Ally Financial CEO stepping down in 2024
Ally Financial in Charlotte, N.C., said CEO Jeffrey Brown will step down next year. The company said in a press release that Brown is leaving on Jan. 31 to become president of Hendrick Automotive Group. Ally’s board has hired an executive search firm to find a successor for Brown, who has been its leader since […]
Central Valley to buy Community West in California
Central Valley Community Bancorp in Fresno, Calif., has agreed to buy Community West Bancshares in Goleta, Calif. The $2.5 billion-asset Central Valley said in a press release that it will pay $99.4 million for the $1.1 billion-asset Community West. The deal, which is expected to close in the second quarter, priced Community West at 87.2% […]
Monterey County Bank in Calif. selling to investor group
A group of investors in Costa Mesa, Calif., has agreed to buy Northern California Bancorp in Monterey, Calif. PCB Financial, formed for the purpose of the acquisition, will pay an undisclosed amount of cash and stock for the parent of the $212 million-asset Monterey County Bank, according to the Monterey County Weekly. The deal is […]
Organizers planning Ethiopian-American bank
A group in Washington, D.C., is looking to form a bank to serve Ethiopian-Americans. Organizers of the proposed Moodai International Bank submitted an application on Oct. 5 with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. The Ethiopian American Investment Group said on the proposed bank’s website that it would […]
First Savings in Ind. to exit national mortgage lending
First Savings Financial Group in Jeffersonville, Ind., is getting out of national mortgage lending. The $2.3 billion-asset company said in a regulatory filing that it will exit the business by the end of this year. First Savings said that loan applications fell to their lowest level in two decades this year due to […]
Primis in Va. taps insider as next bank president
Primis Financial in McLean, Va., has a new bank president. The $3.9 billion-asset company said in a press release that Rick Fulk had become president of Primis Bank. Fulk previously served as the bank’s regional executive for Virginia’s Richmond and Hampton Roads areas. Fulk succeeded Dennis Zember Jr., who remains president and CEO of the […]
SVB completes sale of investment banking business
SVB Financial Group in Santa Clara, Calif., has sold its investment banking business to the unit’s management team. The company, which saw its bank fail in March, said in a press release that SVB Securities was rebranded as Leerink Partners. The investment bank’s management team, led by CEO Jeff Leerink, was backed by funds managed […]
Activist investor finds banking vet to join in AmeriServ fight
An activist investor has recruited a banking veteran to aid in his quest for board seats at AmeriServ Financial in Johnstown, Pa. Driver Management, run by Abbott Cooper, said in a regulatory filing that it will nominate Keith Mestrich, retired CEO of Amalgamated Financial in New York, to stand for election to the $1.4 billion-asset […]
Riverview in Wash. to pay ex-CEO’s salary for next year
Riverview Bancorp in Vancouver, Wash., agreed to pay a salary to its former president and CEO over the next year. The $1.6 billion-asset company disclosed in a regulatory filing that it will pay Kevin Lycklama his $410,000 monthly salary for the next 12 months – or roughly $4.9 million. Lycklama, in exchange, agreed to certain […]
PNC buys Signature private equity loans from FDIC
PNC Financial Services Group in Pittsburgh has acquired a portfolio of capital commitments facilities from Signature Bridge Bank. The $554 billion-asset PNC said in a press release that the transaction was facilitated by the Federal Deposit Insurance Corp., which took over Signature Bank when it failed in March. The portfolio includes $16.6 billion of total commitments, including $9 […]
Discover Bank agrees to FDIC consent order
Discover Financial Services in Riverwood, Ill., disclosed that its bank agreed to a consent order with the Federal Deposit Insurance Corp. The company said in a regulatory filing that the Sept. 25 order requires Discover Bank to address compliance shortcomings with consumer protection laws. Discover Bank agreed to improve its consumer compliance management system and […]
Illinois’ banking regulator has a new director
The Illinois Department of Financial and Professional Regulation has a new leader. The agency said in a press release that Gov. JB Pritzker had appointed Susana Soriano to serve as director of banking. Her appointment still needs to be confirmed by the Illinois Senate. Soriano has served as deputy director of banking since joining the agency […]
MidFirst in Okla. expands in SoCal with First Republic hires
