Texas bank in dispute with OCC to recapitalize, bring in new executives
Industry Bancshares in Industry, Texas, which has been embroiled in a battle with one of its regulators, is being recapitalized. The $5.1 billion-asset company said in a press release that it is raising $195 million by selling common stock to a group led by CSBH LLC. The lead investor is the holding company of New […]
Proposed BankMiami gets conditional approval from FDIC
A proposed bank in Miami has received conditional approval from the Federal Deposit Insurance Corp. Organizers of BankMiami must raise $31.3 million before opening the bank, according to the FDIC’s approval. Florida’s Office of Financial Regulation signed off on BankMiami in July, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers submitted […]
Former CEO of failed Kansas bank sentenced to 24 years in prison
The former CEO of the failed Heartland Tri-State Bank has been sentenced to over 24 years in prison. The U.S. Attorney’s Office in Wichita said that Shan Hanes was sentenced to 293 months in prison Monday after pleading guilty in May to one count of embezzlement by a bank officer. Hanes had been accused of embezzling […]
U.S. Eagle FCU to buy Southwest Capital Bank in N.M.
U.S. Eagle Federal Credit Union in Albuquerque, N.M., has agreed to buy Southwest Capital Bank in Albuquerque. The $1.5 billion-asset U.S. Eagle did not disclose how much it will pay to buy the $434 million-asset Southwest Capital. The deal is expected to close in the second quarter. U.S. Eagle said the deal will help it […]
Monzo hires adviser to serve as U.S. CEO
Monzo has hired one of its advisers to run its U.S. bank. The U.K. neobank said that Carol Nelson will serve as U.S. CEO tasked with overseeing expansion in the market. Nelson has years of banking experience, including serving and president and CEO of Cascade Bank. Monzo recently raised nearly $65 million from a group […]
Freedom Bank, BCBank in West Virginia apply for merger of equals
Freedom Bancshares in Belington, W.Va., and Appalachian Financial in Philippi, W.Va., have filed the application for their planned merger of equals. Freedom, the parent of the $204 million-asset Freedom Bank, and the holding company for the $217 million-asset BCBank agreed to merge in April. The deal is expected to close in the fourth quarter; the […]
Spokane Teachers Credit Union to buy Community Bank in Wash.
Spokane Teachers Credit Union in Washington has agreed to buy Community Bank in Joseph, Ore. The $6.4 billion-asset STCU said in a press release that it expects to buy the $550 million-asset bank early next year. The price wasn’t disclosed. STCU plans to keep all Community Bank employees. Community Bank is the 16th bank to […]
SB Financial to buy Marblehead Bancorp in Ohio
SB Financial Group in Defiance, Ohio, has agreed to buy Marblehead Bancorp in Marblehead, Ohio. The $1.3 billion-asset SB Financial said in a press release that it will pay $5 million in cash for the $58.3 million-asset Marblehead. The deal is expected to close in the fourth quarter. Marblehead has two full-service branches […]
KeyCorp selling big stake to Scotiabank
KeyCorp in Cleveland agreed to sell a 14.9% stake in itself to The Bank of Nova Scotia for about $2.8 billion. The investment should increase Key’s CET1 capital ratio by 195 basis points to 12.4% and its tangible book value per share by more than 10%. Key said it intends to evaluate repositioning its available-for-sale […]
Customers in Pa. hires former TD exec to step up BSA, AML compliance
Customers Bancorp in West Reading, Pa., which just received an enforcement action requiring it to improve Bank Secrecy Act and anti-money laundering compliance, just hired a chief compliance and AML officer. The $22 billion-asset company said in a press release that Allen Love will lead its bank’s enterprise-wide compliance program, “ensuring it continues to evolve […]
Avadian Credit Union in Ala. selects its next CEO
Avadian Credit Union in Hoover, Ala., has a new leader lined up. The $1.3 billion-asset credit union said in a press release that it hired Brant Malone as its next president and CEO. Malone, who was chief financial officer at Robins Financial Credit Union in Warner Robins, Ga., will succeed Linda Cencula, who plans to […]
TCM Bank in Florida discloses CEO’s departures
TCM Bank in Tampa, Fla., announced that its CEO had resigned. The $325 million-asset bank, a unit of ICBA Payments, said in a LinkedIn post that Damon Moorer also stepped down as its president. He had been CEO for the past eight years. “Damon has served as a pivotal force behind the growth and success […]
City National in Miami forms national capital markets group
City National Bank of Florida in Miami has created a national capital markets group. The $26.1 billion-asset bank said in a press release that BciCapital will focus on serving middle-market sponsors across a variety of industries and segments. Its services will include loan syndications, capital placement and specialty capital. BciCapital is led by Raul Llanes, […]
