Primis in Va. discloses 19% stake in doctor-focused fintech
Primis Financial in McLean, Va., acquired a 19% stake in Panacea Financial Holdings as part of the fintech’s recent Series B financing round. The $3.9 billion-asset company said in a press release that it was part of the funding round, where Valar Ventures was the only institutional investor. Primis, which has a partnership agreement with […]
First Hawaiian profit falls on margin pressure, one-time items
First Hawaiian in Honolulu reported lower earnings that reflected margin pressure, securities losses and a special assessment from the Federal Deposit Insurance Corp. The $24.9 billion-asset company said in a press release that its fourth-quarter profit fell by 40% from a year earlier, to $47.5 million. Net interest income fell by 12% to […]
OCC order says Blue Ridge Bank in ‘troubled condition’
The Office of the Comptroller of the Currency now considers Blue Ridge Bank in Charlottesville, Va., to be in a “troubled condition.” The $3.3 billion-asset Blue Ridge disclosed in a regulatory filing that it has entered into a consent order with the OCC – the second for the bank since September 2022. The consent order […]
WSFS offsets FDIC assessment, BOLI costs with Spring EQ gain
WSFS Financial in Wilmington, Del., had a noisy fourth quarter. The $20.6 billion-asset company said in a press release that its quarterly profit fell by 24.2% from a year earlier, to $63.9 million. WSFS paid a $5.1 million special assessment to help replenish the Federal Deposit Insurance Corp. Deposit Insurance Fund. It also recorded a […]
Kearny in NJ sheds OREO, restructures BOLI holdings
Kearny Financial in Fairfield, N.J., said it recently sold some real estate holdings and restructured its bank-owned life insurance portfolio. The $7.9 billion-asset company said in a press release that it sold a $12 million other real estate owned asset this month. Proceeds were redeployed into interest-earning assets. The company said the move will improve […]
HomeTrust in NC to exit indirect auto, right-size mortgage ops
HomeTrust Bancshares in Asheville, N.C., has decided to exit indirect auto lending and “right-size” its mortgage operations. The $4.7 billion-asset company said in a press release that the changes, which are expected to take place at the end of this quarter, should save $800,000 annually. The company had $115,000 in expenses in the fourth quarter […]
Valley National profit stung by higher provision, one-time expenses
Valley National Bancorp in New York reported lower quarterly profit that included a higher loan-loss provision and costs tied to core conversion and a special assessment from the Federal Deposit Insurance Corp. The $60.9 billion-asset company said in a press release that its fourth-quarter net income fell by 60% from a year earlier, to $71.6 […]
Banks continue to scrub securities portfolios in fourth quarter
More banks continued to absorb losses from securities sales during the fourth quarter. Carter Bankshares in Martinsville, Va., sold $30 million of securities at a $1.5 million loss. The $4.5 billion-asset company, which reported a $1.9 million net loss in the fourth quarter, said it should take less than a year to earn back the […]
Profit falls at Origin in La. from NIM pressure, securities loss
Origin Bancorp in Ruston, La., posted a decline in quarterly profit that reflected margin pressure and the sale of securities. The $9.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 54.5% from a year earlier, to $13.4 billion. Net interest income fell by 13.9%, to $73 million. The net interest […]
Hanover in N.Y. files paperwork to raise up to $50M in capital
Hanover Bancorp in Mineola, N.Y., filed a shelf registration to raise up to $50 million in capital over time. The $2.2 billion-asset company said in the filing that it could sell common and preferred stock, warrants, debt securities or depositary share units. Hanover did not provide a timeline for selling securities or issuing debt. The […]
FVCB reports 4Q loss due to securities losses, branch closing
FVCBankcorp in Fairfax, Va., reported a net loss in the fourth quarter after it purged its securities portfolio and closed a branch. The $2.2 billion-asset company said in a press release that it lost $5.1 million in the quarter, a reversal from the $4.9 million it earned a year earlier. The company sold $61.4 million […]
Simmons in Ark. has sharp earnings drop after series of charges
Simmons First National in Pine Bluff, Ark., reported a messy fourth quarter that included a securities loss, a higher loan-loss provision and expenses tied to cost-cutting initiatives. The $27.3 billion-asset company said in a press release that its quarterly profit decreased by 71% from a year earlier, to $23.9 million. Revenue fell by 25% to […]
FDIC assessment, securities loss cut into BOK Financial profit
