Ukrainian-American-focused credit unions to merge
A pair of credit unions focused on the Ukrainian-American community are planning to merge. The $1.4 billion-asset Self Reliance New York Federal Credit Union and the $535 million-asset Ukrainian Selfreliance Federal Credit Union in Feasterville Trevose, Pa., said in a press release that they expect to complete their merger next year. The combined credit union would have […]
Pathward discloses delay selling commercial insurance premium finance business
Pathward Financial in Sioux Falls, S.D., and AFS IBEX Financial Services said they remain committed to the sale of Pathward’s commercial insurance premium finance business despite a fast-approaching termination date. AFS, a unit of Honor Capital Holdings, agreed in August to buy the business for a $31.2 million premium above the net asset value of […]
Rhinebeck Bancorp in N.Y. restructures securities portfolio
Rhinebeck Bancorp in Poughkeepsie, N.Y., repositioned its securities portfolio. The company said in a press release that it sold $71 million of available-for-sale securities at a pretax loss of $12 million. The proceeds were reinvested into new securities offering higher yields. The transaction is projected to increase earnings per share by 12 cents and the […]
MidWestOne in Iowa raises $104M to reposition its securities portfolio
MidWestOne Financial Group in Iowa City raised $103.5 million by selling common stock. The company said in a press release that it sold about 4.3 million shares in a public offering at $25 each. The underwriters have permission to sell another 652,000 shares. MidWestOne said it plans to invest all of the net proceeds into its […]
Investor group increases unsolicited bit for Hawaii’s Territorial
An investor group has sweetened the pot in its effort to uproot Hope Bancorp’s purchase of Territorial Bancorp in Honolulu. The group, which includes banking veteran Allan Landon and Blue Hill Advisors, said in a press release that it increased its cash offer for the $2.2 billion-asset Territorial by 4.2%, to $12.50 a share. The […]
CEO successor at Orrstown in Pa. suddenly retires
Orrstown Financial Services in Harrisburg, Pa., disclosed that the successor to its CEO is leaving. The $3.2 billion-asset company said in a regulatory filing that Craig Kauffman will retire as chief operating officer on Sept. 30. Orrstown said his departure “is for personal reasons and is not a result of any disagreement with the company.” […]
Amerant in Florida to raise $150M by selling common stock
Amerant Bancorp in Coral Gables, Fla., is looking to raise at least $150 million in capital. The $9.7 billion-asset company disclosed in a regulatory filing that it hired Stephens and Piper Sandler to handle the sale of Class A voting common stock. Net proceeds will be used for a variety of purposes, including supporting the […]
Financial Data Exchange applies to become SSO for CFPB’s open-banking push
The Financial Data Exchange (FDX) has applied with the Consumer Financial Protection Bureau to become a recognized standard-setting organization to facilitate data sharing under Section 1033 of the Dodd-Frank Act. The CFBP has stated that implementing Section 1033 will “accelerate a shift toward open banking, where consumers would have control over data about their financial […]
Mifflinburg Bancorp to buy Northumberland Bancorp in Pennsylvania
Mifflinburg Bancorp in Mifflenburg, Pa., has agreed to buy Northumberland Bancorp in Northumberland, Pa. The $567 million-asset Mifflinburg said in a press release that it will pay $34.2 million in stock for the $685 million-asset Northumberland Bancorp. The deal is expected to close in the first or second quarter of 2025. Mifflingburg said it will […]
Organizers of proposed Calif. bank change headquarters city
A group planning a bank in California has changed the location of the proposed de novo. Organizers of Elemi Bank have refiled an application with the Federal Deposit Insurance Corp. for the proposed bank, moving its headquarters to Encino from Burbank. The new application wasn’t immediately available. The original application, submitted in December, stated that […]
Northeast Bank in Maine buys $805 million loan portfolio
Northeast Bank in Portland, Maine, bought a large loan portfolio. The bank said in a press release that it acquired an $805 million portfolio that largely consists of commercial real estate loans. Northeast did not disclose the seller or the price it paid. Northeast said it plans to fund the loans with brokered deposits and […]
ESL Federal Credit Union agrees to buy Generations Bank in N.Y.
