New fund formed to invest in fintechs
The former chief innovation officer at Colony Bank in Georgia has launched a fund to invest in fintechs. Christian Ruppe announced in a LinkedIn post that he and Zach Forbes, the president of impactFI Advisors, had created The Perch Fund. “Our philosophy is simple: we invest in the bank technology companies that Financial Institutions will […]
Sauk Valley Bank in Illinois lines up next CEO
Sauk Valley Bank & Trust in Sterling, Ill., has its next leader lined up. The $736.2 million-asset bank said in a LinkedIn post that Brad Ray had become an executive vice president with an expectation that he will become president and CEO in 2027. Ray previously served as president and CEO of Security Savings Bank. […]
Sunwest in Utah to buy Denver branches from Nicolet Bankshares
Sunwest Bank in Andy, Utah, has agreed to buy Denver branches from Nicolet Bankshares. The $4 billion-asset Sunwest didn’t disclose how much it would pay for the branches, which Nicolet inherited from its purchase of MidWestOne Financial Group. MidWestOne gained the locations when it acquired Denver Bancshares in 2024. The Denver branches Nicolet acquired had […]
Group applies to form Florida Bank of Finance in Miami
A group is looking to form a commercial bank in Miami. Organizers of the proposed Florida Bank of Finance applied to the Federal Deposit Insurance Corp. on April 16. The filing wasn’t immediately available. A legal notice tied to the filing lists seven organizers: Lorenzo Delzoppo, Roberto Munoz, Daniel Prinzing, Carlos Domingo, Katya Fisher, Marco […]
Vista National in Kansas changes name to Ventura National
Vista National Bank & Trust in Harveyville, Kan., has a new name. The $63 million-asset bank said in a press release that it had rebranded as Ventura National Bank & Trust. The move followed the realization that a similarly named bank was coming up in searches. “AI has accelerated how quickly brand distinction, or lack […]
LendingClub Bank to rebrand as Happen Bank
LendingClub in San Francisco plans to rename its bank. The fintech said in a press release that it will rebrand LendingClub Bank as Happen Bank. The new brand, which will debut this summer, reflects LendingClub’s transition “from a pioneering online lender to a diversified digital-first bank that combines lending and deposits in an intuitive multi-product customer […]
Peoples in Ohio to buy Citizens National in Kentucky
Peoples Bancorp in Marietta, Ohio, has agreed to buy Citizens National in Paintsville, Ky. The $9.6 billion-asset Peoples said in a press release that it will pay $76.6 million in cash and stock for the $686 million-asset Citizens. The deal, which is expected to close in the second half of this year, priced Citizens at […]
United Community in S.C. to buy Peach State Bancshares in Georgia
United Community Banks in Greenville, S.C., agreed to buy Peach State Bancshares in Gainesville, Ga. The $28.2 billion-asset United said in a press release that it will pay $100.8 million in cash and stock for the $788 million-asset Peach State. The deal, which is expected to close in the third quarter, priced Peach State at […]
Mission Lane applies to form credit card bank
Mission Lane has applied to the Office of the Comptroller of the Currency to open a credit card bank. The credit card fintech aims to open Mission Lane Bank, which would operate under limitations that apply to credit card banks under the Competitive Equality in Banking Act of 1987. The proposed bank would engage only […]
Group applies to launch national bank for stablecoin dealings
A group is looking to form a national bank to offer traditional banking with blockchain infrastructure. The proposed OpenReserve Bank would offer lending, deposit, stablecoin, digital treasury, card issuance, payment, and settlement services, according to an application with the Office of the Comptroller of the Currency. The group, which is seeking deposit insurance from the […]
OCC hits Chicago bank with consent order tied to alleged deceptive ads
Federal Savings Bank in Chicago is dealing with a consent order from the Office of the Comptroller of the Currency tied to alleged deceptive advertising to veterans. The OCC alleged that the $1.1 billion-asset bank instructed millions of consumers to contact the bank because they had “available funds.” The ad turned out to be a […]
Fed hits Community Bank and Trust in Ga. with C&D order
Community Bank and Trust – West Georgia in LaGrange has entered into a cease-and-desist order with the Federal Reserve. The C&D order instructs the $288 million-asset bank to improve board oversight, strengthen its senior management, and consider raising capital. The bank, which has been dealing with credit-quality issues, formed Phoenix Lender Services, a government-guaranteed lending […]
Southern First in S.C. could raise $65M via public offering