Cross River parent adds retired financial execs to its board
CRB Group in Fort Lee, N.J., has added three directors. The parent of the $8.9 billion-asset Cross River Bank said in a press release that Roland Fryer, Richard Laxer and Gabrielle Vitale had joined its board. Laxer retired as chairman and CEO of GE Capital in 2018. Vitale was global chief compliance and ethics officer […]
Texas Capital in Dallas forms direct-lending division
Texas Capital Bancshares in Dallas has created a new private credit division. The $29.1 billion-asset company said in a press release that Texas Capital Direct Lending will focus on middle-market companies and private equity sponsors in Texas. The division will emphasize senior secured floating-rate term loans. The division will lend to companies with $5 million […]
Customers in Pa. written agreement flags digital assets, BSA oversight
Customers Bancorp in West Reading, Pa., must improve its risk management practices for its digital asset strategy under a written agreement with the Federal Reserve. The $20.9 billion-asset company must also address deficiencies in its Bank Secrecy Act and anti-money laundering compliance. The agreement also noted shortcomings following regulations tied to the Treasury Department’s Office […]
Truist becomes title sponsor to North Carolina-based PGA tournament
Truist Financial in Charlotte, N.C., reached a seven-year agreement to become the title sponsor of the PGA Tour’s golf tournament in the bank’s headquarters city. After being held in Philadelphia next year, the newly renamed Truist Championship will return to the Quail Hollow Club starting in 2026. The course will host the PGA Championship next […]
Security Bancshares in Tenn. to buy Bank of Ripley
Security Bancshares in Paris, Tenn., has agreed to buy Bancshares of Ripley in Ripley, Tenn. Security is the $1.2 billion-asset parent of Security Bank and Trust, while Bancshares of Ripley is the holding company for the $280.1 million-asset Bank of Ripley. The merger was announced by Performance Trust Capital Partners, which was an advisor for […]
Bennington State Bank in Kan. to top $1B in assets with Alliance Bank purchase
Berco in Salina, Kan., has agreed to buy New Millennium Bankshares in Topeka, Kan. Berco, the parent of the $994 million-asset Bennington State Bank, said it expects to buy the holding company for the $149 million-asset Alliance Bank in the fourth quarter. The price wasn’t disclosed. Alliance Bank has two branches. Olsen Palmer and Stinson […]
Orrstown in Pennsylvania to close six branches
Orrstown Financial Services in Harrisburg, Pa., plans to close six branches in Pennsylvania and Maryland. The $2.2 billion-asset company said in a regulatory filing that one branch will close in the third quarter. The rest will likely close in the fourth quarter. The closures will result in a one-time pretax charge of about $534,000. The […]
FDIC provides conditional approval for New York de novo effort
The Federal Deposit Insurance Corp. has given conditional approval for a de novo bank planned in White Plains, N.Y. Organizers of Greater Gotham Bank must raise $50 million in capital before opening. The group applied with regulators on Jan. 2 to open the bank. A public notice tied to the application listed seven organizers: Laurence […]
Optus Bank in S.C. splits CEO, president roles
Optus Bank in Columbia, S.C., has a new president. The black-owned bank said in a press release that Benita Lefft had taken on the role. Lefft, who was Optus’ chief operations officer, succeeded Dominik Mjartan, who remains CEO. Lefft will remain COO, while Mjartan will become vice chairman.
Arcadia FCU in Maine selects insider to become CEO in 2025
Arcadia Federal Credit Union in Fort Kent, Maine, will have a new leader next year. The $365 million-asset credit union said in a press release that David Desjardins will retire as president and CEO next July. He will be succeeded by Joey Cannan, the credit union’s executive vice president. Desjardins had been CEO since 2004. […]
Van Wert Savings Bank in Ohio rebrands as GreenWay Bank
Van Wert Federal Savings Bank in Van Wert, Ohio, has a new name. VWF Bancorp, the bank’s $271 million-asset holding company, disclosed in a securities filing that the bank had been rebranded at GreenWay Bank. VWF has gone through considerable change in recent years, converting to a stock-owned company and hiring a new […]
Native American-focused challenger bank Totem shuts down
Totem Technologies, a challenger bank focused on the Native American community, has shut down. Amber Buker, the company’s founder and CEO, shared the news in a LinkedIn post. “We’ve already shared the news with our customers and tribal partners, but this will be the first time many of our stakeholders may be hearing that Totem […]