Eagle in Md. reports big 2Q loss on goodwill impairment
Eagle Bancorp in Bethesda, Md., recorded a large quarterly loss after taking a goodwill impairment charge. The $11.3 billion-asset company said in a press release that it lost $83.8 million in the second quarter. The $104.2 million impairment came after Eagle conducted its annual impairment test and reflected “current economic conditions.” Separately, the company said […]
Time Bank in Ill. to buy Northwest Bank in Iowa
Time Bank in Park Ridge, Ill., has agreed to buy Northwest Investment Corp. in Davenport, Iowa. The $470 million-asset Time said in a press release that it expects to buy the parent of the $225 million-asset Northwest Bank & Trust in the fourth quarter. The price wasn’t disclosed. Northwest has three branches. Joe Slavens, Northwest’s […]
CIB Marine in Illinois completes sale-leaseback for three branches
CIB Marine Bancshares in Champaign, Ill., has completed a sale-leaseback transaction for three branches. The $889 million-asset company sold the Champaign locations to MountainSeed Real Estate Services for $6.5 million. CIBM Bank then agreed to lease the branches for an initial 15-year term with an option to renew for another 15 years. The lease terms […]
Fremont in California selects insider as next president
Fremont Bank in Fremont, Calif., will soon have a new president. The $5.9 billion-asset bank said in a press release that Don Marek will take on the role on Aug. 1. Marek will succeed Andy Mastorakis, who will remain CEO. Marek recently led the bank’s commercial lending group. “Don is an exceptional leader who embodies […]
First Guaranty in La. cuts 15% of workforce, discloses big CRE nonaccrual
First Guaranty Bancshares in Hammond, La., laid off about 15% of its employees and cut its dividend in half as it braces for slowing asset growth and aims to improve its capital position. The $3.6 billion-asset company said in a press release that it cut 71 positions. Each employee will receive 60 days of pay, […]
Fortuna Bank organizers hit capital goal, plan fall opening
The planned Fortuna Bank is targeting a fall opening after meeting its capital requirement. The proposed Grandview Heights, Ohio, de novo said in a LinkedIn post that it raised more than $20.7 million! “This incredible milestone reflects the unwavering support and confidence from our shareholders and community partners,” the organizers said in the post. “Our […]
Comerica could lose Treasury Department’s Direct Express contract
The Treasury Department has informed Comerica that the Dallas company could lose a lucrative Direct Express government contract. As the exclusive provider of the Direct Express prepaid card, the $71.8 billion-asset Comerica serves 4.5 million recipients and handles more than $3 billion of noninterest-bearing deposits. Though a decision has not yet been made, Comerica said […]
ACNB to buy Traditions Bancorp in Pennsylvania
ACNB in Gettysburg, Pa., has agreed to buy Traditions Bancorp in York, Pa. The $2.5 billion-asset ACNB said in a press release that it will pay $73.5 million in stock for the $859 million-asset Traditions. After the deal closes, Traditions’ shareholders will receive a quarterly cash dividend equal to about 23 cents a share. […]
KKR to buy Janney Montgomery Scott from Penn Mutual
KKR has agreed to buy investment bank Janney Montgomery Scott from Penn Mutual Life Insurance. Janney, which has more than $150 billion in assets under administration and 900 financial advisers, will become a standalone private company after the sale closes. “We are excited to enter this next chapter in our nearly 200-year history with a […]
Arrow Financial to merge its banks under the ‘Arrow’ brand
Arrow Financial in Glen Falls, N.Y., is planning to merge its two banks under a new brand. The $4.2 billion-asset company said in a press release that it will combine Glens Falls National Bank and Trust and Saratoga National Bank and Trust to form Arrow Bank. Arrow said the plan has already been approved by […]
Boston credit union hires new CEO
The City of Boston Credit Union has a new CEO. The $585 million-asset credit union said in a press release that Lisa Perrin had also become its president. Perrin recently served as CEO of Worcester Credit Union. “Her expertise and vision will undoubtedly guide us toward tremendous success and innovation,” Cecil Jones, the credit union’s […]
BayFirst in Florida to enter healthcare lending with banker hire
BayFirst Financial in St. Petersburg, Fla., is expanding into healthcare lending after hiring a veteran banker. The $1.1 billion-asset bank said it hired Phil Russo to serve as director of healthcare lending. He is also responsible for building out BayFirst’s treasury team. Russo “brings vast knowledge of the complex issues facing medical service providers to […]
BCB in New Jersey reports earnings dip after agreeing to sell CRE loans
