Quad City Bank in Iowa finalizes CEO succession
Quad City Bank & Trust in Bettendorf, Iowa, will have a new leader in 2025. The $2.6 billion-asset bank said in a press release that John Anderson plans to retire at the end of this year. Laura Ekizian, the bank’s president, will succeed Anderson on Jan. 3. Quad City is a unit of QCR Holdings […]
Merchants in Ind., Fieldpoint in Conn. raise capital from stock sales
A pair of banks raised capital from selling common stock. Merchants Bancorp in Carmel, Ind., brought in $103 million from a follow-on offering, according to data compied by Performance Trust Capital Partners. The $17.8 billion-asset company had announced plans to sell 2.4 million shares. Proceed will be used for general corporate purposes, including supporting the […]
MountainSeed lines up $2B for more sale-leaseback transactions
MountainSeed Real Estate in Atlanta has lined up $2 billion in capital commitments to pursue more sale-leaseback transactions with banks. The real estate investor did not disclose the potential investors. “We are excited to embark on this journey with our investors and partners to strengthen our commitment to community banks and credit unions,” said Carl […]
BofA to buy large multifamily portfolio from WaFd in Seattle
Bank of America in Charlotte, N.C., has agreed to buy a $2.9 billion multifamily portfolio from WaFd in Seattle. Bank of America will buy about 2,000 loans from WaFd, which had previously announced plans to sell loans it inherited from its receny acquisition of Luther Burbank. The loans have an aggregate balance of $3.2 billion. […]
Tradition Capital Bank in Minn. has a new president
Tradition Capital Bank in Wayzata, Minn., has a new president. The $2.4 billion-asset bank said in a press release that Joe Bauer had taken on the role. Bauer, who previously served as the bank’s chief revenue officer, succeeded Dan Fagan, who remains CEO.
SouthState to buy Independent Bank in Texas for $2 billion
SouthState in Winter Haven, Fla., has agreed to buy Independent Bank in McKinney, Texas. The $46 billion-asset SouthState said in a press release that it will pay $2 billion in stock for the $18.9 billion-asset Independent. The deal, which is expected to close in the first quarter, priced Independent at 148% of its tangible book […]
Southside in Texas selects insider as next president
Southside Bancshares in Tyler, Texas, has a new president. The $8.4 billion-asset company disclosed in a regulatory filing that Keith Donahoe had succeeded Lee Gibson, who remains CEO. Donahoe was also named president of Southside Bank. Donahoe, who joined Southside in 2021, was the bank’s regional president of central Texas. Donahoe will be paid an […]
Customers in Pa. buys interest in fintech investment fund from FDIC
Customers Bancorp in West Reading, Pa., bought a minority limited interest in a fintech venture fund. The $22 billion-asset company said in a press release that it successfully bid $5 million to buy the interest from the Federal Deposit Insurance Corp. at a roughly 70% discount to the investment’s original cost. The purchase comes about […]
CFPB sues Solo Funds for allegedly deceptive marketing
The Consumer Financial Protection Bureau has filed a lawsuit against online lending platform SoLo Funds for allegedly deceiving borrowers about the total cost of loans. The CFPB, in a lawsuit filed in U.S. District Court for the Central District of California, claimed that the Los Angeles fintech, despite advertising zero-interest loans, uses “dark patterns” that […]
Pima Federal Credit Union to buy Republic Bank of Arizona
Pima Federal Credit Union in Tucson, Ariz., has agreed to buy Republic Bank of Arizona in Phoenix. The $1.2 billion-asset Pima said in a press release that it will pay shareholders of RBAZ Bancorp about $22 a share in cash for the $279 million-asset Republic. RBAZ will wind down and dissolve after the sale, which […]
Community Bank System in N.Y. rebrands
Community Bank Systems in Syracuse, N.Y., has a new name. The $15 billion-asset company said in a press release that it had rebranded at Community Financial System. The change “reflects the company’s broader business model and mission in contributing to the prosperity of its community.” The new name “allows us to emphasize the […]
Levo Credit Union to buy Iowa branch from Minnesota bank
Levo Credit Union in Sioux Falls, S.D., plans to buy a branch from Heritage Bank in Spicer, Minn. An application for the sale of the Sioux City, Iowa, branch was filed with the Federal Deposit Insurance Corp. The $472 million Levo expects to complete the purchase in the fourth quarter. The branch has $33 million […]
First Federal Bank of Kansas City forms MHC Cosperity Bancorp
First Federal Bank of Kansas City in Lee’s Summit, Mo., formed a mutual holding company. The $960 million-asset mutual said in a press release that it created Cosperity Bancorp. First Federal is now a Missouri stock savings bank wholly owned by the MHC. “We have been innovators since our founding in 1934 and that spirit drives us […]
