ACNB to buy Traditions Bancorp in Pennsylvania
ACNB in Gettysburg, Pa., has agreed to buy Traditions Bancorp in York, Pa. The $2.5 billion-asset ACNB said in a press release that it will pay $73.5 million in stock for the $859 million-asset Traditions. After the deal closes, Traditions’ shareholders will receive a quarterly cash dividend equal to about 23 cents a share. […]
KKR to buy Janney Montgomery Scott from Penn Mutual
KKR has agreed to buy investment bank Janney Montgomery Scott from Penn Mutual Life Insurance. Janney, which has more than $150 billion in assets under administration and 900 financial advisers, will become a standalone private company after the sale closes. “We are excited to enter this next chapter in our nearly 200-year history with a […]
Arrow Financial to merge its banks under the ‘Arrow’ brand
Arrow Financial in Glen Falls, N.Y., is planning to merge its two banks under a new brand. The $4.2 billion-asset company said in a press release that it will combine Glens Falls National Bank and Trust and Saratoga National Bank and Trust to form Arrow Bank. Arrow said the plan has already been approved by […]
Boston credit union hires new CEO
The City of Boston Credit Union has a new CEO. The $585 million-asset credit union said in a press release that Lisa Perrin had also become its president. Perrin recently served as CEO of Worcester Credit Union. “Her expertise and vision will undoubtedly guide us toward tremendous success and innovation,” Cecil Jones, the credit union’s […]
BayFirst in Florida to enter healthcare lending with banker hire
BayFirst Financial in St. Petersburg, Fla., is expanding into healthcare lending after hiring a veteran banker. The $1.1 billion-asset bank said it hired Phil Russo to serve as director of healthcare lending. He is also responsible for building out BayFirst’s treasury team. Russo “brings vast knowledge of the complex issues facing medical service providers to […]
BCB in New Jersey reports earnings dip after agreeing to sell CRE loans
BCB Bancorp in Bayonne, N.J., reported lower quarterly earnings after selling loans. The $3.8 billion-asset company’s second-quarter earnings fell by 67% from a year earlier, to $2.8 million. BCB agreed to sell a $38.4 million pool of commercial real estate and multifamily loans at a $4.6 million pretax loss. It also sold a nonperforming loan […]
FS Bancorp in Wash. promotes insider to serve as president
FS Bancorp in Mountlake Terrace, Wash., has a new president. The $3 billion-asset company said in a press release that Matthew Mullet has also become president of its bank. Mullet, who will remain chief financial officer, succeeded Joseph Adams, who will remain CEO of the company and the bank. Mullet “has been an integral part […]
Generations in NY discloses written agreement with OCC
Generations Bancorp NY in Seneca Falls has entered into a written agreement with the Office of the Comptroller of the Currency tied to managing its balance sheet. The $411 million-asset company disclosed in a regulatory filing that the July 19 agreement requires it to develop written programs for liquidity risk management and interest rate management. […]
Fed fines Green Dot $44M for consumer compliance breakdowns
Green Dot in Austin, Texas, was fined $44 million by the Federal Reserve to address consumer compliance breakdowns tied to its prepaid debit card products. The fintech, which acquired a bank in 2011, was accused of unfair and deceptive practices and a deficient consumer compliance risk management program. The Fed said that Green Dot violated […]
Bank of Hawaii promotes insider to become its president
Bank of Hawaii in Honolulu has a new president. The company disclosed in a regulatory filing that James Polk has taken on the role. Polk, who was vice chairman and chief banking officer, succeeded Peter Ho, who remains chairman and CEO. Polk, who joined Bank of Hawaii in 1999, gained responsibility for retail […]
Fulton Financial in Pa. to close 13 branches in Penn., New Jersey
Fulton Financial in Lancaster, Pa., plans to close 13 branches in Pennsylvania and New Jersey. The company disclosed in a regulatory filing that the branches will close by Nov. 22. The board approved the closures plan as part of the bank’s integration of the failed Republic First Bank. Fulton said it expects to incur pretax […]
Synovus posts Q2 loss after restructuring its bond portfolio
Synovus Financial in Columbus, Ga., posted a net loss in the second quarter after purging its securities portfolio. The $60 billion-asset company lost $14.7 million in the quarter, a reversal from the $173.9.8 million it earned a year earlier. Synovus sold $257 million of bonds during the quarter at a discount. The company plans to […]
Mortgage lending veteran to buy Greenwoods State Bank in Wis.
