Crossbridge Community Bank in Wis. taps insider as its president
Crossbridge Community Bank in Tomahawk, Wis., has a new president. The $204 million-asset bank said in a press release that PJ Childers had succeeded Kathy Rankin, who retired. She also became president of Crossbridge Mutual Holding Co. and Crossbridge Financial. Childers, who had been the bank’s senior vice president of commercial lending, is now responsible […]
Popular in Puerto Rico selects insider as its new president
Popular in San Juan, Puerto Rico, has a new president. The $71 billion-asset company said in a press release that Javier Ferrer will remain chief operating officer. He succeeded Ignacio Alvarez, who will remain CEO. Ferrer “has excelled in each position he has held, embracing growing responsibilities, contributing to the definition and implementation of [Popular’s] […]
Peoples National in Ohio to buy Pataskala Banking
Peoples National Bancshares in New Lexington, Ohio, has agreed to buy Pataskala Banking in Ohio. The $220 million-asset Peoples National said in a press release that it expects to buy the $39.9 million-asset Pataskala in the fourth quarter. The price wasn’t disclosed. Pataskala has two branches, $23.1 million in loans and $37.5 million of deposits. […]
Equity Bancshares in Kan. taps insider as next bank CEO
Equity Bancshares in Wichita, Kan., has a new bank CEO. The $5.2 billion-asset company said in a press release that Rick Sems had taken on the role at Equity Bank. Sems, who is the bank’s president, succeeded Brad Elliott, who remains the company’s chairman and CEO. Julie Huber was named chief operating officer. […]
United in W.Va. moving into Atlanta with Piedmont Bank acquisition
United Bankshares in Charleston, W.Va., has agreed to buy Piedmont Bancorp in Peachtree Corners, Ga. The $30 billion-asset United said in a press release that it will pay $267 million in stock for the $2.1 billion-asset Piedmont. The deal, which is expected to close in the fourth quarter, priced Piedmont at 145% of its tangible […]
LINKBANCORP to sell NJ operations to American Heritage Credit Union
LINKBANCORP in Harrisburg, Pa., is selling its New Jersey operations to American Heritage Credit Union. The $2.8 billion-asset company said in a presentation that the sale includes three branches, $105 million of deposits and $125 million of loans. The company gained the locations when it bought Partners Bancorp last year. The $4.9 billion-asset American Heritage […]
ICBA picks variety of fintechs for latest ThinkTECH Accelerator
The Independent Community Bankers of America has selected six fintechs to participate in its latest ICBA ThinkTECH Accelerator program. The ICBA said in a press release that the new cohort will begin on May 19 and will focus on fintechs tied to artificial intelligence, financial health and wellness, subscription management, digital onboarding, and compliance. The […]
Quaint Oak in Pa. exited two underperforming businesses in first quarter
Quaint Oak Bancorp in Southampton, Pa., cut ties with two businesses in the first quarter. The $776 million-asset Quaint Oak said in a press release that it sold its 51% interest in Oakmont Capital Holdings, an equipment finance company. Quaint Oak bought the stake in January 2022 for an undisclosed price. Oakmont, which does business […]
Aspiration Partners spins off consumer financial services business
Aspiration Partners spun off its consumer financial services business into a separate company run by its former chief operating officer. The Fintech said in a press release that Tim Newell reached an agreement to spin out the neobank, which still operates under the Aspiration brand. The price wasn’t disclosed. Before joining Aspiration, Newell was a […]
First Community in Virginia to pay $5M to settle overdraft lawsuit
First Community Bankshares in Bluefield, Va., will settle a lawsuit tied to its overdraft practices. The $3.2 billion-asset company disclosed in a regulatory filing that its bank plans to create a $4.8 million settlement fund and forgive up to $500,000 in assessed but unpaid fees. The lawsuit, filed in the U.S. District Court for the […]
Pacific West Bancorp in Ore. finalizes CEO succession
Pacific West Bancorp in Portland, Ore., will soon have a new leader. The $320 million-asset company said in a press release that Jason Wessling will become its CEO on June 1. Wessling, who will remain president, will succeed Terry Peterson, who is retiring. Peterson will remain on the board. “We knew … Wessling was a special […]
Pinegrove Capital agrees to buy SVB Capital
Pinegrove Capital Partners has agreed to buy SVB Capital from SVB Financial Group. Pinegrove, backed by capital from Brookfield Asset Management and Sequoia Heritage, will pay with cash and “other economic consideration.” Pinegrove and SVB Capital will operate independently, led by their existing management teams. The deal requires bankruptcy court approval. The pricing wasn’t disclosed. […]
Chime to pay $4.5M as part of CFBP consent order
