FinWise in Utah names new president, chief financial officer
FinWise Bancorp in Murray, Utah, has a new president. The $586.2 million-asset company disclosed in a regulatory filing that James Noone will remain president of unit FinWise Bank. He succeeded Kent Landvatter, who remains chairman and CEO. Separately, Finwise hired Robert Wahlman as chief financial officer. Wahlman, who previously served as CFO at Axiom Bancorp, […]
OptimumBank in Fla. raises $8M from private placement
OptimumBank Holdings in Ft. Lauderdale, Fla., raised nearly $8 million by selling common and preferred stock. The $791 million-asset company disclosed in a regulatory filing that it entered into subscription agreements with six investors to sell 1.5 million shares of common stock and 526,000 preferred shares. OptimumBank also entered into registration rights agreements […]
Five Star in Calif. to raise $71M in common stock offering
Five Star Bancorp in Rancho Cordova, Calif., is looking to raise about $71 million from selling common stock. The $3.6 billion-asset company said in a press release that it should complete the offering on April 1. Five Star plans to use the offering’s net proceeds for general corporate purposes and to support continued growth. Keefe, […]
Old National CFO on leave as he faces molestation charges
Old National Bancorp in Evansville, Ind., has put its chief financial officer on leave following his arrest on child molestation charges. The $52.4 billion-asset company disclosed in a regulatory filing that its board placed Brendon Falconer on leave after becoming “aware of a situation involving … Falconer relating to a personal matter unrelated to the […]
Five Star Bank parent in New York sells insurance agency
Financial Institutions in Warsaw, N.Y., has sold its insurance agency to NFP Property & Casualty Services. The $6.2 billion-asset parent of Five Star Bank said in a press release that it sold SDN Insurance Agency for an undisclosed amount. William Gallagher, the agency’s president, joined NFP as part of the deal. “In the nearly 10 […]
Northrim in Alaska selects insider as its new CEO
Northrim BanCorp in Anchorage, Alaska, has its next leader lined up. The company said in a press release that Mike Huston will become its CEO on April 6. Huston, who was named president in 2022, will also serve as chief operating officer. Huston will succeed Joe Schierhorn, who will remain chairman. “We continue to implement […]
Former Marcus head to oversee retail banking at Santander U.S.
Santander U.S. has hired the former head of Marcus. The bank said in a press release that Swati Bhatia, as head of retail banking and transformation, will oversee consumer and business banking, along with digital transformation efforts. Bhatia succeeded Pierre Habis, who joined Synchrony Financial last year. Santander “has reached an inflection point as we progress […]
Houston group taps new CEO for proposed de novo bank
The organizers for a proposed Houston bank have added more directors, hired a new CEO, and again reapplied for deposit insurance. The group first applied with the Federal Deposit Insurance Corp. in February 2022 to form Houston Bank of Commerce & Trust, reapplying in May 2023. The latest application has shortened the proposed de novo’s […]
Ally Financial snags top Discover exec as its new CEO
Ally Financial in Charlotte, N.C., has hired Michael Rhodes as its new CEO. Ally said in a press release that Rhodes will start on April 29. He will also join Ally’s board. Rhodes recently served as CEO of Discover Financial Services, which is being acquired by Capital One Financial. He will replace Jeffrey Brown, who […]
Gouverneur Bancorp in N.Y. selects outsider as next leader
Gouverneur Bancorp in Gouverneur, N.Y., has a new CEO. The $204.9 million-asset company said in a press release that Robert Barlow was also named president of the company. He succeeded Charles Van Vleet Jr., who will remain president and CEO of GS&L Municipal Bank and assist with the executive transition. Barlow was vice […]
Capital Bancorp in Md. to buy government-guaranteed lender IFH
Integrated Financial Holdings, a government-guaranteed lender in Raleigh, N.C., has found a new buyer. The $548 million-asset parent of West Town Bank & Trust, which had a proposed sale to MVB Financial called off in May 2023, agreed to sell itself to Capital Bancorp in Rockville, Md. The $2.2 billion-asset Capital agreed to pay $66 […]
BNA Bank in Mississippi promotes insider as next CEO
BNA Bank in New Albany, Miss., has a new CEO. The $770 million-asset bank said that Mike Staten had succeeded Bo Collins, who retired. Staten has been the bank’s president since 2020. Collins had been CEO since 2013. Bob Spencer, the bank’s chief financial officer, will also serve as president. He will oversee the bank’s […]
LCNB in Ohio hires investment bank to explore sale
