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 […]
ACNB in Pa. repositions securities portfolio
ACNB Corp. in Gettysburg, Pa., repositioned its balance sheet. The $2.8 billion-asset company said in a press release that it sold $51.1 million of available-for-sale securities at an after-tax loss of $3.5 million. The net proceeds were used to buy higher-yielding investment securities, including agency multifamily debt and investment-grade bank holding company corporate debt. ACNB […]
Minnesota bank with BaaS strategy agrees to written agreement
B2 Bank in Mountain Iron, Minn., which has fintech ties and has been building a Banking-as-a-Service (BaaS) platform, must develop a risk assessment process for new products and services under a written agreement with the Office of the Comptroller of the Currency. The $72 million-asset bank stipulated to the agreement after regulators determined that it […]
First Citizens adding BofA executive to its board
First Citizens BancShares in Raleigh, N.C., has added a former Bank of America executive to its board. The $200 billion-asset company said in a press release that David Leitch will become a director on Jan. 1. He will serve on the audit committee and the compensation, nominations and governance committee. Leitch was global general counsel […]
FDIC forms LLC in quest to sell Signature CRE loans
The Federal Deposit Insurance Corp. has formed a new venture as part of its plan to sell commercial real estate loans once held by the failed Signature Bank. The FDIC receivership said in a press release that it created SIG CRE 2023 Venture, selling a 20% equity stake in the limited liability corporation to Hancock […]
Zeal Credit Union to invest $5M in fintech-focused CUSO
CU Digital One, a credit union service organization focused on fintech investments, has landed another credit union investor. The $820 million-asset Zeal Credit Union in Livonia, Mich., will invest $5 million in the CUSO in a transaction expected to close in the first quarter. The investment “aligns perfectly with our commitment to providing the best […]
Genesis Bank in Calif. lines up $500M for potential bank deals
Stephen Gordon is ready to become a bank acquirer – again. Genesis Bank in Newport Beach, Calif., where Gordon is chairman and CEO, said in a press release that has secured about $500 million in capital commitments to buy and recapitalize banks in the western United States. The $173 million-asset minority depository institution, which opened […]
GBank in Nevada to buy BankCard Services
GBank Financial Holdings in Las Vegas has agreed to buy BankCard Services. The $729 million-asset GBank said in a press release that it will pay $10 million in stock for the cashless payments company, which will operate as a unit of the bank and bolster its gaming fintech division. The acquisition, which is set to […]
First Community in S.C. promotes three executives
First Community in Lexington, S.C., has given its bank president added duties. The $1.8 billion-asset company said in a press release that Ted Nissen will become CEO of First Community Bank on Jan. 1. Nissen, who will also join First Community’s board, will add responsibility for mortgage and financial planning. First Community also […]
ICBA selects fintechs for latest accelerator platform
The Independent Community Bankers of America has selected six companies to participate in its first ICBA ThinkTECH Accelerator program of 2024. The ICBA said in a press release that the program will focus on fintechs that handle analytics, automation and compliance. The companies will participate in a 10-week program that begins on Jan. 8. The […]
CB Financial in Pa. latest bank to reposition securities holdings
CB Financial Services in Washington, Pa., has repositioned its securities portfolio. The $1.4 billion-asset company said in a press release that it sold $79.4 million of securities at an after-tax loss of $8 million. The bank bought $69.3 million of higher-yielding mortgage-backed securities and collateralized mortgage obligations issued by U.S government-sponsored agencies. The moves should […]
Heartland in Neb. applies to buy State Bank of Odell
Heartland Bank in Geneva, Neb., has agreed to buy State Bank of Odell in Nebraska. The $807 million-asset Heartland filed its applications to acquire the $32 million-asset State Bank on Dec. 11. The deal is expected to close in the first quarter; the price wasn’t disclosed. “We are excited to have the opportunity to expand […]
First Busey sells Visa shares, sells AFS securities
First Busey in Champaign, Ill., used the sale of Visa Class B shares to offset the costs of a balance sheet restructuring. The $12.3 billion-asset company disclosed in a regulatory filing that it sold $110 million of available-for-sale securities with a 1.56% yield at a $5.3 million pretax loss. Proceeds were deposited into an […]
Ncontracts buys governance-focused Quantivate
Ncontracts, a Brentwood, Tenn., software-as-a-service company, has acquired Quantivate, a Washington-based provider of governance and compliance solutions for banks. The price wasn’t disclosed. “We are thrilled to join forces with the Quantivate team,” Michael Berman, Ncontracts’ CEO, said in a press release. “Both companies share a commitment to helping financial institutions reduce risk, improve compliance, and […]
Orrstown Financial to buy Codorus Valley Bancorp in Pa.
