Fifth Third to pay $20M to address CFPB claims
Fifth Third Bancorp in Cincinnati will pay $15 million to settle a lawsuit from the Consumer Financial Protection Bureau tied to alleged fake checking accounts. The $214 billion-asset company also agreed to pay $5 million – and pay redress to customers – to address claims that it overcharged customers for force-placed auto insurance. The CFPB […]
Alabama ONE Credit Union selects insider as next CEO
Alabama ONE Credit Union in Tuscaloosa has a new CEO. The $1.2 billion-asset credit union said in a press release that Whitney Oswalt had taken on the new role. Oswalt, who was chief strategy officer and chief financial officer. succeeded Bill Wells. Oswalt “has been a strong member of our leadership team, and under his […]
Greenwood’s Financial in Wis. raises $10M via private placement
Greenwood’s Financial Group in Lake Mills, Wis., raised $10 million in capital. The parent of the $547 million-asset Greenwood’s Savings Bank raised the capital on July 1 through a private placement of common stock, according to data compiled by Performance Trust Capital Partners. The data did not include the shares sold, pricing, or the investors.
Inside Atlanta-area bank’s quest to find a buyer
Piedmont Bancorp in Peachtree Corners, Ga., tried several times to find a buyer before agreeing to be sold to United Bankshares in Charleston, W.Va. The $30 billion-asset United agreed on May 9 to buy the $2.1 billion-asset Piedmont for $267 million. The deal will give United its first operations in the Atlanta area. Piedmont first […]
Murphy-Wall State to buy Oakdale State Bank in Illinois
Murphy-Wall State Bank and Trust in Pinckneyville, Ill., has agreed to buy Oakdale State Bank in Oakdale, Ill. Murphy-Wall Bancorp, the parent of the $179.3 million-asset Murphy-Wall State did not disclose the price it will pay for the $25 million-asset Oakdale State. “Murphy-Wall looks forward to this opportunity to serve a new market and is […]
Bank of North Dakota has new president and CEO
The Bank of North Dakota in Bismarck has a new CEO. The North Dakota Industrial Commission also named Don Morgan to serve as the $10.1 billion-asset bank’s president. Morgan succeeded Todd Steinwand, who recently retired. Morgan recently served as president and CEO at the $1.9 billion-asset Starion Bank. “Don’s impressive experience over his decades-long career […]
Renasant in Miss. is latest bank to sell its insurance business
Renasant in Tupelo, Miss., has sold its insurance agency to Sunstar Insurance Group. The $17.3 billion-asset company said in a press release that it sold Renasant Insurance; the price wasn’t disclosed. Renasant Insurance will rebrand as Sunstar Insurance Services. All of Renasant Insurance’s leadership and employees joined Sunstar. “This transaction provides a great opportunity for […]
Veteran banker joining First Foundation as part of $228M capital raise
First Foundation in Dallas is raising $228 million in a deal that will allow it to lower its concentration of multifamily loans. The $13.6 billion-asset company said in a press release that the investors include Fortress Investment Group affiliates ($115 million); Canyon Partners ($46 million), Strategic Value Bank Partners and North Reef Capital ($22 […]
Bankwell in Conn. reserving $6.6M tied to nonperforming C&I loan
Bankwell Financial Group in New Canaan, Conn., is bracing for a $6.6 million hit tied to a nonperforming commercial loan. The $3.2 billion-asset company disclosed in a regulatory filing that it will take specific reserves against a $8.7 million C&I loan that has been classified as nonperforming since the end of last year. Bankwell, which […]
New York Community follows through with reverse stock split
New York Community Bancorp in Hicksville is planning a reverse stock split. The $113 billion-asset company said in a press release that the one-for-three reverse stock split should take place on July 11. The number of authorized shares of the company’s common stock will decrease from 2 billion shares to about 666.7 million shares. Shareholders […]
Silvergate, former CEO pay fines to settle claims they misled investors
Silvergate Capital in La Jolla, Calif., and its bank will pay $63 million in penalties to settle claims it misled shareholders about the strength of its Bank Secrecy Act and anti-money laundering compliance. Silvergate was fined by the Federal Reserve and the California Department of Financial Protection and Innovation. Separately, the Securities and Exchange Commission […]
Amerant in Fla. shares more details on sale of Houston operations
Amerant Bancorp in Coral Gables, Fla., shared more information on the pending sale of its Houston operations. The $9.8 billion-asset company agreed in April to sell five branches, $576 million of deposits and $529 million of loans to MidFirst Bank in Oklahoma City in a deal expected to close by the end of this year. […]
Southern Bankshares in Ga. raises $19M from private placement
