BancPlus in Miss. adds investment banker to its board
BancPlus in Ridgeland, Miss., added a veteran investment banker to its board. The $7.6 billion-asset company disclosed in a regulatory filing that Charles White will become a director on Jan. 1. White is a managing director in the fixed income capital markets division of Stifel Financial. He was a director at State Bank & Trust […]
NSTS in Ill. sells securities, recognizes DTA valuation allowance
NSTS Bancorp in Waukegan, Ill., sold lower-yielding securities at a loss. The $252 million-asset company said in a press release that it sold $30.5 million of securities at an after-tax loss of $1.8 million. The securities included U.S. Treasury notes, agency, mortgage-backed securities and collateralized mortgage obligations. A portion of the proceeds will […]
Bancorp 34 revises 3Q results to loss due to sour CRE loan
Bancorp 34 in Scottsdale, Ariz., revised its third-quarter results, turning a narrow gain into a net loss. The $575 million-asset company said in a press release that, because of a loan-loss reserve for a commercial real estate loan, it lost nearly $2.3 million in the quarter. The company previously reported net income of $3,000. “The […]
Auburn National in Ala. to report 4Q loss after selling securities
Auburn National Bancorp. in Auburn, Ala., expects to report a fourth-quarter loss after selling available-for-sale securities. The $1 billion-asset company said in a press release that it sold $117.6 million of securities at a $4.7 million after-tax loss. Auburn National said it will use a portion of the $111.3 million of proceeds to repay $48 […]
Blue Ridge in Va. raising $150M through private placement
Blue Ridge Bankshares in Charlottesville, Va., has received a much-needed capital infusion. The $3.3 billion-asset company said in a press release that it has agreements to raise $150 million through a private placement led by private investor Kenneth Lehman with participation from Castle Creek Capital Partners and existing investors, directors and officers. The company will […]
First United in Md. discloses securities sales
First United in Oakland, Md., sold a batch of securities at a loss. The $1.9 billion-asset company disclosed in a regulatory filing that it sold $20.4 million of securities at an after-tax loss of $3.2 million. The securities had a book value of $24.6 million. Proceeds will be used to fund loans with a conservative […]
Allegacy in NC lines up new CEO for 2025
Allegacy Federal Credit Union in Winston-Salem, N.C., is playing the long game with CEO succession. The $2.2 billion-asset credit union said in a press release that Nathanael Tarwasokono will succeed Cathy Pace as president and CEO when she retires on Jan. 1, 2025. Tarwasokno, who will join the credit union on Feb. 15, was selected […]
Former Professional Bank exec planning new Miami bank
A veteran South Florida banker has applied to form a new bank. BankMiami would operate as a state-chartered bank, with plans to open by mid-2024. Mary Usategui would serve as the proposed de novo’s president and CEO, according to her LinkedIn profile. She was chief financial officer of Professional Bank when it was sold to […]
BCB in NJ hires former MSB leader as its next CEO
BCB Bancorp in Bayonne, N.J., will have a new leader in 2024. The $3.8 billion-asset company disclosed in a regulatory filing that Michael Shriner will become its president and CEO on Jan. 1. Shriner was president and CEO of MSB Financial from 2012 until it was sold to Kearny Financial in July 2020. He was a […]
Fulton in Pa. promotes insider to serve as its president
Fulton Financial in Lancaster, Pa., will soon have a new president. The $27 billion-asset company said in a press release that Angela Snyder will also become president of Fulton Bank on Jan. 1. Snyder, Fulton’s chief banking officer, joined the company in 2002. She will oversee all business lines while leading efforts to optimize costs […]
J.C. Flowers buys minority stake in Baltimore bank
Capital Funding Bancorp in Baltimore has received a $125 million investment from J.C. Flowers & Co. The investment firm said in a press release that it could increase its investment in the parent of the $5 billion-asset CFG Bank to $165 million over the next five years. Louis Vachon, J.C. Flowers’ operating partner and a […]
Santander buys stake in venture with former Signature loans
Santander Bank is the latest financial services company to scoop up former Signature Bank assets. The Federal Deposit Insurance Corp. said in a press release that it sold a 20% stake in a newly created venture to SBNA Investor LLC, which is directly controlled by Santander, for $1.1 billion. The venture has $9 billion of […]
Kearny in NJ sells $122M of debt securities
Kearny Financial in Fairfield, N.J., repositioned a portion of its investment securities portfolio. The $8 billion-asset company said in a press release that it sold $122.2 million of debt securities, including $78.9 million of pandemic-era securities, at an after-tax loss of $12.9 million. Proceeds will be used to retire higher-cost wholesale funding and make loans. […]
