Capitol National Bank in Michigan hires insider as president
Capitol National Bank in Lansing, Mich., has a new president. The $192.5 million-asset bank said in a press release that Joseph Campbell now has the role. Campbell, who joined the bank in 2020 as vice president of commercial lending, succeeded the retiring Ed Harden. Campbell “is a natural to fill this role,” Cristin Reid, the […]
TD Bank to pay $28M to address CFPB claims tied to customer data
TD Bank was ordered by the Consumer Financial Protection Bureau to pay $28 million for sharing inaccurate customer data with credit reporting agencies. The CFPB also cited the Canadian bank for failing to investigate customer disputes, a move that could have impacted their ability to access credit. The amount includes about $7.8 million in redress […]
Warsaw Federal in Ohio raises $5 million as it looks to become an MDI
Warsaw Federal Savings & Loan in Cincinnati raised $5 million as part of a plan to become a minority depository institution. The $105 million-asset mutual said in a press release that it sold 8% non-cumulative additional Tier 1 capital instruments to investors. Warsaw Federal plans to use the net proceeds to provide “focused financial services, tools […]
1st Federal in South Carolina completes sale-leaseback transaction
MountainSeed Real Estate Services entered into a sale-leaseback transaction with 1st Federal Savings Bank of SC in Walterboro. The $164 million-asset 1st Federal sold properties that included its headquarters to MountainSeed for an undisclosed amount. The bank will lease the properties for an initial 15-year term with an option for another 15 years. “We are […]
National Bank in Denver shuffles execs with new president, CFO
National Bank Holdings in Denver has a new president. The $9.97 billion-asset company said in a press release that Aldis Birkans had succeeded Tim Laney, who remains chairman and CEO. Birkans, who will have oversight of the company’s business lines, was chief financial officer. Nicole Van Denabeele, who had been chief accounting officer, was named […]
Camden National in Maine to buy Northway Financial in N.H.
Camden National in Camden, Maine, has agreed to buy Northway Financial in North Conway, N.H. The $5.7 billion-asset Camden National said in a press release that it will pay $86.6 million in stock for the parent of the $1.3 billion-asset Northway Bank. The deal, which is expected to close in the first quarter, priced Northway […]
Huntington planning push into Carolinas, corporate mortgage finance
Huntington Bancshares in Columbus, Ohio, is planning a major push into the Carolinas and into corporate mortgage finance. The $196 billion-asset company said in a press release that it plans to hire 350 people and open 55 branches in North and South Carolina over the next five years. Separately, the company said recent hire Ken Logan […]
Banking vet Lagomarsino named president of First Foundation in Texas
Simone Lagomarsino is taking on even more responsibility at First Foundation in Dallas. The $13.6 billion-asset company disclosed in a press release that Lagomarsino had become its president, succeeding Scott Kavanaugh. She had already been named the bank’s president as part of a recent capital raise. Kavanaugh remains the company’s CEO. First Foundation raised $228 […]
NBT Bancorp to buy Evans Bancorp in New York for $236 million
NBT Bancorp in Norwich, N.Y., has agreed to buy Evans Bancorp in Williamsville, N.Y. The $13.5 billion-asset NBT said in a press release that it will pay $236 million in stock for the $2.3 billion-asset Evans. The deal is expected to close in the second quarter. “We are confident [the acquisition] is a high-quality and […]
KeyCorp sells low-yielding securities at $700M loss
KeyCorp in Cleveland repositioned its balance sheet. The company, which recently agreed to sell a big stake in itself to Scotiabank, sold $7 billion of low-yielding securities at an after-tax loss of $700 million. The securities that were sold had a weighted average book yield of about 2.3% and an average duration of roughly six […]
Customers in Pa. replaces chief risk officer with Capital One executive
Customers Bancorp in West Reading, Pa., which was recently hit with an enforcement action, has a new chief risk officer. The $21 billion asset company said in a press release that Nick Robinson had taken over the role at its bank. It also created the new position of chief banking officer, which was filled by […]
Texas Capital to report 3Q loss following securities sales
Texas Capital Bancshares in Dallas continues to reshape its balance sheet. The $29.9 billion-asset company said in a press release that it bought a $400 million portfolio of committed exposure to the healthcare sector and sold $1.2 billion of securities at a $139 million after-tax loss. Texas Capital said it expects to report a net […]
QCR in Illinois to discontinue its equipment finance business
