ABCT Holdings in Texas raises $3 million via private placement
ABCT Holdings in Woodway, Texas, raised $3.1 million through a private placement. The parent company of the $954 million-asset Alliance Bank Central Texas raised the capital by selling common stock, according to data compiled by Performance Trust Capital Partners. The number of shares sold, pricing, and investors wasn’t disclosed.
Oakwood in Texas Nixed 11th-hour Offer to Finalize Sale to Business First
An eleventh-hour offer by an unnamed bank failed to sway the board of Oakwood Bancshares in Oakwood, Texas, from agreeing to sell to Business First Bancshares in Baton Rouge, La. The privately held bank sent an offer to the $843 million-asset Oakwood two days before its exclusivity period with the $6.7 billion-asset Business First was […]
Canada’s VersaBank gets one step closer to buying U.S. bank
VersaBank in Ontario, Canada, received approval from the Office of the Comptroller of the Currency to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business. The Fed recently approved the proposed acquisition. VersaBank said […]
Fed orders Evolve Bank in Ark. to improve oversight of fintech partners
Evolve Bancorp in West Memphis, Ark., which is embroiled in legal wrangling tied to the bankruptcy of Banking-as-a-Service middleware firm Synapse, is now dealing with an enforcement action from the Federal Reserve. The Fed said in a press release that the cease-and-desist order addresses deficiencies in the $1.6 billion-asset bank’s anti-money laundering, risk management and […]
First Interstate in Montana begins search for next CEO
First Interstate BancSystem in Billings, Mont., has begun a search for its next CEO. The $30 billion-asset company said in a press release that Kevin Riley also plans to retire as president after a successor is hired. The board retained an executive recruiting firm to handle the search. Riley joined First Interstate in 2013; he […]
AmeriServ buying out investor to resolve longstanding activist challenge
AmeriServ Financial in Johnstown, Pa., has reached a truce in a longstanding battle with an activist investor. The $1.4 billion-asset company said in a press release that it signed a cooperation and settlement agreement with Driver Opportunity Partners. Driver agreed to scrap plans to nominate director candidates at AmeriServ’s annual meeting and to […]
Monroe Federal in Ohio plans to convert to stock-owned company
Monroe Federal Savings and Loan Association in Kipp City, Ohio, is planning to convert to a stock-owned company. The $155 million-asset mutual said in a prospectus that it plans to sell 510,000 to 793,000 shares of stock in Monroe Federal Bancorp at $10 a share. Net proceeds would likely range from $3.7 million to $6.5 […]
Blue Ridge in Va. raises more capital selling shares on long-time director
Blue Ridge Bankshares in Charlottesville, Va., is bringing in a little more capital after selling shares to a long-time investor. The $3.1 billion-asset company disclosed in a regulatory filing that it sold common stock, preferred stock, and a warrant to buy more preferred shares to Richard Spurzem for gross proceeds of $11.6 million. Spurzem, who […]
Financial reporting fintech InScope raises $4.3M in seed round
InScope, an automated financial reporting fintech, has raised $4.3 million in a seed capital round. The round was led by Lightspeed Venture Partners with participation from individual investors such Vipul Ved Prakash, founder/CEO of Together AI; Jake Heller, founder/CEO of Casetext; Debbie Clifford, CFO at Autodesk; Justin Coulombe, CFO at Miro; and Nadia Asoyan, CFO […]
First Hope in N.J. keeps it in the family with latest CEO hire
First Hope Bank in Hope, N.J., has a new CEO. The $629 million-asset bank said in a press release that Daniel Beatty has also become its president. He succeeded Donald Somma, who had led the bank since 2016. Beatty, who represents the fourth generation of the bank’s founding family, previously served as a senior executive vice […]
Dallas Capital Bank promotes insider as next president
Dallas Capital Bank has a new president. The $1.1 billion-asset bank said in a press release that Jason Matthews, its chief banking officer, had taken on the additional role. Matthews, who joined the bank in 2015, succeeded Doug Hutt, who remains chairman and CEO. Matthews “has been a key contributor to the overall growth of […]
Bank of New Glarus in Wisconsin buys First National Bank at Darlington
The Bank of New Glarus in Wisconsin has acquired First National Bank at Darlington in Wisconsin. The $492 million-asset Bank of New Glarus said in a press release that it bought the $194.2 million-asset First National on May 31. The price wasn’t disclosed. “We are extremely proud to have acquired First National Bank at Darlington,” […]
Bank of New York Mellon to shorten its brand name to BNY
Bank of New York Mellon is embracing a shorter brand name. The $435 billion-asset company plans to rebrand as BNY, according to a memo obtained by Reuters. The move will include a new logo and signage. The company, which will retain its full name legally, had previously abbreviated its brand to BNY Mellon.