BCB Bancorp in Bayonne, N.J., reported lower quarterly earnings after selling loans. The $3.8 billion-asset company’s second-quarter earnings fell by 67% from a year earlier, to $2.8 million. BCB agreed to sell a $38.4 million pool of commercial real estate and multifamily loans at a $4.6 million pretax loss. It also sold a nonperforming loan […]
FS Bancorp in Wash. promotes insider to serve as president
FS Bancorp in Mountlake Terrace, Wash., has a new president. The $3 billion-asset company said in a press release that Matthew Mullet has also become president of its bank. Mullet, who will remain chief financial officer, succeeded Joseph Adams, who will remain CEO of the company and the bank. Mullet “has been an integral part […]
Generations in NY discloses written agreement with OCC
Generations Bancorp NY in Seneca Falls has entered into a written agreement with the Office of the Comptroller of the Currency tied to managing its balance sheet. The $411 million-asset company disclosed in a regulatory filing that the July 19 agreement requires it to develop written programs for liquidity risk management and interest rate management. […]
Fed fines Green Dot $44M for consumer compliance breakdowns
Green Dot in Austin, Texas, was fined $44 million by the Federal Reserve to address consumer compliance breakdowns tied to its prepaid debit card products. The fintech, which acquired a bank in 2011, was accused of unfair and deceptive practices and a deficient consumer compliance risk management program. The Fed said that Green Dot violated […]
Bank of Hawaii promotes insider to become its president
Bank of Hawaii in Honolulu has a new president. The company disclosed in a regulatory filing that James Polk has taken on the role. Polk, who was vice chairman and chief banking officer, succeeded Peter Ho, who remains chairman and CEO. Polk, who joined Bank of Hawaii in 1999, gained responsibility for retail […]
Fulton Financial in Pa. to close 13 branches in Penn., New Jersey
Fulton Financial in Lancaster, Pa., plans to close 13 branches in Pennsylvania and New Jersey. The company disclosed in a regulatory filing that the branches will close by Nov. 22. The board approved the closures plan as part of the bank’s integration of the failed Republic First Bank. Fulton said it expects to incur pretax […]
Synovus posts Q2 loss after restructuring its bond portfolio
Synovus Financial in Columbus, Ga., posted a net loss in the second quarter after purging its securities portfolio. The $60 billion-asset company lost $14.7 million in the quarter, a reversal from the $173.9.8 million it earned a year earlier. Synovus sold $257 million of bonds during the quarter at a discount. The company plans to […]
Mortgage lending veteran to buy Greenwoods State Bank in Wis.
A mortgage banking veteran has agreed to buy Greenwoods Financial Group in Lake Mills, Wis. The $575 million-asset parent of Greenwoods State Bank said in a press release that it agreed to sell itself to Christopher M. George. The deal is expected to close in the first quarter. The price wasn’t disclosed. “I look forward […]
Discover strikes deal to sell private student loan portfolio
Discover Financial Services in Riverwoods, Ill., has agreed to sell its private student loan portfolio to strategic partnerships that involve Carlyle and KKR. Discover said in a press release that Firstmark Services, a division of Nelnet, would assume responsibility for servicing the $10.1 billion portfolio following the sale. The purchase price will have a premium […]
Capital One unveils $265B community plan for Discover acquisition
Capital One Financial Group in McLean, Va., has pledged $265 billion over the next five years to support underserved markets as part of its $35 billion purchase of Discover Financial Services. Capital One agreed to maintain its lending to low- and moderate-income consumers and communities at $200 billion over the five-year period. The company will […]
Firstbanc of Alabama signs sale-leaseback agreement
Firstbanc of Alabama in Talladega has agreed to a sale-leaseback transaction with MountainSeed Real Estate Services. The parent of the $1 billion-asset First Bank of Alabama will sell four branches for about $7.8 million. The bank will lease the offices for an initial 15-year term with the option to extend the lease for another 15 […]
Currency Bank in La. selects insider as new CEO
Currency Bank in Oak Grove, La., has a new president and CEO. Scott Gaudin announced on his LinkedIn page that he had also become president and CEO of Axxess Partners, the holding company for the $186 million-asset bank. Gaudin, who was chief lending officer, succeeded Charles Chiasson.
VersaBank names leaders ahead of U.S. bank purchase
VersaBank named a president for its new U.S. bank. The Canadian bank said in a press release that Tel Matrundola will take on the role at the newly created VersaBank USA. Matrundola was chief strategy officer at PWC Capital, VersaBank’s former parent company. Shawn Clarke was named chief operating officer of VersaBank USA; he was CFO […]