Chime Financial was ordered by the Consumer Financial Protection Bureau to pay more than $4.5 million for failing to give consumers timely refunds when their accounts were closed. The CFPB fined Chime roughly $3.3 million and ordered the San Francisco challenger bank to pay $1.3 million in restitution. The bureau said in a 28-page consent order that […]
Veteran bank leader joins board of MidWestOne in Iowa
MidWestOne Finacial Group in Iowa City recruited a banking veteran with ties to its CEO to join its board. The $6.7 billion-asset company said in a press release that Carl Chaney was one of three new board members. Cheney, a former president and CEO of Hancock Whitney, was chairman of Beach Bancorp in Florida when […]
FIS leverages Bond purchase to offer Banking-as-a-Service product
FIS has released a Banking-as-a-Service (BaaS) product that builds off of its purchase of Bond. Atelio is “an innovative fintech platform that provides the building blocks for financial institutions, businesses and software developers to embed financial services into their offerings,” FIS said in a press release. KeyCorp, payment solutions company Royal Pay, and private student […]
Truist uses insurance unit sale to offset balance sheet restructuring
Truist Financial in Charlotte, N.C., used proceeds from the sale of its insurance business to offset a restructuring of its balance sheet. The $535 billion-asset company said in a press release that it sold $27.7 billion of lower-yielding investment securities at a $5.1 billion after-tax loss. The securities had a book value of $34.4 billion and a […]
White River Bancshares in Ark. raises $12.5M via private placement
White River Bancshares in Fayetteville, Ark., raised nearly $12.5 million through a private placement of common stock. The $1.2 billion-asset company said in a press release that it sold about 226,000 shares to accredited investors at $55 each. Net proceeds will be used to support organic and strategic growth opportunities. “This additional capital will support […]
Bank OZK, BankUnited, Flushing bid on failed Republic First
Eight companies, including Bank OZK, BankUnited and Flushing Bank, bid on buying all or some of Republic First Bank in Philadelphia. Fulton Financial in Lancaster, Pa., prevailed after placing a bid with a $374 million asset discount and no loss-sharing agreement, according to information released by the Federal Deposit Insurance Corp. Fulton’s bid excluded any deposits […]
CCBank in Utah buys mortgage lender
Capital Community Bank in Provo, Utah, has acquired Security Home Mortgage in Orem, Utah. The $871 million-asset CCBank said in a press release that the purchase expands its financial services portfolio. SHM will operate as an independent division of the bank. The price wasn’t disclosed. “Today, we bring together two established Utah companies to better serve our […]
PromiseOne to buy two Virginia branches from Hope Bancorp
PromiseOne Bank in Duluth, Ga., has agreed to buy two branches in Virginia from Hope Bancorp in Los Angeles. The $715 million-asset PromiseOne just filed its application with the Federal Deposit Insurance Corp. to buy the offices, located in Annandale and Centreville. The sales are expected to close in the second half of 2024. The […]
U.S. Bancorp taps insider as next president
U.S. Bancorp in Minneapolis has a new president. The $684 billion-asset company said in a press release that Gunjan Kedia had taken over the role from Andy Cecere, who remains chairman and CEO. “During her more than seven years with U.S. Bank, Gunjan has shown herself to be a visionary leader who understands our business […]
Catalyst in La. posts Q1 loss after selling underwater securities
Catalyst Bancorp in Opelousas, La., reported a quarterly loss after selling securities. The $282 million-asset company lost $4.7 million in the first quarter, which included a $5.5 million loss from selling underwater securities. The company said it plans to reinvest the $42.6 million of proceeds from the sales into new loans, higher-yielding securities, share repurchases […]
Iowa Bankers Association begins search for next CEO
The Iowa Bankers Association is searching for its next leader. The association said in a press release that John Sorenson will retire as president and CEO at the end of this year. The QTI Group was hired to assist the association in its search for Sorenson’s successor. Sorensen joined the IBA in 1986; he became […]
Fintech Altruist raises $169M in latest funding round
Fintech custodian Altruist raised $169 million in a Series E funding round. The Los Angeles company said in a press release that the round was led by ICONIQ Growth with participation from new investor Granite Capital Management. Adams Street Partners and Sound Ventures also participated. Altruist has raised more than $450 million. Yoonkee Sull, a […]
1st Source in Ind. promotes insider as next president
An insider has been promoted to serve as president of 1st Source Corp. in South Bend, Ind. The $8.7 billion-asset company said in a press release that Andrea Short will remain president and CEO of 1st Source Bank. She is already a member of the company’s board. Short succeeded Christopher Murphy III, who remains chairman […]