CB Financial in Pa. to sell insurance business
CB Financial Services in Washington, Pa., has agreed to sell its insurance business to World Insurance Associates. The $1.4 billion-asset CB said in a press release that it will sell Exchange Underwriters for $30.5 million in cash, plus added revenue-based earn-out payments. The deal is expected to close in the fourth quarter. The net gain […]
First Western in ND buys State Bank of Lismore in Minn.
First Western Bank & Trust in Minot, N.D., bought State Bank of Lismore in Minnesota. The $2.2 billion-asset First Western said in a press release that it acquired the $65 million-asset State Bank on Nov. 30. The price wasn’t disclosed. State Bank “is a longstanding, family owned bank with a very well-respected banking history,” Brenda […]
BOK Financial to sell insurance business
The list of banks selling insurance businesses keeps getting longer. BOK Financial in Tulsa, Okla., has agreed to sell BOK Financial Insurance to USI Insurance Services in Valhalla, N.Y. The sale will result in a $28 million pretax gain. The $49 billion-asset BOK Financial plans to use the gain to realize an equivalent amount of […]
Republic in Pa. moves deadline for investor capital infusion
Republic First Bancorp and an investor group have extended the deadline for the Philadelphia company to sell a large stake in itself to the shareholders. The $6.2 billion-asset company said in a press release that the deadline was moved to Feb. 29. A special shareholder meeting will take place on Feb. 16 to vote […]
Discover exploring sale of student loan business
Discover Financial Services in Riverwoods, Ill., is exploring the sale of its student lending business. The company said in a press release that its board approved the process, which could include transferring the servicing of student loans to a third party. Discover said it will stop accepting new student loan applications on Feb. 1. The […]
First Northwest in Wash. hit with fintech-related consent order
First Northwest Bancorp in Port Angeles, Wash., is the latest banking company to face scrutiny over a fintech relationship. The $2.2 billion-asset company disclosed in a regulatory filing that its bank entered into a consent order with the Federal Deposit Insurance Corp. that requires it to correct certain violations of consumer protection laws. The order […]
Groups planning de novo banks in California, Missouri
Organizers are planning new banks in California and Missouri. A group filed an application on Nov. 22 with the Federal Deposit Insurance Corp. for Four States Bank. The proposed de novo would be based in Carthage, Mo., which is close to the borders with Arkansas, Kansas and Oklahoma. A separate group submitted an application with […]
CSBS hires FDIC staffer as its next president and CEO
The Conference of State Bank Supervisors has lined up its next CEO. The CSBS said in a press release that Brandon Milhorn will also become its president on Dec. 4. He will succeed James Cooper, who is retiring. Milhorn is deputy to FDIC Vice Chairman Travis Hill. He previously served as chief operating officer, chief […]
WaFd, Luther Burbank extend deadline to complete merger
WaFd in Seattle and Luther Burbank in Santa Rosa, Calif., have extended the deadline to complete a merger they announced a year ago. The $22.5 billion-asset WaFd agreed in November 2022 to buy the $8.1 billion-asset Luther Burbank for $654 million. The deal has yet to be approved by the Federal Reserve and the Federal […]
SoFi to exit the crypto business
SoFi Technologies will exit the crypto business next month. Customers will need to liquidate their crypto accounts by Dec. 19, SoFi said in an email and a blog post. Customers can opt to automatically migrate their crypto to the Blockchain.com exchange and wallet provider. SoFi, in order to buy Golden Pacific Bank and gain a […]
OIG: First Republic failure highlights need for new assumptions
First Republic Bank’s failure has raised questions about regulators’ assumptions for uninsured deposits and the non-capital triggers for agency intervention. The San Francisco bank was closed in May after several waves of deposit outflows after the high-profile failures of Silicon Valley Bank and Signature Bank two months earlier. A material loss review conducted by Cotton […]
Synchrony to sell pet insurance subsidiary
Synchrony Financial in Stamford, Conn., has agreed to sell its pet insurance unit. The company disclosed in a regulatory filing that it will sell Pets Best Insurance Services to Poodle Holdings for a mix of cash and an equity stake in Independence Pet Holdings. Synchrony said it expects to record a $750 million after-tax gain […]
Generations Bancorp NY selects new CEO
