ES Bancshares in N.Y. adds banking expert to its board
ES Bancshares in Staten Island, N.Y., announced a collaborative agreement with one of its investors. The company said in a press release that it appointed Tom Thiel, a principal at JWTT, to its board. He also joined the board of the $630.5 million-asset Empire State Bank. JWTT is a broker-dealer that specializes in financial services […]
Legal battle between FDIC, R.I. bank intensifies
Independence Bank in East Greenwich, R.I., which recently filed a lawsuit against its regulators, is facing Federal Deposit Insurance Corp. claims that it violated certain Small Business Administration rules and regulations. The FDIC, in a notice of charges and of hearing and prayer for relief document, claims that the $28.4 million-asset bank charged several fees […]
Organizers planning Greater Gotham Bank in New York
The Federal Deposit Insurance Corp. has received its first application for deposit insurance in 2024. Organizers applied on Jan. 2 to open Greater Gotham Bank in White Plains, N.Y. The application wasn’t immediately available, though the group has secured a website. A public notice tied to the application lists seven organizers: Laurence Marchini III, Jeffrey […]
Brighton Bank in Tenn. enters into BSA-related consent order
Brighton Bank in Brighton, Tenn., entered into a consent order with the Federal Deposit Insurance Corp. that requires the bank to overhaul compliance with the Bank Secrecy Act and anti-money-laundering laws. The Nov. 30 order comes after the FDIC identified compliance shortcomings and mandates at the $51.4 million-asset bank. Brighton must hire a BSA officer, […]
Retired First Union CEO Ed Crutchfield dies
Ed Crutchfield, who used dozens of acquisitions over 15 years to put First Union Bank in Charlotte, N.C., on the national stage, has died. Crutchfield, 822, retired in 2001 to successfully fight lymphoma, leaving behind the nation’s sixth-biggest bank. He was succeeded by Ken Thompson, who acquired Wachovia and adopted the seller’s name for the […]
New CEO selected at Stone Bank in Arkansas
Stone Bank in Mountain View, Ark., has a new leader. Nick Roach, who was already the $738.8 million-asset bank’s president, added the role of CEO. He succeeded Marnie Oldner, who retired but will remain on the board. “I am grateful to have such a fantastic, dedicated, passionate group of people and bankers to work with […]
Intracoastal Bank in Fla. announces father-son CEO succession
Intracoastal Bank in Palm Coast, Fla., didn’t have to look far to find its next CEO. The $497.8 million-asset bank said in a press release that Ryan Page had succeeded his father, Bruce. The younger Page had been the bank’s president since January 2021. Before joining Intracoastal in 2016, Ryan Page was an associate relationship […]
22nd State in Ala. to sell five branches to All In Credit Union
All In Credit Union in Daleville, Ala., has agreed to buy five Alabama branches from 22nd State Bank in Louisville, Ala. The $3 billion-asset credit union said in a press release that the branches are in Brewton, Clayton, Eufaula, Geneva and Louisville. After the sale closes, the $250 million-asset 22nd State will move its charter […]
BayFirst in Florida appoints new president, CEO
BayFirst Financial in St. Petersburg, Fla., has a new president and CEO. The $1.1 billion-asset company said in a press release that Robin Oliver became its president and Thomas Zernick was named CEO, effective Jan. 1. Zernick succeeded Anthony Leo, who retired but remains a director and will serve as a part-time consultant. Oliver succeeded […]
Pioneer in NY applies to become national bank
Pioneer Bancorp in Albany, N.Y., is looking to switch regulators. The $2 billion-asset company disclosed in a regulatory filing that its bank applied with the Office of the Comptroller of the Currency to become a national bank. Pioneer Bank is currently a New York chartered savings bank.