USAA Bank launching search as president plans exit
USAA Bank in San Antonio is looking for its next president. The $111 billion-asset bank said in a press release that Paul Vincent is stepping down on May 31. Vincent, who joined the bank in 2013, has been president since early 2021. USAA Bank will conduct a search for his successor. “I’m grateful for Paul’s […]
Capitol Bank in Wisconsin finalizes CEO succession
Capitol Bank in Madison, Wis., has a new CEO lined up. The $590 million-asset company said in a press release that Justin Hart will become its leader on July 1. Hart, who is Capitol’s president, will succeed Ken Thompson, who will remain at the bank as executive chairman. Ami Myrland will succeed Hart as president. […]
Fulton in Pa. using sale-leaseback deal to offset securities loss
Fulton Financial in Lancaster, Pa., is using proceeds from a sale-leaseback transaction to offset the costs of selling underwater securities. The $27.6 billion-asset company disclosed in a regulatory filing that it sold 40 branches in Delaware, Maryland, New Jersey and Pennsylvania to Blue Owl Capital for $55.4 million. Fulton will record a $20.4 million pretax […]
OCC, Fed to hold July public meeting to discuss Capital One-Discover deal
The Office of the Comptroller of the Currency and the Federal Reserve will hold a virtual meeting on July 19 to let the public comment on Capital One Financial’s pending purchase of Discover Financial. Capital One agreed in February to buy Discover for $35.3 billion. The OCC and Fed also said that people who want […]
Associated in Wis. unveils new 3-year, $2B community development plan
Associated Banc-Corp in Green Bay, Wis., has agreed to a new three-year community commitment plan that pledges $2 billion of support to underserved groups in its markets. The $41 billion-asset company said in a press release that the agreement includes about $1 billion in residential mortgages and $9 million in down payment assistance. It also […]
Alerus in N.D. to buy HMN Financial in Minn. for $116 million
Alerus Financial in Grand Forks, N.D., has agreed to buy HMN Financial in Rochester, Minn. The $4.3 billion-asset Alerus said in a press release that it will pay $116.4 million in stock for the $1.2 billion-asset HMN. The deal, which is expected to close in the fourth quarter, priced HMN at 107% of its tangible […]
Home BancShares in Ark. promotes insiders to key management posts
Home BancShares in Conway, Ark., has shifted several executive roles. The $22.8 billion-asset company said in a press release that Kevin Hester had become its president. Hester, who was also named president of Centennial Bank, has been the company’s senior lender since its founding. Hester succeeded John Allison at the company level and Terry French […]
JPMorgan Chase buying $5B of New York Community loans
New York Community Bancorp in Hicksville agreed to sell about $5 billion of mortgage warehouse loans to JPMorgan Chase in New York. The $113 billion-asset New York Community said in a press release that the sale should close in the third quarter. It should add 65 basis points to the CET1 capital ratio, to 10.8%. […]
Kabbage reaches $120M settlement to address PPP fraud claims
Kabbage, a small-business lender going through bankruptcy, agreed to pay up to $120 million to settle claims it committed Paycheck Protection Program fraud. KServicing Wind Down, through a pair of settlements, addressed claims by the Justice Department that it “knowingly submitted thousands of false claims for loan forgiveness, loan guarantees and processing fees to the […]
International Finance Bank in Miami selects industry vet as CEO
International Finance Bank in Miami has a new CEO. The $1 billion-asset bank said in a press release that Abel Iglesias also became its president on May 14. Iglesias was president and CEO of Professional Bank when it was sold to Seacoast Banking Corp. Iglesias served as Miami-Dade market executive at Seacoast following Professional’s sale.
Provident in N.J. issues sub debt required to buy Lakeland Bancorp
Provident Financial Services in Jersey City, N.J., issued subordinated debt to comply with a regulatory prerequisite for its pending purchase of Lakeland Bancorp in Oak Ridge, N.J. The $14.1 billion-asset Provident disclosed in a regulatory filing that it issued $225 million of sub debt. Provident, which agreed in September 2022 to buy the $11 billion-asset […]
First Capital in S.C. raises $12 million through a private placement
First Capital Bancshares in Charleston, S.C., has raised $12 million through a private placement of common stock. The $811 million-asset company completed the offering on May 9, according to data compiled by Performance Trust Capital Partners. The report did not detail how many shares where sold, the pricing, or the investors.