First National Bank & Trust of Okmulgee is now Patrons Bank
First National Bank & Trust of Okmulgee has rebranded as Patrons Bank. The bank said in a press release that the change will take place on June 1. “With many financial institutions having similar names, we’re rebranding to stand out and better reflect our commitment to the evolving needs of our customers and communities,” President […]
Savings Bank of Danbury in Conn. rebrands as Ives Bank
Savings Bank of Danbury in Connecticut has rebranded. The $1.6 billion-asset bank said in a press release that will now use Ives Bank as its brand. The new name reflects the bank’s founding in 1849. The bank was first opened in the home of George W. Ives. “We have always valued the connection between our […]
First Keystone in Pa. to record goodwill charge tied to past acquisitions
First Keystone in Berwick, Pa., disclosed that it will record a $19.1 million goodwill impairment charge in the second quarter. The $1.4 billion-asset company said in a press release that the noncash charge is tied to goodwill tied to a 2004 branch purchase and its 2007 acquisition of Pocono Community Bank. A decrease […]
First Guaranty in La. selects insider as new president and CEO
First Guaranty Bancshares in Hammond, La., has a new CEO. The $3.6 billion-asset company said in a press release that Michael Mineer had also become its president. Mineer, who was Midwest area president, succeeded Alton Lewis, who retired. Lewis, who had led the company since 2009, will remain vice chairman. “I would like to thank […]
Former Goldman exec to lead Cleveland Fed
The Federal Reserve Bank of Cleveland has selected its next CEO. The Cleveland Fed said in a press release that Beth Hammack will also become its president on Aug. 21. She will succeed Loretta Mester, whose tenure will conclude on June 30, consistent with the Fed’s mandatory age and length-of-service policies. Hammack “is the ideal […]
Citizens & Northern in Pa. plans for CEO’s 2027 retirement
Citizens & Northern in Wellsboro, Pa., disclosed that its CEO plans to retire in 2027. The $2.5 billion-asset company said in a regulatory filing that J. Bradley Scovill intends to step down as president at that time. The company, in preparation for Scovill’s retirement, entered into a new employment agreement that is set to expire […]
Investor terminates property deal with PB Bankshares in Pa.
PB Bankshares in Coatesville, Pa., disclosed that a real estate sale fell through. The $450 million-asset company disclosed in a press release that Ferfeldt Investments had terminated an agreement to buy vacant land next to a branch in New Holland, Pa. The investor had agreed to pay $950,000 for the property. “The agreement provided that […]
Gesa Credit Union agrees to buy Security State in Washington
Gesa Credit Union in Richland, Wash., has agreed to buy Security State Bank in Centralia, Wash. The $5.5 billion-asset Gesa did not disclose the price it will pay for the $606 million-asset Security State. The deal is expected to close next year. Security State has 12 branches. “Gesa and Security State Bank have shared the […]
Failed Heartland Tri-State CEO pleads guilty to embezzlement
The former CEO of Heartland Tri-State Bank pleaded guilty to embezzling funds that led to the Elkhart, Kan., bank’s failure. Shan Hanes had been accused of embezzling $47.1 million for personal cryptocurrency purchases, executing 10 wire transfers between May and July 2023. The bank was seized by regulators in July 2023 and sold to Dream […]
Fed issues rare master account status to tier 3 financial institution
Numisma Bank in Greenwich, Conn., has received conditional approval for a Federal Reserve master account. Numisma, which focuses on banknote distribution, is a tier 3 institution that is state-chartered but isn’t backed by the Federal Deposit Insurance Corp. The approval gives the bank access to the Fed’s liquidity facilities. The Fed has rejected applications by […]
Capital One, Walmart end consumer card partnership
Capital One Financial in McLean, Va., and Walmart have ended their consumer card partnership. The $482 billion-asset Capital One said in a press release that the parties ended a 2018 agreement that made the financial services company the exclusive issuer of Walmart consumer credit cards. Capital One will retain ownership and servicing of the card accounts. […]
Comerica to beef up compliance practices following OCC agreement
Comerica in Dallas has agreed to beef up its compliance practices under an enforcement action with the Office of the Comptroller of the Currency. The agreement came after the OCC found unsafe and unsound practices at the $79.4 billion-asset company, with a focus on its risk governance and internal controls. There was no financial penalty […]
SR Bancorp in N.J. sells underwater securities
SR Bancorp in Bound Brook, N.J., has sold “the vast majority” of its available-for-sale securities portfolio. The $1.1 billion-asset company said in a press release that it sold $35.4 million of lower-yielding investment securities for a pretax loss of about $4.4 million. The company expects to redeploy the $30.9 million of proceeds into […]
CFPB sets expectations for BNPL disclosures and handling disputes
The Consumer Financial Protection Bureau issued an interpretive rule confirming that Buy Now, Pay Later (BNPL) lenders are credit card providers while setting expectations for disclosures, refunds and handling disputes. The CFPB, which began an inquiry into BNPL practices in 2021, said it continues to field consumer complaints tied to refunds and disputed transactions. “When consumers check […]
California’s oldest CDFI finds a buyer
CBC Bancorp in Irvine, Calif., has agreed to buy Bay Community Bancorp in Oakland. The $2.4 billion-asset parent of Commercial Bank of California said in a press release that it will pay about $121 million in cash, based on the $975 million-asset Bay Community’s shares outstanding. The deal is expected to close late this year […]
West Coast Community to buy 1st Capital in California
West Coast Community Bancorp in Santa Cruz, Calif., has agreed to buy 1st Capital Bancorp in Salinas, Calif. The $1.7 billion-asset West Coast said in a press release that it will pay $63 million in stock for the $1 billion-asset 1st Capital. The deal, which is expected to close in the fourth quarter, priced 1st […]
FDIC Chair Gruenberg willing to step down after successor is confirmed
FDIC Chairman Martin Gruenberg said he is willing to step down after a successor is confirmed. Gruenberg had endured intensifying calls for him to step down, including public statements from former FDIC Chair Sheila Bair and Sen. Sherrod Brown, D-Ohio, and chair of the Senate Banking Committee. “It has been my honor to serve at […]
Key Democrat presses White House to replace FDIC chairman
An influential lawmaker is encouraging the White House to replace Federal Deposit Insurance Corp. Chairman Martin Gruenberg. Sen. Sherrod Brown, D-Ohio, who chairs the Senate Banking Committee, said in a statement that “fundamental changes” are needed at the FDIC. “Those changes begin with new leadership, who must fix the agency’s toxic culture and put the […]
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 […]