First Citizens expands community pact to reflect SVB purchase
First Citizens BancShares in Raleigh, N.C., amended its community benefits plan, upholding some of the commitments Silicon Valley Bank had made prior to its March failure. The $214 billion-asset First Citizens bought the failed Silicon Valley Bank, which had outstanding commitments tied to its 2021 acquisition of Boston Private Bank. First Citizens’ expanded commitment with […]
ICBA Bancard rebrands as ICBA Payments
ICBA Bancard, the payments unit of the Independent Community Bankers of America, has rebranded. The ICBA said in a press release that it renamed the unit as ICBA Payments and created a new logo. TCM Bank, which supports the unit, also introduced a new logo that ties into ICBA Payments. “As we evolved from a […]
Capital City in Fla. restating results to fix mortgage-related issue
Capital City Bank Group in Tallahassee, Fla., plans to restate several quarters of financial results to correct its handling of transactions between its Capital City Bank and Capital City Home Loans units. The $4.1 billion-asset company said in a regulatory filing that certain mortgage loan purchases were improperly recorded in its financial statements. The issue […]
First Financial in Indiana to buy SimplyBank in Tennessee
First Financial in Terre Haute, Ind., has agreed to buy SimplyBank in Dayton, Tenn. The $4.8 billion-asset First Financial said in a press release that it will pay $73.4 million in cash for the $702 million-asset SimplyBank. The deal is expected to close in the second quarter. SimplyBank has 10 branches in Tennesse and three […]
Fidelity D&D Bancorp in Pa. sells securities at a loss
Fidelity D&D Bancorp in Dunmore, Pa., restructured its balance sheet. The $2.5 billion-asset company disclosed in a regulatory filing that it recently sold $35.6 million of available-for-sale securities at a $6.5 million loss. The loss will be reflected in the company’s fourth-quarter financial results. Fidelity said it used the $29.1 million of proceeds to pay […]
Gainey Business Bank in Ariz. hires new CEO
Gainey Business Bank in Scottsdale, Ariz., has its new CEO. The $27 million-asset bank said in a press release that Rob Schwister had also become president. Schwister recently served as director of banking programs at Equipment Leasing Services. Before that, he was Arizona market president for Alerus Financial. “Gainey Business Bank could not be happier […]
Fifth Third settles SEC claims over communications channels
Fifth Third Bancorp in Cincinnati agreed to pay $8 million to the Securities and Exchange Commission to settle claims that employees used unapproved channels for business communications. The $213 billion-asset company warned earlier this year that its investment advisory and broker-dealer units were cooperating with an SEC probe into its compliance with “certain record-keeping requirements […]
Associated to report big 4Q loss after restructuring
Associated Banc-Corp in Green Bay, Wis., will report a large fourth-quarter loss after restructuring its balance sheet and pursuing a series of expense cuts. The $42 billion-asset company said in a press release that it will record a $157 million after-tax loss in the fourth quarter. The bank will pay a one-time charge of $5 […]
City National in LA hires Fifth Third exec as next CEO
City National Bank in Los Angeles will soon have a new CEO. The $96 billion-asset unit of Royal Bank of Canada said in a press release that Howard Hammond will succeed Kelly Coffey, who to transition to a newly created role as CEO of City National’s entertainment unit. The moves will occur on Nov. 27. Hammond, […]
Organizers planning de novo bank in New Jersey
A group in Jersey City, N.J., is looking to form a bank. Organizers of Chroma Community Bank applied with the Federal Deposit Insurance Corp. on Nov. 8 for deposit insurance. The application wasn’t immediately available. A public notice tied to the application listed nine organizers: Mona Abraham, Stephen Duess, Michael Fox-Rabinovitz, Stanley Gorodesky, Val Katayev, […]
Flagstar taps new president for its private bank
Flagstar Bank in Hicksville, N.Y., has a new president for its private bank. Flagstar, a unit of the $111 billion-asset New York Community Bancorp, said in a press release that Jason Birnbaum had also become an executive vice president. He is responsible for the day-to-day oversight of all private client banking teams. Birnbaum succeeded Eric […]
Pacific Coast Bankers’ Bancshares adds ex-regulator to board
Pacific Coast Bankers’ Bancshares in Walnut Creek, Calif., appointed a former regulator to its board. The $1.4 billion-asset company said in a press release that Kathy Moe Lonowski had become a director. She recently retired as San Francisco regional director at the Federal Deposit Insurance Corp. “Kathy brings with her a deep understanding of regulatory […]
Citi to pay $26M to address alleged credit card discrimination
