How CCFNB, Muncy Bank rekindled merger talks
CCFNB Bancorp in Bloomsburg, Pa., and Muncy Bank Financial in Muncy, Pa., decided to take a second chance at romance. The $944 million-asset CCFNB and the $633 million-asset Muncy Bank were nearing a definitive agreement in April 2022 when talks ended over a disagreement on “operational matters,” according to a regulatory filing tied to their […]
Fed: 57 entities certified to use FedNow ahead of launch
Nearly 60 entities have been certified to use the Federal Reserve’s real-time payments system. The central bank said in a press release that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification for its FedNow Service. FedNow is expected to launch in late July. Early adopters are performing […]
First Bank in Mo. hires former Happy State exec as next CEO
First Bank in Creve Coeur, Mo., will have a new CEO in 2024. The $6.6 billion-asset bank said in a press release that Shelley Siefert will retire at the end of this year. Siefert, who has served as CEO since 2019, will be succeeded by Mikel Williamson, who recently stepped down as Texas president of […]
Remittance fintech Sendwave plans neobank
Sendwave, a Boston-based remittance firm owned by Zepz, plans to open a neobank backed by Piermont Bank in New York. The fintech said in a press release that Sendwave Pay will offer U.S. customers a debit card and reimbursement for international transaction fees when the card is used internationally. “Investing in meaningful innovations to serve […]
Bangor Savings to launch first credit card products
Bangor Savings Bank in Maine is planning to introduce its first suite of credit card products. The $7.4 billion-asset Bangor Savings is set to launch “everblue” for retail and commercial clients, Bob Montgomery-Rice, the bank’s president and CEO, told the Bangor Daily News. Business credit cards are set to debut, while consumer cards will launch […]
Fed’s Bowman: Improvements needed for contested applications
While the Fed approved a branch application by Vantage Bank Texas in San Antonio, a member of its board raised questions about the review process. The $3.5 billion-asset Vantage was seeking permission to open a location in Houston. At least two commenters objected, claiming that Vantage had discriminatory lending practices. Despite unanimous board support,Fed Gov. […]
Fed approves U.S. offices for Dominican Republic bank
The Federal Reserve has approved an application by Banco de Reservas de la República Dominicana in Santo Domingo, Dominican Republic, to open representative offices in New York and Miami. The $18.5 billion-asset Banreservas is the biggest commercial bank in the Dominican Republic. The bank is 100% owned by the Dominican Republic. The offices would act […]
Coastal Financial in Wash. creates virtual Coastal World
Coastal Financial in Everett, Wash., has created a virtual world to promote its Banking-as-a-Service fintech partners. The $3.5 billion-asset company launched Coastal World, an immersive 3D web platform that “promotes, educates, and informs visitors about digital banking solutions that best fit their lifestyle, values, or specific financial situations through a fun and engaging online experience.” […]
TIAA Bank to revert to EverBank brand when sale closes
What once was old is new again. TIAA Bank in Jacksonville, Fla., will revert back to EverBank after a group of investors buys the $38.6 billion-asset bank from TIAA. TIAA Bank Field, where the NFL’s Jacksonville Jaguars play, will rebrand as EverBank Stadium for next season. “The EverBank brand has always represented forward-looking optimism, confidence […]
Piedmont Financial to buy Wake Forest Bancshares in N.C.
