Malvern Bank in Iowa promotes insider as its president
Malvern Bank in Malvern, Iowa, will soon have a new president. The $216 million-asset bank said in a press release that Kate McGann will take on the role on Jan. 1. She is the bank’s chief lending officer and is on the board. Jay Burdic will remain chairman and CEO. “The growth experienced by Malvern […]
Simmons First in Ark. bringing back Makris as CEO
George Makris Jr. is back at the helm of Simmons First National in Pine Bluff, Ark. The $27.3 billion-asset company said in a press release that Makris, who was CEO from 2014 to 2022, will return to the post on Jan. 1. He will succeed Bob Fehlman, who is stepping down “to focus on personal […]
Valley in New York raises $449 million from stock offering
Valley National Bancorp in New York brought in nearly $449 million by selling common stock. The $62 billion-asset company, which has been shedding commercial real estate loans, disclosed in a regulatory filing that it sold 49.2 million shares, including 6.4 million shares tied to its overallotment option, at $9.35 a share. Valley has been selling […]
Dime in New York to raise $125 million, could sell securities
Dime Community Bancshares in Hauppauge, N.Y., is raising $125 million to potentially reposition its balance sheet. The $13.7 billion-asset company disclosed in a presentation that it plans to sell common stock through a follow-on offering. The company could increase the offering by 15% if there is enough demand. Net proceeds could be used to support […]
Investor launches proxy challenge at Carver Bancorp in New York
Carver Bancorp in New York is facing a proxy challenge from a big investor. Dream Chasers Capital Group, which owned about 9.7% of Carver’s outstanding stock, said in a press release that it had nominated two individuals to run for board seats at the company’s Dec. 12 annual meeting. Jeff Anderson is a former chief […]
Alliance Credit Union of Florida placed into conservatorship
Florida’s Office of Financial Regulation placed Alliance Credit Union of Florida in Gainesville into conservatorship. The National Credit Union Administration was appointed as the conservator for the $59 million credit union, which has about 5,400 members. Alliance Credit Union of Florida serves people who live or work in Florida’s Alachua, Bradford, Gilchrist, Levy and Union […]
DCFU Financial to buy Winter Park National Bank in Fla.
DCFU Financial in Dearborn, Mich., has agreed to buy Winter Park National Bank in Winter Park, Fla. The $7 billion-asset credit union said in a press released that Winter Park would be its third acquisition in Florida. The price wasn’t disclosed. “We are thrilled to announce this acquisition and deepen our commitment to serving the […]
Valley in New York raising $400 million
Valley National Bancorp in New York is planning to raise $400 million. The $62 billion-asset company said in a press release that it will sell about 42.8 million shares of common stock at $9.35 each. Valley could sell another 6.4 million shares if there’s enough demand. The offering is expected to close on Nov. 12. […]
Territorial shareholders vote for Hawaii company’s sale to Hope
Shareholders at Territorial Bancorp have approved the Honolulu company’s sale to Hope Bancorp in Los Angeles, thwarting an effort by an investor group to derail the deal. The $2.2 billion-asset Territorial did not disclose the percentage of shares that backed its sale. “We expect our combination with Bank of Hope to strengthen Territorial for the […]
CFPB orders Navy Federal to pay $95M to address overdraft charges
Navy Federal Credit Union in Vienna, Va., must pay $95 million to address claims by the Consumer Financial Protection Bureau that it charged illegal overdraft fees from 2017 to 2022. The CFPB ordered the $171 billion-asset Navy Federal to refund more than $80 million to consumers and pay a $15 million civil penalty to the […]
Alliant Credit Union in Chicago announces CEO’s departure
Alliant Credit Union in Chicago has a new leader. The $20.3 billion-asset credit union said that Dennis Devine had stepped down as CEO. Ken Schaafsma, Alliant’s chief risk officer, was named interim CEO. Devine, a former KeyCorp executive, had been the credit union’s CEO for the past four years. The digital-only Alliant is the nation’s […]
Group applies to form de novo bank in New Orleans
A group has applied to form a bank in New Orleans. Organizers submitted an application to the Federal Deposit Insurance Corp. on Oct. 30 to create InclusiveBANK. The application wasn’t immediately available. A public notice tied to the application lists eight organizers: Henry Coaxum Jr., Caroline Fayard, Srinivas Kata, Beverly Matheney, Russell Russo, Allison Young, Robert Matheney and […]
Investor group buys First State Bank of Decatur, rebrand planned in 2025
An investor group has completed its purchase of First State Bank of Decatur in Michigan. GTSB Financial said in a press release that it will seek regulatory approval early next year to rebrand First State as Grand Traverse State Bank. Rob Farr, GTSB’s president, will lead the bank’s operations. Connie Deneweth, former CEO of Traverse […]
CFPB mulling enforcement action against Capital One
The Consumer Financial Protection Bureau is considering issuing an enforcement action against Capital One Financial in McLean, Va., in connection with claims that online savings accounts tricked some consumers into believing they were getting high rates. Capital One disclosed in its quarterly filing with the Securities and Exchange Commission that it received a civil investigative […]
nCino to buy SaaS provider FullCircl for $135 million
Technology firm nCino in Wilmington, N.C., has agreed to buy U.K.-based Software-as-a-Service platform FullCircl. The acquirer said in a press release that it will pay $135 million in cash for the SaaS company, though nCino will retain $15 million of the consideration for two years “as security for the performance of certain warranties and covenants.” […]
Franklin Financial in Pa. begins search for new CEO
Franklin Financial Services in Chambersburg, Pa., is looking for a new president and CEO. The $2.2 billion-asset Franklin disclosed in a regulatory filing that Timothy Henry, who is also the bank’s president and CEO, will retire on April 29. The board has formed a succession and search committee to identify and engage a successor.
