Commercial lending fintech Voyager AI raises $500,000 in preseed round
Voyager AI, a startup focused on commercial lending software and founded by a former Associated Banc-Corp executive, raised $500,000 in a preseed round. The round was led by Mastercraft Ventures. Voyager AI’s software automates the lending process, helping with regulatory reviews, feasibility analysis, and internal documentation. The company is led by Aaron Colcord, a former […]
Fintech Upstart to apply for national bank charter
Upstart Holdings in San Mateo, Calif., will apply to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. for a national bank charter. The fintech also plans to become a bank holding company and form Upstart Bank. The charter will let Upstart reduce operational, regulatory, and financial costs and complexity for […]
Landmark Credit Union agrees to buy American National Bank-Fox Cities
Landmark Credit Union in Milwaukee has agreed to buy American National Bank-Fox Cities in Appleton, Wis. The$7 billion-asset credit union said in a press release that it expects to buy the $419 million-asset bank from parent American National Bancorp in the second half of this year. The price wasn’t disclosed. “This acquisition represents a meaningful […]
Union Bank in Vermont hires MVB exec as new CEO
Union Bank in Morrisville, Vt., has a new leader. The $1.6 billion-asset unit of Union Bankshares said in a press release that Jeff Weidley had become its president and CEO after an extensive search process. Weidley succeeded David Silverman, who retired. Weidley recently served as chief deposit officer at MVB Bank. “Union Bank has always […]
Carver in N.Y. rejects activist effort to vie for two board seats
Carver Bancorp in New York has rejected a new attempt by activist investor Dream Chasers Capital Group to nominate candidates to the board, the latest development in a long-running governance dispute. Carver said in a press release that Dream Chasers’ latest nomination notice failed to comply with the advance notice provisions outlined in the bank’s […]
Former Spirit of Texas CEO leading group looking to buy Houston bank
A group led by the former CEO of Spirit of Texas Bank has agreed to buy Lone Star Bank in Houston. Journey Financial Group said in a press release that it plans to buy the $191 million-asset Lone Star by the third quarter. The price wasn’t disclosed. Journey is led by Dean Bass and Kevin […]
Western Alliance: $126M payment shortfall triggers lawsuit and big chargeoff
Western Alliance Bancorp. in Phoenix has filed a lawsuit against Jefferies Financial Group and Leucadia Asset Management over $126.4 million in unpaid debt tied to bankrupt auto parts supplier First Brands. Western Alliance said in a press release that it will record a full charge-off in the first quarter after Jefferies failed to make a […]
Bradford National buys State Bank of St. Jacob in Illinois
Bradford National Bank in Greenville, Ill., has completed its acquisition of State Bank of St. Jacob in St. Jacob, Ill. The $655.6 million-asset Bradford National said it completed its purchase of the $87.6 million-asset State Bank of St. Jacob on Feb. 28. The price wasn’t disclosed. The combined institution is operating as Bradford National Bank.
Revolut applies for national bank charter
Revolut has applied for a national bank charter. The U.K. company said in a press release that it applied to the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. to create Revolut Bank US. Cetin Duransoy was named U.S. CEO, succeeding Sid Jajodia, who is now global chief banking officer. “Filing […]
Zerohash is latest crypto-focused firm to seek national trust bank charter
Add Zero Hash in Chicago to the list of companies applying to the Office of the Comptroller of the Currency for a national trust bank charter. The digital asset infrastructure firm, which operates as Zerohash, wants the charter to expand its role in digital asset custody and settlement services. Zerohash provides crypto infrastructure for banks, […]
Director resigns from MVB Financial in W.Va. over governance concerns
A director at MVB Financial resigned, citing disagreements with other board members over corporate governance, executive compensation, and the Fairmont, W.Va., company’s strategic direction. The company disclosed in a regulatory filing that Glen Herrick resigned on Feb. 26. He chaired the audit committee and was a member of the board’s finance committee. Cheryl Spielman was selected […]
WesBanco in W.Va. dangles equity incentive to shrink its board
WesBanco in Wheeling, W.Va., offered directors a one-time equity incentive as part of a plan to shrink its board. The company disclosed in a regulatory filing that it offered directors a voluntary retirement opportunity, awarding a one-time equity grant of restricted shares valued at $250,000 to each director who chose to retire. Three directors — […]
Independent Bank CEO Jeff Tengel shares lymphoma diagnosis
