Hawthorn in Mo. hires its next CEO
Hawthorn Bancshares in Jefferson City, Mo., will soon have a new CEO. The $1.9 billion-asset company said in a press release that Brent Giles will also become CEO of its bank on May 1. Giles previously served as president and CEO of Blue Valley Bank. Gregg Bexten, regional president of the bank’s central region, will […]
Illinois, Ohio mutuals converting to stock-owned status
Mutuals in Illinois and Ohio plan to raise up to $27.7 million by converting to stock-owned companies. PFS Bancorp in Peru, Ill., plans to raise up to $16.9 million in net proceeds from the conversion of Peru Federal Savings Bank. PFS is looking to sell 1.4 million to 1.8 million shares at $10 each. […]
HarborOne eliminates jobs as part of cost-cutting push
HarborOne Bancorp in Brockton, Mass., cut jobs in its mortgage division and will close a branch as part of a broader cost-cutting initiative. The $5.6 billion-asset company said in a press release that the layoffs in its HarborOne Mortgage business will save it $1.2 million annually. Layoffs elsewhere will save another $2.9 million a year. […]
First Internet’s 1Q loss reflects mortgage exit, C&I writedown
First Internet Bancorp in Fishers, Ind., reported a net loss in the first quarter after shutting down its mortgage operations and partially charging off a commercial participation loan. The $4.7 billion-asset company lost $1.3 million, a reversal from the $11.2 million it earned a year earlier. The results included $3 million in costs tied to […]
First Interstate sold securities in 1Q for $23M loss
First Interstate BancSystem in Billings, Mont., absorbed a large hit from selling securities in the first quarter. The $31.6 billion-asset company said in a press release that its earnings fell 34% from a quarter earlier, to $56.3 million. The company lost $33.4 million a year earlier. First Interstate recorded $23.4 million in losses after selling […]
Prosperity’s 1Q deposits fell 13% from year earlier
Prosperity Bancshares in Houston reported a sharp decline in deposits during the first quarter that it attributed to public funds. The $37.8 billion-asset company said in a press release that deposits fell by 5.4% from the fourth quarter and 13.1% from a year earlier, to $27 billion. Prosperity said the total reflected a decline in […]
PacWest reports 1Q loss, plans 20% asset reduction
PacWest Bancorp in Los Angeles reported a quarterly loss that reflected a goodwill impairment charge and expenses tied to an efficiency effort. The $44.3 billion-asset company also announced plans to reduce its asset size by roughly 20% by selling loans and planned portfolio reductions. The effort comes after PacWest’s deposits fell by nearly 17% in […]
Lake Shore in New York hires new CEO
Lake Shore Bancorp in Dunkirk, N.Y., has a new CEO. The $700 million-asset company said in a press release that Kim Liddell was also named president and joined its board. He recently served as chairman, president and CEO of Delmarva Bancshares. Liddell also serves on the board of BV Financial. “We are extremely pleased to welcome Kim to […]
BankUnited deposits fell 6.5% in first quarter
BankUnited in Miami Lakes, Fla., lost $1.8 billion of deposits in the week after the failures of Silicon Valley Bank and Signature Bank. The $37.2 billion-asset bank said in a press release that it gained $245 million of deposits over the last two weeks of March. Still, total deposits fell by 6.5% in the first […]
Securities sales, legal reserve cut into Atlantic Union profit
Atlantic Union Bankshares in Richmond, Va., said a series of balance sheet moves, a legal reserve and a higher loan-loss provision cut into quarterly profit. The $21 billion-asset company’s first-quarter net income available for shareholders fell by 19.7% from a year earlier, to $32.7 million. Atlantic Union said that it sold $505.7 million of securities […]
Peoples in Ohio increased profit despite securities sales
Peoples Bancorp in Marietta, Ohio, reported improved quarterly profit despite repositioning its balance sheet and recording a loan-loss provision. The $7.3 billion-asset company said in a press release that first-quarter net income rose 13% from a year earlier, to $26.6 million. Peoples sold $96.7 million of lower-yielding securities at an after-tax loss of $1.6 million. The […]
Three community banks complete private placements
Three community banks completed private placements of common stock that collectively brought in nearly $45 million of capital. Iron Bancshares in Salisbury, Conn.; Thread Bancorp in Rogersville, Tenn.; and First Capital Bancshares in Charleston, S.C., raised capital between April 11 and April 14, according to data compiled by Performance Trust Capital Partners. The $417 million-asset […]
NBT in N.Y. wrote off sub debt investment in failed bank
