Former Howard Bank CEO joins Capital Bank’s board
Capital Bank in Washington, D.C., has recruited a veteran banker to its board. The $2.2 billion-asset bank said in a press release that Mary Ann Scully had become a director. Scully, dean of the Joseph A. Sellinger, S.J., School of Business and Management at Loyola University Maryland, is the former chairman and CEO of Howard […]
Digital-only Jenius Bank debuts with personal loan product
Jenius Bank, the digital-only division of Manufacturers Bank in Los Angeles, has debuted a new personal loan product. Jenius, which is supported by Japan’s Sumitomo Mitsui Banking, is planning other products, including savings and checking accounts and a mobile app. “Jenius Bank’s personal loans launch continues to fuel our mission to empower customers with smarter […]
Blue Ridge Bankshares in Va. skips 3Q dividend payment
Blue Ridge Bankshares in Charlottesville, Va., will not pay a dividend in the third quarter. The $3.3 billion-asset company disclosed in a regulatory filing that its board decided to forego the payment, “based on the desire to preserve capital and available cash.” The company’s net income fell by 91% in the second quarter from a […]
Bank-to-bank marketplace CapStack raises $6 million
CapStack, a startup that is aiming to create an integrated operating system for banks, has raised $6 million. CapStack was launched in March by Michal Cieplinksi, co-founder of alternative financing startup Pipe, and Tzvika Perelmuter. The plan is to serve as a bank-to-bank marketplace, giving banks a way to buy and sells deposits and loans. […]
Former bank analyst Jennifer Demba joins Synovus
Another veteran bank analyst has accepted a job at a bank. Jennifer Demba announced on LinkedIn that she has become the director of investor relations at Synovus Financial in Columbus, Ga. Demba had been a bank analyst for two decades, most recently at Truist Securities. She was at SunTrust Robinson Humphrey when BB&T bought SunTrust […]
Central Bancshares in Iowa to buy SENB Bank in Ill.
Central Bancshares in Muscatine, Iowa, has agreed to buy McLaughlin Holding in Moline, Ill. The $1.1 billion-asset Central Bancshares said in a press release that it plans to buy the holding company for the $337 million-asset SENB Bank in the third quarter. The price wasn’t disclosed. SENB Bank has six branches in Illinois, Iowa and […]
1st Source in Ind. discloses exposure to MOVEit breach
Another bank has disclosed exposure to the MOVEit file transfer cyberattack. The $8.3 billion-asset 1st Source in South Bend, Ind., disclosed in a regulatory filing that an unauthorized third-party gained access to sensitive client data, including personally identifiable information. The company said it deployed cybersecurity defenses which included patching the software, hardening the host server […]
BofA fined $150M for fake accounts, ‘junk fees’
Bank of America in Charlotte, N.C., was fined $150 million by regulators based on claims it double charged overdraft fees, opened unauthorized card accounts, and withheld card-related bonuses from some customers. The $2.4 trillion-asset company will pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the […]
Peoples in Ohio lines up CEO succession in 2024
Peoples Bancorp in Marietta, Ohio, has set the stage for CEO succession. The $8.8 billion-asset company said in a press release that Chuck Sulerzyski will also retire as president and as a director on March 31, 2024. Tyler Wilcox, Peoples’ executive vice president of community banking, will succeed Sulerzyski and join the board on April […]
Global Credit Union in Alaska cuts 185 jobs
Global Credit Union in Anchorage, Alaska, has cut 185 jobs in five states, or roughly 8% of its workforce. The $11.7 billion-asset credit union told the Credit Union Times that the layoffs reflect reduced loan volume tied to elevated interest rates. Most of the cuts were lending-related, though the credit union plans to cut some […]
Quontic in NY enters into written agreement with Fed
Quontic Bank Holdings in New York faces limitations on distributing capital under an enforcement action with the Federal Reserve. The parent of the $584 million-asset Quontic Bank entered into a written agreement that requires Fed approval before it can pay dividends, repurchase stock or make any other capital distributions. Fed approval is also required before […]
CSBS: 95% of community bankers feel recession is here
Community bankers have become more pessimistic about the economic outlook, according to a quarterly survey by the Conference of State Bank Supervisors. The CSBC said in a press release that its Community Bank Sentiment Index fell by 10 points to 73 in the second quarter – its lowest level since the index launched in 2019. […]
California Bankers Association selects insider as next CEO