Financing snag derailed investor group plan to buy Sterling in Michigan
Sterling Bancorp in Southfield, Mich., chose to sell its bank to EverBank in Jacksonville, Fla., after a group of experienced bankers failed to secure a lead investor to finance a separate deal. EverBank agreed in September to buy Sterling Bank and Trust for $261 million in a deal expected to close in the first quarter. […]
Provident in Mass. receives ‘Wells Notice’ tied to crypto lending disclosures
Provident Bancorp in Amesbury, Mass., is being investigated by the Securities and Exchange Commission over disclosures it made tied to its cryptocurrency dealings. The $1.6 billion-asset Provident disclosed in a regulatory filing that it received a “Wells Notice” from the staff of the SEC’s Boston regional office tied to disclosures about loans made to crypto […]
Peapack-Gladstone to rebrand bank as part of New York push
Peapack-Gladstone Financial in Bedminster, N.J., is rebranding its bank and wealth management operations under a single name as it looks to make more inroads into New York. The $6.8 billion-asset company said that Peapack-Gladstone Bank will rebrand as Peapack Private Bank & Trust, or simply Peapack Private. “There is established brand equity and a uniqueness […]
First Financial in Ark. to split president, CEO roles in 2025
First Financial Bank in El Dorado, Ark., will start 2025 with new leadership. The $1.7 billion-asset bank said in a press release that Sean Williams will become CEO on Jan. 1. Williams, who is chief retail officer, will succeed Chris Hegi, who will remain on the board. First Financial said that Craig Mobley will succeed […]
Security Bank in Ill. files for mutual-to-stock conversion
Security Bank in Springfield, Ill., is planning to convert from a mutual to a stock holding company. The $219.6 million-asset bank said in a regulatory filing that Security Midwest Bancorp, a newly formed holding company, plans to sell 807,500 to 1.1 million shares of common stock. Security Midwest could sell up to 1.2 million shares […]
Northrim in Alaska buys asset-based lender Sallyport
Northrim BanCorp in Anchorage, Alaska, has acquired Sallyport Commercial Finance. Northrim said in a press release that its deal valued the asset-based lender at $53.9 million. The deal is expected to be 15% accretive to Northrim’s 2025 operating results. Northrim has been a lender to SCR; it provided the lender with $6 million in subordinated debt […]
Mid Penn Bancorp to buy William Penn Bancorp in Pennsylvania
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy William Penn Bancorp. in Bristol, Pa. The $5 billion-asset Mid Penn said in a press release that it will pay $127 million in stock for the $812 million-asset William Penn. The deal is expected to close in the first half of next year. Mid Penn […]
Central Pacific in Hawaii incurred 3Q costs to explore ‘strategic opportunity’
Central Pacific Bancorp in Honolulu reported quarterly earnings that included expenses tied to assessing a “strategic opportunity.” The $7.4 billion-asset company said in a press release that its third-quarter profit increased by 1.5% from a year earlier, to $13.3 million. Central Pacific, which was rumored earlier this year to be in talks to buy American […]
CFPB fines VyStar Credit Union for botched online-banking platform launch
VyStar Credit Union in Jacksonville, Fla., must pay a $1.5 million civil penalty to address the Consumer Financial Protection Bureau’s concerns over a botched online banking platform launch. The agency penalized the $14.8 billion-asset credit union over issues tied to its May 2022 transition to a new online banking platform that made it challenging for […]