Southern First Bancshares in Greenville, S.C., plans to raise up to $65.2 million through a public offering of common stock. The company said in a press release that it plans to sell nearly 1.1 million shares of stock at $54 each. Another 157,500 shares could be sold if there is enough demand. The proceeds of […]
OpenAI buys personal finance fintech Hiro
OpenAI acquired personal finance fintech Hiro. Hiro announced the sale on its website. The price wasn’t disclosed. The Hiro application will shut down on April 20. Users can export data through settings until May 13. “For decades, personalized financial guidance has been too expensive, too generic, or too hard to access. ChatGPT is finally changing […]
Georgia group secures conditional FDIC approval for de novo bank
Organizers of the proposed Private Bank & Trust in Gainesville, Ga., have received conditional approval from the Federal Deposit Insurance Corp. The group must raise $19 million of capital before the bank can open. Organizers said in the application to form the bank that they were targeting at least $27 million in initial capital. Private […]
Compliance fintech Cable sells to Synctera
Synctera, a banking and payments platform, has acquired Cable, a compliance automation and control-testing company for banks and fintechs. Natasha Vernier, Cable’s co-founder and CEO, announced the sale on her company’s website. The price wasn’t disclosed, “I am incredibly proud of the changes we have kicked off in the banking industry,” Vernier wrote. “We’ve built the […]
Banking veteran hired as FDIC’s chief innovation officer
The Federal Deposit Insurance Corp. hired an innovative banker as its chief innovation officer. The agency said in a press release that Trey Maust had taken on the role. Maust recently served as executive chairman of Lewis & Clark Bank and as president and CEO of Bankevo. Benjamin Olson was named director of the FDIC’s […]
Points West in Colorado agrees to buy State Bank of Downs in Kansas
Points West Community Bank in Windsor, Colo., has agreed to buy State Bank of Downs in Downs, Kan. The $833.8 million-asset Points West applied with the Federal Deposit Insurance Corp. on April 13 to buy the $140.3 million-asset State Bank. The price wasn’t disclosed. “We want you to know that the things that matter most […]
Palo Alto Networks founder aims to buy Liberty Bank in California
Nir Zuk, founder of Palo Alto Networks, has applied with the Federal Reserve to buy a majority stake in Liberty Bank in Irvine, Calif. Zuk would become the $442 million-asset bank’s largest shareholder if the purchase is approved, according to published reports. The plan is to buy shares held by private equity firms Stone Point […]
Coastal Bend in Texas to buy First National Bank in Port Lavaca
Coastal Bend Bancshares in Corpus Christi, Texas, has agreed to buy First National Bank in Port Lavaca, Texas. The parent of the $661.7 million-asset First Community Bank said in a press release that it expects to buy the $381.3 million-asset First National in the second quarter. The price wasn’t disclosed. First National has four branches. […]
BayCom in California shakes up management, board
BayCom in Walnut Creek, Calif., has shaken up its C-Suite. The company said in a press release that Christopher Baron had become its president and CEO and will join the board. Baron, who recently served as president of commercial and community banking at Banc of California, succeeded George Guarini, who founded the bank. William Black […]
Proposed Houston bank to target underserved markets
The proposed Alba Bank in Houston would aim to be a minority depository institution. Organizers also plan to raise $30 million to $40 million in initial capital, according to their application to the Federal Deposit Insurance Corp. Alba’s founding philosophy centers on “local ownership, local management, and local decision-making,” the application said, intending to deliver […]
Catalyst to buy Lakeside Bancshares in Louisiana
Catalyst Bancorp in Opelousas, La., has agreed to buy Lakeside Bancshares in Lake Charles, La. The $282.9 million-asset Catalyst said in a press release that it will pay $41.1 million in cash for the $385.7 million-asset Lakeside. The deal, which is expected to close in the third quarter, priced Lakeside at 113.9% of its tangible […]
FinWise in Utah fulfills CEO succession plan
FinWise Bancorp in Murray, Utah, has a new leader. The company said in a press release that Jim Noone had become its CEO. He succeeded Kent Landvatter, who remains executive chairman. Noone was named the company’s president in 2024 and bank CEO last year. He will retain those roles. “Kent and Jim have worked in […]
Adams Community, Pittsfield Cooperative plan Mass. mutual merger
Adams Community Bank in Adams, Mass., and Pittsfield Cooperative Bank in Pittsfield, Mass., are planning to merge. The mutuals said in a press release that they will create a $1.5 billion-asset institution with 15 branches that will operate under Adams Community’s mutual holding company. Pittsfield Cooperative has $430 million of assets, while Adams Community has $1 billion […]