Finasta to sell treasury and capital markets unit
Finastra has agreed to sell its treasury and capital markets unit to an affiliate of private equity firm Apax Partners. The U.K. company did not disclose the price to be paid by Apax. The deal is expected to close in the first half of next year, when the business will be rebranded and operate as […]
Community Bank Delaware raises $1.8M via private placement
Community Bank Delaware in Lewes raised capital by selling common stock. The bank raised $1.8 million on May 14 with a private placement, based on data compiled by Performance Trust Capital Partners. The shares sold, pricing and investors were not readily available.
Union Bankshares in Vermont begins search for next CEO
Union Bankshares in Morrisville, Vt., is looking for a new CEO. The company disclosed in a regulatory filing that David Silverman will also retire as president next year. The board plans to conduct a comprehensive search for his successor, including the formation of a subcommittee of independent directors from the nominating and governance committee. That subcommittee […]
Carver in N.Y. ordered by OCC to focus on sustainable earnings
Carver Bancorp in New York was issued an enforcement action that requires its bank to create a three-year plan focused on earnings performance. The company disclosed in a regulatory filing that Carver Federal Savings Bank entered into a written agreement with the Office of the Comptroller of the Currency that requires it to develop a strategic […]
Citi to sell advisory platform to iCapital
Citigroup in New York agreed to sell a unit that advises its global alternative investment fund platform to technology provider iCapital. Citi didn’t disclose the price that Capital will pay. Citi said that iCapital will manage and operate the fund platform, while Citi remains the distributor. The platform includes a range of alternative investment strategies […]
BOK Financial in Okla. launches mortgage finance business
BOK Financial in Tulsa, Oklahoma, launched a mortgage finance business. BOK said in a press release that the mortgage finance team will be led by Donnie Martin, who joined the company last year from City National Bank. The new business is part of the company’s focus on building deeper relationships with mortgage banking customers, Martin […]
Greenwoods State Bank in Wis. promotes insider as new president
Greenswoods State Bank in Lake Mills, Wis., has a new president. The bank said in a press release that Jim Hegenbarth succeeded Rob Cera, who will serve as co-CEO with Bill McDonald. Hegenbarth was a market president at the bank. “Jim is a respected and forward-thinking leader whose expertise, vision, and values align perfectly with […]
President of Rockland Trust in Mass. to retire
The president of Rockland Trust in Rockland, Mass., plans to retire. Independent Bank Corp., the parent company of Rockland Trust, disclosed in a regulatory filing that Gerard Nadeau will step down on June 27. He will remain on the company’s board. Jeffrey Tengel, Independent’s president and CEO and Rockland Trust’s CEO, is expected to succeed […]
Perry County Bancorp in Illinois freed from Fed written agreement
The Federal Reserve has terminated a written agreement against Perry County Bancorp in Du Quoin, Ill. The written agreement, issued in April 2023, instructed the parent of Du Quoin Bank to improve oversight over liquidity and interest rate risk. It required the board to improve the bank’s condition and maintain effective control over items such […]
Primis in Va. returns to profitability after timely accounting move
Primis Financial in McLean, Va., posted a dramatic swing back into profitability, driven by a key strategic move: The deconsolidation of Panacea Financial Holdings. The $3.7 billion-asset Primis earned $22.6 million in the first quarter after losing $23.3 million a quarter earlier. The results included a $24.6 million pre-tax gain after Primis deconsolidated Panacea Financial […]
Chime files for IPO, reports rising revenue and 1Q profit
Digital banking platform Chime Financial filed its registration statement for its anticipated initial public offering. The filing does not provide insight into how many shares Chime plans to sell or the pricing. It does, however, mark a significant milestone for the fintech, which is fighting towards breakeven. Chime, which generates the vast majority of its […]
Robinhood to buy Canadian crypto trading platform WonderFi
Robinhood has agreed to buy decentralized trading platform WonderFi in Vancouver, Canada. The digital stock brokerage app said in a press release that it will pay $178.6 million for the Canadian company. The deal is expected to close in the second half of this year. WonderFi, which operates regulated cryptocurrency trading platforms Bitbuy and Coinsquare, […]
Embassy in Penn. fighting shareholder proposal to sell bank
Embassy Bancorp in Bethleham, Pa., is facing a shareholder proposal to find a buyer. The $1.7 billion-asset Embassy disclosed in its proxy statement that the investor, who has a roughly 0.2% stake, claims the company is underperforming and has taken issue with a corporate lease agreement with an entity that includes directors and executives among […]
