Fintech Mantl adds loan origination tech to its platform
Mantl, a fintech that offers account origination solutions, will add consumer and business loan origination technology to its platform. Mantl Loan Origination can automate up to 100% of the loan application and decisioning process for personal and business loans. Mantl said the product can integrate with all major core banking systems. It combines account opening […]
Washington Trust, Flushing raising capital through public offerings
Washington Trust Bancorp in Westerly, R.I., and Flusing Financial in Uniondale, N.Y., are selling common stock. The $7.1 billion-asset company said in a press release that it plans to sell 1.9 million shares of stock at $34 each. It expects gross proceeds of $61.8 million. It could sell another 287,000 shares if there is ample […]
Regulatory delays force Global FCU to delay First Financial closing
Global Federal Credit Union in Anchorage, Alaska, has pushed back the timeline for buying First Financial Bank Northwest in Renton, Wash., as they continue to wait for regulatory approval. Global agreed to buy the bank in January for about $231.2 million. The credit union said at the time that it expected to close the deal […]
Dime in N.Y. repositions securities, begins pension program winddown
Dime Community Bancshares in Hauppauge, N.Y., which recently raised capital, repositioned its securities portfolio and began winding down its pension program. The company said in a press release that it sold $379 million of debt securities, using the proceeds to buy $379 million of higher-yielding debt securities. Dime expects to recognize a $43 million pretax […]
Farmers and Merchants in Ind. lines up next president
Farmers and Merchants Bank in Boswell, Ind., will soon have a new president. The $200 million-asset bank said in a press release that Donald Blume will succeed Grant Whaley on Jan. 1. Whaley will remain chairman and CEO. Blume is an executive vice president at the bank and a director at parent Farmers and Merchants […]
CFPB rule exempts smaller banks from overdraft caps
The Consumer Financial Protection Bureau is exempting smaller banks from a final rule capping overdraft fees. The CFPB’s final rule required banks with more than $10 billion of assets to either cap fees at $5, determine a fee that covers costs and losses, or disclose the terms of overdrafts like they would other loans. “For […]
FDIC gives conditional approval to Alabama de novo effort
Solutions Plus Bank, a de novo proposed for Albertville, Ala., has secured conditional approval from the Federal Deposit Insurance Corp. The proposed bank’s organizers applied with the FDIC in August. The agency required organizers to raise $27 million before the bank can open. There are 13 organizers: John Weathers, Myra Pierce, Thomas Carroll, Susan Armstrong, Tony […]
Coastal in Wash., Financial Institutions in N.Y. to sell common stock
Coastal Financial in Everett, Wash., and Financial Institutions in Warsaw, N.Y., are raising capital by selling common stock. The $4.1 billion-asset Coastal said in a press release that it is selling 1.2 million shares of stock at $71 each. It could sell another 180,000 shares if there is enough demand. Gross proceeds from the offering […]
Valley National Bancorp president to retire from New York company
Valley National Bancorp in New York announces that its president plans to retire next year. The $62 billion-asset company said in a press release that Thomas Iadanza will step down on June 30. He joined the bank through its 2012 purchase of State Bancorp, where he was chief lending officer. “Tom’s dedication to our customers, […]
First State Bank Southwest in Minn. announces CEO retirement
First State Bank Southwest in Worthington, Minn., announced its CEO’s retirement. Greg Raymo, who will remain a bank director, had worked at the $400 million-asset bank since 1997. “Greg has been a mentor to so many and has served on several boards and committees that work tirelessly in support of the community banking industry in […]
Sallie Krawcheck steps down as Ellevest CEO to address health issue
Sallie Krawcheck is stepping down as CEO of Ellevest to address a health problem. Krawcheck, a banking veteran who had key leadership roles at Citigroup and Merrill Lynch, wrote in a note that she will remain on the asset manager’s board. Sylvia Kwan, Ellevest’s chief investment officer, and Connie Hsiung, the chief financial officer and […]
Old National playing lead role in effort to form Indianapolis de novo bank
Old National Bancorp in Evansville, Ind., is playing a leading role in an effort to form a de novo bank in Indianapolis. Old National is part of a group organizing the proposed Generations Community Bank, which plans to become a minority depository institution and a community development financial institution. Old National is paying for the […]
Patriot National in Conn. hires firm to explore strategic options
Patriot National Bancorp in Stamford, Conn., is exploring strategic initiatives, including its possible sale. The $974.1 million-asset company disclosed in a regulatory filing that it has hired Performance Trust Capital Partners to also help it explore capital markets … with the goal of maximizing shareholder value.” The review could lead to a capital raise, strategic […]
First Hawaiian restructures securities portfolio
First Hawaiian in Honolulu restructured its securities portfolio. The company said in a press release that it sold $293 million of lower-yielding available-for-sale debt securities at an after-tax loss of $19.7 million. Proceeds were reinvested in $293 million of higher-yielding debt securities. The transaction should increase net interest income by about $8.6 million and expand […]
Carter Bankshares to buy N.C. deposits from First Reliance
Carter Bankshares in Martinsville, Va., has agreed to buy deposits in North Carolina from First Reliance Bancshares in Florence, S.C. The $4.6 billion-asset Carter said in a press release that the deal includes deposits at branches in Mooresville and Winston-Salem. It will also buy the Winston-Salem branch. Carter will pay a 4.6% deposit premium on […]
Central Ohio Bancorp raises $1.1M by selling common stock
Central Ohio Bancorp in Waverly has raised capital. The parent of the $229 million-asset First National Bank of Waverly brought in $1.1 million by selling common stock, according to data compiled by Performance Trust Capital Partners. The data did not detail the pricing, shares sold, or investors.