QCR Holdings in Moline, Ill., will stop offering new loans and leases through its equipment finance business. The $8.9 billion-asset company said in a press release that m2 Equipment Finance will continue to service its existing $360 million portfolio with a reduced staff. The majority of the portfolio should amortize over the next three years. QCR […]
Builtwell Bancorp in Tenn. to buy Bank of Cleveland parent
Builtwell Bancorp in Chattanooga, Tenn., has agreed to buy Bradley County Financial in Cleveland, Tenn. The $1.8 billion-asset parent of Builtwell Bank said in a press release that it plans to buy the holding company for the $352 million-asset Bank of Cleveland in the first quarter. The price wasn’t disclosed. Bank of Cleveland has four […]
ConnectOne to cross $10B of assets with First of Long Island deal
ConnectOne Bancorp in Englewood Cliffs, N.J., has agreed to buy The First of Long Island in Melville, N.Y. The $9.7 billion-asset ConnectOne said in a press release that it will pay $284 million in stock for the $4.2 billion-asset First of Long Island. The deal is expected to close in mid-2025. As part of the […]
REV FCU to buy First Neighborhood Bank in West Virginia
REV Federal Credit Union in Summerville, S.C., has agreed to buy First Neighborhood Bank in Spencer, W.Va. The $1.1 billion-asset credit union did not disclose the price it will pay for the $149 million-asset bank. “Our mission is growth with purpose,” Jason Lee, the credit union’s president and CEO, said in a press release. “This […]
Harker to step down as Philadelphia Fed president in June 2025
Patrick Harker will step down as president of the Federal Reserve Bank of Philadelphia next year. Harker, who has held the post since 2015, will relinquish the role in June. A search committee of six board members for the regional Fed bank, with help from Spencer Stuart, will look for his successor. Harker is the longest-serving […]
United Texas hit with C&D order over AML, virtual currency clients
United Texas Bank in Dallas is working under a cease-and-desist order after a Federal Reserve examination found “significant deficiencies” tied to foreign correspondent banking and virtual currency customers. Regulators said in the C&D that a May 2023 exam identified issues with the $1.1 billion-asset bank’s risk management and compliance with anti-money laundering laws and regulations. […]
Huntington signs 20-year sponsorship pact with Cleveland Browns
Huntington Bancshares in Columbus, Ohio, has agreed to a 20-year sponsorship deal that included naming rights to the Cleveland Browns stadium. The Browns said in a press release that the stadium was renamed Huntington Bank Field. Financial details were not disclosed. The $196 billion-asset Huntington will become the team’s official and exclusive banking partner. “The […]
De novo Four States Bank debuts in Missouri
Four States Bank in Carthage, Mo., has opened. The de novo raised the required $23.5 million in initial capital and opened on Aug. 26, according to the Federal Deposit Insurance Corp. The group applied with the FDIC in December, disclosing plans to open three branches. Jeffrey Williams, former Jopin, Mo., regional president and Guaranty Bank, […]
United in S.C. sells manufactured housing portfolio
United Community Banks in Greenville, S.C., sold most of its manufactured housing portfolio. The $27.1 billion-asset company said in press release that it sold a $318.2 million of loans to 21st Mortgage, a division of Clayton Homes. Including a roughly $11.5 million release of a reserve tied to the loans, transaction costs and other accounting influences, […]
Pittsfield Cooperative Bank agrees to absorb Arrha Credit Union
Arrha Credit Union in Springfield, Mass., has applied to merge into Pittsfield Cooperative Bank in Pittsfield, Mass. The National Credit Union Administration told multiple news outlets that it is reviewing an application for the proposed merger. “While we are unable to comment on specific bank transactions, we are always pleased to see FDIC-insured banking institutions […]
Gallatin Point buys 15% stake in Israel Discount Bank
Gallatin Point Capital bought a roughly 15% stake in Israel Discount Bank in New York. Gallatin paid about $150 million for the stake in the $12 billion-asset bank. Davis Polk advised on the transaction. Israel Discount Bank has offices in New York, Florida and California.
Mutual Federal, Pulaski Savings in Chicago plan merger
Mutual Federal Bancorp and Pulaski Savings Bank are planning to merge. The $99.8 million-asset Mutual Federal expects to absorb the $50.7 million-asset Pulaski Savings in the first quarter. Both are based in Chicago. “This transaction brings together two customer-centric and highly-respected institutions,” Stephen Oksas, Mutual Federal’s president, said in a press release. “Mutual Federal and Pulaski have […]
Fulton in Pa. laying off 111 people under branch closure plan
Fulton Financial in Lancaster, Pa., plans to lay off 111 people in conjunction with recently announced branch closings. The $31.8 billion-asset company disclosed the layoffs in a WARN notice filed earlier this month. The cuts will occur in November and December. Fulton disclosed in July that it planned to close 13 branches in New Jersey and […]