Piedmont Financial Holding in Winston-Salem, N.C., has agreed to buy Wake Forest Bancshares in Wake Forest, N.C. The parent of the $1.2 billion-asset Piedmont Federal Savings Bank said in a press release that it will pay $36.8 million for the parent of the $118 million-asset Wake Forest Federal Savings and Loan Association. The transaction is […]
Cullen/Frost plans big expansion in Austin, Texas
Cullen/Frost Bankers in San Antonio plans to double its branches in Austin, Texas, by 2026. The $51.2 billion-asset company said in a press release that it expects to hire 170 people as part of the expansion. The bank already has 17 branches in Austin. Frost Bank has already expanded in Houston and Dallas, where year-to-date […]
First Foundation fights off activist threat for board seat
First Foundation in Dallas prevailed in a proxy battle with an activist investor. The $13.6 billion-asset company said in a press release that shareholders elected its 10 candidates during this year’s annual meeting. The release did not break down vote totals. Driver Capital Management had nominated Allison Ball, a partner at Hanover Technology […]
BofA entering four new states with branch push
Bank of America in Charlotte, N.C., plans to enter four new states by opening branches across nine markets over the next four years. The $3.1 trillion-asset company said in a press release that it will open locations in Nebraska, Kentucky, Alabama and Louisiana. Branches are planned in cities such as New Orleans; Birmingham, Ala.; Milwaukee; […]
CUES hires credit union exec as next CEO
The Credit Union Executives Society has a new CEO. The association said in a press release that Heather McKissick, former executive vice president of community impact, marketing and communication at the $4.6 billion-asset University Federal Credit Union in Austin, Texas, had taken on the role She succeeded John Pembroke, who died in November. “Throughout my […]
PacWest in California selling lender finance loans
PacWest Bancorp in Los Angeles continues to shed assets. The $44.3 billion-asset company disclosed in a regulatory filing that it agreed to sell a portfolio of lender finance loans with a total commitment amount of roughly $3.5 billion to alternative credit strategy funds managed by Ares Management. The portfolio includes an aggregate outstanding […]
Robinhood to buy credit card platform X1
Robinhood Markets has agreed to buy X1, a San Francisco platform that offers a no-fee credit card with rewards. Robinhood said in a press release that it will pay $95 million in cash in a move that should help it expand its product offerings and deepen relationships with existing customers. The deal is expected to […]
SEC probe of Sterling in Mich. ends with no action
The Securities and Exchange Commission does not plan to pursue an enforcement action against Sterling Bancorp in Southfield, Mich. The $2.4 billion-asset Sterling said in a press release that a letter from the SEC stated that an investigation of the company had ended. Sterling had previously disclosed that it believed the probe was […]
Citizens in RI working with fintech to expand PoS ops
Citizens Financial Group in Providence, R.I., will work with Wisetack, an embedded pay-over-time platform, to expand its point-of-sale operations. Wisetack said in a press release that Citizens Pay will offer pay-over-time options for home services projects through a network of merchants and SaaS integrations. Customers who apply through Wisetack will be eligible for installment financing […]
Greater Nevada Credit Union lines up next CEO
Greater Nevada Credit Union in Carson City will soon have a new CEO. The $1.7 billion-asset credit union said in a press release that Danny DeLaRosa will also become president on July 1. He will succeed Wally Murray, who has led Greater Nevada since October 2000. DeLaRosa, who joined the largest credit union in 2019, […]
Glass Lewis, ISS divided over First Foundation proxy fight
Two leading proxy advisory firms have taken opposing positions in a battle between First Foundation in Dallas and an activist investor. Glass Lewis issued a report encouraging shareholders to vote for Allison Ball, who was nominated by Driver Capital Management to stand for election to the $13.6 billion-asset First Foundation’s board. Ball is a partner […]
Beacon Business Bank in California has new CEO
Beacon Business Bank in San Francisco has a new president and CEO. Steve Andrews shared his appointment on his LinkedIn profile. Andrews was president and CEO of the California Bankers Association from May 2019 to November 2022. Andrews succeeded Tony Clifford, who had held the top posts at the $158.3 million-asset bank since November 2021.
Commercial BancGroup in Tenn. raises $2.8 million
Commercial BancGroup in Harrogate, Tenn., raised $2.8 million. The parent of the $1.8 billion-asset Commercial Bank completed a private placement on June 15, according to data compiled by Performance Trust Capital Partners. The data did not include information on the pricing or the investors.
SVB Securities to rebrand with leadership buyout
The management team of SVB Securities has reached an agreement to buy the health care investment bank from SVB Financial. The team, led by CEO Jeff Leerink and financial backing from The Baupost Group, will rebrand the business as Leerink Partners. “The management team and I are excited to return to our heritage of owning […]
Truist fills leadership posts for mortgages, investments
Truist Financial in Charlotte, N.C., has filled two key positions. The $565 billion-asset company said in a press release that it had promoted David Smith to lead its mortgage business. He will succeed Todd Chamberlain, who will retire on July 31. Smith, who previously worked at Keller Home Financial Services, joined Truist in January as […]
Movement Mortgage buys Massachusetts lender
Movement Mortgage in Indian Land, S.C., has acquired Mortgage Network in Danvers, Mass. Movement said in a press release that the purchase should add $2 billion in annual mortgage loan volume. It increased Movement’s national retail mortgage footprint by 250 mortgage professionals and 31 offices in 27 states. The price wasn’t disclosed. “We want to […]