Forward Bank in Wis. applies to buy Lake City in Minn.
Forward Bank in Marshfield, Wis., has agreed to buy Lake City Federal Bank in Lake City, Minn. The $964 million-asset Forward recently submitted its applications with regulators. It plans to complete its purchase of the $76 million-asset Lake City in the second quarter. The financial terms weren’t disclosed. “Our banks will work closely to ensure […]
Stablecoin issuer Circle files paperwork for IPO
Stablecoin issuer Circle has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering. The company, which issues USDC, disclosed the filing on Thursday. The amount Circle plans to raise, along with the number of shares it wants to sell, were not disclosed. The SEC must first review the paperwork. Circle […]
AmeriServ to report 4Q loss on Rite Aid exposure, securities loss
AmeriServ Financial in Johnstown, Pa., expects to report a large quarterly loss after pursuing cost-cutting measures, selling underwater securities, and charging off loans tied to a national pharmacy chain’s bankruptcy. The $1.4 billion-asset company, which has been locked in a battle with an activist investor, disclosed in a regulatory filing that it plans to report […]
Merger to create third-biggest credit union in Virginia
Virginia Credit Union in Richmond and Member One Federal Credit Union in Roanoke, Va., plan to merge. The combination of the $5.1 billion-asset Virginia Credit Union and the $1.6 billion-asset Member One would create a financial institution with 37 branches and nearly 500,000 members. It would be Virginia’s third-largest credit union. The merger is expected […]
Esquire in N.Y. buys big stake in payments fintech Payzli
Esquire Financial Holdings in Jericho, N.Y., has acquired a large stake in United Payment Systems. The $1.5 billion-asset Esquire said in a press release that it invested $6 million in the payments fintech, which operates as Payzli, for a 24.99% ownership interest. Payzli is a registered independent sales organization of the bank. The investment “will […]
Global FCU to buy First Financial Northwest Bank for $231M
The second credit union-bank deal of 2024 is a doozy. Global Federal Credit Union in Anchorage, Alaska, agreed to buy First Financial Northwest Bank in Renton, Wash., for $231.2 million in cash. The deal is expected to close in the fourth quarter. First Financial is the bank unit of the $1.5 billion-asset First […]
Proposed N.Y. de novo bank to cater to first responders
A proposed bank in New York plans to offer special products to first responders. Organizers of Greater Gotham Bank is in talks with the International Association of Fire Fighters/AFL-CIO to provide specialized services to union members who are professional firefighters and paramedics. Those products could include free or discounted checking accounts; premium rate CDs; free […]
Citi records $1.3B reserve build for Argentina, Russia dealings
Citigroup in New York recorded a $1.3 billion reserve build in the fourth quarter tied to exposure in Argentina and Russia. The $2.4 trillion-asset company also disclosed in a regulatory filing that it took a roughly $880 million hit in the quarter due to recent devaluations to the Argentine peso. Citi also said it recorded […]
Security Federal in S.C. eliminates mandatory retirement age
Security Federal in Aiken, S.C., changed it bylaws to remove a mandatory retirement provision for its officers. The $1.5 billion-asset company disclosed in a regulatory filing that its board eliminated the section of the bylaws that set an age limit of 70.5 years. The change was effective immediately. Chris Verenes, the company’s CEO, is 66, […]
Blue Ridge in Va. aims to settle lawsuit against acquired bank
Blue Ridge Bankshares in Charlottesville, Va., is looking to resolve a longstanding lawsuit filed by former employees of a processor bank. The $3.3 billion-asset company has offered to pay $6 million to settle claims that executives at Virginia Community Bank breached their fiduciary obligations by improperly using an employee pension fund. Blue Ridge bought Virginia […]
Caltech Employees CU selects insider as next leader
Caltech Employees Credit Union in La Cañada Flintridge, Calif., has lined up its next CEO. The $2 billion-asset credit union said in a press release that John Meeker will also become president on April 2. Meeker, the credit union’s chief financial officer, will succeed Rich Harris, who is retiring. Meeker “is an experienced credit union […]
Hudson Valley CU to buy Catskill Hudson Bank in N.Y.