Sierra Bancorp in Calif. inks sale-leaseback agreement
Sierra Bancorp in Porterville, Calif., said it could use proceeds from recent sale-leaseback agreements to offset potential securities losses. The $3.7 billion-asset company disclosed in a regulatory filing that its bank will transfer ownership of 13 California branches in two transactions to affiliates of Blue Owl Real Estate Capital for net proceeds of $14.3 million. […]
Union Bank in Nebraska poised to have new CEO
Union Bank & Trust in Lincoln, Neb., will soon have a new leader with a familiar last name. The $8.3 billion-asset bank announced that Jason Muhleisen will succeed his mother, Angie, as president and CEO on Jan. 1. Angie Muhleisen, who has been CEO since 2003, will remain on the board and will work on […]
Liberty Bank in Utah ordered to find buyer or liquidate
The clock is ticking for Liberty Bank in Salt Lake City. The $12.8 million-asset bank entered into a consent order with the Federal Deposit Insurance Corp. to boost capital levels, then find a buyer or liquidate. The bank consented to the Nov. 21 order without admitting or denying any charges of unsafe or unsound banking […]
Olney Bancshares of Texas finalizes CEO succession
Olney Bancshares of Texas will soon have a new CEO. The company said in a press release that CK Lee will succeed Pascal Hosch, who is retiring on Dec. 31. Lee will remain Olney’s president. Lee will also become CEO of the $4 billion-asset InterBank in Oklahoma City. Hosch will remain on the company and […]
United Community in Ga. details special assessment, bond sales
United Community Banks in Blairsville, Ga., repositioned its securities portfolio and disclosed the impact of a special assessment from the Federal Deposit Insurance Corp. The $26.9 billion-asset company disclosed in a regulatory filing that it sold $316 million of available-for-sale securities at a $52 million pretax loss. The proceeds were reinvested in higher-yielding bonds. United […]
Needham Bank in Mass. converts to stock holding company
NB Bancorp in Needham, Mass., completed its conversion from a mutual holding company to a stock holding company. The $4.2 billion-asset company said in a press release that it sold nearly 41 million shares of common stock at $10 each, or roughly $410 million. It contributed roughly 1.7 million shares and $2 million cash to […]
Arthur State Bank in S.C. announces CEO retirement
Arthur State Bank in Union, S.C., announced that its CEO is retiring. The $748 million-asset bank said in a LinkedIn post that Danny Cook planned to retire. The post did not give a retirement date or name a successor. “His administration has inspired us all and his impact will resonate with Arthur State Bank for […]
First Guaranty in La. raises another $10M via private placement
First Guaranty Bancshares in Hammond, La., raised $10 million through a private placement. The $3.4 billion-asset company disclosed in a regulatory filing that it sold a million shares of common stock for $10 each. The company did not disclose the investors or what it plans to do with the proceeds. First Guaranty sold 710,000 shares […]
BancPlus in Miss. adds investment banker to its board
BancPlus in Ridgeland, Miss., added a veteran investment banker to its board. The $7.6 billion-asset company disclosed in a regulatory filing that Charles White will become a director on Jan. 1. White is a managing director in the fixed income capital markets division of Stifel Financial. He was a director at State Bank & Trust […]
NSTS in Ill. sells securities, recognizes DTA valuation allowance
NSTS Bancorp in Waukegan, Ill., sold lower-yielding securities at a loss. The $252 million-asset company said in a press release that it sold $30.5 million of securities at an after-tax loss of $1.8 million. The securities included U.S. Treasury notes, agency, mortgage-backed securities and collateralized mortgage obligations. A portion of the proceeds will […]
Bancorp 34 revises 3Q results to loss due to sour CRE loan
Bancorp 34 in Scottsdale, Ariz., revised its third-quarter results, turning a narrow gain into a net loss. The $575 million-asset company said in a press release that, because of a loan-loss reserve for a commercial real estate loan, it lost nearly $2.3 million in the quarter. The company previously reported net income of $3,000. “The […]
Auburn National in Ala. to report 4Q loss after selling securities
Auburn National Bancorp. in Auburn, Ala., expects to report a fourth-quarter loss after selling available-for-sale securities. The $1 billion-asset company said in a press release that it sold $117.6 million of securities at a $4.7 million after-tax loss. Auburn National said it will use a portion of the $111.3 million of proceeds to repay $48 […]
Blue Ridge in Va. raising $150M through private placement
Blue Ridge Bankshares in Charlottesville, Va., has received a much-needed capital infusion. The $3.3 billion-asset company said in a press release that it has agreements to raise $150 million through a private placement led by private investor Kenneth Lehman with participation from Castle Creek Capital Partners and existing investors, directors and officers. The company will […]
First United in Md. discloses securities sales
First United in Oakland, Md., sold a batch of securities at a loss. The $1.9 billion-asset company disclosed in a regulatory filing that it sold $20.4 million of securities at an after-tax loss of $3.2 million. The securities had a book value of $24.6 million. Proceeds will be used to fund loans with a conservative […]
Allegacy in NC lines up new CEO for 2025
Allegacy Federal Credit Union in Winston-Salem, N.C., is playing the long game with CEO succession. The $2.2 billion-asset credit union said in a press release that Nathanael Tarwasokono will succeed Cathy Pace as president and CEO when she retires on Jan. 1, 2025. Tarwasokno, who will join the credit union on Feb. 15, was selected […]