A mortgage banking veteran has agreed to buy Greenwoods Financial Group in Lake Mills, Wis. The $575 million-asset parent of Greenwoods State Bank said in a press release that it agreed to sell itself to Christopher M. George. The deal is expected to close in the first quarter. The price wasn’t disclosed. “I look forward […]
Discover strikes deal to sell private student loan portfolio
Discover Financial Services in Riverwoods, Ill., has agreed to sell its private student loan portfolio to strategic partnerships that involve Carlyle and KKR. Discover said in a press release that Firstmark Services, a division of Nelnet, would assume responsibility for servicing the $10.1 billion portfolio following the sale. The purchase price will have a premium […]
Capital One unveils $265B community plan for Discover acquisition
Capital One Financial Group in McLean, Va., has pledged $265 billion over the next five years to support underserved markets as part of its $35 billion purchase of Discover Financial Services. Capital One agreed to maintain its lending to low- and moderate-income consumers and communities at $200 billion over the five-year period. The company will […]
Firstbanc of Alabama signs sale-leaseback agreement
Firstbanc of Alabama in Talladega has agreed to a sale-leaseback transaction with MountainSeed Real Estate Services. The parent of the $1 billion-asset First Bank of Alabama will sell four branches for about $7.8 million. The bank will lease the offices for an initial 15-year term with the option to extend the lease for another 15 […]
Currency Bank in La. selects insider as new CEO
Currency Bank in Oak Grove, La., has a new president and CEO. Scott Gaudin announced on his LinkedIn page that he had also become president and CEO of Axxess Partners, the holding company for the $186 million-asset bank. Gaudin, who was chief lending officer, succeeded Charles Chiasson.
VersaBank names leaders ahead of U.S. bank purchase
VersaBank named a president for its new U.S. bank. The Canadian bank said in a press release that Tel Matrundola will take on the role at the newly created VersaBank USA. Matrundola was chief strategy officer at PWC Capital, VersaBank’s former parent company. Shawn Clarke was named chief operating officer of VersaBank USA; he was CFO […]
Country Bank for Savings in Mass. lines up new CEO
Country Bank for Savings in Ware, Mass., will have a new CEO. The $1.9 billion-asset bank said in a press release that Mary McGovern will take over the role on Aug. 1. McGovern, who was named president earlier this year, will succeed Paul Scully, who is retiring. She has also been the bank’s chief operating […]
TD Bank forms community advisory board under $20B impact plan
TD Bank has agreed to a three-year, $20 billion community impact plan. The bank said in a press release that it had formed an 11-member community advisory board in conjunction with the plan. The board includes members from groups such as Asian Pacific Community Development, National Association for Latino Community Asset Builders and the Urban […]
Inadequate remediation progress leads to $136M penalty for Citigroup
Citigroup will pay a total of $136 million for not moving quickly enough to address four-year-old consent orders that require the New York company to address its internal control systems and compliance risk management. The Office of the Comptroller of the Currency and the Federal Reserve said that the $2.4 trillion-asset company hasn’t made enough […]
Mission Driven Bank Fund raises $65M in second round
The Mission Driven Bank Fund has completed its second close after raising $65 million. The Cleveland fund, which invests in minority depository institutions (MDIs) and community development financial institutions (CDFIs), has raised more than $177 million since its formation. The fund’s limited partners include Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank and […]
Proposed Miami de novo secures approval from state regulator
A de novo bank planned in Miami has received approval from its state regulator. Florida’s Office of Financial Regulation has signed off on BankMiami, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers, who submitted applications earlier this year, still need approval from the Federal Deposit Insurance Corp. “We continue to welcome […]
Amalgamated in Chicago rebrands ahead of St. Louis expansion
Amalgamated Bank of Chicago has rebranded as ABOC as part of a plan to expand beyond its home market. The $1.1 billion-asset bank said in a press release that the new name represents “a modern look that reflects its rich heritage while setting the stage for future growth.” “We believe the time is right to broadly […]
Forbright Bank in Md. has CRA rating cut to ‘needs improvement’
Forbright Bank in Potomac, Md., which was recently hit with a consent order, had its Community Reinvestment Act rating downgraded to “needs improvement.” While the consent order and the CRA downgrade both came from the Federal Deposit Insurance Corp., the issues are unrelated. The consent order for the $6.7 billion-asset bank is tied to “deficiencies […]