Georgia Heritage FCU hires outsider as new CEO
Georgia Heritage Federal Credit Union in Savannah has a new leader. The $149 million-asset credit union said in a press release that it hired Matt Selke as its president and CEO. Selke, who was CEO of Pinnacle Credit Union in Atlanta, will succeed Dale Taratuta, who is retiring at the end of this month. Georgia […]
Pathward to sell commercial insurance premium finance business
Pathward Financial in Sioux Falls, S.D., has agreed to sell its commercial insurance premium finance business to AFS IBEX Financial Services. The $7.5 billion-asset Pathward said in a press release said that AFS, a unit of Honor Capital Holdings, will pay a $31.2 million premium on top of the net asset value of the assets, […]
Bridgewater to buy First Minnetonka City Bank in Minnesota
Bridgewater Bancshares in St. Louis Park, Minn., has agreed to buy First Minnetonka City Bank in Minnetonka, Minn. The $3.7 billion-asset Bridgewater said in a press release that it will pay cash for the $242 million-asset First Minnetonka City Bank. The deal is expected to close in the fourth quarter. First Minnetonka City Bank has […]
Northwest FCU buys naming rights to Washington Commanders stadium
Northwest Federal Credit Union in Washington, D.C., has acquired the naming rights for the Washington Commanders stadium. The $4.6 billion-asset credit union and the NFL team did not disclose the financial details of the eight-year deal. Northwest, in 2023, became the Commanders’ official credit union partner. The announcement comes days after Umpqua Bank, a unit […]
U.K. bank OakNorth approved to open U.S. representative office
Regulators approved an application by OakNorth Bank Plc in London to open a representative office in New York. The office “would act as a liaison with current and prospective U.S. customers of the bank,” the Fed said in its order approving the office. ‘It would promote and market the bank’s products and services, perform back-office […]
Louisiana mutual to convert to stock-owned company
Mutual Savings and Loan Association in Metairie, La., plans to raise up to $8.2 million by converting to a stock-owned company. Magnolia Bancorp is offering 616,250 to 833,750 shares of common stock at $10 each. The company could sell up to 958,813 shares if there is sufficient demand. Net proceeds could range from $4.8 million […]
Digital banking startup Linker Finance raises $3.7M in seed financing
Linker Finance, a Pasadena, Calif., company that offers mobile and online banking services to community banks, raised $3.7 million in seed financing. The startup said in a press release that the funding round was led by Ten One Ten Ventures and Chingona Ventures. Other participants included Audaz Capital, Techstars, Commerce Ventures, Bank of Brodhead, and Angeles […]
FDIC gives conditional approval to proposed Gala Bank in Florida
The Federal Deposit Insurance Corp. has given conditional approval to another proposed Florida bank. Organizers of the planned Gala Bank in Ocala, Fla., must raise $11 million in capital before the bank can open. They filed their application in April 2023. A public notice tied to the original application listed 13 organizers: Dennis Baxley, Larry […]
First Busey to buy CrossFirst Bankshares for $917 million
First Busey in Champaign, Ill., has agreed to buy CrossFirst Bankshares in Leawood, Kan. The $12 billion-asset First Busey said in a press release that it will pay $916.8 million in stock for the $8 billion-asset CrossFirst. The deal is expected to close in the first half of 2025. “The partnership between our high-quality franchises […]
Happy Money hires former Sunlight Financial leader as its CEO
Happy Money, which provides unsecured lending services to credit unions, has a new CEO. The company said in a press release that it hired Matt Potere. He was CEO of Sunlight Financial, which provides loans for clean energy projects. “Matt is a seasoned leader with deep experience in end-to-end digital lending, which will bring considerable […]
Old Second to buy five Chicago-area branches from First Merchants
Old Second Bancorp in Aurora, Ill., has agreed to buy five Chicago-area branches from First Merchants in Muncie, Ind. The $5.7 billion-asset Old Second said in a press release that it will gain $304 million of deposits and $12 million of loans. The company will pay a 7.5% deposit premium, or roughly $23 million, in […]
La Plata Bancshares in Texas raises $10.9M via private placement
La Plata Bancshares in Hereford, Texas, raised $10.9 million. The $283 million-asset company completed a private placement of common stock on Aug. 20, according to a regulatory filing. The total offering amount was $12 million, meaning that about $1.1 million of shares were not sold.
