Stripe to buy embedded financial services platform Parafin
Stripe has agreed to acquire Parafin, an embedded financial products platform. Parafin supports platforms that include DoorDash, Gusto, Jobber, and Mindbody. The deal is expected to close in the coming months; the price wasn’t disclosed. “Platforms power millions of small businesses throughout the world and are central to Stripe’s mission,” Neetika Bansal, Stripe’s business lead, […]
Peoples in Ohio to leap above $10B-asset mark with Capital purchase
Peoples Bancorp in Marietta, Ohio, has agreed to buy Capital Bancorp in Rockville, Md. The $9.5 billion-asset Peoples said in a press release that it will pay $728.1 million in stock for the $3.9 billion-asset Capital. The deal, which is expected to close in the first half of next year, priced Capital at 191% of […]
Organizers renew effort to open D.C. bank for Ethiopian-Americans
A group has rejuvenated an effort to form a bank in Washington, D.C., that would focus on the Ethiopian-American community. Organizers have reapplied to the Federal Deposit Insurance Corp. to create Mooddai International Bank . The application wasn’t immediately available. Admassu Abebe is set to serve as chairman, according to the proposed bank’s website. Tekalign […]
Trustar in Virginia raises $28 million via private placement
Trustar Bankshares in McLean, Va., is raising $28.1 million through a private placement of common and preferred stock. The company said in a press release that it will sell the shares to JCSD Mclean Investors and certain Trustar directors. The additional capital will support the Bank after it buys branches and assets from Forbright Bank; […]
Valley in New York to buy Bluevine
Valley National Bancorp in New York has agreed to buy fintech Bluevine in Jersey City, N.J. The $66 billion-asset Valley said in a press release that it will pay $340 million in cash and stock for Bluevine. The deal is expected to close early next year. Valley will gain $2.1 billion of low-cost, digitally-sourced deposits […]
BCB in New Jersey continues cleanup with large loan sales
BCB Bancorp in Bayonne, N.J., has agreed to sell several portfolios of problem loans — most rated criticized or classified under the bank’s internal risk rating system — continuing the aggressive credit cleanup under new CEO Thomas O’Brien. BCB said it recently signed agreements with six separate buyer to sell loans with an aggregate unpaid […]
California regulator cites mismanagement for closing Nano Banc
Nano Banc in Irvine, Calif., was closed by California’s Department of Financial Protection and Innovation. The Federal Deposit Insurance Corp., appointed as receiver, entered into a purchase and assumption agreement with Sunwest Bank in Sandy, Utah, to assume substantially all of Nano Banc’s $686 million of deposits and acquire $476 million of assets. The DFPI, in […]
Mission Lane gains conditional OCC approval for national credit card bank
Mission Lane received conditional approval from the Office of the Comptroller of the Currency to become a nationally chartered credit card bank. The OCC approved the fintech’s application to form Mission Lane Bank National Association about five months after it was submitted. Mission Lane aims to bring affordable credit cards to consumers with limited access to […]
FDIC takes aggressive action after Old Glory Bank’s capital falls to 2.69%
The Federal Deposit Insurance Corp. has issued a sweeping prompt corrective action directive against Old Glory Bank in Elmore City, Okla., citing a leverage ratio of just 2.69% on June 30 and classifying the institution as “significantly undercapitalized.” The Aug. 28 directive required the bank to submit an updated capital restoration plan and imposed a […]
Gulf Winds Credit Union agrees to buy another bank ahead of rebrand
Gulf Winds Credit Union in Pensacola, Fla., has agreed to buy Peoples Exchange Bank in Monroeville, Ala. The $1.3 billion-asset Gulf Winds did not disclose how much it will pay Peoples Exchange Bancshares for its $212 million-asset bank. Regulatory approval is expected in mid-2027, with integration by early 2028. Gulf Winds agreed in August to […]
Patriot National in Conn. to raise $5.5 million by selling shares, warrants
Patriot National Bancorp in Stamford, Conn., will raise nearly $5.5 million after agreeing to sell common stock and warrants in a direct offering to accredited investors. The company disclosed in a regulatory filing that it will sell about 4.8 million shares of stock and roughly 960,000 five-year warrants to purchase non-voting common stock to unnamed […]
Central Bank of Oklahoma taps insider as next CEO
Central Bank of Oklahoma has a new CEO. The bank said in a press release that Matt Adams had also become its president. Adams was president of Central Bank’s Edmond and Oklahoma City market. “Matt has spent nearly two decades building relationships with our customers and communities in Oklahoma, and he understands what makes Central Bank […]