Citigroup will pay $25.9 million to address claims by the Consumer Financial Protection Bureau that the New York company intentionally and illegally discriminated against Armenian-American credit card applicants. The CFPB alleged that the $1.7 trillion-asset Citi, between 2015 through 2021, singled those applicants out based on their surnames. Citi supervisors allegedly conspired to hide the […]
Park Community Credit Union in Ky. lines up next CEO
Park Community Credit Union in Louisville, Ky., will soon have a new CEO. The $1.4 billion-asset credit union said in a press release that Jana Erny will also become its president on Dec. 4. Erny, who has been the CMXO at P1FCU in Lewiston, Idaho, since January 2022, will succeed the retiring Jim Spradlin, who […]
United Financial Credit Union to invest $5M in tech-focused CUSO
United Financial Credit Union in Saginaw, Mich., will invest $5 million into CU Digital One, a credit union service organization (CUSO) focused on blockchain, digital investment solutions and artificial intelligence. The investment is expected to close in the first quarter of 2024. “We are excited to partner with CU Digital One and help credit unions […]
Consumer lender Oportun unveils new round of layoffs
Oportun Financial in San Carlos, Calif., plans to lay off nearly a fifth of its corporate staff. The consumer lender said that it will cut 185 jobs as part of a broader cost-cutting effort. Oportun also plans to reduce expenditures on external contractors and vendors. The moves should save the company about $80 million annually. […]
Evans in N.Y. to sell insurance business
Evans Bancorp in Williamsville, N.Y., has agreed to sell its insurance business to Arthur J. Gallagher & Co. for $40 million. The $2.2 billion-asset company said in a press release that the sale of the Evans Agency should close in the fourth quarter. Evans said it could invest the after-tax proceeds of $15.1 million into […]
Quaint Oak raises $1.6M selling stock to PR bank
Quaint Oak Bancorp in Southampton, Pa., sold a 4.9% stake in itself to ItalBank International in Puerto Rico. The $762 million-asset Quaint Oak disclosed in a regulatory filing that it sold about 117,000 shares of common stock at $13.87 a share. That equates to roughly $1.6 million. “The purchase agreement contains certain customary representations and […]
First Savings in Ind. selling MSR rights among many changes
First Savings Financial Group in Jeffersonville, Ind., is selling or closing several businesses. The $2.3 billion-asset company said in a press release that it agreed in September to sell its residential mortgage servicing rights portfolio and dissolve First Savings Insurance Risk Management. The MSR sale is expected to close on Nov. 30. The company decided […]
A.E.A. Federal Credit Union agrees to buy Arizona bank
A.E.A. Federal Credit Union in Yuma, Ariz., has agreed to buy West Valley National Bank in Goodyear, Ariz. The $350 million-asset credit union said in a press release that it expects to buy the $106 million-asset unit of West Valley Bancorp in the second quarter. The price wasn’t disclosed. West Valley has three branches in […]
Affirm adds banking veteran to its board
Affirm, a leading Buy Now, Pay Later (BNPL) company, has added a banking veteran to its board. Manolo Sánchez joined the company’s board this month, he disclosed on his LinkedIn page. Sánchez, an adjunct professor at Jones Graduate School of Business at Rice University, was president and CEO of Compass Bank from 2008 to 2017. […]
Citizens Bank becomes Iowa’s first failure since 2011
Citizens Bank in Sac City, Iowa, has failed. The Iowa Division of Banking closed the $66 million-asset bank before appointing the Federal Deposit Insurance Corp. to act as receiver. The FDIC agreed to sell the bank’s deposits and “essentially all” of its assets to Iowa Trust & Savings Bank in Emmetsburg. The state regulator said […]
Nova Bank closer to opening in Ala. after raising $29M
Nova Bank, a bank proposed for Huntsville, Ala., has raised $29 million in initial capital. Mark Minish, who would serve as the de novo’s chief credit officer, shared the news on his LinkedIn account. There is still no timeline for the bank’s debut. Organizers originally applied with the Federal Deposit Insurance Corp. in August 2021.That […]
PayPal discloses SEC subpoena over new stablecoin
PayPal Holdings has received a subpoena from the Securities and Exchange Commission seeking documents tied to the PayPal USD stablecoin. The San Jose, Calif., tech company disclosed in a regulatory filing that it is cooperating with the SEC’s request. The PayPal USD stablecoin was launched in August by a third-party issuer that PayPal partners with […]
Community State Bank in Fla. to rebrand as DLP Bank
Community State Bank in Starke, Fla., will rebrand as DLP Bank. DLP Bancshares, which bought and recapitalized the $250 million-asset bank late last year, said in a press release that the rebranding will take place on Nov. 13. The bank is owned by a group of private investors, including Don Wenner, CEO of real estate […]