MidFirst Bank in Oklahoma City is expanding in southern California after hiring nearly two dozen bankers who worked at the failed First Republic Bank. The $36.5 billion-asset MidFirst said in a press release that its 1st Century Bank division hired 22 bankers to enter San Diego, the South Bay and Santa Barbara. “Southern California is a strategic […]
Banking veteran joins board of 1895 Bancorp of Wisconsin
A former executive at U.S. Bancorp has joined the board at 1895 Bancorp of Wisconsin in Greenfield. The $553.4 million-asset company said in a press release that Clarence Harris also joined the board of its PyraMax Bank. He will serve on the company’s audit committee, compensation committee and the nomination and governance committee. Harris retired […]
AI-focused startup in NC raises $1.7 million
A Charlotte, N.C., startup focused on artificial intelligence has raised about $1.7 million in early stage funding. Rivet Solutions disclosed the offering for Vectari in a regulatory filing, listing 13 investors. Vectari, on its website, plans to offer AI that can assist with regulatory language, scam detection and prevention and policy insights for financial […]
Fed rethinking approach to ‘new and novel’ expansions
Regulators could have been more hands-on with a decision by Silvergate Bank in La Jolla, Calif., to work with the cryptocurrency industry. That was a key takeaway from a report issued by the Federal Reserve’s Office of the Inspector General. The report was limited in its disclosures because the bank, while in liquidation, remains in […]
Truist in NC announces departure of eight directors
Truist Financial in Charlotte, N.C., announced the departure of eight directors. The $555 billion-asset company disclosed in a regulatory filing that four directors, including former Chairman and CEO Kelly King, were stepping down after reaching its mandatory retirement age. Four other directors are leaving due to “other professional and personal commitment(s),” the filing said. “Our […]
Prosperity exec joins board of software firm inbanx
Inbanx, an Austin, Texas, software company focused on digital payments and business budgeting, has added a banker to its board. Ken Burgess, a regional president at Prosperity Bank in Houston, announced his appointment on his LinkedIn page. Burgess was chairman and CEO of FirstCapital Bank of Texas when it sold to Prosperity earlier this year.
Shinhan Bank America pays fines for BSA violations
The Financial Crimes Enforcement Network assessed a $15 million civil money penalty against Shinhan Bank America in New York for willful violations of the Bank Secrecy Act. Fincen said in a press release that the $1.8 billion-asset bank’s payment will also cover a $5 million penalty from the Federal Deposit Insurance Corp. The New York […]
Tompkins in NY repositions securities holdings
Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss. The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%. Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield […]
Former CFPB director to lead Florida Bankers Association
The Florida Bankers Association has hired a former director of the Consumer Financial Protection Bureau as its new CEO. Alex Sanchez, who is retiring as the association’s leader, wrote in a LinkedIn post that Kathy Kraninger will be his successor. “The FBA team is a family,” Sanchez wrote. “While this member of the family will […]
RBB Bancorp, Gateway Bank terminate merger
RBB Bancorp in Los Angeles and Gateway Bank in Oakland, Calif., have terminated their planned merger. The $4.1 billion-asset RBB agreed to buy the $185.6 million-asset Gateway in December 2021 for $22.9 million. The deal was meant to give RBB an entry point into the San Francisco market. Since then, RBB has changed […]
Univest in Pa. to combine chairman, CEO roles
Univest Financial in Souderton, Pa., plans to combine its chairman and CEO positions. The $7.6 billion-asset company disclosed in a regulatory filing that Jeffrey Schweitzer, its president and CEO, will become its chairman on Jan. 1. He is currently vice chairman. Schweitzer, who joined Univest in 2007, has led the company since January 2014. The […]
Touchstone in Va. eliminates jobs in cost-cutting effort
Touchstone Bankshares in Prince George, Va., laid off an undisclosed number of employees. The parent of the $644 million-asset bank said the job cuts should lower annual expenses by roughly $1 million. The restructuring is expected to lower third-quarter earnings by about $200,000; savings should kick in the following quarter. “We are continuing to implement […]
Fed looks inward in review of Silicon Valley Bank failure
Federal Reserve examiners should have stepped up their oversight of Silicon Valley Bank prior to its March failure, according to the central bank’s post-mortem of the California bank’s collapse. The “supervisory approach for SVB did not evolve with SVB’s growth and increased complexity,” the Fed’s Office of the Inspector General said in its report. Examiner […]