Virginia banks sell interest in insurance agency
A trio of Virginia banks sold their interests in an insurance agency. The companies disclosed in separate regulatory filings that they sold stakes in Bearing Insurance Group to an unnamed third party. Carter Bankshares in Martinsville said it expects to recognize a $35.8 million pretax gain that would be recognized in the second quarter. National […]
Banner to buy Pacific Financial in merger of Washington banks
Banner Corp. in Walla Walla, Wash., has agreed to buy Pacific Financial in Aberdeen, Wash. The $16.3 billion-asset Banner said in a press release that it will pay $177 million in stock for the parent of the $1.3 billion-asset Bank of the Pacific. The deal, which is expected to close in the third quarter, priced […]
Bank Iowa hires South Dakota executive as next CEO
Bank Iowa in West Des Moines found an outsider to become its next leader. The $2.4 billion-asset bank said in a press release that Jason Herrboldt will become president and CEO. Herrboldt, chief banking officer at First Bank & Trust in Brookings, S.D., will succeed Jim Plagge, who is retiring. Plagge, who has been president […]
Hawthorn Bancshares to buy FSC Bancshares in Missouri
Hawthorn Bancshares in Jefferson City, Mo., has agreed to buy FSC Bancshares in Cameron, Mo. The $1.8 billion-asset Hawthorn said in a press release that it will pay $28.3 million in cash and stock for the parent of the $384 million-asset Farmers State Bank. The deal is expected to close in the third quarter. Hawthorn […]
First Mid in Illinois looks internally for next CEO
First Mid Bancshares in Mattoon, Ill., will soon have a new CEO. The $9.3 billion-asset company said in a press release that Matthew Smith will succeed Joseph Dively on July 1. Smith will remain president; Dively will continue as chairman. “I am honored to step into this role and build on the foundation established under Joe’s […]
Coastal in Wash. disclosed partnership with de novo Erebor Bank
Coastal Financial in Everett, Wash., quietly added de novo Erebor Bank to its roster of correspondent partners. Erebor, which opened in February after receiving speedy charter approval, is included in a slide in Coastal’s latest earnings presentation. The slide didn’t specify what types of services are being used. Erebor has been the subject of speculation […]
Coastal in Wash. eyes Evolve BaaS programs in potential deal
Coastal Financial in Everett, Wash., is exploring a potential expansion of its Banking-as-a-Service business through a deal with Evolve Bank & Trust in West Memphis, Ark. The $5.7 billion-asset Coastal disclosed in a regulatory filing that it entered into a nonbinding term sheet with Evolve covering a range of BaaS programs that Coastal may buy. […]
Fintech OppFi agrees to buy BNC National Bank in Arizona
Digital finance platform OppFi has agreed to buy BNCCORP in Glendale, Ariz. The Chicago fintech said in a press release that it will pay $130 million in cash and stock for the parent of the $1.1 billion-asset BNC National Bank. The deal is expected to close in the fourth quarter. The acquisition “unlocks significant opportunities […]
Seacoast in Florida repositioned securities portfolio in first quarter
Seacoast Banking Corp. of Florida in Stuart reported flat earnings after selling underperforming securities. The $20.8 billion-asset company said in a press release that profit rose nominally from a year earlier, to $31.9 million, after it absorbed a $39.5 million loss from selling securities in January. Seacoast sold about $277 million in low-yielding securities. Seacoast […]
Western & Southern buys fintech Till Financial
Insurer Western & Southern Financial Group bought Till Financial, a fintech platform that helps parents guide their children’s spending habits. Western & Southern did not disclose the price it paid for Till, which was founded in 2018. “Families today need more than products – they need practical, modern solutions that help build financial confidence in […]
Bastrop Bancshares to buy Columbus Bancorp in Texas bank merger
Bastrop Bancshares in Bastrop, Texas, agreed to buy Columbus Bancorp in Columbus, Texas. Bastrop, the parent of the $1.1 billion-asset First National Bank of Bastrop, said in a press release that it will pay an undisclosed cash amount for the holding company of the $154.8 million-asset First State Bank. The deal is expected to close […]
Business banking fintech Onsetto raises $9 million
Onsetto, a Minneapolis fintech that helps financial institutions with business banking relationships, raised $9 million in a funding round led by Canapi Ventures. The fintech said in a release that other participants included EJF Ventures, Idea Fund of La Crosse, and The Perch Fund. “Business banking growth is not determined by accounts opened. It is […]
Pioneer in N.Y. forms specialty lending division after latest acquisition