Generations Bancorp NY in Seneca Falls has a new CEO. The $395 million-asset company disclosed in a regulatory filing that Angela Krezmer was also named president and appointed to its board with a term set to expire in 2025. Krezmer has been serving as principal executive officer since the death of predecessor Menzo Case. Prior […]
BofA to pay $12M penalty tied to mortgage lending data
Bank of America in Charlotte, N.C., was ordered by the Consumer Financial Protection Bureau to pay a $12 million penalty for submitting false mortgage lending data to the federal government. The CFPB claimed in a press release that the $2.4 trillion-asset BofA loan officers, for at least four years, failed to ask mortgage applicants certain […]
LCNB in Ohio to buy Eagle Financial Bancorp
LCNB in Lebanon, Ohio, has agreed to buy Eagle Financial Bancorp in Cincinnati. The $2.4 billion-asset LCNB said in a press release that it will pay $23.1 million in cash and stock for the $176 million-asset Eagle. The deal, which is expected to close in the second quarter, priced Eagle at 91% of its tangible […]
RBB Bancorp enters into BSA/AML consent order with FDIC
RBB Bancorp entered into a consent order with regulators requiring the Los Angeles company to improve its compliance with the Bank Secrecy Act and regulations governing anti-money laundering and countering the financing of terrorism. The Oct. 25 order between the $4.1 billion-asset RBB and the Federal Deposit Insurance Corp. and the California Department of Financial […]
Jack Henry banking executive to retire in 2024
Jack Henry & Associates said that the president of its bank solutions group is retiring. The core systems provider said in a press release that Stacey Zengel plans to retire on June 30. Zengel, who joined the company in 1999, has held his current post since 2015. “On behalf of the entire board and management team, […]
First Busey to buy M&M Bank in Illinois
First Busey in Champaign, Ill., is pushing deeper into Chicago with an agreement to buy Merchants and Manufacturers Bank in Oakbrook Terrace, Ill. The $12.3 billion-asset First Busey said in a press release that it will pay $41.6 million in cash and stock for the $417 million-asset M&M Bank. The deal, which is expected to […]
Benchmark Bankshares in Va. sets stage for new CEO
Benchmark Bankshares in Kenbridge, Va., will have a new leader in 2024. The parent of the $1 billion-asset Benchmark Community Bank said in a press release that E. Neil Burke will succeed Jay Stafford as president and CEO on Jan. 1. Stafford also plans to retire from the company and bank boards. Burke, who joined […]
Regulators extend comment deadline on long-term debt proposal
Federal regulators have extended the comment period on a proposed rule that would place long-term debt requirements on large banks. The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency moved the deadline from Nov. 30 to Jan. 16. “The agencies extended the comment period to allow interested parties […]
United Bancorp in Ohio to combine chairman, CEO roles
United Bancorp in Martins Ferry, Ohio, will combine the roles of chairman and CEO. The $814 million-company disclosed in a regulatory filing that Scott Everson, its president and CEO, will succeed Richard Riesbeck as chairman when Riesbeck retires next October. Riesbeck has been chairman since 2014. The company also said it has […]
Glacier Bancorp unit lines up next CEO
First Security Bank in Bozeman, Mont., will have a new CEO on Jan. 1. The unit of the $28 billion-asset Glacier Bancorp said in a press release that Kalli Ryti will also become president. Ryti will succeed Jim Ness, who will retire. Ryti previously served as the bank’s chief banking officer. “Kalli is a true […]
Silvergate in Calif. repays all deposit liabilities
Silvergate Capital in La Jolla, Calif., has fully repaid all remaining deposit liabilities. The company, which is in the process of winding down its operations, said in a press release that every depositor has been fully repaid without risk to the Deposit Insurance Fund. Silvergate said it still has excess cash and cash equivalent balances […]
OneMain to buy auto finance company for $115 million
OneMain Holdings in New York has agreed to buy Foursight Capital, an auto finance company. OneMain said in a press release that it will pay $115 million in cash to Jefferies Financial Group for Foursight and its roughly $900 million loan portfolio. The deal is expected to close in the first quarter. Foursight buys and […]
Pioneer in NY to receive $6M from legal settlement
Pioneer Bancorp in Albany, N.Y., is set to receive nearly $6 million after settling a lawsuit against an accounting firm. Teal, Becker & Chiaramonte agreed to make the payment to the $2 billion-asset Pioneer to resolve claims the accounting firm provided inaccurate financial statements for a loan applicant. Pioneer has alleged that the borrower, Valuewise, […]