Customers in Pa. buys interest in fintech investment fund from FDIC
Customers Bancorp in West Reading, Pa., bought a minority limited interest in a fintech venture fund. The $22 billion-asset company said in a press release that it successfully bid $5 million to buy the interest from the Federal Deposit Insurance Corp. at a roughly 70% discount to the investment’s original cost. The purchase comes about […]
CFPB sues Solo Funds for allegedly deceptive marketing
The Consumer Financial Protection Bureau has filed a lawsuit against online lending platform SoLo Funds for allegedly deceiving borrowers about the total cost of loans. The CFPB, in a lawsuit filed in U.S. District Court for the Central District of California, claimed that the Los Angeles fintech, despite advertising zero-interest loans, uses “dark patterns” that […]
Pima Federal Credit Union to buy Republic Bank of Arizona
Pima Federal Credit Union in Tucson, Ariz., has agreed to buy Republic Bank of Arizona in Phoenix. The $1.2 billion-asset Pima said in a press release that it will pay shareholders of RBAZ Bancorp about $22 a share in cash for the $279 million-asset Republic. RBAZ will wind down and dissolve after the sale, which […]
Community Bank System in N.Y. rebrands
Community Bank Systems in Syracuse, N.Y., has a new name. The $15 billion-asset company said in a press release that it had rebranded at Community Financial System. The change “reflects the company’s broader business model and mission in contributing to the prosperity of its community.” The new name “allows us to emphasize the […]
Levo Credit Union to buy Iowa branch from Minnesota bank
Levo Credit Union in Sioux Falls, S.D., plans to buy a branch from Heritage Bank in Spicer, Minn. An application for the sale of the Sioux City, Iowa, branch was filed with the Federal Deposit Insurance Corp. The $472 million Levo expects to complete the purchase in the fourth quarter. The branch has $33 million […]
First Federal Bank of Kansas City forms MHC Cosperity Bancorp
First Federal Bank of Kansas City in Lee’s Summit, Mo., formed a mutual holding company. The $960 million-asset mutual said in a press release that it created Cosperity Bancorp. First Federal is now a Missouri stock savings bank wholly owned by the MHC. “We have been innovators since our founding in 1934 and that spirit drives us […]
USAA Bank launching search as president plans exit
USAA Bank in San Antonio is looking for its next president. The $111 billion-asset bank said in a press release that Paul Vincent is stepping down on May 31. Vincent, who joined the bank in 2013, has been president since early 2021. USAA Bank will conduct a search for his successor. “I’m grateful for Paul’s […]
Capitol Bank in Wisconsin finalizes CEO succession
Capitol Bank in Madison, Wis., has a new CEO lined up. The $590 million-asset company said in a press release that Justin Hart will become its leader on July 1. Hart, who is Capitol’s president, will succeed Ken Thompson, who will remain at the bank as executive chairman. Ami Myrland will succeed Hart as president. […]
Fulton in Pa. using sale-leaseback deal to offset securities loss
Fulton Financial in Lancaster, Pa., is using proceeds from a sale-leaseback transaction to offset the costs of selling underwater securities. The $27.6 billion-asset company disclosed in a regulatory filing that it sold 40 branches in Delaware, Maryland, New Jersey and Pennsylvania to Blue Owl Capital for $55.4 million. Fulton will record a $20.4 million pretax […]
OCC, Fed to hold July public meeting to discuss Capital One-Discover deal
The Office of the Comptroller of the Currency and the Federal Reserve will hold a virtual meeting on July 19 to let the public comment on Capital One Financial’s pending purchase of Discover Financial. Capital One agreed in February to buy Discover for $35.3 billion. The OCC and Fed also said that people who want […]
Associated in Wis. unveils new 3-year, $2B community development plan
Associated Banc-Corp in Green Bay, Wis., has agreed to a new three-year community commitment plan that pledges $2 billion of support to underserved groups in its markets. The $41 billion-asset company said in a press release that the agreement includes about $1 billion in residential mortgages and $9 million in down payment assistance. It also […]
Alerus in N.D. to buy HMN Financial in Minn. for $116 million
Alerus Financial in Grand Forks, N.D., has agreed to buy HMN Financial in Rochester, Minn. The $4.3 billion-asset Alerus said in a press release that it will pay $116.4 million in stock for the $1.2 billion-asset HMN. The deal, which is expected to close in the fourth quarter, priced HMN at 107% of its tangible […]
Home BancShares in Ark. promotes insiders to key management posts
Home BancShares in Conway, Ark., has shifted several executive roles. The $22.8 billion-asset company said in a press release that Kevin Hester had become its president. Hester, who was also named president of Centennial Bank, has been the company’s senior lender since its founding. Hester succeeded John Allison at the company level and Terry French […]
JPMorgan Chase buying $5B of New York Community loans
New York Community Bancorp in Hicksville agreed to sell about $5 billion of mortgage warehouse loans to JPMorgan Chase in New York. The $113 billion-asset New York Community said in a press release that the sale should close in the third quarter. It should add 65 basis points to the CET1 capital ratio, to 10.8%. […]
Kabbage reaches $120M settlement to address PPP fraud claims
Kabbage, a small-business lender going through bankruptcy, agreed to pay up to $120 million to settle claims it committed Paycheck Protection Program fraud. KServicing Wind Down, through a pair of settlements, addressed claims by the Justice Department that it “knowingly submitted thousands of false claims for loan forgiveness, loan guarantees and processing fees to the […]
International Finance Bank in Miami selects industry vet as CEO
International Finance Bank in Miami has a new CEO. The $1 billion-asset bank said in a press release that Abel Iglesias also became its president on May 14. Iglesias was president and CEO of Professional Bank when it was sold to Seacoast Banking Corp. Iglesias served as Miami-Dade market executive at Seacoast following Professional’s sale.
Provident in N.J. issues sub debt required to buy Lakeland Bancorp
Provident Financial Services in Jersey City, N.J., issued subordinated debt to comply with a regulatory prerequisite for its pending purchase of Lakeland Bancorp in Oak Ridge, N.J. The $14.1 billion-asset Provident disclosed in a regulatory filing that it issued $225 million of sub debt. Provident, which agreed in September 2022 to buy the $11 billion-asset […]
First Capital in S.C. raises $12 million through a private placement
First Capital Bancshares in Charleston, S.C., has raised $12 million through a private placement of common stock. The $811 million-asset company completed the offering on May 9, according to data compiled by Performance Trust Capital Partners. The report did not detail how many shares where sold, the pricing, or the investors.
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 […]