GBank Financial in Las Vegas raises $20 million via private placement
GBank Financial Holdings in Las Vegas raised $20 million from a private placement. The parent of the $1 billion-asset GBank sold common stock, with Raymond James and Janney Montgomery Scott serving as financial advisers. “This additional capital positions us to execute on our strategic growth initiatives,” Edward Nigro, the company’s executive chairman, said in a […]
Atlantic Union to buy Sandy Spring in Maryland for $1.6 billion
Atlantic Union Bankshares in Richmond, Va., has agreed to buy Sandy Spring Bancorp in Olney, Md. The $27.5 billion-asset Atlantic Union said in a press release that it will pay $1.6 billion in stock for the $14.4 billion-asset Sandy Spring. The deal, which is expected to close in the third quarter of next year, priced […]
First National Bank of Lindsay in Oklahoma fails
First National Bank of Lindsay in Oklahoma was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corp. took over the $107.8 million-asset bank and sold its only branch and its insured deposits to First Bank & Trust Co. in Duncan, Okla. The OCC closed the bank “after identifying false […]
Business First in La. promotes insider as new bank president
Business First Bancshares in Baton Rouge, La., has a new bank president. The $6.7 billion-asset company said in a press release that Jerry Vascocu had taken on the role. Vascocu, who was the bank’s chief administrative officer, succeeded Jude Melville, who will remain chairman and CEO. “Jerry’s proven leadership and broad-based banking experience [are] especially relevant […]
Franklin Financial in Pa. restructures securities portfolio
Franklin Financial Services in Chambersburg, Pa., restructured its securities portfolio. The $2 billion-asset company disclosed in a regulatory filing that its bank sold about $46.7 million of lower-yielding U.S. Treasury debt at a roughly $3.4 million after-tax loss. The proceeds were used to buy higher-yielding investment securities, including U.S. Agency residential mortgage-backed securities and private-label residential […]
Provident Financial in N.J. settles overdraft fee litigation
Provident Financial Services in Jersey City, N.J., has settled a lawsuit tied to its overdraft fees. The $24.1 billion-asset company disclosed in a regulatory filing that it agreed to pay nearly $1.9 million to a settlement fund in a court-approved arrangement. The lawsuit, filed in the Superior Court of New Jersey, alleged that the bank […]
National Bankshares in Va. taps insider as next president
National Bankshares in Blacksburg, Va., has a new president lined up. The $1.8 billion-asset company said in a press release that Lara Ramsey will take over the role on Jan. 1. Ramsey, the company’s chief operating officer and senior vice president of administration, will succeed F. Brad Denardo, who will remain chairman and CEO.
Metropolitan in NY reserves $10M to resolve probe tied to former fintech client
Metropolitan Bank Holding in New York reported lower quarterly profit that reflected a reserve designed to address a probe into a former fintech client. The $7.4 billion-asset company said in a press release that its third-quarter profit fell by 44% from a year earlier, to $12.3 million. Metropolitan said it set aside $10 million to […]
New York Community to cut 700 jobs at its bank
New York Community Bancorp in Hicksville is planning to cut about 700 jobs at its bank. The $119.1 billion-asset company said in a press release that the cuts represent about 8% of Flagstar Bank’s workforce. Another 1,200 jobs will go away when the company completes the previously announced sale of its mortgage servicing business to […]
FNB in Pittsburgh sells indirect auto loans at loss
FNB Corp. in Pittsburgh sold a portfolio of indirect auto loans at a loss. The $48 billion-asset FNB said in a press release that it sold $431 million of performing loans in September as part of a balance sheet repositioning. The company said it lost $11.6 million from the sale, though it also improved the […]
Jewel Box Financial to buy Wisconsin River Bank
Jewel Box Financial Services in Columbus, Wis., has agreed to buy Wisconsin River Bank in Sauk City, Wis. The $505 million-asset parent of Farmers and Merchants Union Bank did not disclose how much it will pay for the $182 million-asset Wisconsin River Bank. The deal is expected to close in the first quarter. “Wisconsin River […]
OceanFirst buys mortgage lender, finance firm for real estate developers
OceanFirst Financial in Red Bank, N.J., incurred costs in the third quarter after buying a mortgage lender and a finance business focused on real estate developers. The $13.5 billion-asset company said in a press release that it spent $1.7 million in the quarter tied to its purchase of Garden State Home Loans in Cherry Hill, […]
Axiom in Fla. hit with formal agreement tied to BSA, third-party oversight
Axiom Bank entered into a formal agreement with the Office of the Comptroller of the Currency that flagged the Maitland, Fla., bank for unsafe or unsound practices tied to the Bank Secrecy Act, anti-money laundering compliance and third-party management. The OCC required the $850 million-asset bank to form a compliance committee with at least three […]
