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 […]
Encore in Arkansas announces CEO’s sudden departure
Encore Bancshares in Little Rock, Ark., has parted ways with its CEO. The $4 billion-asset company said in a press release that Chris Roberts had also resigned as chairman. Phillip Jett was named acting chairman and CEO; he has served as vice chairman and chief banking officer. Burt Hicks will remain president. Encore “is a […]
AI fintech Baselayer raises $6.5 million in seed round
Baselayer, which uses AI to mitigate fraud and improve onboarding, has raised $6.5 million in its seed round. The fintech said in a press release that the investors included Torch Capital, Afore Capital, Founder Collective, Picus Capital and Gilgamesh Ventures. Individual investors included Eric Woodward, former president of Early Warnings Services, and executives from Stripe, […]
NYCB’s Otting braces investors to two-year turnaround plan
New York Community Bancorp in Hicksville will have a long road to return to profitability. The $113 billion-asset company lost $327 million in the first quarter after posting a $2.7 billion loss a quarter earlier. The first quarter included a $315 million loan-loss provision. “While this year will be a transitional year for the company, […]
FirstSun switching charters due to delay getting HomeStreet deal approved
FirstSun Capital Bancorp in Denver will raise more capital to buy HomeStreet in Seattle and scrap plans to have a national charter with the Office of the Comptroller of the Currency. The $7.8 billion-asset FirstSun said in a press release that it now plans to raise up to $235 million to buy the $9.5 billion-asset […]
BayFirst in Fla. stops lending to certain sectors, ends small-dollar SBA product
BayFirst Financial in St. Petersburg, Fla., is being more cautious with its Small Business Administation lending. The $1.1 billion-asset BayFirst stopped lending to the transportation and marketing/advertising sectors and began to limit exposure to hotels and restaurants, CEO Thomas Zernick said during a conference call to discuss quarterly earnings. Those industries “present higher risk or […]
Maine Credit Union League hires permanent president
The Maine Credit Union League finally has a permanent president. The trade group said in a press release that Elise Baldacci will take on the role on June 3. She will succeed Cris Wescott, who has served as interim president since Todd Mason’s left the group last June. Baldacci previously served as deputy chief of […]
League of Southeastern Credit Unions shakes up leadership
The League of Southeastern Credit Unions & Affiliates announced the sudden departure of its CEO. The trade group said in a press release that Patrick La Pine had stepped down. LSCU & Affiliates gave no reason for his departure. The group said that Samantha Beeler, its president, and Steve Wills, president of affiliated consolidated services […]