WSFS unit buys accounts tied to Blue Rock Capital
A unit of WSFS Financial in Wilmington, Del., has bought accounts tied to an investment advisory firm in Rehoboth Beach, Del. Bryn Mawr Capital Management will also gain six associates who worked at Bell Rock Capital, including Jackie Reeves, who will lead the Florida office. Bell Rock founder Cassandra Toroian, who has been fighting legal […]
Failed Chicago bank’s directors enter guilty pleas
Three former directors of a failed Chicago bank have pleaded guilty to trying to hide embezzlement from the Office of the Comptroller of the Currency. George Kozdemba, William Mahon and Janice Weston conspired to falsify Washington Bank for Savings’ records shared with the OCC, according to pleas given in U.S. District Court for the Northern District of […]
Wealth manager plans to buy Wyoming Bank & Trust
Savile Capital Group, a wealth management firm in Sheridan, Wyo., has agreed to buy Farmers State Bankshares in Cheyenne, Wyo. Savile said in a press release that it expects to buy the parent of the $295 million-asset Wyoming Bank & Trust in 2024. The price wasn’t disclosed. Wyoming Bank & Trust has two branches, $245 […]
Riverview in Wash. cutting ties to CEO
Riverview Bancorp in Vancouver, Wash., has ended its CEO’s employment. The $1.6 billion-asset company, which had placed Kevin Lycklama on paid administrative leave, said in a subsequent press release that its board voted to remove him “without cause.” The termination of employment is effective Sept. 6. Dan Cox, Riverview’s chief credit officer, was named acting […]
Rate hikes led Ariz. banks to briefly pause merger talks
Aggressive interest rate hikes by the Federal Reserve led Bancorp 34 in Scottsdale, Ariz., and CBOA Financial in Tucson, Ariz., to temporarily suspend merger discussions. The $574.9 million-asset Bancorp 34 would eventually agree in April to buy the $372.2 million-asset CBOA for $28 million. The banks’ leaders first met in November 2020 and a nondisclosure […]
New Peoples in Virginia says CEO to leave in 2024
New Peoples Bankshares in Honaker, Va., said its CEO will retire next year. The $794 million-asset company said in a press release that C. Todd Asbury will step down as bank president and CEO on Dec. 1. He will stop serving as the company’s president and CEO on May 31. Asbury will serve […]
Synovus in Ga. selling $1.6B of consumer, CRE loans
Synovus Financial in Columbus, Ga., is selling more than $1.6 billion of loans. The $60.7 billion-asset company disclosed in a regulatory filing that it sold $316 million of consumer loans, with another $22 million set to sell in the third quarter. The loans, originated by third parties, were sold at a 5.7% loss. Synovus also […]
Guaranty in Miss. applies to buy First American National
Guaranty Bank and Trust in Belzoni, Miss., has applied to buy First American National Bank in Iuka, Miss. The $1.9 billion Guaranty filed it application to buy the $385 million-asset FANB with the Federal Deposit Insurance Corp. on Aug. 4. The deal, which was announced in late June, is expected to close later this year. […]
Glacier to buy Wheatland Bank in eastern Washington
Glacier Bancorp in Kalispell, Mont., has agreed to buy Community Financial Group in Spokane, Wash. The $28 billion-asset Glacier said in a press release that it will pay $80.6 million in stock for the $754 million-asset parent of Wheatland Bank. The deal, which is expected to close in the fourth quarter, valued the seller at […]
Carver in NY begins search for next CEO
Carver Bancorp in New York is looking for a new CEO. The $723.2 million-asset company said in a press release that Michael Pugh will also step down as president on Sept. 30 to “pursue professional and philanthropic interests on a national level.” Carver will conduct a national search for a successor. No interim […]
NCUA approved 36 mergers in second quarter
The National Credit Union Administration approved 36 mergers in the second quarter, including seven designed to address challenges filling CEO or board positions. The NCUA approved 33 mergers during the first quarter and 35 combinations a year earlier. Three mergers approved in the first quarter were meant to address succession issues. The agency said that […]
OceanFirst receives “needs to improve” CRA rating
OceanFirst Financial in Red Bank, N.J., received a “needs to improve” Community Reinvestment Act rating from the Office of the Comptroller of the Currency. The $13.5 billion-asset company’s rating reflects “evidence of discriminatory or other illegal credit practices,” the agency said in a report. While the rating was disclosed last week, the OCC’s public documents are […]
Androscoggin in Maine offers Sharia-compliant mortgage
Androscoggin Savings Bank in Lewiston, Maine, has created a Sharia-compliant mortgage product. The $1.5 billion-asset bank hired Ayesha Baye, an Ethiopian immigrant with extensive banking experience, to serve Muslim customers. It took a year to develop the mortgage program in collaboration with ProsperityME and the Greater Portlan Immigrant Welcome Center. The Halal Mortgage Program helps […]
