Lake Shore in New York freed from OCC consent order
Lake Shore Bancorp in Dunkirk, N.Y., has been freed from a regulatory order. The $698 million-asset company said in a press release that the Office of the Comptroller of the Currency released Lake Shore Savings Bank from its consent order. The order required the bank to correct deficiencies tied to IT, automated clearing house, audit, […]
BankTech Ventures backs data collection platform SOLO
BankTech Ventures has invested in SOLO, a data collection platform. BankTech Ventures said in a press release that SOLO’s platform enables secure, streamlined data collection and activation that lets banks make more-efficient and proactive underwriting decisions. The size of the investment wasn’t disclosed. “SOLO’s unique ability to address the present needs of banks and their customers, […]
Equity in Kansas to raise $80 million via common stock offering
Equity Bancshares in Wichita, Kan., is selling $80 million by selling common stock. The company said in a press release that it will sell about 1.8 million shares at $44.50 each. It could sell another 270,000 shares if there is enough demand. The offering should close on Dec. 4. Proceeds will be used to support […]
Valley National in New York sells $925 million of CRE loans
Valley National Bancorp in New York sold $925 million of commercial real estate loans at a loss. The $62 billion-asset company, which recently raised capital, said in a press release that it sold the loans, including $823 million of previously identified loans, to Brookfield Asset Management. The loans were sold at a roughly 1% discount, […]
First National Bank of Omaha shuts down Milli Bank division
First National Bank of Omaha in Nebraska has shut down mobile banking platform Milli Bank. The $31.5 billion-asset bank closed the bank on Nov. 15. Milli Bank had offered a savings account with spending round-ups and auto-savings and a spending account with physical and virtual debit cards. Customers with a remaining balance will receive checks […]
United Community to buy ANB Holdings in Florida
United Community Banks in Greenville, S.C., has agreed to buy ANB Holdings in Oakland Park, Fla. The $27.4 billion-asset United said in a press release that it will pay $80 million in stock for the parent of the $439 million-asset American National Bank. The deal is expected to close in the second quarter. ANB Bank […]
Digital banking provider Lumin Digital raises $160M in equity financing
Lumin Digital, a cloud-native digital banking provider in San Ramon, Calif., raised more than $160 million in equity financing. Lumin Digital said in a press release that the financing was led by Light Street Capital, NewView Capital and Partners Group. Lumin Digital said it will use the funds to accelerate its strategic growth initiatives. “This […]
Fleur Capital to buy Simmesport State Bank in Lousiana
Fleur Capital has agreed to buy Simmesport State Bank in Simmesport, La. Fleur, led by Spirit of Texas Bank President David McGuire, said in a press release that it hopes to buy the $231.5 million-asset Simmesport State Bank in the second quarter. The price “We highly value the Simmesport State Bank employees and believe they […]
IF Bancorp shareholders back nonbinding resolution to sell company
Shareholders of IF Bancorp backed a nonbinding proposal calling for the sale of the Watseka, Ill., company. The $893 million-asset company disclosed in a regulatory filing that more than 1.4 million shares voted in favor of the proposal at its annual meeting, while 969,000 shares objected. About 55,000 shares abstained. Separately, the company said that […]
Horizon in Ind. ends talks to sell mortgage warehouse business
Horizon Bancorp in Michigan City, Ind., disclosed that a plan to sell its mortgage warehouse business has fallen through. The $7.9 billion-asset company signed a nonbinding letter of intent in October to sell the business to an unidentified buyer. The plan was disclosed when Horizon reported its third-quarter results. The sale was expected to generate […]
Old National to buy Bremer Financial in Minnesota for $1.4 billion
Old National Bancorp in Evansville, Ind., has agreed to buy Bremer Financial in St. Paul, Minn. The $54 billion-asset Old National said in a press release that it will pay $1.4 billion in cash and stock for the $16.2 billion-asset Bremer. The deal, which is expected to close in the middle of 2025, priced Bremer […]
Island FCU in New York removes ‘interim’ from CEO’s title
Island Federal Credit Union in Hauppauge, N.Y., has added some permanency to its leadership. The credit union said in a press release that Craig Booth had become its president and CEO. Booth, who had been interim president and CEO, was the credit union’s chief operating officer. Booth “brings a wealth of experience, leadership, and dedication […]
First Foundation hires former TCF executive as its new CEO
