Sound Credit Union plans to buy Washington Business Bank
Sound Credit Union in Tacoma, Wash., has agreed to buy Washington Business Bank in Olympia – the sixth credit union-bank deal announced this year. The $2.9 billion-asset Sound said in a press release that it will buy the $105 million-asset bank for $34 to $36 a share in cash. The deal is expected to close […]
Cross River in NJ forms investment banking division
Cross River Bank in Fort Lee, N.J., has formed an investment banking division. CRB Group, the parent of the $8.7 billion-asset Cross River, said in a press release that CRB Securities will be led by Benjamin Samuels and Henry Pinnell, who will serve as co-heads of investment banking. Samuels previously served as co-head of alternative […]
Bancorp 34: 4Q loss reflects merger expenses, funding costs
Bancorp 34 in Scottsdale, Ariz., reported a quarterly loss that largely reflected costs tied to a pending acquisition. The $581.3 million-asset company lost $1.7 million in the fourth quarter, which included $1.7 million in expenses tied to its plan to buy CBOA Financial in Tucson, Ariz. Bancorp 34 also said that higher funding costs […]
Five Star Bank in NY disclosed deposit-related fraud
Financial Institutions in Warsaw, N.Y., disclosed a case of fraudulent activity. The $6.2 billion-asset parent of Five Star Bank said in a regulatory filing that it discovered an issue with deposit transactions that took place over “several business days” earlier this month. The transactions involved an in-market business customer. The company estimated that its potential […]
Landmark in Kan. hires UMB exec as next CEO
Landmark Bancorp in Manhattan, Kan., will have a new CEO. Abby Wendel will also become the company’s president and join its board on March 29. She will succeed Michael Scheopner, who will serve in a non-executive role until he retires at the end of the year. Wendel previously served as president of the consumer division […]
New York Community to raise $1 billion, slash dividend to a penny
New York Community Bancorp in Hicksville will raise more than $1 billion by selling securities to Liberty Strategic Capital, Hudson Bay Capital Management, Reverence Capital Partners and other investors. Liberty will invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million. The sales are expected to close on March 11. […]
Berkshire Hills to sell 10 New York branches
Berkshire Hills Bancorp in Boston has agreed to sell 10 branches in New York to three buyers. The company said in a press release that it will sell eight branches to Hudson Valley Credit Union. It will sell one branch to Arrow Financial and another to Pathfinder Bank. The branches collectively have $485.5 million in […]
Bancorp 34 to rebrand bank after merger
Bancorp 34 in Scottsdale, Ariz., will rebrand its bank after it buys CBOA Financial in Tucson, Ariz. Bancorp 34 said on its LinkedIn page that its bank will become Southwest Heritage Bank. The $28 million deal is expected to close this year.
North Valley in Ohio to buy Commodore Bank
North Valley Bancshares in Zanesville, Ohio, has agreed to buy Commodore Financial Network in Somerset, Ohio. The deal is expected to close in the second or third quarter. The price of the all-cash deal wasn’t disclosed. The acquisition “aligns perfectly with our vision of expanding our footprint and enhancing our ability to deliver exceptional financial […]
Beacon CU to buy Mid-Southern Savings in Indiana
Beacon Credit Union in Wabash, Ind., has agreed to buy Mid-Southern Savings Bank in Salem, Ind.. The deal is expected to close in the fourth quarter; the price wasn’t disclosed. MSB has three branches and two loan production offices. “We’re excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank’s customers and […]
New York Community hires Regions exec as chief risk officer
New York Community Bancorp in Hicksville has filled two high-profile vacancies. The $113.9 billion-asset company said in a press release that it hired George Buchanan III as its chief risk officer and Colleen McCullum as chief audit executive. Buchanan previously served in the credit review area at Regions Financial. McCullum was chief audit executive at United […]
Primis in Va. to restate, amend fourth quarters of financial results
Primis Financial in McLean, Va., will restate three quarters of financial statements – and amend a fourth – to address accounting issues. The $3.9 billion-asset company disclosed in a regulatory filing that, following discussions with its accounting firm, it will restate filings for the first three quarters of 2023. The issue is tied to $33.7 […]
Metropolitan Bank in NY to quit Banking-as-a-Service
Metropolitan Bank Holding in New York is getting out of Banking-as-a-Service. The $7.1 billion-asset company disclosed in a regulatory filing that it decided early this year to exit all BaaS relationships. Metropolitan said that deposits obtained through BaaS relationships totaled $781 million, or 13.6% of deposits, at Dec. 31. Though Metropolitan expects “minimal financial impact” […]
New York Community discloses Cangemi departure, big goodwill charge
New York Community Bancorp in Hicksville said that Thomas Cangemi had resigned as president and CEO, it had identified a material weakness, and that a goodwill impairment charge had deepened its fourth-quarter loss by $2.4 billion. The $116.3 billion-asset company disclosed in a regulatory filing that Cangemi will remain on its board. His departure “was […]
Indiana State University FCU leader to retire this fall
Indiana State University Federal Credit Union in Terre Haute is looking for a CEO. The $130 million-asset credit union said that Marie Shanks will also retire as president this fall. Shanks has been president and CEO since 2021.
