Mission Driven Bank Fund invests in California, Florida community banks
The Mission Driven Bank Fund in Cleveland, which recently raised $65 million, has invested in two community banks. The fund said in a press release that it invested in Neighborhood National Bank in El Cajon, Calif., and Anchor Bank in Palm Beach Gardens, Fla. The amounts were not disclosed. The $151 million-asset Neighborhood is a […]
Pendleton Community Bank in W.Va. splits CEO, president roles
Pendleton Community Bank in Franklin, W.Va., has a new president. The $764 million-asset bank said in a press release that Neil Hayslett had taken on the role. Hayslett, who will remain chief operating officer, succeeded William Loving, who remains CEO. “PCB continues to expand our reach and grow our brand throughout our communities and Neil […]
Zeal Credit Union in Mich. invests in fintech CU WealthNext
Zeal Credit Union in Livonia, Mich., has invested in fintech CU WealthNext. The $824 million-asset credit union did not disclose the size of the investment. “Joining CU WealthNext as an owner is an exciting opportunity,” Julie Kreinbring, Zeal’s president and CEO, said in a press release. “We believe that leveraging advanced wealthtech solutions is essential […]
Star Bank in Minn. has new CEO after founder dies
Star Bank in Maple Lake, Minn., has a new CEO following the death of its founder. The $390.1 million-asset unit of MidWest Bancorp. said in a press release that Katie Wahlquist succeeded her father, Harry Walhquist, who died on July 19. Wahlquist, who will remain president, had also been the bank’s chief strategy officer.
Peoples Bancorp in N.C. selects long-time insider as next CEO
Peoples Bancorp of North Carolina in Newton has lined up its next leader. The $1.6 billion-asset company said in a press release that Bill Cable will become president and CEO on Sept. 19. Cable will succeed Lance Sellers, who will retire early next year. Cable, who joined the company in 1995, has been […]
Mid-Atlantic FCU in Maryland promoted CFO as its next CEO
Mid-Atlantic Federal Credit Union in Germantown, Md., will soon have a new CEO. The $425 million-asset credit union said in a press release that Tamara Schiavone will also become its president on Aug. 1. Schiavone, who was the credit union’s chief financial officer, will succeed Bill Brooks.
American Savings in Hawaii posts $45M loss that reflected goodwill impairment
The parent company of American Savings Bank is considering strategic options for the Honolulu bank. The $9.3 billion-asset bank lost $45.8 million in the second quarter, which included a $66.1 million goodwill impairment charge. The bank said the charge is tied to its market valuation and acquisitions that took place in the 1980s and 1990s. […]
Stripe buys digital sales software company Lemon Squeezy
Payments firm Stripe bought Lemon Squeezy, a Salt Lake City digital sales software company. Lemon Squeezy, which helps merchants sell products, disclosed the sale in a blog post. The price wasn’t disclosed. The companies’ goals are “perfectly aligned,” J.R. Farr, Lemon Squeezy’s co-founder and CEO, said in a blog post. “Stripe continues to set the bar in […]
NATCOM Bancshares to buy parent of RiverWood Bank in Minnesota
NATCOM Bancshares in Superior, Wis., has agreed to buy Great River Holding Co. in Baxter, Minn. NATCOM, the parent of the $1.4 billion-asset National Bank of Commerce said in a press release that it will buy the holding company for the $625 million-asset RiverWood Bank for an undisclosed amount of cash. The deal is expected […]
MVB in W.Va. winding down digital assets program, hires fintech president
MVB Financial in Fairmont, W.Va., began the process of shutting down its digital asset program. The $3.3 billion-asset company said its second-quarter earnings fell by nearly 50% from a year earlier, largely reflecting its decision to end the program. MVB cited changing market conditions and profitability challenges. The decision cut into the company’s second-quarter net […]
German American in Ind. to buy Heartland in Ohio
German American Bancorp in Jasper, Ind., has agreed to buy Heartland BancCorp in Whitehall, Ohio. The $6.2 billion-asset German American said in a press release that it will pay $330.2 million in stock for the $1.9 billion-asset Heartland. The deal, which is expected to close in the first quarter, priced Heartland at 202% of […]
Renasant to buy First Bancshares in Mississippi for $1.2 billion
Renasant in Tupelo, Miss., has agreed to buy The First Bancshares in Hattiesburg, Miss. The $17 billion-asset Renasant said in a press release that it will pay $1.2 billion in stock for the $8 billion-asset First. The deal, which is expected to close in the first half of next year, priced First at 184% of […]
First Foundation in Texas outlines overhaul plans following capital raise
First Foundation in Dallas plans to unload more than $1 billion of multifamily loans as part of its overhaul. The $13.7 billion-asset company shared more details on how it plans to leverage the $228 million it raised earlier this month by selling securities to a group led by Fortress Investment Group. First Foundation, which plans […]
WesBanco in W.Va. to buy Premier in Ohio for $959 million
WesBanco in Wheeling, W.Va., has agreed to buy Premier Financial in Defiance, Ohio. The $18.1 billion-asset WesBanco said in a press release that it will pay $959 million in stock for the $8.8 billion-asset Premier. The deal, which is expected to close in the first quarter, priced Premier at 142% of its tangible book value. […]
First Northwest in Wash. reports lower earnings in noisy quarter
First Northwest Bancorp in Port Angeles, Wash., had a noisy second quarter that included a balance sheet restructuring, a sale-leaseback transaction and a spike in its loan-loss provision. The $2.2 billion-asset company also announced in its press release that it cut about 9% of its workforce. Net income fell 22% from a year […]
New York Community posts another loss, selling mortgage servicing business
New York Community Bancorp in Hicksville reported another quarterly loss and announced plans to sell its residential mortgage servicing business to Mr. Cooper for roughly $1.4 billion. The $119.1 billion-asset company said in a press release that it lost $323 million in the second quarter. Its loan-loss provision increased by 24% in the second quarter […]
Goodwill impairment leads to big 2Q loss at Kearny in N.J.
Kearny Financial in Fairfield, N.J., reported a quarterly loss after recording a $95.3 million goodwill impairment charge. The $7.7 billion-asset company said in a press release that it lost $90.1 million in the second quarter. Kearny said the impairment reflects the impact of the current interest rate environment on bank stock prices. “Goodwill impairment in […]
ChoiceOne to buy Fentura Financial in Michigan
ChoiceOne Financial Services in Sparta, Mich., has agreed to buy Fentura Financial in Fenton, Mich. The $2.6 billion-asset ChoiceOne said in a press release that it will pay $180.4 million in stock for the $1.8 billion-asset Fentura. ChoiceOne also announced that it will raise at least $30 million in a stock offering. The deal, which […]
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 […]