Hudson Valley Credit Union in Poughkeepsie, N.Y., has agreed to buy Catskill Hudson Bank in Kingston, N.Y. The $7 billion-asset credit union said in a press release that it will pay about $28.6 million in cash for the $400 million-asset bank unit of Catskill Hudson Bancorp. The deal is expected to close in the second […]
Wells Fargo exec tapped to become Mr. Cooper president
A former Wells Fargo and JPMorgan Chase executive is set to become the next president of Mr. Cooper Group. The mortgage company said in a press release that Mike Weinbach will succeed Chris Marshall on Feb. 1 and will be responsible for operations, including originations, servicing and technology. Weinbach previously served as CEO of consumer […]
Clark Street Capital creates platform for selling small loans
Clark Street Capital in Chicago created a platform that helps community banks and other lenders quickly sell small loans. The firm’s Accelerated Bank Asset Network, which is designed to handle assets and portfolios of $5 million or less, pairs sellers with an established buyer network, according to American Banker. The sales can happen in as […]
Pacific Financial in Wash. hires lending team from First Interstate
Pacific Financial in Aberdeen, Wash., has hired a commercial banking team from First Interstate Bank. The $1.2 billion-asset company said in a press release that the seven-member team will operate out of Lake Oswego, Ore., near Portland. The team includes Katherine Ledson, who was named commercial banking team leader, and Jon Little, commercial real estate […]
Susser Bank parent raises $40M via private placement
Susser Banc Holdings in Dallas has raised $40.3 million through a private placement of common stock. The parent of the $2.1 billion-asset Susser Bank completed the private placement on Jan. 2, based on data compiled by Performance Trust Capital Partners. PTCP did not detail how many shares were sold, the pricing, or the investors who […]
1st University Credit Union in Texas has new CEO
Kevin Hood has been named CEO of 1st University Credit Union in Waco, Texas. Hood, who was an executive vice president, succeeded Gary Parker, who retired at the end of last year. Before joining the credit union, Hood was at Cornerstone Resources. “I have known Kevin Hood since he started at the credit union and […]
Comerica discloses items that will weigh down 4Q results
Comerica in Dallas disclosed several special items that will impact fourth-quarter results. The $85.7 billion-asset company said in a regulatory filing that it expects to record a $109 million expense tied to the special assessment by the Federal Deposit Insurance Corp. The company said it has begun certain initiatives to “calibrate expenses to enhance earnings […]
BofA to record $1.6B charge in 4Q tied to Libor transition
Bank of America in Charlotte, N.C., plans to record a roughly $1.6 billion charge in the fourth quarter tied to the shift away from the London Interbank Offered Rate (Libor) benchmark. The $3.2 trillion-asset company disclosed in a regulatory filing that it expects the $1.6 billion noncash charge to be “recognized back” into interest income […]
FNBC Bank in Ark. promotes insider as its next president
FNBC Bank in Ash Flat, Ark., has a new president. The $775 million-asset bank said in a press release that Chad Hudson had taken on the new role on Jan. 1. Hudson, who joined the bank in 2011, previously served as a regional president and chief lending officer. Hudson succeeded Marty Sellars, who remains CEO […]
Pioneer in N.Y., C&N in Penn. reposition securities portfolios
Pioneer Bancorp in Albany, N.Y., and Citizens & Northern in Wellsboro, Pa., repositioned their securities portfolios last month. The $2 billion-asset Pioneer disclosed in a regulatory filing that it sold $74.5 million of available-for-sale securities at a pretax loss of roughly $5.6 million. Proceeds were used to buy higher-yielding interest-earning deposits with banks. Pioneer said […]
Scale Bank in Minn. applies to merge with factoring company
Scale Bank in Edina, Minn., has filed to merge with Provident Commercial Finance in Chattanooga, Tenn. The $557 million-asset Scale Bank submitted an application on Dec. 29, according to a public notice. Provident Commercial Finance is a factoring company with a focus on commercial financing and the transportation sector.
Fintech exec joins board at Coastal Financial in Wash.
Coastal Financial in Everett, Wash., appointed Brian Hamilton, a veteran banking and fintech executive, to its board. The $3.7 billion-asset company said in a press release that Hamilton was a co-founder and former CEO of One Finance, which was sold to a Walmart-led joint venture in 2022. Hamilton has served as president of the merchant […]
Hancock Whitney Bank president to retire in March
The president of Hancock Whitney Bank in Gulfport, Miss., is set to retire. The unit of the $36.3 billion-asset Hancock Whitney said that Joseph Exnicios will also retire as a senior executive vice president at the company on March 1. He joined the bank in 1978 and became president in 2011. Exnicios “has been a […]
St. Louis Fed names successor for CEO role
The Federal Reserve Bank of St. Louis has lined up its next CEO. The St. Louis Fed said in a press release that Alberto Musalem will also become its next president on April 2. Musalem recently served as co-founder, CEO and co-chief investment officer of Evince Asset Management, a quantitative investment technology company. Before joining […]