Oconee in Ga. raises $4M tied to Elberton Federal deal
Oconee Financial in Watkinsville, Ga., raised about $4.3 million tied to its acquisition of Elberton Federal Savings & Loan in Elberton, Ga. The $588 million-asset Oconee said in a press release that it sold roughly 149,000 shares of common stock at $28.94 each to Elberton Federal depositors and borrowers. The stock offering was oversubscribed. “We […]
Texas State Bankshares to buy municipal underwriter
Texas State Bankshares in Harlingen has agreed to buy Dallas investment bank Estrada Hinojosa & Co. The $2.6 billion-asset Texas State did not disclose the price it will pay. The deal is expected to close in the fourth quarter. Estrada Hinojosa has 48 employees and offices in cities such as Dallas, Houston, San Antonio, Miami, Chicago and New York. The bank […]
InBank in Colo. hires UMB banker as next president
InBank in Denver has a new president. The $1.3 billion-asset bank said in a press release that Bo Scott had also become its chief commercial banking officer. He succeeded Ed Francis, who remains chairman and CEO of the bank and holding company InBankshares. Scott previously served as an executive vice president at UMB Bank, where […]
Riverview in Wash. puts CEO on administrative leave
Riverview Bancorp in Vancouver, Wash., has put its president and CEO on administrative leave pending an internal investigation. The $1.6 billion-asset company disclosed in a press release that the investigation tied to Kevin Lycklama does not involve its financial condition. No other details were shared. Dan Cox, the company’s chief credit officer, was named acting […]
Investor group agrees to buy Eureka Homestead in La.
Eureka Homestead Bancorp in Metairie, La., has agreed to sell to an investor group. The $104 million-asset company said in a press release that Eureka Investor Group, comprised of bank investors, will pay about $13 million in cash. Prior to closing, the company will be allowed shareholder a special dividend. The investor group plans to […]
Investor urges HomeStreet to sell Fannie Mae license
A big shareholder at HomeStreet is pushing the Seattle company to sell its Fannie Mae delegated underwriting and servicing (DUS) license and restructure its balance sheet. Blue Lion Capital, which has sparred with the $9.5 billion-asset company in the past, wrote in a letter to shareholders board that it believes the DUS license could be […]
Harborstone Credit Union plans to buy First Sound
First Sound Bank in Seattle has agreed to sell to Harborstone Credit Union in Lakewood, Wash. The $1.9 billion-asset credit union said in a press release that it will pay $6.90 to $7.10 a share for the $154 million-asset First Sound. The deal is expected to close in the first quarter. First Sound would be […]
Wells Fargo bracing for $1.8B special assessment
Wells Fargo in San Francisco is bracing for a $1.8 billion invoice from the Federal Deposit Insurance Corp. The FDIC is planning to collect a special assessment to replenish the Deposit Insurance Fund. The amounts would be based on a bank’s uninsured deposits. The $1.9 trillion-asset Wells Fargo said in a quarterly filing that its […]
EverBank hires former Umpqua exec as CEO
EverBank in Jacksonville, Fla. – now under new ownership – also has a new CEO. The investor group that bought and rebranded TIAA Bank said in a press release that Greg Seibly had taken on the role. Siebly recently served as president and head of regional banking at Umpqua Bank. David DePillo, who recently served […]
NAFCU, CUNA line up association merger
The nation’s leading credit union associations are planning to merge. The National Association of Federally-Insured Credit Unions and the Credit Union National Association plan to combine and form America’s Credit Unions next year. Jim Nussle, CUNA’s president and CEO, would lead the combined association. Dan Berger, who earlier this year announced plans to step down […]
Blue Ridge in Va. has 2Q loss due to specialty finance loans
Blue Ridge Bankshares in Charlottesville, Va., reported a quarterly loss that reflected issues with a group of specialty finance loans. The $3.2 billion-asset company said in a press release that it lost $19.5 million in the second quarter. The results reflected a higher loan-loss provision and reversal of interest income tied to $58.1 million of […]
Heartland in Denver gives update on charter consolidation
Heartland Financial USA in Denver is close to completing a large-scale charter consolidation. The $20.2 billion-asset company said in a press release that it consolidated Bank of Blue Valley and First Bank & Trust into its HTLF Bank during the second quarter. Rocky Mountain Bank was recently rolled up. Nine banks have been consolidated, with […]