LCNB Corp. has hired an investment bank to “begin evaluation” of the Lebanon, Ohio, company’s potential sale. The $2.3 billion-asset company, which is in the process of buying another bank, disclosed in a letter to the Securities and Exchange Commission that it hired Hovde Group in December to help it weigh its options. The disclosure […]
First National in Virginia agrees to buy Touchstone Bankshares
First National in Strasburg, Va., has agreed to buy Touchstone Bankshares in Prince George, Va. The $1.4 billion-asset First National said in a press release that it will pay $47 million in stock for the $658.7 million-asset Touchstone. The deal, which is expected to close in the fourth quarter, priced Touchstone at 106% of its […]
BOK Financial to offset securities loss with Visa stock sales
BOK Financial in Tulsa, Okla., plans to offset losses tied to a recent securities sale with proceeds from converting its Visa shares. The $48.2 billion-asset company disclosed in a regulatory filing that it sold about $783 million of debt securities at a $45 million pretax loss. It reinvested the proceeds into higher-yielding securities. The company […]
Group applies to open new commercial bank in SoCal
Organizers are planning a de novo bank in Culver City, Calif. A group filed an application earlier this year with the Federal Deposit Insurance Corp. for Culver Community Bank. The Bank Slate recently obtained the redacted version of the application. Benjamin Donel is listed as the proposed bank’s chairman. He is the managing member of […]
Organizers propose Korean-American bank in Los Angeles
A group of Korean-Americans is looking to form a new bank in Los Angeles. Organizers of QIB Bank applied on March 8 with the Federal Deposit Insurance Corp. The group is looking to raise $35 million to form a minority-depository institution. “The bank intends to operate as a full-service commercial bank providing a wide range […]
SaviBank in Washington to sell to Harborstone Credit Union
Savi Financial in Mount Vernon, Wash., which once explored forming a second bank, will instead sell its bank to Harborstone Credit Union in Lakewood, Wash. The $1.9 billion-asset Harborstone will pay an $16 to $17 a share in cash for the $593 million-asset SaviBank. The deal is expected to close in the fourth quarter. Savi […]
Proposed Houston de novo secures conditional FDIC approval
The Federal Deposit Insurance Corp. has given conditional approval for a new bank in Houston. Organizers of the proposed Integrity Bank must raise $37 million prior to opening, according to the FDIC’s order. Integrity plans to operate as a state-chartered savings bank. The group of 19 organizers originally applied with the FDIC in June 2023. […]
Former OneWest director joins New York Community board
New York Community in Hicksville has appointed a director with experience serving on a bank board. The $114.1 billion-asset company disclosed in a regulatory filing that Alan Frank will also stand for election at this year’s annual meeting. He will serve as chairman of the audit committee. Frank, who spent 40 years at Deloitte & […]
Crypto custody firm Bakkt taps director as next CEO
Bakkt Holdings in Alpharetta, Ga., selected one of its directors to become its next CEO. The crypto custody firm said in a press release that Andy Main will also become president on March 26. He will succeed Gavin Michael, who will step down to pursue other opportunities. Michael will serve in an advisory role through […]
Air Force FCU to rebrand as Soarian Credit Union
Air Force Federal Credit Union in San Antonio will rebrand as Soarian Credit Union on April 2. The $663 million-asset credit union said in a press release that the new name combines “soar” and “orion.” “After an extensive strategic process, and research that uncovered name confusion in our markets, our board … chose to rebrand […]
Two fintechs to pay big penalties to address claims tied to PPP
A pair of fintech agreed to pay a total of $59 million to settle claims by the Federal Trade Commission that they misled small businesses pursuing funds from the Paycheck Protection Program. Biz2Credit will pay $33 million to resolve allegations its overpromised on PPP turnaround times. While the company claimed it could process applications, on […]
LINKBANCORP closing 3 branches, convert Md. LPO into branch
LINKBANCORP in Camp Hill, Pa., is closing three branches. The $2.7 billion-asset company said in a press release that it will close locations in the Pennsylvania markets of Trevorton and Minersville, along with a branch in Ocean City, Md. The closures are expected to take place in the second quarter. Separately, the […]
nCino strikes deal to buy DocFox
nCino in Wilmington, N.C., has agreed to buy DocFox, which automates onboarding experiences for commercial and business banking. The deal is expected to close by the end of this month. The price wasn’t disclosed. The acquisition should allow nCino to offer clients a single platform for information intake, document collection and due diligence. The acquisition […]