Investor group ends Republic First securities purchase agreement
A group has terminated an agreement to invest in Republic First Bancorp in Philadelphia. The group, which includes George Norcross III, Gregory Braca and Philip Norcross, agreed in September to invest $35 million in the $6.2 billion-asset Republic. The plan was for Republic will raise another $40 million from other investors. Republic First disclosed in […]
Green Dot warns of potential consent order
Green Dot in Austin, Texas, has set aside $20 million to cover a proposed consent order from the Federal Reserve tied to its compliance with anti-money-laundering regulations. The $4.8 billion-asset bank and fintech company said in a press release that the proposed order also covers consumer compliance matters that took place before George Gresham became […]
FirstBank in Colorado taps new CEO and COO
FirstBank in Lakewood, Colo., has a new CEO lined up. The $28.2 billion-asset bank said in a press release that Jim Reuter will retire on March 29. Reuter, who will remain on the board, will be succeeded by Kevin Classen, the bank’s president. The bank said that Kelly Kaminskas, its chief digital officer, will become […]
New Peoples in Va. looks within for next CEO
New Peoples Bankshares in Honaker, Va., will soon have a new leader. The $826.3 million-asset company said in a press release that C. Todd Asbury will step down as president and CEO on March 31. James Kiser, bank president and CEO, will succeed Asbury, who will become a senior advisor through May 31, 2025. Asbury […]
Esquire in N.Y. planning Los Angeles branch
Esquire Financial Holdings in Jericho, N.Y., is headed to Southern California. The $1.6 billion-asset company said in a press release that it plans to open a branch in Los Angeles. The release did not give a timeline for opening the location. The branch “underscores our commitment to meeting the needs of law firms nationally and […]
Wells recruits Chase exec to serve as vice chairman
Wells Fargo in San Francisco has recruited a former JPMorgan Chase executive to serve as its vice chairman. The $1.9 trillion-asset company said in a press release that Doug Braunstein will assist in growing its corporate finance and advisory businesses. Braunstein spent two decades at JPMorgan Chase, where he held several executive management roles, including […]
Southern States in Alabama to buy CBB Bancorp in Georgia
Southern States Bancshares in Anniston, Ala., has agreed to buy CBB Bancorp in Cartersville, Ga. The $2.5 billion-asset Southern States said in a press release that it will pay $27 million in cash and stock for the parent of the $310 million-asset Century Bank of Georgia. The deal, which is expected to close in the […]
Citizens National in Ohio taps insider as next CEO
Citizens National Bank in Bluffton, Ohio, has a new CEO. The $987 million-asset bank said in a press release that Eric Faulkner had succeeded Mike Romey. Faulkner, who joined the bank in 2009, has been acting president since 2019.
Stockton Bancshares to buy Coffeyville Bancorp in Kansas
Stockton Bancshares in Stockton, Kan., has agreed to buy Coffeyville Bancorp in Coffeyville, Kan. Stockton, the parent of the $310 million-asset Solutions North Bank, said in a press release that it expects to buy the holding company for the $180 million-asset Community State Bank in the second quarter. The price wasn’t disclosed. Community State has […]
Fortuna Bank in Ohio secures conditional FDIC approval
Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, have received conditional approval from the Federal Deposit Insurance Corp. Ilaria Rawlins, who would serve as the bank’s president and CEO, confirmed the approval in a message to The Bank Slate. She said the FDIC is requiring her group to raise $20 million. Rawlins added […]