ESL Federal Credit Union in Rochester, N.Y., has agreed to buy Generations Bank in Seneca Falls, N.Y. The $9.2 billion-asset credit union said in a press release that it will pay Generations Bancorp about $26.2 million in cash for the $400 million-asset bank. The deal is expected to close in the second quarter or the […]
TowneBank to buy Village Bank and Trust in Virginia
TowneBank in Suffolk, Va., has agreed to buy Village Bank and Trust Financial in Midlothian, Va. The $17.1 billion-asset TowneBank said in a press release that it will pay $120 million in cash for the $748 million-asset Village Bank. The deal is expected to close in the first half of 2025. “We believe our partnership […]
Chain Bridge Bancorp in Virginia lines up initial public offering
Chain Bridge Bancorp in McLean, Va., is planning an initial public offering. The holding company for the $1.4 billion-asset Chain Bridge Bank said in a regulatory filing that it plans to list on the New York Stock Exchange. The size of the offering has yet to be determined. Proceeds will be used to repay borrowings […]
BNY to buy managed accounts software firm Archer
BNY in New York agreed to buy Archer, a company that provides cloud-based software for managed accounts. BNY said it expects to complete the deal in the fourth quarter. The price wasn’t disclosed. “Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer […]
Liberty Capital to buy Southwestern Bancorp in Texas
Liberty Capital Bancshares in Addison, Texas, has agreed to buy Southwestern Bancorp in Boerne, Texas. The transaction between the parent company of the $415 million-asset Liberty Capital Bank and the holding company for the $225 million-asset Texas Heritage Bank was announced by Performance Trust Capital Partners. Performance Trust advised Liberty Capital. The financial terms were […]
Silvergate Capital in California files for bankruptcy protection
Silvergate Capital, which voluntarily liquidated its bank, filed for Chapter 11 bankruptcy protection in Delaware. The holding company for the now-defunct Silvergate Bank in La Jolla, Calif., shut down amid the collapse of crypto exchange FTX. The decision to liquidate in March 2023 preceded the high-profile failures of Silicon Valley Bank, Signature Bank and First […]
TD Bank Group CEO Masrani to retire in 2025
TD Bank Group in Toronto will have a new CEO in 2025. The company said in a press release that Raymond Chun will succeed Bharat Masrani when he retires in April. Chun is group head, Canadian personal banking, will become chief operating officer and join the board on Nov. 1. Masrani will serve as an […]
OceanFirst in N.J. settles redlining claims
OceanFirst Financial agreed to settle claims by the Justice Department and the Department of Housing and Urban Development that it violated the Equal Credit Opportunity Act and Fair Housing Act in the New Brunswick-Lakewood, N.J., market. The company said in a press release that it committed $14 million to create a mortgage loan subsidy fund. […]
Kentucky First reports quarterly loss following goodwill charge
Kentucky First Federal Bancorp in Hazard reported a quarterly loss that reflected a $947,000 goodwill impairment charge. The $375 million-asset company said in a press release that it lost $1.1 million in the quarter that ended June 30. It earned $42,000 a year earlier. The impairment charge reflected goodwill from the company’s March 2005 purchase […]
Carver in N.Y. hires Citizens Financial exec as next CEO
Carver Bancorp in New York has a new leader. The company said in a press release that Donald Felix will become president and CEO on Nov. 1. He will also join Carver’s board. Felix, who was head of national banking and expansion at Citizens Financial Group, will succeed Craig MacKay, who has been interim president and […]
Financial Institutions in N.Y. to shut down BaaS business
Financial Institutions in Warsaw, N.Y., is shutting down its Banking-as-a-Service platform. The $6.1 billion-asset holding company for Five Star Bank said in a press release that “the orderly wind down” followed a review by its management team and board as part of the annual strategic planning process. The decision also considered the contribution of BaaS […]
EverBank in Florida to buy Sterling Bank in Michigan
Tom O’Brien has turned around and sold another bank. EverBank in Jacksonville, Fla., agreed to buy Sterling Bank and Trust in Southfield, Mich., in an all-stock deal valued at $261 million. The sale is expected to close in the first quarter. Sterling, as a condition of the deal, will sell its $373 million portfolio of […]
Idaho Bankers Association hires new CEO
The Idaho Bankers Association has a new leader. The association announced on LinkedIn that Stacey Satterlee had become its president and CEO. Satterlee, who previously served as the executive director of the Idaho Grain Producers Association, succeeded Trent Wright, who left to become director of government relations at Umpqua Bank.
Wisconsin Credit Union League selects insider as next CEO
The Wisconsin Credit Union League has its next president and CEO lined up. The association said in a press release that Sarah Wainscott was selected to succeed Brett Thompson, who is retiring after leading the group for 23 years. Wainscott was the league’s senior vice president of advocacy. “Brett’s steadfast leadership has built a solid […]