Fortuna Bank debuts in Ohio after completing de novo process
Fortuna Bank has opened in Grandview Heights, Ohio. The de novo bank officially opened on Dec. 9, according to the Federal Deposit Insurance Corp. Organizers raised more than $20.7 million. Ilaria Rawlins is the bank’s president and CEO. Fortuna is the fifth de novo to open in 2024. The others are Nova Bank in Alabama, […]
Norwood in Pennsylvania raises $30 million from stock offering
Norwood Financial in Honesdale, Pa., raised $29.9 million from selling common stock. The $2.3 billion-asset company said in a press release that it sold about 1.2 million shares of stock at $26 each. The sales included 150,000 shares set aside to cover added demand. Norwood said it expects to use the net proceeds for investment […]
Two North Carolina credit unions form CUSO to sell cars
Coastal Federal Credit Union in Raleigh, N.C., and Truliant Federal Credit Union in Winston-Salem, N.C., have formed a credit union service organization (CUSO) to sell cars through a Winston-Salem dealership. The credit unions have partnered with TrueBay Automotive to create the Credit Union Auto Marketplace. Truliant, TruBuy and Coastal (through its CUSO) each own a […]
GTSB Financial in Michigan raises $20 million via stock sale
GTSB Financial in Traverse City, Mich., which recently bought a bank, raised $19.7 million by selling common stock. GTSB, which is led by Gregg Bigger and Rob Farr, had aimed to raise at least $14.5 million. GTSB is a holding company formed to buy First State Bank of Decatur. The deal closed in October.
Lineage Financial in Tenn. enters into written agreement with Fed
Lineage Financial Network in Franklin, Tenn., is dealing with an enforcement action from the Federal Reserve. The Fed issued a written agreement to the parent of the $214 billion-asset Lineage Bank that requires it to serve as a “source of strength” to the bank. Lineage Financial must maintain an adequate number of directors with the […]
ICBA’s credit card bank promotes insider as its president
TCM Bank, the credit card bank of the Independent Community Bankers of America, has a new president. The bank said in a press release C.J. Littrell had taken on the role. Littrell, who will remain the bank’s chief operating officer, will oversee the bank’s strategic initiatives, among other things. Littrell succeeded Jacob Eisen, who remains […]
Huntington in Ohio sells debt securities at $20 million pretax loss
Huntington Bancshares in Columbus, Ohio, restructured its securities portfolio. The company disclosed in a regulatory filing that it sold about $1 billion of corporate debt investment securities and associated hedges, resulting in a pretax loss of about $20 million. Huntington intends to reinvest the proceeds from the sale in 0% risk-weighted investment securities. It should […]
Hanscom FCU to buy Peoples Bank in Maryland
Hanscom Federal Credit Union in Littleton, Mass., has agreed to buy Peoples Bank in Chestertown, Md. The $1.9 billion-asset Hanscom said in a press release that it expects to buy the $200 million-asset bank during the second half of next year. The price wasn’t disclosed. Hanscom would enter Maryland and gain an insurance agency from […]
Washington Trust in RI to report 4Q loss from securities, mortgage sales
Washington Trust Bancorp in Westerly, R.I., which recently raised capital, repositioned its balance sheet in a move that will lead to a net loss for the fourth quarter and full-year 2024. The company said in a press release that it sold $409 million of debt securities and that it has agreed to sell $345 million […]
RBB Bancorp in Los Angeles lines up CEO succession
RBB Bancorp in Los Angeles has set the stage for a new CEO. The $4 billion-asset company said in a press release that Johnny Lee will become its president and CEO of its bank on Jan. 1. Lee, who is the bank’s president and chief banking officer, will become corporate CEO on May 22. Lee […]
OCC issues new C&D order to USAA Federal Savings Bank
The Office of the Comptroller of the Currency issued a new cease-and-desist order to USAA Federal Savings Bank that limits the Phoenix bank’s ability to add certain new products and services. The OCC said in a press release that the C&D order replaces prior orders issued against the bank in 2019 and 2022. The OCC said it […]
National Bank Holdings in Denver sells underwater securities
National Bank Holdings in Denver repositioned its securities portfolio. The $10 billion-asset company said in a press release that it sold $130 million of available-for-sale investment securities, purging about a fifth of its portfolio. The company will record a $5 million after-tax loss from the sale. Proceeds will be redeployed over time into higher-yielding securities. […]
First Commonwealth in Pa. to buy CenterGroup in Cincinnati
First Commonwealth Financial in Indiana, Pa., has agreed to buy CenterGroup Financial in Cincinnati. The $12 billion-asset First Commonwealth said in a press release that it will pay $54.6 million in stock for the parent of the $348.4 million-asset CenterBank. The deal, which is expected to close in the first half of next year, priced […]
