Equity Bancshares to buy KansasLand Bancshares
Equity Bancshares in Wichita, Kan., has agreed to buy KansasLand Bancshares in Quinter. The $5.2 billion-asset Equity said in a press release that it will gain two branches and $43 million of deposits from buying the $55 million-asset KansasLand Bank. The price wasn’t disclosed. “This merger underscores our commitment to serving communities across […]
MidFirst in Okla. to buy five Houston branches from Amerant
MidFirst Bank in Oklahoma City has agreed to buy five Houston branches from Amerant Bancorp in Coral Gables, Fla. The $36.4 billion-asset MidFirst said in a press release that it expects to complete the deal in the second half of this year. The price wasn’t disclosed. The sale includes $576 million of deposits and $529 […]
Flagship Bank in Fla. hires SouthState exec as its new CEO
Flagship Bank in Clearwater, Fla., has hired a new CEO. The $633 million-asset unit of West Florida Bank Corp. said in a press release that David Key had also become its president. He succeeded James Nelson, who retired but will continue to serve as a senior adviser. “We’re extremely fortunate to be able to transition […]
Affiliated Arkansas banks plan to merge
Commercial Bank & Trust of Monticello in Arkansas will absorb First State Bank of Warren in Arkansas. The $253 million-asset Commercial Bank and the $118 million-asset First State are both owned by the Ryburn family. The merger is scheduled for June 24. “Joining the two banks together will remove back-office redundancies and allow us to […]
AmeriServ in Pa. reaches truce with investor SB Value Partners
AmeriServ Financial in Johnstown, Pa., has reached a cooperation agreement with investor SB Value Partners. SB Value Partners, which owns about 7.7% of the $1.4 billion-asset AmeriServ’s common stock, agreed to back the board’s nominees and support its recommended proposals at upcoming shareholder meetings. SB Value Partners and AmeriServ will regularly consult regarding […]
Northwest Bancshares in Ohio to reposition securities portfolio
Northwest Bancshares in Columbus, Ohio, plans to reposition its securities portfolio. The $14.5 billion-asset company said in a press release that it will sell up to 15% of its investment securities portfolio. Northwest expects to recognize a $40 million pretax loss from the sales. Proceeds will initially be used to lower borrowings while also reinvesting […]
U & I Financial in Wash. reports 4Q loss tied to equipment finance business
U & I Financial in Lynnwood, Wash., restated its fourth quarter results – leading a big net loss – and suspended its dividend after issues surfaced in its equipment finance business. The $610 million-asset company said it lost $18 million after increasing its loan-loss provision from $3.1 million to $26.1 million. The issues are […]
Synovus in Ga. reports lower profit after charging off aviation loan
Synovus Financial in Columbus, Ga., reported lower quarterly profit after charging off an $18 million loan to an aviation company. The $59.8 billion-asset company said in a press release that its first-quarter earnings fell by 41% from a year earlier, to $114.8 million. The loan-loss provision increased by 68% to $54 million. Nonperforming loans would […]
Three credit union mergers announced in Illinois
Three credit unions mergers were announced in Illinois. The $3.5 billion Consumers Credit Union in Lake Forest is planning to merge with the $417 million-asset KCT Credit Union in Elgin and the $39.1 million-asset Rockford Bell Credit Union in Loves Park. Members at KCT and Rockford Bell will vote on the mergers later this year. […]
Fintech Mercury adds personal banking service offering
Mercury has launched a personal banking service designed to simplify and optimize the banking needs of startups. The San Francisco fintech said in a press release that Mercury Personal is designed for founders and investors based on feedback from clients. “By offering personal banking for founders and investors, we’re able to deepen our relationship with […]
Pathward in S.D. settling claims it illegally froze client accounts
Pathward Financial will pay about $700,000 in refunds and penalties to resolve claims by the New York Attorney General’s Office that the Sioux Falls, S.D., company illegally froze customer accounts and transferred funds debt collectors. New York Attorney General Letitia James’s office said in a press release that the $7.9 billion-asset Pathward cooperated with the […]
Plumas in Nev. used proceeds from sale-leaseback to unload securities
Plumas Bancorp in Reno, Nev., used proceeds from the sale-leaseback of branches to unload underwater securities during the first quarter. The $1.6 billion-asset company said in a press release that it sold $115 million in securities at a $19.8 million loss. Plumas said that, between December and late March, it bought $120 million of higher-yielding […]
Skyline Bankshares in Va. to buy Johnson County Bank in Tenn.
