Former Professional Bank exec planning new Miami bank
A veteran South Florida banker has applied to form a new bank. BankMiami would operate as a state-chartered bank, with plans to open by mid-2024. Mary Usategui would serve as the proposed de novo’s president and CEO, according to her LinkedIn profile. She was chief financial officer of Professional Bank when it was sold to […]
BCB in NJ hires former MSB leader as its next CEO
BCB Bancorp in Bayonne, N.J., will have a new leader in 2024. The $3.8 billion-asset company disclosed in a regulatory filing that Michael Shriner will become its president and CEO on Jan. 1. Shriner was president and CEO of MSB Financial from 2012 until it was sold to Kearny Financial in July 2020. He was a […]
Fulton in Pa. promotes insider to serve as its president
Fulton Financial in Lancaster, Pa., will soon have a new president. The $27 billion-asset company said in a press release that Angela Snyder will also become president of Fulton Bank on Jan. 1. Snyder, Fulton’s chief banking officer, joined the company in 2002. She will oversee all business lines while leading efforts to optimize costs […]
J.C. Flowers buys minority stake in Baltimore bank
Capital Funding Bancorp in Baltimore has received a $125 million investment from J.C. Flowers & Co. The investment firm said in a press release that it could increase its investment in the parent of the $5 billion-asset CFG Bank to $165 million over the next five years. Louis Vachon, J.C. Flowers’ operating partner and a […]
Santander buys stake in venture with former Signature loans
Santander Bank is the latest financial services company to scoop up former Signature Bank assets. The Federal Deposit Insurance Corp. said in a press release that it sold a 20% stake in a newly created venture to SBNA Investor LLC, which is directly controlled by Santander, for $1.1 billion. The venture has $9 billion of […]
Kearny in NJ sells $122M of debt securities
Kearny Financial in Fairfield, N.J., repositioned a portion of its investment securities portfolio. The $8 billion-asset company said in a press release that it sold $122.2 million of debt securities, including $78.9 million of pandemic-era securities, at an after-tax loss of $12.9 million. Proceeds will be used to retire higher-cost wholesale funding and make loans. […]
Provident, Lakeland in NJ extend deadline to complete merger
Provident Financial Services in Iselin, N.J., and Lakeland Bancorp in Oak Ridge, N.J., have extended the deadline for their merger agreement to give regulators more time to approve the deal. The $14.1 billion-asset Provident agreed in September 2022 to buy the $11.2 billion-asset Lakeland for $1.3 billion. The deal was initially expected to close by […]
Webster in Conn. to buy medical funds custodian
Webster Financial in Stamford, Conn., has agreed to buy Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements. The $70 billion-asset Webster said in a press release that its bank will pay $350 million in cash to funds managed by Long Ridge Equity Partners. The deal is expected to close in […]
U.S. Bank hit with $36M in fines tied to prepaid program
U.S. Bancorp in Minneapolis was ordered to pay fines to address issues with a pandemic-era prepaid card program for distributing unemployment benefits. The Consumer Financial Protection Bureau ordered the $668 billion-asset company to pay $21 million, including a $15 million penalty and $5.7 million in restitution to consumers. The Office of the Comptroller of the […]
CrossFirst in Kan. reduces municipal securities holdings
CrossFirst Bankshares in Leawood, Kan., repositioned its securities portfolio to reduce its concentration in municipal securities. The $7.2 billion-asset company said in a press release that it sold about $80 million of available-for-sale municipal securities at an $800,000 after-tax loss. CrossFirst plans to pay off wholesale borrowings and buy higher-yielding agency mortgage-backed products. […]
Fifth Third combines chairman, CEO roles
Fifth Third Bancorp in Cincinnati has combined the roles of chairman and CEO. The $213 billion-asset company said in a press release that Timothy Spence, its president and CEO, will become its chairman on Jan. 2. He will succeed Nicholas Akins, who will become lead independent director. Separately, Fifth Third said that Jamie Leonard will […]
M1 Bancshares in Mo. raises $3M via private placement
M1 Bancshares in Clayton, Mo., has raised capital. The parent of the $978 million-asset M1 Bank brought in more than $2.6 million through a private placement of common stock, according to data compiled by Performance Trust Capital Partners. The data did not include the pricing, shares sold, or the investors.
