First Federal in Idaho creates wealth management division
First Federal Bank of Twin Falls in Idaho has created a wealth and investment management division. The $1.4 billion-asset bank said that the new division will offer investment advising, retirement planning, estate planning, tax optimization and wealth management strategies. “Our members will have access to products and services to further enhance their financial well-being,” Jason […]
Zions outlines plan to cut jobs over rest of 2023
Add Zions Bancorp. in Salt Lake City to the growing list of banks cutting jobs. The $87.2 billion-asset company said its workforce will be 3% lower in early 2024 compared to a year earlier. That equates to roughly 300 positions. The cuts will be broad-based in terms of geography and departments, with much of the […]
Liberty Bank’s digital division launches business card
Owners Bank, the digital bank division of Liberty Bank in Middletown, Conn., has launched a new business credit card. The Owners Bank Business Credit Card is open to businesses of all sizes, including sole proprietors. The credit limit can be allocated as needed among up to six cardholders. “We believe business credit cards are a […]
A look at Atlantic Union’s whirlwind courtship of American National
Atlantic Union Bankshares in Richmond, Va., acted quickly to seal a deal to buy American National Bankshares in Danville, Va.. The $20.6 billion-asset Atlantic Union agreed on July 24 to buy the $3.1 billion-asset American National for $416.8 million. Talks began just three months earlier when John Asbury, Atlantic Union’s president and CEO, met with […]
OceanFirst expects chargeoff tied to loan participation
OceanFirst Financial in Red Bank, N.J., will report higher chargeoffs in the third quarter due to a loan participation. The $13.5 billion-asset company disclosed in a regulatory filing that it has a $17 million participation in a $98 million credit to a borrower managed by a real estate fund. OceanFirst said it could end up […]
GreenState Credit Union in Iowa searching for new CEO
GreenState Credit Union in North Liberty, Iowa, is looking for a new CEO. The $11.2 billion-asset credit union, a serial bank acquirer, said that Jeff Disterhoft had retired. Todd Fanning, GreenState’s chief financial officer, was named interim CEO. The credit union hired executive research firm Spencer Stuart to identify a permanent CEO. Disterhoft, who joined […]
Illinois, Louisiana, Colorado banks raise $50M via stock sales
Three community banks raised a total of $50 million in capital by completing private placements of common stock. Illinois National Bancorp in Springfield brought in $29.5 million on Aug. 25, according to data compiled by Performance Trust Capital Partners. Illinois National is the holding company for the $2 billion-asset INB National Association. Synergy Bancshares in […]
Key aims to shed $10B of risk-weighted assets this year
KeyCorp in Cleveland aims to reduce its risk-weighted assets by $10 billion this year. The $195 billion-asset company disclosed during the Barclays Global Financial Services Conference that it will exit non-relationship businesses and shed non-strategic assets. “We will continue to prioritize full relationships,” Christopher Gorman, Key’s chairman, president and CEO, said during his presentation. The […]
Bank M&A slowly accelerating with August spike
Bank consolidation bounced back in August. Eighteen banks agreed to sell last month, representing the busiest month since July 2022, according to data compiled by S&P Global Market Intelligence. They accounted for most of the 26 deals announced so far in the third quarter. There were 20 deals announced in the first quarter and 25 […]
Citigroup to pursue major reorganization
Citigroup in New York announced a major reorganization designed to streamline management layers and hasten decisions. The $2.4 trillion-asset Citi will be divided into five main business lines that will report directly to Jane Fraser, the company’s CEO. The divisions are services (treasury and custody work), markets, banking (investment banking and commercial/corporate banking), wealth and […]
United Community in Ga. discloses big chargeoff
United Community Banks in Blairsville, Ga., expects an increase in third-quarter chargeoffs tied to a syndicated loan. The $26 billion-asset company disclosed in a regulatory filing that the issue is tied to a large loan to a wholesale oil distributor led by First Horizon Bank. The borrower filed for bankruptcy protection in March, at which […]
Penns Woods in Pa. sets up $20M stock offering
Penns Woods Bancorp in Williamsport, Pa., could raise $20 million by selling common stock. The $2 billion-asset company disclosed in a regulatory filing that it had hired D.A. Davidson to serve as the distribution agent to sell shares over time as part of an “at-the-market” offering. Penns Woods said in its prospectus that net proceeds could […]
Republic First investor pauses litigation to back capital raise