The Savings Bank in Mass. promotes insider as next CEO
The Savings Bank in Wakefield, Mass., will have a new leader in 2025. The $821 million-asset bank said in a press release that Robert DiBella will retire as president and CEO on Dec. 31. DiBella, who has led the bank since 2016, will be succeeded by Raichelle Kallery, the bank’s chief operating officer. “Bob DiBella’s […]
First Guaranty in La. slashes quarterly dividend to a penny
First Guaranty Bancshares in Hammond, La., slashed its quarterly cash dividend to a penny. The $3.9 billion-asset company’s previous dividend was 8 cents. First Guaranty began cutting its dividend in July, around the same time that it announced plans to lay off about 15% of its employees to shore up capital. Those decisions came just […]
Lenders Cooperative, Ventures Lending Technologies to merge
Lenders Cooperative in Mechanicsburg, Pa., and Ventures Lending Technologies in San Diego are planning to merge. Lenders Cooperative provides integrated commercial lending platforms, while Ventures Lending Technologies provides lending technology. Financial terms were not disclosed. “Our banking partners that leverage our commercial loan origination technology have continued to seek a modern servicing platform to deliver […]
Vista Bank in Dallas selling rural branches to First United Bank
Vista Bank in Dallas has agreed to sell seven branches in rural markets to First United Bank in Dimmitt, Texas. The $2.4 billion-asset Vista applied with regulators to sell branches in the Texas markets of Abernathy, Hale Center, Haskell, Idalou, Petersburg, Plainview and Ralls. The deal is expected to close in the first quarter. First United […]
Activist investor continues to pressure Carver in NY after annual meeting
Dream Chasers Capital continues to pressure Carver Bancorp after the New York company narrowly prevailed in a proxy battle with the activist investor. Carver said last week that its two director candidates received more votes than those presented by Dream Chasers, with less than 7,400 votes separating the second- and third-place votes. Dream Chasers, however, […]
Northwest in Ohio to buy Penns Woods Bancorp for $270 million
Northwest Bancshares in Columbus, Ohio, has agreed to buy Penns Woods Bancorp in Williamsport, Pa. The $14.4 billion-asset Northwest said in a press release that it will pay $270.4 million in stock for the $2.3 billion-asset Penns Woods. The deal, which is expected to close in the third quarter, priced Penns Woods at 139% of […]
AI, digital banking featured in next ICBA fintech accelerator
The Independent Community Bankers of America has selected six fintechs for its latest ICBA ThinkTECH Accelerator Program. Participating fintechs will enter a 10-week program that will kick off on Jan. 13. The fintechs are: Coverbase: Automates 90% of third-party risk assessments and lets banks focus on improving security and compliance. Fin3 Technologies: Provides solutions to […]
Marathon Bancorp in Wisconsin plans second-step conversion
Marathon Bancorp in Wausau, Wis., plans to convert from a mutual to a stock holding company. The $217 million-asset company said in a press release that its mutual holding company, formed in 2021, will cease to exist as part of the second-step conversion. The MHC currently owns about 57.4% of the company’s outstanding shares. Eligible […]
Flagstar Financial in New York switches CFOs for second time this year
Flagstar Financial in Hicksville, N.Y., is ending 2024 with its third chief financial officer of this year. The $114.4 billion-asset company said in a press release that Lee Smith would become CFO on Dec. 27. Smith, who was president of mortgage at Flagstar, will succeed Craig Gifford. Gifford, who is leaving to “reengage in personal […]
Berkshire, Brookline in Boston to merge in $1.1 billion deal
Berkshire Hills Bancorp in Boston has agreed to buy Brookline Bancorp in Boston. The $11.6 billion-asset Berkshire said in a press release that it will pay $1.1 billion in stock for the $11.7 billion-asset Brookline. The deal is expected to close in the second half of next year. Berkshire shareholders will own 51.2% of the company, […]
Carver in New York barely prevails in proxy battle for board seats
Carver Bancorp in New York narrowly prevailed in a proxy battle with an activist investor. The company disclosed in a regulatory filing that directors Jillian Joseph and Kenneth Knuckles were reelected at its annual meeting. Dream Chasers Capital Group, which owns about 9.7% of Carver’s outstanding stock and has been trying to take over the […]
Heritage Bancshares agrees to buy Fidelity Kansas Bancshares
Heritage Bancshares in Topeka, Kan., has agreed to buy Fidelity Kansas Bancshares in Topeka. The parent of the $135 million-asset Heritage Bank said in a press release that it expects to complete its purchase of the parent of the $160 million-asset Fidelity State Bank and Trust in the second quarter. The price wasn’t disclosed. “The […]