Select in N.C. discussed a merger with four banks
Select Bancorp in Dunn, N.C., decided early on to deal exclusively with First Bancorp in Southern Pines, N.C., according to a regulatory filing tied to their pending merger. The companies announced a $314 million deal in early June. First, a review of the acquisition’s terms: The deal, expected to close in the fourth quarter, priced […]
First Bancorp in N.C. sells insurance business
First Bancorp in Southern Pines, N.C., has sold its insurance business. The $7.7 billion-asset company disclosed in a regulatory filing Friday that Bankers Insurance in Glen Allen, Va., bought “substantially all” of the operating assets and certain liabilities tied to First Bank Insurance Services. Bankers Insurance paid $13 million upfront. The deal includes a future […]
The Loan Source buys another block of PPP loans
The Loan Source has acquired more Paycheck Protection Program loans. Blue Ridge Bankshares in Charlottesville, Va., disclosed in a regulatory filing Friday that it sold about $713 million of PPP loans to The Loan Source. Blue Ridge said it received about $706 million in cash proceeds for the loans. Blue Ridge said it used a […]
CFBank in Ohio winding down DTC mortgage business
CF Bankshares in Columbus, Ohio, is winding down its direct-to-consumer mortgage business. The $1.6 billion-asset parent of CFBank said in a press release Thursday that it had suspended the origination of new rate-lock commitments through the direct-to-consumer business, effective June 30. The bank will look to close out its existing loan pipeline and commitments in coming […]
Community Bank System buys employee benefits firm
Community Bank System in DeWitt, N.Y., has bought a company that provides consulting services tied to retirement plans and benefits. The $14.6 billion-asset company said in a press release Thursday that it acquired Fringe Benefits Design of Minnesota, which has offices in Minnesota and South Dakota. Fringe Benefits Design will become a unit of Benefit […]
German American lines up next phase of CEO succession
German American Bancorp will have a new CEO next year. The $5.2 billion-asset company said in a press release Thursday that D. Neil Dauby will succeed Mark Schroeder on Jan. 1. Schroeder will remain chairman. Schroeder plans to retire as an executive during the second quarter of 2022 but remain chairman until German American’s annual […]
Group in southern Georgia applies to form a bank
A group in Moultrie, Ga., is looking to form a bank. Organizers of the proposed Moultrie Bank & Trust filed an application with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The application wasn’t immediately available. The group is looking to raise $20 million to $25 million in initial capital, said Byron Richardson, […]
Live Oak in N.C. hires First Horizon CFO
Live Oak Bancshares in Wilmington, N.C., has hired the former chief financial officer at First Horizon to fill the same role. The $8.4 billion-asset Live Oak said in a press release Wednesday that B.J. Losch will also become CFO of its bank on Sept. 1. Losch will be responsible for the overall financial management of […]
Mid Penn to acquire Riverview Financial
Mid Penn Bancorp in Millersburg, Pa., has agreed to buy Riverview Financial in Harrisburg, Pa. The $3 billion-asset Mid Penn said in a press release Wednesday that it will pay $124.7 million in stock for the $1.4 billion-asset Riverview. The deal, which is expected to close in the fourth quarter, priced Riverview at 128% of […]
Trustmark sells $354M of PPP loans
Trustmark in Jackson, Miss., is the latest bank to sell Paycheck Protection Program loans to The Loan Source. The $16.9 billion-asset company disclosed in a regulatory filing Wednesday that it sold $354.2 million of PPP loans, or “substantially all” of its 2021 originations under the program. The Loan Source will assume responsibility for the servicing […]
Midland States to record 2Q gain from settling tax issue
Midland States Bancorp in Effingham, Ill., will report an after-tax gain of $2.9 million in the second quarter after settling a tax issue tied to government-assisted acquisitions in the wake of the 2008 financial crisis. The $6.9 billion-asset company said in a press release Tuesday that it will recognize a nearly $6.8 million tax benefit, […]
Valley bolstering NY footprint with Westchester deal
Valley National Bancorp in New York is expanding to the north with an agreement to buy Westchester Bank Holding in White Plains, N.Y. The $41 billion-asset Valley said in a press release Tuesday that it will pay $210 million in cash and stock for the $1.3 billion-asset parent of Westchester Bank. Another $10 million in […]
Dime in New York to close five branches
Dime Community Bancshares in Hauppauge, N.Y., plans to close five New York branches. The $13 billion-asset company said in a press release Tuesday that it will close three branches in Brooklyn and one each in Southampton and Wading River. The closures will take place in October. “We regularly review our distribution channels and these combinations […]
Chemung to pay $350k penalty as part of consent order
Chemung Financial in Elmira, N.Y., disclosed that its bank had entered into a consent order with the New York State Department of Financial Services to address alleged violations of the state’s fair lending law and federal Equal Credit Opportunity Act. The order, signed last week, addressed issues the state regulator raised with Chemung Canal Trust’s […]
Community State in Indiana lines up next CEO
Community State Bank in Avilla, Ind., will soon have a new CEO. The $347 million-asset bank said in a press release Tuesday that Will Thatcher will also become its president on July 1. He will succeed Stuart Hood, who is retiring after leading the bank for the last 12 years. Thatcher previously served as president […]
FineMark in Fla. raises $83M through private placement
FineMark Holdings in Fort Myers, Fla., has raised $82.5 million from a private placement. The $2.9 billion-asset parent of FineMark National Bank & Trust said in a press release Monday that it lined up buyers for 2.5 million shares of common stock. Initial shares were sold on Friday to qualified institutional buyers and accredited investors, […]
Apollo in Miami creates mortgage division
Apollo Bank in Miami, which tried unsuccessfully to sell itself to a credit union, has formed a residential lending division. The $850 million-asset bank’s new mortgage operation will focus on high-net-worth individuals in Southern Florida, according to the South Florida Business Journal. The move creates a dedicated group to build on Apollo’s existing mortgage lending […]
Fentura in Mich. heading west with Farmers State deal
Fentura Financial in Fenton, Mich., has agreed to buy Farmers State Bank in Munith, Mich. The $1.3 billion-asset Fentura said in a press release last week that it will pay $15.5 million in cash for the $104 million-asset Farmers State. The deal, which is expected to close in the fourth quarter, priced Farmers State at […]
JPMorgan Chase to buy ESG-focused fintech
JPMorgan Chase has agreed to buy OpenInvest, a San Francisco fintech that helps financial professionals customize and report on values-based investments. OpenInvest will retain its brand and be integrated into J.P. Morgan’s Private Bank and Wealth Management client offerings. The $3.7 trillion-asset JPMorgan did not disclose the price it will pay. The deal is expected […]
Dime sells $585M of PPP loans to The Loan Source
Dime Community Bancshares in Hauppauge, N.Y., has sold a block of Paycheck Protection Program loans to The Loan Source. The $13 billion-asset company said in a press release Monday that it sold more than $585 million of 2021 PPP originations, adding that it expects to report a pretax gain of roughly $20.5 million in the […]
Amerant in Fla. invests $2.5 million in robo adviser
Amerant Bancorp in Coral Gables, Fla., has invested $2.5 million in a robo adviser. Marstone in New York said it raised $5 million in the latest phase of Series A financing. The company has now raised a total of $20 million, with the first close taking place in May 2020. The $7.8 billion-asset Amerant accounted […]
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 […]