Margin pressure, securities loss weigh down Banner’s 4Q profit
Banner Corp. in Walla Walla, Wash., reported lower quarterly profit that reflected balance sheet pressure and a securities loss. The $15.7 billion-asset company said in a press release that its fourth-quarter net income fell by 22% from a year earlier, to $42.6 million. Net interest income decreased by 13% to $138.4 million after the net […]
Patriot Bank in Tenn. to pay $1.9M to settle redlining claims
Patriot Bank in Millington, Tenn., will pay $1.9 million to settle a redlining probe. The Justice Department said in a press release that, under a proposed consent order, the $459.4 million-asset bank will invest at least $1.3 million in a loan subsidy fund to increase mortgages, refinances and home improvement loans in majority-Black and Hispanic […]
OCC seeks C&D order against Texas banks for securities strategy
The Office of the Comptroller of the Currency is looking to crack down on a bank holding company that is dealing with underwater securities. The agency said it is seeking cease-and-desist orders against three units of Industry Bancshares in Industry, Texas – First National Bank of Shiner, Bank of Brenham and First National Bank of […]
Citizens Bank in Miss. completes sale-leaseback transaction
Citizens Bank in Philadelphia, Miss., completed a sale-leaseback transaction involving three branches. The $1.4 billion-asset bank sold the locations for $10.8 million to MountainSeed, the buyer said in a press release. Citizens agreed to lease the branches for an initial 15-year term. The other lease terms were not disclosed. “Through the sale-leaseback … the bank […]
F.N.B. profit hampered by balance sheet moves, FDIC assessment
F.N.B. in Pittsburgh reported a decline in quarterly earnings after it sold underwater securities, set the stage for selling indirect auto loans and paid a special assessment to the Federal Deposit Insurance Corp. The $46 billion-asset company said in a press release that its fourth-quarter profit fell by 65% from a year earlier, to $48.7 […]
Indiana’s 1st Source sells AFS securities at a loss
Another banking company has shed underwater securities. The latest announcement comes from 1st Source in South Bend, Ind., which sold $40 million of available-for-sale securities in the fourth quarter at a roughly $2.9 million loss. Proceeds were used to buy about $40 million of higher-yielding securities. Separately, the $8.7 billion-asset 1st Source said it opened […]
Newly formed CU trade group to cut 80-plus jobs
The newly created America’s Credit Unions plan to lay off 25% to 30% of its workforce, or roughly 80 positions. The trade association, formed by the Jan. 1 merger of Credit Union National Association and the National Association of Federally-Insured Credit Unions, disclosed in a WARN Notice that it notified “potentially affected workers” on Jan. […]
David Stevens, retired MBA leader, dies unexpectedly
David Stevens, who led the Mortgage Bankers Association for seven years, has died. Stevens, 66, died unexpectedly, the MBA said in a statement. Stevens once battled cancer, but said he was in remission when he retired from the trade group in 2018. “To those who worked with him at MBA, Dave is remembered as a […]
Truist reports 4Q loss on lower revenue, goodwill impairment
Truist Financial in Charlotte, N.C., reported a quarterly loss that reflected lower revenue, a goodwill impairment charge, a special assessment from the Federal Deposit Insurance Corp. and restructuring costs. The $535 billion-asset company said in a press release that it lost $5.2 billion in the fourth quarter. Revenue fell by 8% from a year earlier, […]
Princeton Bancorp in NJ to buy Cornerstone Financial
Princeton Bancorp in New Jersey, which once tried to sell itself, is again a buyer. The $2 billion-asset company said in a press release that it has agreed to buy the $321 million-asset Cornerstone Financial in Mount Laurel, N.J., for $17.9 million, subject to adjustment. The all-stock deal, which is expected to close in the […]
Special assessment, severance costs cut into Citizens’ earnings
Citizens Financial Group in Providence, R.I., reported a sharp decline in quarterly earnings that reflected its special assessment from the Federal Deposit Insurance Corp. and charges tied to cutting 650 jobs. The $222 billion-asset company said in a press release that its fourth-quarter earnings fell by 71% from a year earlier, to $189 million. The […]
Kentucky First Federal indefinitely suspends quarterly dividend
Kentucky First Federal Bancorp in Hazard indefinitely suspended its quarterly dividend. The $357 million-asset company said in a press release that lower earnings tied to higher interest rates and “a persistent inversion of the yield curve” have limited its banks’ ability to maintain enough liquidity to fund operations and loan growth and upstream sufficient […]
Centra CU and Hoosier Hills CU in Indiana announce merger
