEO titles
Amerant Bancorp in Coral Gables, Fla., is consolidating the roles of chairman and CEO. The $7.6 billion-asset Amerant said in a press release that Jerry Plush, its president and CEO, will succeed Frederick Copeland Jr. as chairman when Copeland retires after the company’s June 8 annual meeting. Amerant said that J. Guillermo Villar will also […]
First Republic taps insider as its permanent CEO
First Republic Bank in San Francisco has a new permanent CEO. The $173 billion-asset bank said in a press release Monday that Mike Roffler, who had been its interim co-CEO since January, has the role for good. He will remain the bank’s president. Jim Herbert, who founded the bank in 1985 and is set to […]
Investor offers to buy majority stake in Republic First
An investor group looking to oust Republic First Bancorp CEO Vernon Hill has offered to buy a majority stake in the Philadelphia company. The group, which includes George Norcross III and Gregory Braca, said in a regulatory filing that they sent a nonbinding proposal to Republic First’s investment bank. The offer includes an initial direct […]
VyStar-Heritage Southeast deadline extended again
VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bank in Jonesboro, Ga., have agreed to extend the deadline for their merger for a second time. The $11 billion-asset VyStar and the $1.6 billion-asset Heritage Southeast have pushed the deadline for their deal to March 31. The financial institutions announced in October that the deadline […]
Fifth credit union-bank deal of 2022 announced
Horizon Bancorp in Lake Havasu City, Ariz., has agreed to sell its bank to Arizona Federal Credit Union in Phoenix. The $2.8 billion-asset Arizona Federal plans to buy the $540 million-asset Horizon Community Bank for $91.4 million in cash. Arizona Federal also agreed to cover a portion of Horizon Community’s expected federal income tax liability […]
MLS to borrow $25M from group of Black-owned banks
Major League Soccer will borrow $25 million from a group of Black-owned banks. The league said in a press release Thursday that the lending group includes Carver Bancorp in New York and Citizens Trust Bank in Atlanta. The loan was facilitated by the National Black Bank Foundation (NBBF), a nonprofit. “Major League Soccer’s partnership with […]
BOK Financial records unrealized losses tied to MBS
BOK Financial in Tulsa, Okla., has recorded $50 million of pretax losses to reduce the carrying value of certain trading securities. The $50.2 billion-asset company said in a regulatory filing Wednesday that the losses have been recorded since March 4. Most of the recorded losses are unrealized; they could fluctuate over the rest of the […]
USDF Consortium adds three member banks
Three more banks have joined a group dedicated to blockchain initiatives. Amerant Bancorp in Coral Gables, Fla.; ConnectOne Bancorp in Englewood Cliffs, N.J.; and Primis Financial in McLean, Va., have joined the USDF Consortium in San Francisco. The consortium said it will move to a tier-based participation model while eliminating the minimum $1 billion-asset threshold […]
BNY Mellon to have new CEO in September
Bank of New York Mellon will have a new CEO this summer. The $444 billion-asset company said in a press release Thursday that Todd Gibbons will retire on Aug. 31. Robin Vince, the company’s chairman and CEO of global market infrastructure, has been named president and CEO-elect and will succeed Gibbons following his retirement. Gibbons, […]
BayFirst director resigns following loan-related dispute
A loan dispute is seemingly at the root of a director’s abrupt resignation at BayFirst Financial in St. Petersburg, Fla. The $917 million-asset company disclosed in a regulatory filing Wednesday that it asked Trifon Houvardas to step down. He resigned on March 4. BayFirst said, prior to his resignation, Houvardas had guaranteed a loan to […]
Former Heartland CEO pushes bank to consider selling
Lynn Fuller, who made a number of acquisitions as CEO of Heartland Financial USA, now wants the Dubuque, Iowa, company to consider finding a buyer. Fuller, who retired as CEO in 2018, is part of group that sent a letter to the $19.3 billion-asset company’s board on March 8 “expressing concerns” about management’s decisions tied […]
Lake Shore discloses unauthorized data access
Lake Shore Bancorp in Dunkirk, N.Y., disclosed that someone gained unauthorized access to data in its internal systems. The $714 million-asset company said in a regulatory filing that its bank experienced a data security incident in November that barred employees from accessing internal systems and data for “a limited period of time.” The bank immediately […]
First Republic’s Herbert returning from medical leave
First Republic Bank in San Francisco expects its founder to return from medical leave next month. The $173 billion-asset bank disclosed in a regulatory filing the co-CEO Jim Herbert will be back on April 4. He has also been reappointed to the board. The leave of absence began on Jan. 1 and was expected to […]