First Community in S.C. promotes three executives
First Community in Lexington, S.C., has given its bank president added duties. The $1.8 billion-asset company said in a press release that Ted Nissen will become CEO of First Community Bank on Jan. 1. Nissen, who will also join First Community’s board, will add responsibility for mortgage and financial planning. First Community also […]
ICBA selects fintechs for latest accelerator platform
The Independent Community Bankers of America has selected six companies to participate in its first ICBA ThinkTECH Accelerator program of 2024. The ICBA said in a press release that the program will focus on fintechs that handle analytics, automation and compliance. The companies will participate in a 10-week program that begins on Jan. 8. The […]
CB Financial in Pa. latest bank to reposition securities holdings
CB Financial Services in Washington, Pa., has repositioned its securities portfolio. The $1.4 billion-asset company said in a press release that it sold $79.4 million of securities at an after-tax loss of $8 million. The bank bought $69.3 million of higher-yielding mortgage-backed securities and collateralized mortgage obligations issued by U.S government-sponsored agencies. The moves should […]
Heartland in Neb. applies to buy State Bank of Odell
Heartland Bank in Geneva, Neb., has agreed to buy State Bank of Odell in Nebraska. The $807 million-asset Heartland filed its applications to acquire the $32 million-asset State Bank on Dec. 11. The deal is expected to close in the first quarter; the price wasn’t disclosed. “We are excited to have the opportunity to expand […]
First Busey sells Visa shares, sells AFS securities
First Busey in Champaign, Ill., used the sale of Visa Class B shares to offset the costs of a balance sheet restructuring. The $12.3 billion-asset company disclosed in a regulatory filing that it sold $110 million of available-for-sale securities with a 1.56% yield at a $5.3 million pretax loss. Proceeds were deposited into an […]
Ncontracts buys governance-focused Quantivate
Ncontracts, a Brentwood, Tenn., software-as-a-service company, has acquired Quantivate, a Washington-based provider of governance and compliance solutions for banks. The price wasn’t disclosed. “We are thrilled to join forces with the Quantivate team,” Michael Berman, Ncontracts’ CEO, said in a press release. “Both companies share a commitment to helping financial institutions reduce risk, improve compliance, and […]
Orrstown Financial to buy Codorus Valley Bancorp in Pa.
Orrstown Financial Services in Shippensburg, Pa., has agreed to buy Codorus Valley Bancorp in York, Pa. The $3.1 billion-asset Orrstown said in a press release that it will pay $207 million in stock for the $2.2 billion-asset Codorus Valley. The deal is expected to close in the third quarter. Orrstown shareholders will own 56% of […]
Horizon in Ind. sells large batch of AFS securities
Horizon Bancorp in Michigan City, Ind., repositioned its balance sheet. The $8 billion-asset company said in a press release that it sold $382.7 million of available-for-sale securities at a $31.6 million pretax loss. The company also surrendered $112.8 million in bank-owned life insurance. Horizon said it plans to redeploy the proceeds during the first half […]
Axos Financial buys large CRE loan portfolio from FDIC
Axos Financial in Las Vegas bought two commercial real estate loan portfolios from the Federal Deposit Insurance Corp. The $20.8 billion-asset company said in a press release that it paid cash for nearly $1.3 billion of performing loans that were previously held by the failed Signature Bank at a purchase price equal to about 63% […]
FVCBankcorp in Va. restructures its balance sheet
FVCBankcorp in Fairfax, Va., has restructured its balance sheet. The $2.3 billion-asset said in a regulatory filing that it sold $61.4 million of securities at an $8.5 million after-tax loss. The company plans to initially hold the proceeds in its cash accounts with the Federal Reserve before paying down high-cost funding and funding new loan […]
Veritex in Dallas selling minority stake in mortgage company
Veritex Holdings in Dallas has agreed to sell its minority stake in a mortgage company. The $12.3 billion-asset company disclosed in a regulatory filing that it will sell its 49% stake in Thrive Mortgage to Lower Holding Co. Veritex will buy a roughly 12.5% equity interest in Lower Holding. The transactions are expected to close […]
Discover hires TD Bank Group exec as next CEO
Discover Financial Services in Riverwoods, Ill., has hired a former executive at TD Bank Group as its next CEO. The $143 billion-asset company said in a press release that Michael Rhodes will step into the role by March 6. Rhodes, who will join the board, will succeed interim CEO John Owen, who took over in […]
First United in Md. to close four branches
First United in Oakland, Md., plans to close four branches in February. The $1.9 billion-asset company disclosed in a regulatory filing that two branches are in Maryland – Frederick and Cumberland – and the others are in West Virginia – Bridgeport and Morgantown. First United expects to incur $1.3 million of one-time charges tied to […]