Scott Kavanaugh is retiring as CEO of First Foundation in Dallas. The $13.6 billion-asset company said in a press release that Thomas Shafer had become its CEO and had also succeeded Kavanaugh as the CEO of First Foundation Bank. Shafer also joined the company’s board. Shafer was CEO of TCF National Bank and vice chairman […]
Union in Vermont implements 20-year term limits for directors
Union Bankshares in Morrisville, Vt., has implemented a 20-year term limit for its directors. The $1.5 billion-asset company disclosed in a regulatory filing that its board changed its bylaws to add the term limit. Union already has a mandatory retirement age of 72 years. The amendment took effect on Nov. 20. The board also granted […]
Former Heartland Tri-State CEO barred from banking industry
The Federal Reserve has barred the former CEO of the failed Heartland Tri-State Bank from future participation in the banking industry. The Fed’s announcement comes three months after Shan Hanes was sentenced to more than 24 years in prison after pleading guilty in May to a count of embezzlement by a bank officer. Hanes had been accused […]
Clear Fork in Texas flagged again for 3rd-party payment processor oversight
The Office of the Comptroller of the Currency has issued a cease-and-desist order to Clear Fork Bank in Albany, Texas, for unsafe or unsound practices tied to its Bank Secrecy Act and anti-money laundering compliance. The OCC said in its C&D order, which supersedes a February 2021 formal agreement, that the $825 million-asset bank failed […]
Clarion County Community Bank in Pa. hires new CEO
Clarion County Community Bank in Clarion, Pa., has new leadership. The $230 million-asset bank said that Travis Heiser had become its president and CEO. Heiser, who was CEO of Inner Lakes Federal Credit Union, succeeded James Kifer. Kifer had led the bank for 20 years. “It’s been incredibly rewarding to be in this role over […]
Capital City Bank in Fla. buying unowned stake in mortgage lender
Capital City Bank Group in Tallahassee, Fla., will take over full ownership of Capital City Home Loans. The $4.2 billion-asset Capital City, which already owns 51% of the mortgage lender, said it will buy the remaining 49% interest on Jan. 1. The purchase price will be based on the capital account balances of the mortgage […]
Bethpage FCU in NY to rebrand as FourLeaf Federal Credit Union
Bethpage Federal Credit Union in Bethpage, N.Y., is rebranding as FourLeaf Federal Credit Union. The $13.4 billion-asset credit union aid the change will occur in the first quarter. It will include a color update and a new logo. “As we navigate an ever-evolving landscape, we recognize the importance of adapting to meet the changing needs […]
Moody’s buys loan-origination platform Numerated
Moody’s in New York has acquired loan-origination platform Numerated Growth Technologies for an undisclosed amount. Moody’s said in a press release that the acquisition builds on a partnership announced in January that integrated Numerated’s front office, decisioning and loan operation technologies with Moody’s credit assessment, underwriting and monitoring expertise. Numerated, which uses data and artificial […]
Robinhood to buy custodial platform TradePMR for $300 million
Robinhood Markets has agreed to buy TradePMR, a custodial and portfolio management platform for registered investment advisers (RIAs). Robinhood said in a press release that the final deal consideration is expected to be about $300 million in cash and stock. The deal is expected to close in the first half of 2025. TradePMR has more […]
Small Business Bank in Kan. receives new Fed C&D order
The Federal Reserve has issued a new cease-and-desist order to Small Business Bank in Lenexa, Kan. The Fed said the order resulted from its May examination, which identified “new and continuing deficiencies” in the bank’s Bank Secrecy Act and anti-money laundering risk management and compliance. Small Business Bank, a unit of Gardner Bancshares, had already […]
Fed issues consent order to Industry Bancshares in Texas
Industry Bancshares in Industry, Texas, which has been embroiled in a battle with the Office of the Comptroller of the Currency, is now dealing with an enforcement action with the Federal Reserve. The Fed announced that the $5.1 billion-asset company agreed to a consent order requiring it to submit a written plan to strengthen board […]
Gruenberg to step down as FDIC chairman in mid-January
Martin Gruenberg has set a date for his retirement as chairman of the Federal Deposit Insurance Corp. Gruenberg, in an internal note to the agency’s employees, said he plans to step down on Jan. 19. “Over the coming weeks I hope to have the opportunity to speak with many of you and thank you personally […]
FirstSun, HomeStreet terminate planned merger
FirstSun Capital Bancorp in Denver and HomeStreet in Seattle have terminated their planned merger after failing to secure regulatory approval. The $8.1 billion-asset FirstSun agreed in January to buy the $9.4 billion-asset HomeStreet for $286 million. As part of the transaction, FirstSun planned to raise capital and HomeStreet planned to sell commercial real estate loans. […]