An activist investor group has paused litigation against Republic First Bancorp as the Philadelphia company explores capital-raising options. The shareholder group, which includes George Norcross, III, Gregory Braca and Philip Norcross said in a press release that it supports the $6.2 billion-asset company’s efforts to bring in more capital. “We remain actively engaged with the […]
Citizens Financial in R.I. launches private bank
Citizens Financial Group in Providence, R.I., is forming a private bank. The $233 billion-asset company shared the news at a conference, noting that it had hired 50 senior bankers and 100 support staff from the failed First Republic Bank. Citizens will initially operate out of Boston, south Florida, New York and California. The plan is […]
Investor group to buy Midland Federal in Illinois
An investor group has agreed to buy Midland Capital Holdings in Bridgeview, Ill. Midfed Acquisition will pay $31 to $32.50 a share in cash for the parent company of the $118 million-asset Midland Federal Savings and Loan Association. The deal is expected to close in the first or second quarter. The purchase price is subject […]
Truist unveils $750 million expense reduction plan
Truist Financial in Charlotte, N.C., will look to reduce annual expenses by $750 million by the end of next year as part of a plan that will include “significant” job cuts. The $555 billion-asset company disclosed in a conference presentation that it expects to limit year-over-year expense growth to 1% in 2024, compared to 7% […]
Organizers planning new bank in New Jersey
A group is looking to form a bank in Paramus, N.J. Organizers applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Five Rivers Bank. The application wasn’t immediately available. Mark Campbell is expected to serve as the bank’s chairman, president and CEO, according to his LinkedIn profile. He was president and […]
Veritex hires UMB exec to serve as its bank president
Veritex Holdings in Dallas will soon have a new bank president. The $12.5 billion-asset company said in a press release that Dominic Karaba will also become chief banking officer of Veritex Community Bank on Sept. 18. Chartwell Partners handled the search. Karaba recently served as president of commercial banking at UMB Financial. He will report […]
Merchants in Ind. to sell four Illinois branches
Merchants Bancorp in Carmel, Ind., has agreed to sell four Illinois branches. The $13.1 billion-asset Merchants said in a press release that Bank of Pontiac in Pontiac, Mich., will buy offices in Paxton, Melvin and Piper City. CBI Bank & Trust in Muscatine, Iowa, agreed to buy a branch in Joy, Ill. The $962 million-asset Bank of Pontiac will […]
FDIC: First Republic liquidity rating was ‘too generous’
The Federal Deposit Insurance Corp. determined that the liquidity risk management component of the CAMELS rating for First Republic Bank was “too generous” prior to the San Francisco bank’s failure. The agency, in a 63-page report debriefing First Republic’s collapse, noted that the bank’s business model and management strategies made it vulnerable to interest rate […]
Icon Business Bank debuts in California
Icon Business Bank has opened in Riverside, Calif. The de novo opened on Aug. 22, according to the Federal Deposit Insurance Corp. Organizers received conditional approval from the FDIC in late January. They were required to raise $22.7 million before opening the bank. Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form […]
Citizens National in Ohio announces CEO’s planned retirement
Citizens National Bank of Bluffton in Ohio said its CEO will retire. The $981 million-asset bank said in a press release that Michael Romey will step down by the end of this year. Romey joined the bank as president and CEO in 1986. Romey stepped down as president in 2019. “Mike led CNB through many […]
Bank failures weighed down industry’s 2Q profit
High-profile bank failures weighed down the banking industry’s aggregate profitability, according to the Federal Deposit Insurance Corp.’s quarterly banking profile. Overall profit fell by 11.3% in the second quarter from a quarter earlier, to $70.8 billion. The FDIC said that net income would have been flat when excluding the impact of the failures of Silicon […]
Dime in NY forms health care banking division
Dime Community Bancshares in Hauppauge, N.Y., has formed a health care banking division. The $13.8 billion-asset company said in a press release that it had hired Daniel Csillag as group head of the newly formed group. He is responsible for building out the health care commercial banking business in the long-term care space. Csillag previously […]
Leader Bank in Mass. launches tech, VC banking division
Leader Bank in Arlington, Mass., has hired a former First Republic Bank executive to build a startup banking division. The $4 billion-asset bank hired Vitaliy Schafer as director or venture capital, private equity and technology banking to oversee a push for tech and VC clients. Schafer was a managing director at First Republic, which […]