NBT Bancorp in Norwich, N.Y., reported lower quarterly net income after writing off a $5 million investment in a failed bank. The $11.8 billion-asset company said in a press release that it had invested in subordinated debt for the failed institution, which it did not name. AmeriServ Financial recently disclosed that it wrote off sub […]
First Republic to cut more than a fifth of its workforce
First Republic Bank in San Francisco plans to cut 20% to 25% of its workforce. The $233 billion-asset bank said in a press release the cuts will occur in the second quarter. Other cost-cutting moves will include “significant reductions” to executive compensation, condensing corporate office space and reducing nonessential projects and activities. First Republic also […]
Tribal-owned bank in Oklahoma changes its name
First National Bank and Trust in Shawnee, Okla., is getting closer to rebranding as Sovereign Bank. While the $815 million-asset tribal-owned bank began the process on Feb. 1, signage is set to change in the coming weeks. The bank is owned by the Citizen Potawatomi Nation. The bank also updated its logo which includes the […]
Bank of Marin deposits fell 9% in first quarter
Bank of Marin Bancorp in Novato, Calif., lost $204 million of deposits over the final weeks of March. The $4.1 billion-asset company said in a press release that the outflows occurred between March 10, when Silicon Valley Bank failed, and March 31. Overall, deposits fell by 9% in the first quarter from the end of […]
Middlefield in Ohio discloses cyberattack
Middlefield Banc Corp. in Middlefield, Ohio, was the victim of a recent cyberattack. The $1.7 billion-asset Middlefield disclosed in a regulatory filing that the attack occurred on April 12 and resulted in a disruption to its bank’s computer systems. “The bank took immediate action to remediate the security vulnerability,” the filing said. Middlefield also hired a […]
Greg Becker resigns as SVB Financial CEO
Greg Becker has resigned as CEO of SVB Financial Group in Santa Clara, Calif. The company disclosed in a regulatory filing that Becker, who had been its CEO, stepped down on Wednesday. He also resigned from SVB’s board. SVB also disclosed the Daniel Beck had resigned as chief financial officer. Becker entered into an agreement […]
Home in Ark. keen on failed banks, lukewarm on other deals
Though unsuccessful in an effort to buy Silicon Valley Bank and Signature Bank, Johnny Allison is still interested in bidding on other failed banks. Allison, president and CEO of Home BancShares in Conway, Ark., confirmed that the $22.5 billion-asset company vied for the failed banks but fell short to New York Community Bancorp and First […]
CrossFirst expanding in Ariz. with Canyon purchase
CrossFirst Bankshares in Leawood, Kan., has agreed to buy Canyon Bancorp. in Tucson, Ariz. The $6.9 billion-asset CrossFirst said in a press release that it will pay $15.1 million in cash and stock for the parent of the $198 million-asset Canyon Community Bank. The deal is expected to close in the second half of this […]
FVCBankcorp’s lower 1Q profit reflects securities sales
FVCBankcorp in Fairfax, Va., reported lower earnings that reflected balance sheet repositioning and a loss tied to its investment in a mortgage lender. The $2.4 billion-asset company said in a press release that its first-quarter net income fell by 91% from a year earlier, to $621,000. FVCBankcorp had an after-tax loss of $3.6 million tied […]
Western Alliance: Lessons learned from deposit exodus
Western Alliance Bancorp. in Phoenix is looking to sell loans and rebuild its deposit base as part of a plan to increase liquidity and get its Tier 1 capital ratio back to 11%. Loans held for sale at the $71 billion-asset company rose from $1.2 billion at yearend to $7 billion on March 31. Its […]
Comerica sheds more light on 1Q deposit outflows
Comerica in Dallas provided more details on the deposit outflows that took place during the first quarter. The $91.1 billion-asset company said in a press release that deposits fell by $3.7 billion, or 5.2%, between March 9 and March 31. The decrease reflected “diversification efforts by customers with excess balances significantly above those of the […]
NBH Bank in Colo. buys StoneCastle deposit platform
National Bank Holdings in Denver has bought a deposit acquisition and processing platform from StoneCastle Partners. The $9.9 billion-asset banking company did not disclose how much it paid for StoneCastle Digital Solutions, which operates as Cambr. Cambr, which handles accounts for embedded finance companies, administers about $1.7 billion of deposits comprising more than 500,000 FDIC-insured […]
Securities sales cut into profit at F&M in Ohio
Farmers & Merchants Bancorp in Archibold, Ohio, reported lower quarterly earnings that reflected higher noninterest expenses and a decision to sell securities at a loss. The $3.1 billion-asset company said in a press release that its first-quarter net income fell by 20% from a year earlier, to $6.5 million. Farmers & Merchants said it sold […]