First Liberty National to buy Coastal Bancshares in Texas
First Liberty National Bancshares in Liberty, Texas, has agreed to buy Coastal Bancshares in Pearland, Texas. The parent of the $501 million-asset First Liberty Bank will exchange an undisclosed amount of stock for Coastal, Performance Trust Capital Partners announced on LinkedIn. Performance Trust advised Coastal Bancshares. Coastal is the holding company of the $192 million-asset Pearland […]
Texas Capital reports 3Q loss after selling $1.2B of securities
Texas Capital Bancshares in Dallas, which reported a quarterly loss after repositioning its securities portfolio and incurring restructuring costs, said it is still on track to hit its long-term performance targets. The $31.6 billion-asset company said in a press release that it lost $65.6 million in the third quarter. The results included a $179.6 million […]
Webster reports lower 3Q profit due to selling factoring ops, securities
Webster Financial in Stamford, Conn., reported lower quarterly profit after it sold more underwater securities, incurred restructuring expenses and divested its factoring operations. The $79.5 billion-asset company said in a press release that its third-quarter earnings fell by 15% from a year earlier, to $188.8 million. Webster reported a $19.6 million pretax net loss from […]
Berkshire Hills in Mass. sells Upstart loans at a loss
Berkshire Hills Bancorp in Boston sold a portfolio of Upstart-related consumer loans at a loss. The company disclosed in a regulatory filing that it sold $46.5 million of loans at 96% of book value, resulting in a $1.9 million net chargeoff on the sale. Berkshire said it still holds about $10 million of Upstart-related consumer […]
Burke & Herbert in Virginia fulfills pledge to form charitable foundation
Burke & Herbert Financial Services in Alexandria, Va., has fulfilled a pledge for its purchase of Summit Financial Group by creating a charitable foundation. The $8.3 billion-asset company said in a press release that it had formed the Burke & Herbert Bank Foundation to provide targeted support to local organizations. Burke & Herbert said when […]
Wisconsin mortgage lender to pay $10M to settle redlining claims
Fairway Independent Mortgage Corp. agreed to pay nearly $10 million to settle redlining claims. The Justice Department and the Consumer Financial Protection Bureau also hit the Madison, Wis., mortgage lender with a consent order alleging that the lender discriminated against applicants in Black neighborhoods in Birmingham, Ala. Fairway operates in Birmingham as MortgageBanc. “This case […]
New York Community to rebrand as Flagstar Financial
New York Community Bancorp in Hicksville will rebrand as Flagstar Financial. The $119 billion-asset company said in a press release that the name change will take place on Oct. 25. The rebrand marks “another milestone in our ongoing transformation,” Joseph Otting, the company’s chairman, president and CEO, said in the press release. “Over the past […]
Lowndes Bancshares in Ga. buys FMB Bancshares
Lowndes Bancshares in Valdosta, Ga., has acquired FMB Bancshares in Lakeland, Ga. The deal was disclosed by Performance Trust Capital Partners, which advised FMB. The price wasn’t disclosed. Farmers & Merchants Bank, FMB’s $695 million-asset bank, will continue to operate as a separate bank. Lowndes is the holding company for the $355 million-asset Commercial Banking […]
Border Bancshares in N.D. raises $5.2M via private placement
Border Bancshares in Fargo, N.D., has raised $5.2 million after selling common stock. The holding company for the $953 million-asset Border Bank completed a private placement on Oct. 8, according to data compiled by Performance Trust Capital Partners. The data did not disclose the pricing or the investors.
Fieldpoint in Conn. raises capital to address written agreement
Fieldpoint Private Bank & Trust in Greenwich, Conn., which is operating under a written agreement with the Federal Reserve, raised $5 million in a private placement. Fieldpoint Private Holdings, the parent company of the $1.4 billion-asset bank, raised the capital by selling stock on Oct. 7, according to data compiled by Performance Trust Capital Partners. […]
Securities sales cut into profit at FB Financial in Tennessee
FB Financial in Nashville, Tenn., reported lower quarterly profit that reflected its decision to sell underwater securities. The $12.9 billion-asset company said in a press release that its third-quarter earnings fell by 47% from a year earlier, to $10.2 million. FB Financial said it sold $318.6 million of available-for-sale securities at a $40.2 million loss. […]
National Bank of Arizona selects insider as its new CEO
National Bank of Arizona in Tucson has a new CEO. The $5 billion-asset bank said in a press release that Mark Stebbings had become its leader. The bank is a unit of Zions Bancorp. in Salt Lake City. Stebbings, who was the bank’s director of specialty and commercial real estate lending, succeeded Mark Young, who […]