Centra Credit Union in Columbus, Ind., and Hoosier Hills Credit Union in Bedford, Ind., are planning to merge. The $2.1 billion-asset Centra and the $900 million-asset Hoosier Hills expect to complete their merger by July 1. “The larger organization will be more nimble, proactive and better able to introduce products and technological advances to meet […]
Doctor-focused Panacea Financial raises $24.5 million
Panacea Financial, a fintech division of Primis Financial in McLean, Va., raised $24.5 million in Series B funding. The fintech, which was formed in November 2020 and serves doctors and medical practices, said in a press release that Valar Ventures was the sole institutional investor in the round. The funding will allow Panacea to expand […]
CFPB proposes new system for determining overdraft fees
The Consumer Financial Protection Bureau has proposed a rule that would limit overdraft charges at large U.S. banks and credit unions. The proposal, which must go through a comment period, would replace the traditional $35 overdraft fee with a set of options for setting a lower fee. Banks could charge a breakeven fee based on […]
Restructuring costs, FDIC assessment weight down Fulton results
Fulton Financial in Lancaster, Pa., reported lower quarterly earnings that reflected restructuring costs and a special assessment from the Federal Deposit Insurance Corp. The $27.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 1% from a year earlier, to $274 million. The quarter included $3.2 million of restructuring expenses, mostly […]
First Bancshares in Miss. sells securities, repays Fed borrowings
First Bancshares in Hattiesburg, Miss., joined the growing list of banks repositioning securities during the fourth quarter. The $7.9 billion-asset company said in a press release that it sold $123 million of available-for-sale securities at a pretax loss of $9.7 million. It reinvested $93 million of the proceeds in higher-yielding securities and repaid $30 million […]
BankFirst in Wis. pulls lever to offset securities losses, other charges
BankFirst in Manitowoc, Wis., reported a significant increase in net income after the sale of a minority stake in a tech services company offset one-time losses elsewhere. The $4.2 billion-asset company said in a press release that its fourth-quarter profit nearly tripled that of a year earlier, to $34.9 million. The results were largely due […]
Banks in Michigan, Ohio, NY completes private placements
Banks in Michigan, Ohio and New York completed private placements of common stock. Bank Michigan Financial in Brooklyn sold $4.1 million of stock on Jan. 3, according to a regulatory filing. The $119 million-asset bank disclosed that the minimum purchase was $25,000. Grasshopper Bancorp in New York raised $10 million, based on data compiled by […]
Amerant in Fla. discloses long list of 4Q expenses, charges
Amerant Bancorp in Coral Gables, Fla., has agreed to sell $401 million of multifamily loans at a loss. The $9.3 billion-asset company disclosed in a regulatory filing that it will sell the Houston-based loans to an affiliate of Prime Finance Advisor at a $23 million after-tax loss. The portfolio was classified as held-for-sale on Dec. […]
FirstSun in Denver to buy HomeStreet in Seattle for $286M
FirstSun Capital Bancorp in Denver has agreed to buy HomeStreet in Seattle. The $7.8 billion-asset FirstSun said in a press release that it will pay $286 million in stock for the $9.5 billion-asset HomeStreet. The deal, which is expected to close in mid-2024, priced HomeStreet at 56% of its tangible book value. FirstSun also agreed […]
Ally Financial decides on interim CEO while it conducts search
Ally Financial in Detroit has an interim CEO. The company said in a press release that Douglas Timmerman will take over for Jeffrey Brown on Feb. 1. Timmerman is president of dealer financial services. “Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally,” Franklin […]
Fiserv applies for limited purpose bank charter in Georgia
Payment processor Fiserv is trying to become the first company to obtain a merchant acquirer limited purpose bank charter in Georgia. The move would allow Fiserv to authorize, settle and clear payment transactions for merchants. Doing so would let the Brookfield, Wis., company, which typically uses bank partners as part of payment processing, control the […]
Forward Bank in Wis. applies to buy Lake City in Minn.
Forward Bank in Marshfield, Wis., has agreed to buy Lake City Federal Bank in Lake City, Minn. The $964 million-asset Forward recently submitted its applications with regulators. It plans to complete its purchase of the $76 million-asset Lake City in the second quarter. The financial terms weren’t disclosed. “Our banks will work closely to ensure […]
Stablecoin issuer Circle files paperwork for IPO
Stablecoin issuer Circle has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering. The company, which issues USDC, disclosed the filing on Thursday. The amount Circle plans to raise, along with the number of shares it wants to sell, were not disclosed. The SEC must first review the paperwork. Circle […]