Merchants & Marine in Miss. hires banking vet as bank’s brand CEO
Merchants & Marine Bancorp in Pascagoula, Miss., has hired a veteran banker to serve as brand president and CEO of its bank. The $687 million-asset company said in a press release that it recruited Paige Oliver to fill the newly created role. Oliver was president and CEO of the Bank of Oak Ridge in Oak […]
Alabama group applies to form Solutions Plus Bank
A group in Albertville, Ala., has applied to form a new bank. Organizers are planning Solutions Plus Bank, according to a legal notice tied to an application with the Federal Deposit Insurance Corp. The application wasn’t immediately available. The notice listed 13 organizers: John Weathers, Myra Pierce, Thomas Carroll, Susan Armstrong, Tony Cochran, Jeannie Courington, […]
Columbia Financial in N.J. to merge its two banks
Columbia Financial in Fair Lawn, N.J., is planning to merge its banks. The $10.8 billion-asset company said in a press release that the Office of the Comptroller of the Currency approved its application to merge its Freehold Bank into Columbia Bank. The transaction is expected to close on Oct. 5.
OP Bancorp in Los Angeles lines up next CEO
OP Bancorp in Los Angeles will have a new CEO next year. The $2.3 billion-asset company said in a press release that Sang Oh will also become its president after its June 2025 annual meeting. Oh, the company’s chief credit officer, will succeed Min Kim, who will retire. She will become chairman after she retired, […]
RBB Bancorp freed from BSA/AML-related consent order
RBB Bancorp in Los Angeles has been freed from an October 2023 consent order. The $3.9 billion-asset company and its bank were required by the Federal Deposit Insurance Corp. and the California Department of Financial Protection and Innovation to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance. “Our directors and […]
TD Bank sells Schwab shares to offset hit from BSA/AML issues
TD Bank Group in Toronto has reduced its stake in Charles Schwab Corp. as it looks to offset costs tied to addressing Bank Secrecy Act and anti-money laundering compliance. The company said in a press release that it sold 40.5 million shares of Schwab common stock, lowering its stake in the brokerage firm from 12.3% […]
U.S. Bancorp buys fintech Salucro Healthcare Solutions
U.S. Bancorp in Minneapolis has acquired healthcare fintech Salucro Healthcare Solutions in Tempe, Ariz. The $680.1 billion-asset U.S. Bancorp said in a press release that the deal closed on Wednesday. The price wasn’t disclosed. Salucro, founded in 2004, specializes in patient payments and billing. U.S. Bancorp first invested in Salucro in 2022; the fintech’s platform […]
Virginia Association of Community Banks selects next CEO
The Virginia Association of Community Banks has a new leader. The association said in a press release that Corey Connors had become its president and CEO. Connors was executive director for the Virginia Forestry Association. “Corey’s strategic drive and his long, distinguished career in the association management community make him the perfect choice to further […]
Cornerstone Bank to buy Bank of Orchard in Nebraska
Cornerstone Bank in York, Neb., has agreed to buy Bank of Orchard in Nebraska. The $2.7 billion-asset Cornerstone said in a press release that it expects to buy the $35 million-asset Bank of Orchard in the fourth quarter. The price wasn’t disclosed. Bank of Orchard has $30 million of deposits and $9 million of loans. […]
Proposed business-focused Calif. bank secures state regulator approval
Organizers of a proposed community bank in California have received conditional approval from the California Department of Financial Protection and Innovation. The proposed Altos Bank would be based in Los Altos and focus on small businesses. “We are thrilled to receive the approval … and embark on this exciting journey,” Steven Chang, Altos […]
Investor group buys Monterey County Bank, hires new CEO
PCB Financial in Costa Mesa, Calif., has acquired Northern California Bancorp in Monterey. PCB, a group formed for the purpose of buying the parent company of the $197 million-asset Monterey County Bank, did not disclose the price it paid. Bill Wilson was named the bank’s CEO. He was chief risk officer at Nano Banc. “This […]
U.S. Bancorp to offer co-branded products to Edward Jones clients
U.S. Bancorp in Minneapolis has created a strategic partnership to offer co-branded products to Edward Jones clients. The $680.1 billion-asset U.S. Bancorp, beginning in late 2025, will offer deposit and credit card products to the brokerage firm’s 8 million clients. Edward Jones already has a card-issuing relationship with U.S. Bancorp’s Elan division. Edward Jones has […]
Wells Fargo sells most of CRE mortgage-servicing business
Wells Fargo in San Francisco has agreed to sell the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont in Atlanta. The $1.9 trillion-asset Wells Fargo said in a press release that the sell should close early next year. The price wasn’t disclosed. Wells Fargo said it will continue servicing agency/government-sponsored enterprise […]