Popular buying its digital bank, applications from Evertec
Popular Inc. in San Juan, Puerto Rico, has agreed to buy its customer experience and key client-facing applications from Evertec. The $75 billion-asset Popular disclosed in a regulatory filing Thursday that it will pay $197 million for the assets by lowering its stake in Evertec from about 16% to 10.5%. The acquisition includes the Mi […]
Professional Holding in Fla. makes sudden CEO swap
Professional Holding in Coral Gables, Fla., has made an abrupt change in leadership. The $2.7 billion-asset company said in a press release Thursday that Abel Iglesias has been elected CEO, effective immediately. Iglesias, who joined Professional in 2013, has been its bank’s president since 2016. Iglesias succeeded Daniel Sheehan, who parted ways with Professional “by […]
Origin in La. strengthens Dallas ops with acquisition
Origin Bancorp in Ruston, La., has agreed to buy BT Holdings in Quitman, Texas. The $7.9 billion-asset Origin said in a press release Thursday that it will pay $313.5 million in stock for the $2 billion-asset parent of BTH Bank. The deal, which is expected to close in the second half of 2022, priced BT […]
Texas Capital expands HBCU certificate program
Texas Capital Bancshares in Dallas has expanded its commercial lending certificate program for historically black colleges and universities to include Huston-Tillotson University in Austin, Texas. The $34.7 billion-asset Texas Capital, through a partnership with the American Bankers Association, already offers the certificate at Prairie View A&M University in Prairie View, Texas. The program was launched […]
Ex-FDIC innovation chief: Agencies ill-equipped for tech challenges
The former chief innovation officer at the Federal Deposit Insurance Corp. delivered a stinging criticism of federal banking agencies days after leaving his post. Sultan Meghji, who resigned from the FDIC on Feb. 18, wrote in an op-ed for Bloomberg that he “found barriers to innovation” at virtually every agency he worked with. He collaborated […]
SoFi to buy cloud-based banking platform for $1.1 billion
SoFi Technologies in San Francisco has agreed to buy Technisys, a cloud-based, digital banking platform. SoFi said in a press release Tuesday that it will pay about $1.1 billion in stock for Miami-based Technisys. The deal is expected to close in the second quarter. “Technisys has built an attractive, fast-growth business with a unique and […]
Auburn National selling land near HQ for $4.3 million
Auburn National Bancorp. in Auburn, Ala., has agreed to sell land next to its corporate headquarters. The $1.1 billion-asset company disclosed in a regulatory filing Tuesday that it will part with 0.85 acres of land for nearly $4.3 million. The company said it expects the sale to be accretive to its earnings by about 70 […]
Five Star Bank entering Baltimore, Washington markets
Financial Institutions in Warsaw, N.Y., is entering the Baltimore and Washington markets after hiring a team of commercial lenders from Howard Bank. The $5 billion-asset parent of Five Star Bank said in a press release Tuesday that it hired John Mangan as its Mid-Atlantic president. He previously served as senior vice president and team lead […]
RBB CEO takes leave as company conducts probe
RBB Bancorp in Los Angeles is conducting a probe tied to its longtime president and CEO. The $4.2 billion-asset company said in a press release Tuesday that Alan Thian had taken a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of its board. The company did not disclose […]
Georgia’s Own Credit Union lines up bank acquisition
Georgia’s Own Credit Union in Atlanta has agreed to buy Vinings Bank in Smyrna, Ga. The $3.4 billion-asset Georgia’s Own said in a press release Monday that it will keep all of the $653 million-asset Vinings’ employees. Georgia’s Own, which bought State Bank of Georgia in 2018, did not disclose the price it will pay. […]
M&T, People’s United extend merger deadline
M&T Bank in Buffalo, N.Y., and People’s United Financial in Bridgeport, Conn., have extended the deadline for their merger agreement by more than three months. The $143 billion-asset M&T and the $60 billion-asset People’s United said in a press release Friday that the end date was moved from Feb. 21 to June 1. While the […]
Solera in Colorado parts ways with another CEO
Solera National Bancorp in Lakewood, Colo., is again looking for a new leader. The $651million-asset company said in a press release Friday that Kreighton Reed had resigned as its president and CEO, effective Jan. 24. Peter Lindquist, Solera’s chief credit officer, resigned on Dec. 10. “We thank Kreighton and Peter for their many contributions to […]
Fintech-focused MVB to unveil new three-year plan