Lincoln Bancorp in Iowa hires former Five Star exec as CEO
Lincoln Bancorp in Waterloo, Iowa, has recruited a banker from New York to serve as its next CEO. The parent of the $1.9 billion-asset Lincoln Savings Bank said in a press release that Sean Willett will take on the new role on Dec. 29. Willett recently served as chief administrative officer at Five Star Bank. […]
Software firm CSI buys loan origination platform Hawthorn River
CSI, a financial software company in Paducah, Ky., has acquired Hawthorn River, a St. Louis firm that offers a loan origination platform for community banks. The price wasn’t disclosed. “Lending is one of the most critical lines of revenue for community banks, yet it also is the most plagued by inefficiency and outdated technology,” David […]
Pacific Coast Banking School leader to retire in 2024
The CEO of the Pacific Coast Banking School has announced plans to retire. Gretchen Claflin said in a press release that she will also step down as the school’s president at the end of 2024. She was named president in 2016 and CEO two years later. The school, which partners with the University of Washington, […]
AmeriNational files applications for bank merger
AmeriNational Community Services in Albert Lea, Minn., has applied to buy Northwest Bancorp. of Illinois in Palatine. AmeriNational, an economic development and affordable housing loan servicer, applied with the Federal Reserve to form a bank holding company to buy the parent of the $208 million-asset First Bank and Trust Co. of Illinois. AmeriNational also applied […]
Shore in Md. to restate 3Q results to fix accounting error
Shore Bancshares in Easton, Md., will likely report a larger third-quarter loss when it restates financial results to correct an accounting error tied to its purchase of Community Financial. The $5.7 billion-asset company disclosed in a regulatory filing that the error was tied to the improper recording of the net deferred tax assets (DTAs) tied […]
FDIC continues slow work of selling Signature Bank assets
The Federal Deposit Insurance Corp. continues to create entities to sell of assets tied to the failed Signature Bank. The bridge bank created by the FDIC established two ventures, selling a 5% stake in each to Community Preservation Corp. (CPC), a nonprofit multifamily finance company. CPC, through two affiliated entities, paid $171 million for the […]
ACNB in Pa. repositions securities portfolio
ACNB Corp. in Gettysburg, Pa., repositioned its balance sheet. The $2.8 billion-asset company said in a press release that it sold $51.1 million of available-for-sale securities at an after-tax loss of $3.5 million. The net proceeds were used to buy higher-yielding investment securities, including agency multifamily debt and investment-grade bank holding company corporate debt. ACNB […]
Minnesota bank with BaaS strategy agrees to written agreement
B2 Bank in Mountain Iron, Minn., which has fintech ties and has been building a Banking-as-a-Service (BaaS) platform, must develop a risk assessment process for new products and services under a written agreement with the Office of the Comptroller of the Currency. The $72 million-asset bank stipulated to the agreement after regulators determined that it […]
First Citizens adding BofA executive to its board
First Citizens BancShares in Raleigh, N.C., has added a former Bank of America executive to its board. The $200 billion-asset company said in a press release that David Leitch will become a director on Jan. 1. He will serve on the audit committee and the compensation, nominations and governance committee. Leitch was global general counsel […]
FDIC forms LLC in quest to sell Signature CRE loans
The Federal Deposit Insurance Corp. has formed a new venture as part of its plan to sell commercial real estate loans once held by the failed Signature Bank. The FDIC receivership said in a press release that it created SIG CRE 2023 Venture, selling a 20% equity stake in the limited liability corporation to Hancock […]
Zeal Credit Union to invest $5M in fintech-focused CUSO
CU Digital One, a credit union service organization focused on fintech investments, has landed another credit union investor. The $820 million-asset Zeal Credit Union in Livonia, Mich., will invest $5 million in the CUSO in a transaction expected to close in the first quarter. The investment “aligns perfectly with our commitment to providing the best […]
Genesis Bank in Calif. lines up $500M for potential bank deals
Stephen Gordon is ready to become a bank acquirer – again. Genesis Bank in Newport Beach, Calif., where Gordon is chairman and CEO, said in a press release that has secured about $500 million in capital commitments to buy and recapitalize banks in the western United States. The $173 million-asset minority depository institution, which opened […]
GBank in Nevada to buy BankCard Services
GBank Financial Holdings in Las Vegas has agreed to buy BankCard Services. The $729 million-asset GBank said in a press release that it will pay $10 million in stock for the cashless payments company, which will operate as a unit of the bank and bolster its gaming fintech division. The acquisition, which is set to […]