Buckley State in Illinois looking to hire president and CEO
Buckley State Bank in Buckley, Ill., is looking to hire a new president and CEO. The $50 million-asset bank is also looking to add the executives to its board, Gary Bohner at GARBO Financial Services shared in a LinkedIn post. Buckley State “is a good solid bank with an experienced staff,” Bohner said. “This is […]
PBT Bancshares to buy Kanza Financial in Kansas
PBT Bancshares in McPherson, Kan., has applied to acquire Kanza Financial in Kingman, Kan. PBT, the parent of the $1.2 million-asset Peoples Bank and Trust recently agreed to buy the holding company for the $270 million-asset Kanza Bank in a deal expected to close in the second quarter. The price wasn’t disclosed. “We are excited […]
Associated in Wisconsin to raise capital by selling common stock
Associated Banc-Corp in Green Bay, Wis., is raising up to $345 million that could be used to fine-tune its balance sheet. The $42.2 billion-asset company said it could sell up to 13.8 million shares of common stock if there is sufficient demand. Shares were priced at $25 each. Associated said that proceeds would used to […]
Star One Credit Union in Calif. invests in instant-payments CUSO
Star One Credit Union in Sunnyvale, Calif., has invested $4.5 million in a new credit union service organization (CUSO) focused on instant payments. The $9.9 billion-asset credit union is backing a CUSO created by Payfinia. The entity offers an open payments platform for credit unions and industry partners. Star One has been a Payfinia customer […]
AI-focused startup Zeplyn raises $3 million in new funding round
Zeplyn, a software-as-a-service company that streamlines wealth management workflows, has raised $3 million in a funding round led by early-stage venture capital firm Leo Capital. Converge VC and several angel investors also participated. The New York company, founded last year by former Google engineers, offers an artificial intelligence product for financial advisors and wealth management […]
Management turmoil, dysfunction contributed to Republic First failure
Republic First Bank failed in April largely because of a “dysfunctional” management and board that made it difficult for regulators to get a handle on the Philadelphia bank’s financial condition and capital-raising plans. The bank was closed by regulators and substantially all of its deposits and assets were sold to Fulton Bank. A material loss […]
Cascade FCU in Wash. hires banker as its next CEO
Cascade Federal Credit Union in Kent, Wash., turned to the banking industry to recruit its next leader. The $347 million-asset credit union said in a press release that it hired Sam Jimenez as its president and CEO. Jiminez succeeded Sarah Richardson, who will remain with the credit union through the end of this year to assist […]
Axos in Calif. forms technology and life sciences banking division
Axos Financial in San Diego has formed a technology and life sciences banking division after recruiting a banker from City National Bank. The company said in a press release that Rod Werner will lead the division. He was head of the technology banking division at City National. The new division will have teams in San […]
Insight Credit Union in Fla. strikes sale-leaseback deal for three branches
Insight Credit Union in Winter Springs, Fla., has agreed to a sale-leaseback transaction involving three branches. The credit union sold the locations to MountainSeed Real Estate Services in Atlanta for about $9.6 million. Insight then agreed to lease the branches for an initial 15-year term with a 15-year renewal option. The lease rate wasn’t disclosed. […]
Proposed New Orleans banks plans to operate as MDI
Organizers of a proposed New Orleans de novo plan to open the bank as a minority depository institution. The group behind the proposed InclusiveBANK primarily intends to serve low- and moderate-income communities around New Orleans, according to its application with the Federal Deposit Insurance Corp. “However, this will not be the bank’s sole mission as […]
Wilson Bank to buy Tennessee branch from F&M Financial
Wilson Bank & Trust in Lebanon, Tenn., has agreed to buy a Cookeville, Tenn., branch from F&M Financial in Clarksville, Tenn. The $5 billion-asset Wilson Bank said in a press release that it will also gain about $35 million of deposits and most of the branch’s loans from the purchase, which is expected to close […]
Farmers Savings to buy Elgin State Bank in Iowa
Farmers Savings Bank in Colesburg, Iowa, has agreed to buy Elgin State Bank in Elgin, Iowa. The $235.5 million-asset Farmers Savings submitted their application with the Federal Deposit Insurance Corp. on Nov. 12. The price wasn’t disclosed. The $28.6 million-asset Elgin State has two branches. “Even though the [branches] will operate under a new name […]
Former Nano Banc executive barred from banking industry
A former executive at Nano Banc in Irvine, Calif., has been barred from working in the banking industry. The Federal Reserve also said in a press release that it fined Anthony Gressak III $75,000 after he allegedly obtained pandemic relief funds fraudulently, among other things. Gressak, who co-founded the $958 million-asset bank, resigned as its […]
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 […]