Skyline Bankshares in Independence, Va., has agreed to buy Johnson County Bank in Mountain City, Tenn. The $1 billion-asset Skyline will pay $25 million in cash for the $152 million-asset Johnson County Bank. The deal is expected to close in the second half of this year. “This strategic move is not only rooted in our […]
Foresight Financial in Ill. hires Illinois Bank CEO as its president
Foresight Financial Group in Winnebago, Ill., has hired a new president. The $1.6 billion-asset company said in a press release that Jeffrey Hultman had also become its chief banking officer. He will lead the revenue, sales, and service activities for Foresight and its banks. Hultman was CEO at Illinois Bank and Trust, a division of […]
OneUnited Bank moving headquarters out of Boston
OneUnited Bank is moving its headquarters out of Boston. The $756 million-asset Black-owned bank will relocate to Roxbury, Mass. “The move will bring us geographically closer to our customers, align our executive office better with our local branch, which is essential to help us create new products and services to meet the needs of low […]
Wintrust to buy Macatawa in Michigan for $510 million
Wintrust Financial in Rosemont, Ill., has agreed to buy Macatawa Bank in Holland, Mich. The $57 billion-asset Wintrust said in a press release that it will pay $510.3 million in stock for the $2.7 billion-asset Macatawa. The deal is expected to close in the second half of this year. Macatawa has 26 branches, $2.4 billion […]
BOM Bank to buy nine Texas branches from American State Bank
BOM Bank in Natchitoches, La., has agreed to buy nine Texas branches from American State Bank in Arp, Texas. The $1 billion-asset BOM Bank filed an application with the Federal Deposit Insurance Corp. on April 12 tied to the proposed acquisition. The sale is expected to close in the fourth quarter. The price wasn’t […]
Organizers of proposed blank-check company apply for deposit insurance
A New York group looking to form a blank-check company to buy failed banks has applied for deposit insurance. Organizers of Porticoes National Bank applied with the Federal Deposit Insurance Corp. on April 9. The application wasn’t immediately available. The Office of the Comptroller of the Currency in December granted the proposed bank conditional approval with an […]
Bank of Springfield in Illinois selects insider as next CEO
Bank of Springfield in Illinois has a new CEO. The $1.6 billion-asset bank said in a press release that Jason Knoedler has succeeded Tom Marantz, who remains chairman of the bank and parent company Spring Bancorp. Knoedler has been a senior vice president and vice chairman since 2006, according to his LinkedIn profile. “Jason’s proven […]
New York Community loses 16 banker teams to competitors
At least 16 teams of bankers have left New York Community Bancorp to accept posts at Peapack-Gladstone Financial in Bedminster, N.J., and Dime Community Bancshares in Hauppauge, N.Y. Peapack said in a press release that it hired Andrew Corrado as president of Peapack Private’s commercial bank in New York City. He became Flagstar’s head of […]
Fintech Adro raises $1.5M in pre-seed funding
Adro, a New York fintech that aims to help international students access U.S. financial services, has raised $1.5 million pre-seed funding. The company said in a press release that the round was led by Era, with participation from Ex Nihilo Ventures and the Cornell Tech Syndicate. Adro said it will use the funds to add […]
Washington Trust reshuffles top management
Washington Trust Bank in Spokane has shuffled its leadership team. The $11.4 billion-asset bank said in a press release that Jack Heath had become its CEO, succeeding Peter Stanton, who remains executive chairman. Heath was president and chief operating officer. Kevin Blair succeeded Heath as president, while Jim Branson was named COO. Blair was chief […]
Georgia Bankers Association lines up next CEO
The Georgia Bankers Association will soon have a new CEO. The association said in a press release that Tripp Cofield will succeed the retiring Joe Brannen on July 15. Cofield is president and CEO of the association’s affiliates GBA Insurance Trust, Paragon Benefits and GBA Retirement Services. He will join the association’s board in conjunction […]
FineMark Holdings in Fla. raises $30M via private placement
FineMark Holdings in Fort Myers, Fla., raised $30 million through a private placement. The $4.1 billion-asset company sold common stock on March 29, according to data compiled by Performance Trust Capital Partners. Performance Trust had no additional details about the private placement.
Mode Eleven in Wyo. winding down BaaS ops after Fed order
Mode Eleven Bancorp in Hulett, Wyo., will voluntarily dismantle its Banking-as-a-Service platform after being hit with an enforcement action from the Federal Reserve. The parent of the $110 million-asset Summit National Bank entered into a cease-and-desist order with the Fed on March 28. The order barred the bank from engaging in “expansionary activities related to […]