Provident, Lakeland in NJ extend deadline to complete merger
Provident Financial Services in Iselin, N.J., and Lakeland Bancorp in Oak Ridge, N.J., have extended the deadline for their merger agreement to give regulators more time to approve the deal. The $14.1 billion-asset Provident agreed in September 2022 to buy the $11.2 billion-asset Lakeland for $1.3 billion. The deal was initially expected to close by […]
Webster in Conn. to buy medical funds custodian
Webster Financial in Stamford, Conn., has agreed to buy Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements. The $70 billion-asset Webster said in a press release that its bank will pay $350 million in cash to funds managed by Long Ridge Equity Partners. The deal is expected to close in […]
U.S. Bank hit with $36M in fines tied to prepaid program
U.S. Bancorp in Minneapolis was ordered to pay fines to address issues with a pandemic-era prepaid card program for distributing unemployment benefits. The Consumer Financial Protection Bureau ordered the $668 billion-asset company to pay $21 million, including a $15 million penalty and $5.7 million in restitution to consumers. The Office of the Comptroller of the […]
CrossFirst in Kan. reduces municipal securities holdings
CrossFirst Bankshares in Leawood, Kan., repositioned its securities portfolio to reduce its concentration in municipal securities. The $7.2 billion-asset company said in a press release that it sold about $80 million of available-for-sale municipal securities at an $800,000 after-tax loss. CrossFirst plans to pay off wholesale borrowings and buy higher-yielding agency mortgage-backed products. […]
Fifth Third combines chairman, CEO roles
Fifth Third Bancorp in Cincinnati has combined the roles of chairman and CEO. The $213 billion-asset company said in a press release that Timothy Spence, its president and CEO, will become its chairman on Jan. 2. He will succeed Nicholas Akins, who will become lead independent director. Separately, Fifth Third said that Jamie Leonard will […]
M1 Bancshares in Mo. raises $3M via private placement
M1 Bancshares in Clayton, Mo., has raised capital. The parent of the $978 million-asset M1 Bank brought in more than $2.6 million through a private placement of common stock, according to data compiled by Performance Trust Capital Partners. The data did not include the pricing, shares sold, or the investors.
Lincoln Bancorp in Iowa hires former Five Star exec as CEO
Lincoln Bancorp in Waterloo, Iowa, has recruited a banker from New York to serve as its next CEO. The parent of the $1.9 billion-asset Lincoln Savings Bank said in a press release that Sean Willett will take on the new role on Dec. 29. Willett recently served as chief administrative officer at Five Star Bank. […]
Software firm CSI buys loan origination platform Hawthorn River
CSI, a financial software company in Paducah, Ky., has acquired Hawthorn River, a St. Louis firm that offers a loan origination platform for community banks. The price wasn’t disclosed. “Lending is one of the most critical lines of revenue for community banks, yet it also is the most plagued by inefficiency and outdated technology,” David […]
Pacific Coast Banking School leader to retire in 2024
The CEO of the Pacific Coast Banking School has announced plans to retire. Gretchen Claflin said in a press release that she will also step down as the school’s president at the end of 2024. She was named president in 2016 and CEO two years later. The school, which partners with the University of Washington, […]
AmeriNational files applications for bank merger
AmeriNational Community Services in Albert Lea, Minn., has applied to buy Northwest Bancorp. of Illinois in Palatine. AmeriNational, an economic development and affordable housing loan servicer, applied with the Federal Reserve to form a bank holding company to buy the parent of the $208 million-asset First Bank and Trust Co. of Illinois. AmeriNational also applied […]
Shore in Md. to restate 3Q results to fix accounting error
Shore Bancshares in Easton, Md., will likely report a larger third-quarter loss when it restates financial results to correct an accounting error tied to its purchase of Community Financial. The $5.7 billion-asset company disclosed in a regulatory filing that the error was tied to the improper recording of the net deferred tax assets (DTAs) tied […]
FDIC continues slow work of selling Signature Bank assets
The Federal Deposit Insurance Corp. continues to create entities to sell of assets tied to the failed Signature Bank. The bridge bank created by the FDIC established two ventures, selling a 5% stake in each to Community Preservation Corp. (CPC), a nonprofit multifamily finance company. CPC, through two affiliated entities, paid $171 million for the […]