Northeast Bank in Maine raising $75M with at-the-market offering
Northeast Bank in Portland, Maine, is raising $75 million by selling common stock. The $3.9 billion-asset bank said in a press release that it is conducting an at-the-marketing offering through Piper Sandler and Keefe, Bruyette & Woods. Northeast said it plans to use the net proceeds for general corporate purposes, including support of additional growth.
Independent, Enterprise in Massachusetts unveil $562M merger
Independent Bank Corp. in Rockland, Mass., has agreed to buy Enterprise Bancorp in Lowell, Mass. The $20 billion-asset Independent said in a press release that it will pay $562 million in cash and stock for the $4.7 billion-asset Enterprise. The deal, which is expected to close in the second half of 2025, priced Enterprise at […]
CFPB files lawsuit against Comerica tied to Direct Express prepaid program
The Consumer Financial Protection Bureau has filed a lawsuit against Comerica for alleged deficiencies related to the Dallas company’s administration of the Direct Express program. The lawsuit, filed in the U.S. District Court for the Northern District of Texas, claims that the $71.8 billion-asset Comerica deliberately disconnected customer service calls, charged illegal ATM fees, and mishandled customer […]
De novo Altos Bank opens in California
Altos Bank has opened in Los Altos, Calif. The de novo opened on Nov. 25, according to the Federal Deposit Insurance Corp. Organizers were required to raise $25 million before opening. Tom Vertin, former president and CEO of Golden State Bank, is Altos Bank’s CEO. Four new banks have opened this year: Altos; Nova Bank in […]
Proposed de novo Elemi Bank in Calif. gains conditional FDIC approval
Elemi Bank, a de novo proposed for Encino, Calif., has secured conditional approval from the Federal Deposit Insurance Corp. The proposed bank’s organizers applied with the FDIC late last year. The agency is requiring organizers to raise $25 million before the bank can open. The proposed bank would be state-chartered and focus on small and […]
Fiserv CEO nominated to oversee Social Security Administration
Fiserv CEO Frank Bisignano was selected by President-elect Donald Trump to serve as commissioner of the Social Security Administration. Bisignano, who is also Fiserv’s chairman and president, would need Senate confirmation before taking on the role. Fiserv said he will remain its leader until confirmation occurs, adding that it has “an established, long-term succession plan.” […]
Columbia Financial in N.J. repositions balance sheet
Columbia Financial in Fair Lawn, N.J. has repositioned its balance sheet at a pretax loss of about $38 million. The $10.7 billion-asset company said in a press release that it sold about $321 million of available-for-sale debt securities that were mostly purchased during the pandemic. Proceeds were used to fund $85 million of loan growth, […]
Individual transaction limit for RTP Network increasing to $10 million
The Clearing House will increase the individual transaction limit for the RTP Network from $1 million to $10 million. The group said in a press release that the higher limit will support network growth in areas such as real estate, supply chain payments and business-to-business transactions that require larger transaction amounts. The higher limit will […]
Associated in Wisconsin again repositions its securities portfolio
Associated Banc-Corp in Green Bay, Wis., will report a net loss in the fourth quarter after repositioning its securities portfolio for a second time. The $42.2 billion-asset company, which raised capital last month, said in a press release that it sold about $1.3 billion of investment securities and that it agreed to sell about $700 […]