Proposed Mo. devo to raise $25M, open three branches
Organizers of a proposed bank in Carthage, Mo., plan to raise $25 million of initial capital. Four States Bank would start with three branches – two in Carthage and one in nearby Joplin, Mo., according to organizers’ application with the Federal Deposit Insurance Corp. The bank would have 11 directors: Gary Metzger, Jeffrey Williams, Carter […]
1895 Bancorp of Wisconsin sells more AFS securities at loss
A second balance sheet restructuring has taken place at 1895 Bancorp of Wisconsin in Greenfield. The $553 million-asset company said in a press release that it sold $28.1 million of lower-yielding investment securities for a $2.7 million pretax loss. The proceeds were redeployed into about $28.7 million of U.S. government-sponsored mortgage-backed securities. The move should […]
Former KeyCorp CFO joins board at Atlantic Union in Virginia
Atlantic Union Bankshares in Richmond, Va., has added a former chief financial officer at KeyCorp to its board. The $21 billion-asset company disclosed in a regulatory filing that Donald Kimble was one of three new directors. Atlantic Union expanded its board to 14 directors to accommodate the additions. Kimble was also Key’s vice chairman when […]
Atlantic Union in Va. addresses overdraft issue with CFPB order
The Consumer Financial Protection Bureau has ordered Atlantic Union Bankshares to pay $6.2 million to address concerns with the Richmond, Va., company’s overdraft fees. The CFPB said in a press release an enforcement action is requiring the $21 billion-asset Atlantic Union Bank to refund at least $5 million in overdraft fees and pay a $1.2 […]
OCC emphasizes risk management in BNPL guidance
The Office of the Comptroller of the Currency issued guidance that focuses on the risk management tied to Buy Now, Pay Later (BNPL) platforms. The guidance, which applies to national banks and federal savings associations, emphasizes the importance of underwriting, repayment terms, pricing and safeguards to minimize “adverse customer outcomes.” “Supporting a fair and inclusive […]
Gorham Savings, Maine Community announce merger
Gorham Savings Bank in Maine and Maine Community Bank in Biddeford have agreed to merge. The $1.6 billion-asset Gorham Savings and the $1.1 billion-asset Maine Community said in a press release that the combined mutual will be based in Portland, Maine. It will retain the Maine Community brand. The merger is expected to close in […]
Former Guaranty Federal execs behind Mo. de novo effort
Two former executives at Guaranty Federal Bancshares are behind an effort to create a new bank in Carthage, Mo. Jeffrey Williams and Carter Peters were listed as founders of the proposed Four States Bank in a legal notice filed with the Joplin Globe. Their application with the Federal Deposit Insurance Corp. wasn’t immediately available. Peters […]
Tenn. appeals court rules in favor of credit union-bank deal
A Tennessee appeals court unanimously ruled that Orion Federal Credit Union in Memphis, Tenn., can buy Financial Federal Bank in Memphis. The $1.2 billion-asset Orion agreed in August 2021 to buy the $950 million-asset Financial Federal, but the Tennessee Department of Financial Institutions obtained an injunction to block the transaction. A judge ruled in May […]
Equity in Kan. buying Mo. bank, selling AFS securities
Equity Bancshares in Wichita, Kan., has agreed to buy Rockhold Bancorp in Kirksville, Mo. The $4.9 billion-asset Equity also said in a press release that it sold $442 million of available-for-sale securities at an after-tax loss of $38.2 million. Proceeds will be redeployed in cash, investment and loan assets – producing $16.2 million of annual interest income […]
Mi Bank in Michigan selects insider as next CEO
Mi Bancorp in Bloomfield, Mich., has a new CEO. The parent of the $200 million-asset Mi Bank said in press release that Jenny Meier had taken on the role and that Matt Agone had become its chairman. Meier and Agone succeeded Rob Farr, who announced on his LinkedIn profile that he had become president of […]
Warsaw Federal in Ohio receives MDI designation
Warsaw Federal Savings & Loan in Cincinnati has become a minority depository institution (MDI). The $97 million-asset mutual said in a press release that it had received the designation from the Office of the Comptroller of the Currency. Warsaw Federal noted that a majority of its directors represent minority groups. MDIs are minority-owned or operated […]
CU Digital One invests $5 million in CryptoFi
CU Digital One, a fintech-focused credit union service organization (CUSO), has invested in CryptoFi. The CUSO said in a press release that it funded a $5 million investment in CryptoFi, which helps financial institutions add digital assets products and services. CU Digital One plans to make a second investment in the fintech early next year. […]