Provident in N.J. closing 22 branches following Lakeland purchase
Provident Financial Services in Iselin, N.J., will close nearly 15% of its branches following its purchase of Lakeland Bancorp in Oak Ridge, N.J. The $24.5 billion-asset Provident, which bought Lakeland in May for $1.3 billion, disclosed on its website that it will close 22 locations on Aug. 29. The closures reflect “overlap” in the combined […]
Proposed Four States Bank in Mo. receives regulatory approval
The proposed Four States Bank in Carthage, Mo., has received conditional regulatory approval. Jeffrey Williams, the proposed bank’s president and CEO, disclosed the approvals in a LinkedIn post. He added that organizers are working towards opening branches in Carthage and Joplin, Mo., later this summer. The Federal Deposit Insurance Corp. said in its order that […]
Canada’s VersaBank gets Fed approval to buy Stearns Bank in Minnesota
VersaBank in Ontario, Canada, has received Federal Reserve approval to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business. “Applicants have conducted comprehensive due diligence and are devoting sufficient financial and other […]
Enterprise in Mass. selects insider as new CEO
Enterprise Bancorp in Lowell, Mass., has a new leader. The $4.6 billion-asset company said in a press release that Steven Larochelle had become its CEO. Larochelle, who had been chief banking officer, succeeded Jack Clancy, who retired. Clancy, who had been CEO since 2007, was named an honorary director and will serve as an executive […]
Proposed Fortuna Bank to close capital raise as opening nears
Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, are close to opening. The group behind the effort said in a LinkedIn post that it will formally close the capital raise on June 30. Fortuna Bank received conditional approval from the Federal Deposit Insurance Corp. in February. The agency required organizers to raise $20 […]
Fintech Torpago raises $10M in Series B funding round
Torpago, a commercial credit card and spend management provider, raised $10 million in a Series B funding round. The San Mateo, Calif., company said in a press release that the round was co-led by Priority Tech Ventures and EJF Ventures, with participation from BankTech Ventures and others. The investment will help Torpago serve demand for […]
R Bank in Texas hires VeraBank CFO as its new leader
R Bank in Round Rock, Texas, has a new leader. The $1 billion-asset bank said in a press release that Todd Engemoen had become its president and CEO. He succeeded Steve Stapp, who retired after leading the bank for 16 years. Engemoen was chief financial officer at VeraBank, according to his LinkedIn profile. Engemoen’s “depth […]
First State Bank in Iowa buying branch from Capra Bank
First State Bank in Lynnville, Iowa, has agreed to buy a branch from Capra Bank in Dubuque, Iowa. The $331 million-asset First State applied with the Federal Deposit Insurance Corp. to assume certain liabilities and assets tied to a branch in Montezuma, Iowa. Pricing wasn’t disclosed. The branch had $48.8 million of deposits in mid-2023.
Haven Savings in N.J. lines up next CEO, COO
Haven Savings Bank in Hoboken, N.J., will have new leadership next year. The $1.1 billion-asset bank said in a press release that Lisa Franconeri will become its president and CEO on Jan. 1. Franconeri, the bank’s CRA officer, will succeed the retiring John Wessling III. Wessling will remain chairman. The bank also said that Paul […]
Investor group completes purchase of two Texas banks
An investor group has completed its purchase of two banks in Texas. Patrons Holdings agreed last year to buy Eden Financial, the holding company for Texas Financial Bank and Amistad Bank. Connor Price, Patrons’ president and CEO, confirmed in a LinkedIn post that the deal had recently closed. “This monumental achievement was made possible by […]
BankTech Ventures invests in three fintechs
BankTech Ventures in Sandy, Utah, has invested in three fintechs. The fund said in a press release that it had invested in Equabli, Filejet and Monit. The amount of the investments was not disclosed. Equabli mitigates customer delinquency and default with a suite of solutions that streamlines the payment, debt collection, and recovery process. Filejet […]
Otting named chairman of New York Community Bancorp
Joseph Otting has added another title at New York Community Bancorp in Hicksville. The $112.9 billion-asset company said in a press release that Otting had become its chairman. He had recently been named president and CEO after investors infused about $1 billion into the company. Alessandro. DiNello, who was chairman, will remain on the board […]