Pioneer Bancorp in Albany, N.Y., made another niche acquisition. The $2 billion-asset company said in a press release that it bought Targeted Lending, an equipment financing company with about $120 million of loans, for about $140 million in cash. The acquisition will anchor Pioneer’s new specialty financing division. Brian Gallo, Targeted Lending’s CEO, will lead […]
Organizers of New South Bank in Fla. aim to raise at least $23 million
Organizers of the proposed New South Bank in Tampa, Fla., aim to raise at least $23 million before opening the bank. The group said in a regulatory filing that it could sell up to $45 million in stock. The goal is to be profitable in the second year and to have $250 million of assets […]
Old National-backed bank opens in Indianapolis
A de novo bank supported by Old National Bancorp has opened in Indianapolis. Generations Community Bank officially debuted on March 9, according to a notice from the Federal Deposit Insurance Corp. Organizers were required to raise $24 million in initial capital. Old National in Evansville, Ind., was part of the organizing group and paid the […]
Mercury receives conditional OCC approval to create a national bank
Fintech Mercury has received conditional approval from the Office of the Comptroller of the Currency to create Mercury Bank. Mercury, which applied for the national bank charter in December, said in a press release that it has entered the bank organization phase, where it will work to satisfy remaining requirements and obtain final OCC approval. […]
Dakota Credit Union Association taps next leader
The Dakota Credit Union Association has its next leader. The association said in a press release that Joe Keller will become its president and CEO role on May 11. Keller was vice president of membership and credit union solutions at the California, Nevada & Utah Credit Union Leagues. “Joe brings a deep understanding of advocacy […]
Republic in Ky. reports lower profit after losing big tax provider contract
Republic Bancorp in Louisville, Ky., reported lower quarterly profit after losing a big tax provider contract. The $7.3 billion-asset company said in a press release that its first-quarter earnings fell by 10% from a year earlier, to $42.6 million. Republic reported a nearly $10 million decrease in revenue in its tax refund solutions business that […]
First Citizens in N.C. to streamline brands gained from acquisitions
First Citizens BancShares in Raleigh, N.C., will rebrand several businesses it gained from recent acquisitions. The $225 billion-asset company said in a press release that Silicon Valley Bank will become First Citizens Innovation Banking and First Citizens Fund Banking. CIT Commercial Services and the Silicon Valley Bank Wine division will rebrand as First Citizens Bank. […]
Axos Financial to buy IRAs from Capital One
Axos Financial in Las Vegas has agreed to buy a book of individual retirement accounts from Capital One Financial in McLean, Va. Axos said in a regulatory filing that the IRAs have an aggregate balance of about $3.2 billion deposited into associated savings accounts and CDs, along with certain assets and liabilities. The deal is […]
Pioneer in N.Y. buys pair of employee benefits businesses
Pioneer Bancorp in Albany, N.Y., bought two employee benefits businesses. The $2 billion-asset company said in a press release that it bought Reiser Consulting Group in Albany and Wyndham Benefits in Ballston Spa, N.Y. The acquisitions doubled the size of Pioneer’s employee benefits division. Prices were not disclosed. “We’re excited to welcome Theresa Reiser and […]
KeyCorp to buy U.K.-based investment bank Clearwater
KeyCorp in Cleveland has agreed to buy Clearwater Corporate Finance, a U.K.-based middle market investment banking advisory firm. Key said in a press release that the purchase will mark its entry into Western Europe. The deal is expected to close in the second half of 2026. The price wasn’t disclosed. The transaction builds on a […]
Organizers planning DC-based bank to service foreign governments
A group is looking to form a bank to serve foreign governments and related entities operating in the United States. Shermen Bank International would be based in Washington, according to its LinkedIn page. “Shermen will provide secure and specialized banking services to foreign countries, foreign state-owned enterprises, and multi-laterals operating in the US,” the page […]
Fintech Paige receives investment from 22nd State Bank in Alabama
Paige, a fintech that assists banks with legacy and estate planning services, has secured an investment from 22nd State Bank in Mobile, Ala. Emily Cisek, Paige’s CEO, announced the $2.5 million investment on her LinkedIn account. “This wasn’t just a financial decision for them,” Cisek wrote. The bank invested “because they see what we see: […]
American Momentum in Texas hires Sunflower exec as new CEO
American Momentum Bank in College Station, Texas, has a new CEO. Bo Scott also become the $2.8 billion-asset bank’s president. He was chief banking officer at Sunflower Bank. “Honored and energized — those are the two words that keep coming to mind as I step into the role,” he wrote on his LinkedIn account. “American […]