Sherburne State Bank in Minnesota to drop ‘State’ from its name
Sherburne State Bank in Becker, Min., will shorten its name. The $351 million-asset bank said it will rebrand as Sherburne Bank on Oct. 1. “Our renovation, our name rebranding, is all part of applying a new coat of paint to the bank, so to say,” President and CEO Allen Snegosky said in a statement. “We […]
Peoples Bancshares to buy First Peoples in Tennessee bank merger
Peoples Bancshares of TN in Madisonville, Tenn., has applied to buy First Peoples Bancorp in Jefferson City, Tenn. Peoples Bancshares, the holding company for the $456.1 million-asset Peoples Bank of East Tennessee, submitted its application on Sept. 18. It expects to buy the parent of the $219.5 million-asset First Peoples Bank of Tennessee by early […]
Credit-focused fintech Avant files for national bank charter
Avant has applied for a national bank charter. The fintech applied to the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to create Avant Bank. The bank would enable the fintech to expand access to affordable, transparent credit and offer banking products and financial health tools via a digital banking […]
WestStar in Texas to deepen N.M. presence with Southwest Capital deal
WestStar Bank Holding Co. in El Paso, Texas, has agreed to buy Las Vegas Bancorp. in Albuquerque, N.M. The $3.3 billion-asset WestStar said in a press release that it expects to buy the $500 million-asset parent of Southwest Capital Bank in the first quarter. The price wasn’t disclosed. The companies “share more than a commitment […]
Crux Analytics raises $2.2M in bank-backed seed round
Crux Analytics has raised $2.2 million in seed funding to help institutions engage, acquire, and retain high-potential business relationships. The fintech said in a press release that Castle Creek Launchpad, a joint venture fund with 34 community banks as limited partners, led the raise, with participation from Chartway Ventures, One Washington Financial and Curql. The funding will […]
Unity Bancorp in N.J. finalizes CEO succession
Unity Bancorp in Clinton, N.J., will have a new CEO in 2027. The $3.2 billion-asset company said in a press release that George Boyan will succeed James Hughes on March 31. Hughes, who is retiring, will remain on the board. Boyan has been Unity’s president since Jan. 1. “Jim Hughes has left an indelible mark […]
Seaman’s Bank in Mass. taps CFO as its next leader
Seamen’s Bank in Provincetown, Mass., has a new leader. The $478.5 million-asset bank said in a LinkedIn post that its board of trustees appointed Michael Silva as president and CEO. Silva has been interim president since May; he will remain treasurer until a successor is hired. Silva was chief financial officer before becoming interim president. […]
Texas Farm Credit Services, Legacy Ag Credit begin merger talks
Texas Farm Credit Services and Legacy Ag Credit are in talks to merge. The lenders disclosed that they have a letter of intent to explore a merger, with hopes of completing it in November 2027. Due diligence is set to begin. The combined association would operate as Texas Farm Credit with Mark Miller, Texas Farm […]
Beacon Financial in Boston promotes COO as its new leader
Beacon Financial in Boston has selected an insider as its next CEO. The $22.3 billion-asset company said in a press release that Sean Gray, who has been chief operating officer, will also join the board. Gray succeeded Paul Perrault, who signed a one-year consulting agreement. “Sean is an established leader with broad operating expertise, deep […]
Kansas Bank Commissioner sets retirement date
David Herndon will retire as Kansas Bank Commissioner on Oct. 30. Herndon has been the state’s bank commissioner since 2019. He previously served as president, CEO and a director of First State Bank in Kansas City, Kan.
Gateway First in Okla. to buy Dallas-area bank
Gateway First Bancorp in Jenks, Okla., has agreed to buy First Western Mortgage and unit Colonial Savings in Fort Worth, Texas. The $2.1 billion-asset Gateway First plans to buy the $502 million-asset Colonial in the first quarter. The price was undisclosed. Performance Trust Capital Partners advised Gateway First. Olsen Palmer advised First Western Mortgage.
Cambridge Financial CEO to advise AI-focused website firm
Ryan Bailey, the president and CEO of Cambridge Financial in Cambridge, Mass., will serve as an adviser to Fibr AI. Fibr AI, which leverages artificial intelligence to improve website experience, said in a press release that Bailey will advise it on the evolving needs of banks, credit unions, and digital financial-services companies. “Ryan has led […]
Mechanics in Calif. sells indirect auto look book to BofA trading desk
Mechanics Bancorp in Walnut Creek, Calif., has sold a portfolio of performing indirect auto loans to Bank of America’s trading desk. The $21.2 billion-asset Mechanics said in a press release that it sold about $417 million of loans at a price near book value. The bank will retain about $13 million of runoff auto loans. […]