Southern Bankshares in Claxton, Ga., which was sold to an investor group last year, raised $19.1 million through a private placement. The $170 million-asset company sold common stock on June 27, according to data compiled by Performance Trust Capital Partners. The data did not include the number of shares sold, pricing, or the investors. An […]
How Independent Bank in Texas Went from Buyer to Seller
Merger talks between SouthState in Winter Haven, Fla., and Independent Bank Group in McKinney, Texas, were briefly halted in February to allow South State to respond to a cybersecurity incident. The $46 billion-asset SouthState agreed on May 17 to buy the $18.9 billion-asset Independent for $2 billion in one of the biggest bank deals announced […]
Patelco CU in California dealing with ‘serious security’ incident
Patelco Credit Union in Dublin, Calif., had to shut down some day-to-day banking systems in response to a cyberattack. The $9 billion-asset credit union informed members that it has been dealing with a “serious security” incident. Patelco said it has been working with cybersecurity teams over the past few days to resolve the issue and […]
Webster Financial, Marathon form private credit joint venture
Webster Financial in Stamford, Conn., and Marathon Asset Management in New York have formed a private credit joint venture. The $76 billion-asset Webster and Marathon will provide direct lending solutions to sponsor-backed middle-market companies, pairing Marathon’s asset management experience with the bank’s products and services. Financial terms were not disclosed. “Both companies possess deep private […]
Brazilian investment bank agrees to buy M.Y. Safra Bank in NY
Brazilian investment bank BTG Pactual has agreed to buy M.Y. Safra Bank in New York. BTG Pactual did not disclose how much it will pay for the $404 million-asset M.Y. Safra Bank. M.Y. Safra Bank has $275 million of loans. The acquisition “is another step in expanding our product and service offerings to our Latin […]
Thumb Bancorp to buy Freeland State Bank in Michigan
Thumb Bancorp in Pigeon, Mich., has agreed to buy Freeland State Bank in Freeland, Mich. The $617.1 million-asset Thumb will pay an undisclosed amount of cash for the $54 million-asset Freeland, according to a notice issued by Hovde Group, which represented the buyer. Freeland has one branch, $45 million of deposit and just $2 million […]
Thread Bank is latest BaaS provider to receive enforcement action
Thread Bank in Rogersville, Tenn., has been dealt an enforcement by the Federal Deposit Insurance Corp. The $723 million-asset bank’s consent order instructs management and the board to address concerns over compliance with the Bank Secrecy Act and anti-money laundering laws, third-party risk management, and liquidity management, among other things. Thread, which is a Banking-as-a-Service […]
First Kentucky Bank president to also serve as CEO
First Kentucky Bank in Mayfield didn’t have to look too far to find its next CEO. The $575 million-asset said in a press release that Will Hayden will take on the new role on July 1. He will remain president, a post he filled last year. ” I look forward to leading a great staff […]
Mutuals Ion Bank in Conn., NVE Bank in N.J. plan to merge
Ion Financial in Naugatuck, Conn., and NVE Bancorp in Englewood, N.J., have agreed to merge. The mutual holding companies said in a press release that Ion, the parent of the $2.1 billion-asset Ion Bank, will absorb the $600 million-asset NVE Bank. The other terms of the deal were not disclosed. NVE Bank will be operated […]
Chime buys employee rewards fintech Salt Labs
Chime in San Francisco has acquired Salt Labs, which provides incentive programs for businesses and employee rewards. The Salt Labs team, led by founder and CEO Jason Lee, and its offerings will become a part of Chime. Chime also said it will gain immediate access to Salt Labs’ enterprise client relationships. Lee will lead a […]
Bank of North Dakota begins search for new CEO
The Bank of North Dakota, the only state-owned bank in the U.S., is looking for a new leader. Todd Steinwand resigned as the bank’s president and CEO, effective July 2. He took over the top post in July 2021. Rob Pfennig, the bank’s chief financial officer, was named interim president and CEO, while a search […]
Hustisford State Bank in Wisconsin names its next CEO
Hustisford State Bank in Wisconsin has a new CEO. The $80 million-asset bank said in a press release that Tanya Ewert will also remain its chief financial officer. Ewert’s “journey from within the ranks to the helm of the organization is a testament to her unwavering passion for our town and its residents,” the bank […]
Merchants National in Ohio selects insider as next president
Merchants National Bank in Hillsboro, Ohio, has a new president. The $1.3 billion-asset bank said in a press release that Denise Fauber had taken on the role. She succeeded Paul Pence, who remains chairman and CEO. Fauber will remain chief operating officer. “Denise’s leadership and guidance to translate strategy into actionable steps for growth are […]