Ponce Financial applies for BHC in plan to switch to having national bank
Ponce Financial Group in Bronx, N.Y., plans to become a bank holding company so its bank can receive a national charter. The $tk billion-asset company noted in a regulatory filing that Ponce Bank is currently a federally chartered stock savings association. While the company said it does not expect any material changes in its core […]
First Northwest in Wash. posts 1Q loss after credit issues, legal reserve
First Northwest Bancorp in Port Angeles, Wash., reported a quarterly loss that reflected credit issues and a legal reserve tied to litigation with a borrower group. The $2.2 billion-asset company said in a press release that it lost $9 million in the first quarter, an increase from its $2.8 million loss a quarter earlier. The […]
American Bancorp in Ga. raises $18 million via private placement
American Bancorp in Atlanta, which just announced its new CEO, has raised capital. The $540 million-asset bank brought in $18 million on May 7 through a private placement, according to data compiled by Performance Trust Capital Partners. No other details were immediately available. The bank recently announced that Dominik Mjartan had become its leader. He […]
Chickasaw Banc Holding to buy Oklahoma Heritage Bank
Chickasaw Banc Holding in Oklahoma City has agreed to buy Oklahoma Heritage Bank in Ada. The parent of the $470 million-asset Chickasaw Community Bank did not disclose how much it will pay for the $100 million asset Oklahoma Heritage. The deal is expected to close in the second or third quarter. Chickasaw is a tribal-owned […]
Prematurely posted N.Y. bank application removed from FDIC’s system
An application for a proposed bank in New York has been removed. Organizers of the planned American Innovation Bank in Flushing, N.Y., submitted an application with the Federal Deposit Insurance Corp. The FDIC, in response to a request for the application, said the document was “removed from the system” because it was a draft. “When […]
AvidXchange going private with sale to TPG, Corpay
AvidXchange Holdings in Charlotte, N.C., which provides accounts payable automation software and payment solutions for middle-market businesses, is being acquired. The company said in a press release that it agreed to sell to TPG and Corpay for $2.2 billion in cash. TPG will buy a majority interest through TPG Capital, while Corpay will have a […]
OceanFirst in N.J. shares more details on high-end banking push
OceanFirst Financial in Toms River, N.J., is absorbing upfront expenses in anticipation of long-term gains from a premier banking push. The $13.3 billion-asset company said the concierge-heavy model is designed to attract low-cost deposits and complement its commercial and industrial lending operations—particularly in the New York metro market. As part of this initiative, OceanFirst onboarded […]
Avidia in Massachusetts plans mutual-to-stock conversion
Avidia Bank in Hudson, Mass., is planning to convert from a mutual to a stock holding company. The $2.7 billion-asset bank said in a regulatory filing that Avidia Bancorp, a newly formed holding company, plans to sell 12.3 million to 16.7 million shares of common stock. The offering could go up to 19.2 million shares […]
Heritage Financial in Wash. appoints insider to serve as CEO
Heritage Financial in Olympia, Wash., has a new leader. The company said in a press release that Bryan McDonald had become its CEO and joined its board. McDonald, who remains president, succeeded Jeffrey Deuel, who retired. Deuel will remain a part-time employee as an adviser until March 31, 2027. “I want to thank the Heritage […]
Gulf Capital in Texas starts SBA group after hiring Southwestern lenders
Gulf Capital Bank in Houston has formed a small business lending group. The $539 million-asset bank said in a press release that it created the group after hiring Saman Noorani and Sebastian Aguirre. Noorani, who was SBA regional director at Southwestern National Bank, was named director of SBA lending. Aguirre, previously an SBA underwriter at […]
Central Plains Bancshares in Neb. hires outsider as new CEO
Central Plains Bancshares in Grand Island, Neb., will soon have a new CEO. The company disclosed in a regulatory filing that Danny Garness will also become its president on May 20. Garness, who was chief lending officer at Field & Main Bank in Henderson, Ky., will succeed Steven Kunzman, who is retiring but will remain […]
Upstart partners with OnePay to target Walmart shoppers
Upstart Holdings in San Mateo, Calif., entered into a one-year strategic partnership with OnePay to focus on marketing consumer lending products to Walmart customers. Upstart disclosed in a regulatory filing that its agreement with OnePay, which is majority-owned by Walmart, will include co-branded direct mail campaigns and other collaborative offerings. Upstart said it does not […]