The California Bankers Association didn’t have to look far to find its next CEO. The association said in a press release that Kevin Gould had also become its president. Gould, who joined the CBA in 2002, was director of state government relations. “As an experienced association executive who has been with the CBA more than […]
First Commonwealth in Pa. dealing with MOVEit fallout
First Commonwealth Financial in Indiana, Pa., is the latest bank to disclose that customer data was compromised by the zero-day vulnerability in the MOVEit file transfer. The $11.1 billion-asset company said in a regulatory filing that a vendor used the application in one of its offerings. “Based on the investigation to date, it is likely […]
Automation platform Ramp buys AI-focused Cohere.io
Ramp, a finance automation platform, has acquired Cohere.io, an AI-focused customer support platform. Ramp did not disclose the price it paid for Cohere.io. Cohere.io’s customers include Ramp, Deel, Loom and SecureFrame. The AI-focused company has raised more than $3.5 million in venture funding from investors such as Initialized Capital. At Ramp, Cohere.io’s team will lead […]
Community Bank System in NY names next CEO
Community Bank System in Syracuse, N.Y., will have a new CEO in 2024. The $15.2 billion-asset company said in a press release that Mark Tryniski will retire as president and CEO on Dec. 31. Tryniski, who had led the company since 2006, plans to remain a director until the end of next year. Dimitar Karaivanov, […]
Former Zions exec to launch investment fund
Veteran bank executive James Abbott is planning to strike out on his own to launch an investment fund. Abbott, who served as director of investor relations at Zions Bancorp. for 14 years, announced on his LinkedIn account that he had formed Diligence Capital USA. Abbott, who is CEO and chief investment officer of the new […]
First Merchants in Ind. discloses MOVEit exposure
First Merchants in Muncie, Ind., is the latest bank to disclose that customer data was exposed in the global incident involving Progress Software. The $18.2 billion-asset company said in a regulatory filing that, while the MOVEit transfer incident, did not involve its bank’s internal network or IT systems, customers that use online and mobile banking […]
Native American focused neobank Totem launches app
Totem Technologies has launched its app. The Tulsa, Okla., neobank, which is focused on Native Americans, announced the app’s launch on social media. The announcement came eight months after Totem raised $2.2 million of preseed funding. “I am feeling such a complex rush of emotions today that it’s hard to know what to say,” Totem […]
De novos debut in California, Michigan
Two new banks opened last month. Beach Cities Commercial Bank opened in Irvine, Calif., on June 12, according to the Federal Deposit Insurance Corp. Organizers had to raise $25 million before opening the bank. Separately, Community Unity Bank in Birmingham, Mich., opened on June 26. The organizing group behind Community Unity had to raise $23.2 […]
Hilltop vendor hit with file transfer cyberattack
Hilltop Holdings in Dallas disclosed that an unauthorized party likely obtained customer data due to a security incident at a third-party vendor. The $17 billion-asset company disclosed in a regulatory filing that the incident was tied to a vulnerability in the MOVEit transfer application – a managed file transfer software. Hilltop said its […]
Premier Financial in Ohio sells insurance agency
Premier Financial in Defiance, Ohio, has sold an insurance business to Risk Strategies, a specialty insurance company in Boston. The $8.6 billion-asset Premier sold First Insurance Group for an undisclosed amount, according to a press release. The agency handles a wide range of insurance products. “The First Insurance Group and Risk Strategies teams share a […]
Lake Shore in N.Y. agrees to written agreement with Fed
Lake Shore Bancorp in Dunkirk, N.Y., has entered into a written agreement with the Federal Reserve that bars it from making a number of capital-related moves without Fed approval. The $700 million-asset company disclosed in a regulatory filing the new agreement follows a Feb. 9 consent order with the Office of the Comptroller of the […]
Republic First in Pa. expands board ahead of annual meeting
Shareholders of Republic First Bancorp will vote to fill three board seats at the next annual meeting after the Philadelphia company decided to add another director slot. The $6.2 billion-asset company said in a press release that it will increase the size of its board from seven to eight directors prior to the Oct. […]
Pathfinder in NY adds Castle Creek exec to its board
Pathfinder Bancorp in Oswego, N.Y., has added an executive at a high-profile bank investor to its board. The $1.4 billion-asset company said in a press release that Anthony Scavuzzo had joined its board. He is a managing principal at Castle Creek Capital in San Diego. Castle Creek is a private equity firm that specializes in […]