Jeff Tengel, the president and CEO of Independent Bank Corp. in Rockland, Mass., informed employees that he has been diagnosed with lymphoma but plans to keep leading the bank while undergoing treatment. Tengel wrote in the letter that he recently began chemotherapy. “I have recently been diagnosed with lymphoma,” Tengel wrote. “It’s not easy news […]
Emigrant in Fla. to buy Fortis Management Group in family office push
Emigrant Bancorp in Miami has agreed to buy a majority interest in Fortis Management Group in Boston. Emigrant said in a press release that the acquisition should close in April. The price wasn’t disclosed. The acquisition coincides with the launch of Emigrant Family Office, a newly formed business unit designed to deliver a highly specialized, […]
Kraken becomes first digital asset bank to gain Fed master account
Kraken Financial in Cheyenne, Wyo., has become the first digital asset bank to gain a Federal Reserve master account. Payward, the company behind Kraken Financial, said in a press release that, through its Fed master account, Kraken can connect directly to core U.S. payment rails, including Fedwire, without relying on intermediary banks. Kraken, a Wyoming-chartered […]
First Commercial Bank in Texas selects new leader
First Commercial Bank in Seguin, Texas, has a new leader. The $530 million-asset bank said in a LinkedIn post that James Long had become its CEO. Long, who has been the bank’s president, succeeded Mark Long, who was named chairman. Doug Miller was named vice chairman, while Mark Williams became chairman emeritus. “With this leadership […]
Franklin Bank in N.J. taps insiders as next CEO
Franklin Bank in Pilesgrove, N.J., will soon have a new leader. The bank said in a LinkedIn post that Mark Kelty will become its president and CEO on April 1. Kelty, the bank’s chief commercial lending officer, will succeed Mark Edwards, who is retiring. “The board looks forward to Incoming President Kelty’s leadership and industry […]
Miami Savings to absorb New Foundation in Ohio mutual merger
Miami Savings Bank in Miamitown, Ohio, has agreed to absorb New Foundation Savings Bank Corp. in Cincinnati. The $133 million-asset Miami Savings said in a press release that it expects to bring on the $18 million-asset New Foundation in the second quarter. “Miami Savings and New Foundation have a similar legacy of providing our communities […]
Civista in Ohio taps insider as next CEO
Civista Bancshares in Sandusky, Ohio, will have a new CEO later this year. The $4.3 billion-asset company said in a press release that Chuck Parcher will also become president when Dennis Shaffer retires on Aug. 28. Parcher is president of Civista Bank. Shaffer will remain chairman. “It has been an incredible honor to serve this organization […]
Bridgewater in Minnesota lines up $50M at-the-market offering
Bridgewater Bancshares in St. Louis Park, Minn., could sell up to $50 million in common stock over time. The company disclosed in a regulatory filing that it hired Piper Sandler to oversee an at-the-market offering program. Under the program, Bridgewater could sell shares from time to time at prevailing market prices. Piper Sandler will receive […]
FDIC approves another ILC application
Edward Jones has received regulatory approval to form Edward Jones Bank. The Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions signed off on the brokerage’s request for an industrial loan charter. Edward Jones Bank will allow the firm to expand its reserve line of credit portfolio nationwide. The bank will also take […]
Morgan Stanley aims to form national trust bank for crypto dealings
Morgan Stanley in New York has applied to the Office of the Comptroller of the Currency for a national trust bank charter. The investment bank has proposed forming Morgan Stanley Digital Trust to offer custody and related services for cryptocurrencies and other digital instruments. The trust bank is not seeking deposit insurance. The proposed trust bank would […]
BTC Bank parent to buy Tri-County Trust in Missouri
Bethany Bankshares in Bethany, Mo., has agreed to buy Bancshares of Glasgow in Glasgow, Mo. Bethany, the holding company of the $1.6 billion-asset BTC Bank, said in a press release that it expects to buy the parent of the $61.5 million-asset Tri-County Trust Co. in the second quarter. The price wasn’t disclosed. “We are excited […]
Metropolitan in New York to raise $200M via public offering
Metropolitan Bank Holding in New York plans to raise about $205 million by selling common stock. The company said in a press release that it will sell 2.1 million shares in a public offering at $85 each. Metropolitan could sell another 15% of its stock if there is enough demand. The company plans to use […]
Willamette Valley Bank in Ore. to exit residential mortgage lending
Willamette Valley Bank in Salem, Ore, will exit residential mortgage lending. The $452 million-asset bank said in a press release that it will stop making those loans on March 31. “The residential mortgage industry has undergone significant changes in recent years, including the growth of online and non‑bank lenders and a prolonged period of higher […]