Citizens State in Texas to buy neighboring bank
Citizens State Bank in Somerville, Texas, has agreed to buy Burton State Bank in Texas. The $840 million-asset Citizens State said in a press release Monday that the deal for the $85 million-asset Burton State should close later this year. Citizens State did not disclose the price it will pay. Burton State has one branch. […]
Northeast Bank in Maine to leverage PPP relationships
Northeast Bank in Portland, Maine, is planning to ramp up efforts to offer traditional Small Business Administration loans to small businesses that participated in the Paycheck Protection Program. The $2.2 billion-asset bank disclosed in a regulatory filing that it has reached a five-year agreement with United Operations and AmLoan to market 7(a) loans to PPP […]
New York Community enters blockchain partnership
New York Community Bancorp in Westbury is planning to work with Figure Technologies on a series of blockchain projects. The $57.5 billion-asset New York Community said in a press release Monday that it expects to use Figure’s Provenance Blockchain to support financial inclusion, lower costs and complexity in its mortgage business and support a faster […]
Senate bill would expand SBLC program to add fintechs
Sens. John Hickenlooper, D-Colo., and Sens. Tim Scott, R-SC, have introduced a bill that would lift the moratorium on issuing new Small Business Lending Company licenses and allow fintechs to participate in the Small Business Administration’s 7(a) program. Fintechs were given their first access to SBA lending as part of the Paycheck Protection Program. “Our […]
Amalgamated in N.Y. adds former banker to board
Amalgamated Financial in New York has added a former banker to its board. The $6.6 billion-asset company said in a press release that Darrell Jackson is its newest director. Jackson is president and CEO of The Efficace Group, an executive coaching business. “We are thrilled to welcome Darrell as a valuable member of our team,” […]
N.C. de novo raises more capital to back growth goals
Triad Business Bank, a Greensboro, N.C. de novo that opened last year, has raised $15 million in new capital. The $267 million-asset bank said in a press release this week that it sold 1.5 million shares of stock on Aug. 3 for $10 each as part of an oversubscribed offering. A third of the shares […]
Minnwest to buy Roundbank in Minnesota
Minnwest Bank in Redwood Falls, Minn., has agreed to buy Roundbank in Waseca, Minn. The $2.4 billion-asset Minnwest said in a press release that it expects to complete the purchase of the $385 million-asset Roundbank by the end of this year. The bank did not disclose the price it will pay. The proposed acquisition “represents […]
GreenSky downplays impact of Truist ending loan pact
GreenSky in Atlanta said plans by Truist Financial in Charlotte, N.C., to end a loan origination agreement will not have a material impact on its profitability. The point-of-sale lender disclosed in a regulatory filing Wednesday that it had received notice from the $522 billion-asset Truist a day earlier that the regional bank would terminate the […]
Lake Area Bank in Minn. to sell to Royal Credit Union
Royal Credit Union in Eau Claire, Wis., has agreed to buy Lake Area Bank in Lindstrom, Minn. The $3.7 billion-asset credit union said in a press release Thursday that it expects to close the deal for the $500 million-asset Lake Area in the first quarter of 2022. Royal did not disclose the price it will […]
Tennessee credit union to buy Financial Federal Bank
Orion Federal Credit Union in Memphis, Tenn., has agreed to buy Financial Federal Bank in Memphis. The $1 billion-asset credit union said in a press release Wednesday that it will pay cash for the $751 million-asset Financial Federal. Orion did not disclose the price it will pay. “This transaction positions Orion to be a fierce […]
Provident in Mass. sets big goal for crypto-related income
Provident Bancorp in Amesbury, Mass., has set an ambitious goal for its dealings in crypto-related businesses. The $1.6 billion-asset company disclosed in a recent presentation that it plans to bring in more than $1 million in fee income next year from cash vault services for Bitcoin ATMs, also known as BTMs. Provident also shared in […]
Truist to buy home-improvement lender for $2 billion
Truist Financial in Charlotte, N.C., has agreed to buy Service Finance, a Boca Raton, Fla., company that makes point-of-sale loans for home-improvement projects. The $522 billion-asset Truist said in a press release Tuesday that it will pay $2 billion to Canadian-based ECN Capital for Service Finance. The deal is expected to close later this year. […]
National Bank in Denver invests in blockchain fintech