Orrstown Financial Services in Shippensburg, Pa., has agreed to buy Codorus Valley Bancorp in York, Pa. The $3.1 billion-asset Orrstown said in a press release that it will pay $207 million in stock for the $2.2 billion-asset Codorus Valley. The deal is expected to close in the third quarter. Orrstown shareholders will own 56% of […]
Horizon in Ind. sells large batch of AFS securities
Horizon Bancorp in Michigan City, Ind., repositioned its balance sheet. The $8 billion-asset company said in a press release that it sold $382.7 million of available-for-sale securities at a $31.6 million pretax loss. The company also surrendered $112.8 million in bank-owned life insurance. Horizon said it plans to redeploy the proceeds during the first half […]
Axos Financial buys large CRE loan portfolio from FDIC
Axos Financial in Las Vegas bought two commercial real estate loan portfolios from the Federal Deposit Insurance Corp. The $20.8 billion-asset company said in a press release that it paid cash for nearly $1.3 billion of performing loans that were previously held by the failed Signature Bank at a purchase price equal to about 63% […]
FVCBankcorp in Va. restructures its balance sheet
FVCBankcorp in Fairfax, Va., has restructured its balance sheet. The $2.3 billion-asset said in a regulatory filing that it sold $61.4 million of securities at an $8.5 million after-tax loss. The company plans to initially hold the proceeds in its cash accounts with the Federal Reserve before paying down high-cost funding and funding new loan […]
Veritex in Dallas selling minority stake in mortgage company
Veritex Holdings in Dallas has agreed to sell its minority stake in a mortgage company. The $12.3 billion-asset company disclosed in a regulatory filing that it will sell its 49% stake in Thrive Mortgage to Lower Holding Co. Veritex will buy a roughly 12.5% equity interest in Lower Holding. The transactions are expected to close […]
Discover hires TD Bank Group exec as next CEO
Discover Financial Services in Riverwoods, Ill., has hired a former executive at TD Bank Group as its next CEO. The $143 billion-asset company said in a press release that Michael Rhodes will step into the role by March 6. Rhodes, who will join the board, will succeed interim CEO John Owen, who took over in […]
First United in Md. to close four branches
First United in Oakland, Md., plans to close four branches in February. The $1.9 billion-asset company disclosed in a regulatory filing that two branches are in Maryland – Frederick and Cumberland – and the others are in West Virginia – Bridgeport and Morgantown. First United expects to incur $1.3 million of one-time charges tied to […]
Proposed Mo. devo to raise $25M, open three branches
Organizers of a proposed bank in Carthage, Mo., plan to raise $25 million of initial capital. Four States Bank would start with three branches – two in Carthage and one in nearby Joplin, Mo., according to organizers’ application with the Federal Deposit Insurance Corp. The bank would have 11 directors: Gary Metzger, Jeffrey Williams, Carter […]
1895 Bancorp of Wisconsin sells more AFS securities at loss
A second balance sheet restructuring has taken place at 1895 Bancorp of Wisconsin in Greenfield. The $553 million-asset company said in a press release that it sold $28.1 million of lower-yielding investment securities for a $2.7 million pretax loss. The proceeds were redeployed into about $28.7 million of U.S. government-sponsored mortgage-backed securities. The move should […]
Former KeyCorp CFO joins board at Atlantic Union in Virginia
Atlantic Union Bankshares in Richmond, Va., has added a former chief financial officer at KeyCorp to its board. The $21 billion-asset company disclosed in a regulatory filing that Donald Kimble was one of three new directors. Atlantic Union expanded its board to 14 directors to accommodate the additions. Kimble was also Key’s vice chairman when […]