BOK Financial in Tulsa, Okla., reported a sharp decline in net income that reflected securities losses and its special assessment from the Federal Deposit Insurance Corp. The $49.8 billion-asset company said in a press release that its fourth-quarter profit fell by 51% from a year earlier, to $82.5 million. The results included a $43.7 million […]
National Bankshares in Va. to buy Frontier Community Bank
National Bankshares in Blacksburg, Va., has agreed to buy Frontier Community Bank in Waynesboro, Va. The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter. “We believe that our compatible […]
OFG Bancorp profit rises on higher revenue, loan sales
OFG Bancorp in San Juan, Puerto Rico, reported slightly higher quarterly profit after a gain from selling nonperforming small business loans offset charges tied to a cost-cutting effort. The $11.3 billion-asset company said in a press release that its fourth-quarter net income available to shareholders increased by 0.5% from a year earlier, to $46.6 million. […]
Fintech Brex laying off one-fifth of its staff
Brex, an expense management fintech, has laid off 20% of its staff. The company said in a note published on its website that it cut 282 positions and that Michael Tannenbaum, its chief operating officer, transitioning from his role to become a board member. Camilla Morais, who was senior vice president of global operations, will […]
Business First in La. reports lower profit on securities sales
Business First Bancshares in Baton Rouge, La., reported lower quarterly profit that reflected securities losses and costs tied to a customer fraud/operational loss. The $6.6 billion-asset company said in a press release that its fourth-quarter profit fell by 12% from a year earlier, to $15.8 million. Business First said it sold $71.5 million […]
Reciprocal deposits fintech ModernFi raises $19 million
ModernFi, a fintech that helps banks retain and attract deposits, has closed an $18.7 million Series A funding round that involved several banks. ModernFi said in a press release that the round was led by Canapi Ventures (which has ties to Live Oak Bancshares) and included investment by Andreessen Horowitz, Remarkable Ventures, Huntington Bancshares, First […]
Community Bancorp in Vermont sets up CEO succession
Community Bancorp in Derby, Vt., has a new bank president. The $1.1 billion-asset Community Bancorp said in a press release that Christopher Caldwell succeeded Kathryn Austin, who will remain the company’s president and CEO and the bank’s CEO. Caldwell, a vice president, joined the company and bank boards on Jan. 1. He had […]
Comerica cuts 250 jobs, plans to close 26 branches
Comerica in Dallas will cut 250 jobs and close 26 branches as part of a broad expense-cutting plan. The $84.1 billion-asset company also said during its earnings call that it incurred about $25 million in severance expenses during the fourth quarter. Comerica is “streamlining” its management structure and taking “incremental actions to recalibrate expenses in […]
Plumas in Nevada pursuing sale-leaseback transaction
Plumas Bancorp in Reno, Nev., has agreed to sell 12 properties as part of a sale-leaseback transaction. The $1.6 billion-asset company disclosed in a regulatory filing that it plans to sell the properties to Mountainseed Real Estate Services for $33.6 million in cash. Eleven are in California; one is in Nevada. Plumas is selling nine […]
Central Bancshares in Iowa sets stage for CEO’s retirement
Central Bancshares in Muscatine, Iowa, has finalized the succession plan for its CEO. Central said in a press release that Dwayne Sieck had become president of its $1.2 billion-asset CBI Bank & Trust, succeeding Greg Kistler. Sieck will also succeed Kistler as Central’s president and CEO and CBI Bank’s CEO on Dec. 31. “Dwayne is […]
Fed extends comment deadline for debit interchange proposal
The Federal Reserve has extended the deadline for commenting on its proposal to lower certain debit interchange fees. The Fed said in a press release that it moved the deadline from Feb. 12 to May 12 “to allow the public more time to analyze the proposal and prepare their comments.” The Fed’s proposal would […]
NBT Bancorp in N.Y. lines up CEO succession for May
NBT Bancorp in Norwich, N.Y., will soon have a new leader. The $13.8 billion-asset company said in a press release that Scott Kingsley will become its president and CEO on May 21. Kingsley, NBT’s chief financial officer, will succeed John Watt Jr. Watt, who has led NBT since 2016, will remain on the company’s board […]
Jack Henry selects insider to become its next CEO
Jack Henry in Monett, Mo., will promote an insider to become its new CEO. The company said in a press release that Greg Adelson will succeed David Foss on July 1. Foss, who is retiring, will remain executive chairman. Adelson, who joined the company in 2011, is president and chief operating officer. He is responsible […]