National Bank Holdings in Denver has invested in a blockchain fintech firm as part of a broader effort to build a comprehensive digital platform. The $7.1 billion-asset company said in a press release Tuesday that it will work with Figure Technologies on a variety of blockchain-related initiatives. National Bank did not disclose the size of […]
Simmons in Arkansas forms equipment-finance division
Simmons First National in Little Rock, Ark., has created an equipment finance division after hiring 11 commercial bankers. The $23.4 billion-asset company said in a press release Tuesday that Lee Palm will serve as president of the new division. Palm previously served as president of commercial finance at TCF Financial. Brian Shapiro, another former TCF […]
Valley was one of seven bidders for Westchester Bank
Valley National Bancorp in New York had to raise its offer to strike a deal for Westchester Bank Holding in White Plains, N.Y. The $41.3 billion-asset Valley was the largest of seven bidders for the $1.3 billion-asset Westchester, according to a regulatory filing tied to the pending $210 million acquisition. Valley was coaxed to boost […]
Orange County Bancorp in N.Y. raises $35M from IPO
Orange County Bancorp in Middletown, N.Y., raised $35.2 in net proceeds from its initial public offering. The $1.9 billion-asset company said in a press release Monday that it sold nearly 1.2 million shares of common stock at $33.50 a share. About 150,000 shares were sold as part of the underwriters’ overallotment option. The company said […]
First Financial in Indiana to buy Hancock in Kentucky
First Financial in Terre Haute, Ind., has agreed to buy Hancock Bancorp in Hawesville, Ky. The $4.8 billion-asset First Financial said in a press release Tuesday that it will pay $31.4 million in cash for the $334 million-asset parent of Hancock Bank & Trust. The deal is expected to close in the fourth quarter. First […]
First BanCorp in P.R. sells block of nonperforming loans
First BanCorp in San Juan, Puerto Rico, sold $52.5 million of nonperforming mortgages. The $21.4 billion-asset company disclosed in a quarterly regulatory filing that it received an unsolicited offer to buy the loans, along with $2 million of related servicing rights. First BanCorp said it received $31.5 million, or 58% of book value before reserves, […]
Columbia fast-tracked its first bank deal since 2017
It only took Columbia Banking System in Tacoma, Wash., three months to hammer out its first bank acquisition in more than three years. The $17.3 billion-asset company agreed in June to buy the $1.8 billion-asset Bank of Commerce Holdings in Sacramento, Calif., for $266 million. The acquisition will provide Columbia with its first branches in […]
BTC entering new markets with Home Exchange deal
BTC Bank in Bethany, Mo., has agreed to buy Home Exchange Bank in Jamesport, Mo. The $704 million-asset BTC said in a press release that it expects to complete the purchase of the $148 million-asset Home Exchange later this year. BTC did not disclose the price it will pay. BTC will have 16 branches after […]
Arbor-FNBH deal in Michigan back on track
Arbor Bancorp in Ann Arbor, Mich., has revived plans to buy FNBH Bancorp in Howell, Mich. The $2.5 billion-asset Arbor said in a press release Monday that it will pay $116.5 million in cash for the $647 million-asset parent of First National Bank in Howell. The deal is expected to close by the end of […]
Sunnyside in N.Y. gets another unsolicited buyout offer
Sunnyside Bancorp in Irvington, N.Y., has received another offer from a would-be acquirer. Kenneth Torsoe, an investor in Suffern, N.Y., said in a press release Friday that he wants to form a holding company and buy the parent of Sunnyside Federal Savings and Loan Association for $20 a share in cash. The $99 million-asset Sunnyside […]
OFG Bancorp unit leads $3M investment in Nymbus
OFG Bancorp in San Juan, Puerto Rico, has invested in Nymbus. Nymbus, a fintech that helps banks and credit unions with loan originations and digital products, said in a press release Thursday that OFG Ventures, a unit of the $10.5 billion-asset OFG Bancorp, led a $3 million round of financing. Nymbus said the funding will […]
Citizens in R.I. to buy valuation advisory firm
Citizens Financial Group in Providence, R.I., has agreed to buy Willamette Management Associates, a valuation consulting and forensic analysis firm. The $185.1 billion-asset Citizens said in a press release Thursday that it expects to close the deal later this quarter. It did not disclose the price it will pay. Willamette Management, formed in 1969, has […]
Locality Bank organizers start raising capital
Organizers of Locality Bank in Fort Lauderdale, Fla., has started raising the funds needed to open the proposed bank. The group said in a press release Thursday that it has $19 million in commitments from local business leaders. The organizers have set a goal of $23 million in initial capital. “Our founders, organizers and directors […]