MVB Financial in Fairmont, W.Va., is set to discuss its next three-year plan. The $2.8 billion-asset company said in a press release that the plan, called MVB F1, will debut at an investor day in Las Vegas set to take place on March 14-15. The fintech-focused MVB recently completed its last three-year plan. Its 2021 […]
Capitol Federal reportedly prepping core system upgrade
Capitol Federal Financial in Topeka, Kan., is set up upgrade its core back-office system aa it nears $10 billion of assets. The $9.6 billion-asset company plans to complete the conversion in September 2023, Andrew Liesch, an analyst at Piper Sandler, wrote in a note to clients following meetings with top executives. “This new core should […]
Middlefield in Ohio selects insider as next CEO
Middlefield Banc in Middlefield, Ohio, will have a new CEO in a few weeks. The $1.3 billion-asset company said in a press release Thursday that James Heslop II, its chief operating officer, will also become its president on April 1. He will succeed Thomas Caldwell, who is retiring. Caldwell will also retire from Middlefield’s board. […]
Truist agrees to buy title insurance company
Truist Financial in Charlotte, N.C., has agreed to buy Kensington Vanguard National Land Services, a title insurance company in New York. The $517 billion-asset Truist said in a press release that it will integrate its existing unit, BridgeTrust Title, into the Kensington Vanguard platform. Truist did not disclose the price it will pay. The acquisition is […]
Zions to buy three Nevada branches from RBC
Zions Bancorp. in Salt Lake City has agreed to buy three branches in northern Nevada from Royal Bank of Canada. The $65 billion-asset Zions said in a press release that its Nevada State Bank division will gain locations in Reno, Carson City and Minden. Royal Bank of Canada inherited the branches from its 2015 acquisition […]
Sterling in Mich. to sell hotel-related CRE loans
The turnaround story at Sterling Bancorp in Southfield, Mich., continues. The $3.1 billion-asset company said in a press release Thursday that it has agreed to sell a pool of commercial real estate loans to an unnamed buyer. The pool includes 21 loans with an aggregate outstanding balance of $56.8 million. The loans, which are primarily secured […]
Peoples in Ohio to buy equipment leasing firm
Peoples Bancorp in Marietta, Ohio, has agreed to buy Vantage Financial, a nationwide provider of equipment financing. The $7.1 billion-asset Peoples said in a press release Wednesday that it will pay $54 million in cash for the Excelsior, Minn., lender. Peoples will also repay about $21 million of recourse debt on behalf of Vantage. The […]
Webster to buy cloud-based HSA platform
Webster Financial in Stamford, Conn., has agreed to buy Bend Financial, a cloud-based platform tied to health savings accounts. The $65 billion-asset Webster said in a press release Wednesday that it plans to complete the acquisition by the end of March. Webster did not disclose the price it will pay for the Boston company, which […]
Live Oak hires exec to manage embedded banking push
Live Oak Bancshares in Wilmington, N.C., has hired an executive to oversee its embedded banking efforts. The $8.2 billion-asset company said in a press release Tuesday that Jake Tupa, as head of embedded banking, will report to Stephanie Mann, its executive vice president of corporate development and strategy. Tupa previously worked at Choice Financial and […]
MasterCard hiring push to bulk up crypto, ESG services
Mastercard in Purchase, N.Y., plans to hire more than 500 young professionals to expand its data and services division in a move that includes the creation of consulting groups for open banking and cryptocurrency. The payments company said in a press release Tuesday that it will also form a consulting group that will focus on […]
Longview in Illinois to buy neighboring bank
Longview Capital in Newman, Ill., has agreed to buy Farmers Bank of Mt. Pulaski in Mount Pulaski, Ill. The $665 million-asset Longview said in a press release Tuesday that it will pay cash for the $66 million-asset Farmers Bank. Longview did not disclose the price it will pay. The deal is expected to close in […]
DoorDash forms division to make restaurant loans
DoorDash has formed a division that will make business loans to restaurants. DoorDash Capital will allow merchants to use the delivery service’s app to apply for loans that could be used to buy equipment, apply for business and liquor licenses, make payroll and pay rent. The company has already made some loans, based on testimonialsincluded […]
Two investor groups back new directors at Republic First
An investor group looking to oust Vernon Hill as CEO of Republic First Bancorp is backing another shareholder’s effort to have three directors added to the Philadelphia company’s board. George Norcross III, Gregory Braca and Philip Norcross said in a regulatory filing that they intend to support the nominees submitted by Driver Management. They also […]