Liberty Bank in Conn. debuts digital-only division
Liberty Bank in Middletown, Conn., has launched a digital-only bank. The $7 billion-asset bank said in a press release that Owners Bank debuted on Monday. Owners will focus primarily on small business owners. The digital bank will be initially available to customers in Connecticut, Massachusetts, Pennsylvania and Rhode Island prior to a national rollout. Liberty […]
BancFirst to buy Okla. branch from RCB Bank
BancFirst in Oklahoma City plans to buy a branch from RCB Bank in Claremore, Okla. The $12.4 billion-asset BancFirst applied with the Federal Deposit Insurance Corp. to buy the branch, located in Stroud, Okla., according to a legal notice tied to the application. The branch had $15 million of deposits in mid-2022, according to FDIC […]
Pinnacle gained $200M in deposits from failed banks
Pinnacle Financial Partners in Nashville, Tenn., was able to play offense and defense in the wake of two high-profile bank failures last month. The $45 billion-asset Pinnacle identified about $200 million of new deposits that came from Silicon Valley Bank and Signature Bank, Terry Turner, the company’s president and CEO, said during a conference call […]
Goldman open to selling GreenSky fintech business
Goldman Sachs Group in New York could look to sell GreenSky, a fintech it bought about year ago for more than $2.2 billion. While GreenSky, which lends to homeowners through home improvement contractors, is a “good business” that is “performing well with first-quarter originations,” Goldman CEO David Solomon said the business might not fit well […]
First Horizon unable to provide clarity on pending sale
First Horizon in Memphis, Tenn., is being tight-lipped about the status of its pending sale to TD Bank. The $81 billion-asset company said in its earnings release that the $13.4 billion deal is unlikely to secure regulatory approval before an already adjusted May 27 deadline. The release stated that TD “cannot provide a new projected […]
Nicolet reports loss after repositioning balance sheet
Nicolet Bankshares in Green Bay, Wis., reported a quarterly loss after repositioning its balance sheet. The $8.2 billion-asset company said in a press release that it lost $9 million in the first quarter, a reversal of the $24 million profit it reported a year earlier. Nicolet said it sold U.S. Treasury held-to-maturity securities with a […]
ICBA names six fintechs for latest accelerator
The Independent Community Bankers of America has identified six fintechs to join its latest cohort. The latest ThinkTECH Accelerator program will begin on April 24. It is the first of two accelerators planned this year as the ICBA shifts to year-round programming. Three fintechs are focused on deposit-based products and services. CNote helps banks invest […]
AmeriServ profit falls due to hit from Signature sub debt
AmeriServ Financial in Johnstown, Pa., reported lower net income after absorbing a $926,000 hit from a subordinated debt investment in the failed Signature Bank. The $1.3 billion-asset AmeriServ said in a press release that its first-quarter net income fell by 37% from a year earlier, to $1.5 million. A big reason for the […]
CCFNB in Pa. to buy Muncy Bank Financial
CCFNB Bancorp in Bloomsburg, Pa., has agreed to buy Muncy Bank Financial in Muncy, Pa. The $944 million-asset parent of First Columbia Bank & Trust said in a press release that it will pay $65.6 million in stock for the $633 million-asset Muncy. The deal is expected to close in the fourth quarter. The renamed […]
Apple savings account raises stakes for deposit gathering
Apple debuted a savings account for its Apple Card users that offers a 4.15% annual rate. The technology giant said in press release that the savings account from Goldman Sachs offers rates that it more than 10 time the national average, based on data from the Federal Deposit Insurance Corp. Goldman Sachs, in comparison, offers […]
SBA set to expand SBLC participation in 7(a) lending
The Small Business Administration is set to end a 41-year moratorium limiting how many nondepository lenders from participating in the agency’s 7(a) loan guarantee program. The SBA said the moratorium, which restricted 7(a) participation to 14 small-business lending companies (SBLCs), will be lifted on May 12. Three SBLCs are set to join existing lenders. Banking […]
Avenu BaaS platform to launch in late April
MainStreet Bankshares in Fairfax, Va., said its Banking-as-a-Service (BaaS) platform should launch at the end of this month. The $2.1 billion-asset company said in a press release that Avenu should debut on April 30. MainStreet said it is making a final push to strengthen its cyber architecture and implement a debit card for funding. Three […]
Fed Gov. Bowman: ‘Viable’ de novo pipeline needed
Regulators should rethink their approach to de novo bank activity, Federal Reserve Gov. Michelle Bowman said in a Friday speech. Bowman, who chairs the Fed Board of Governors’ subcommittee on smaller regional and community banks, said the upfront capital requirements – which require organizers to raise capital to meet forward-looking projections of a bank’s future […]
Capital Bancorp in Md. taps insider as next bank president
Capital Bancorp in Rockville, Md., has a new bank president. The $2.1 billion-asset company said in a regulatory filing that Steve Poynot, chief operating officer of Capital Bank, will take on the added role on Monday. Poynot will be responsible for commercial banking production, along with the bank’s credit and operations. Poynot will succeed Scot […]
Mary Mack to retire from Wells Fargo
Wells Fargo in San Francisco said that veteran executive Mary Mack is retiring. The $1.9 trillion-asset company said in a press release that Mack will step down as CEO of consumer and small business banking on May 15. She will be succeeded by Saul Van Beurden, the company’s head of technology. Tracy Kerrins, head of […]
Minnesota Credit Union Network names new CEO
The Minnesota Credit Union Network has lined up its next CEO. The St. Paul, Minn., association said in a press release that Mara Humphrey will also become its president at the end of April. Humphrey, who holds the association’s chief advocacy position, will succeed Mark Cummins, who announced his intention to retire last summer. Cummins […]
Fintech Altruist raises $112M in latest funding round
Altruist, a fintech custodian for registered investment advisers, has raised $112 million in a funding round led by Insight Partners and Adams Street. The company, which recently announced plans to buy Shareholder Services Group and the launch of its self-clearing custodian, said in a press release that the Series D round brought its total […]
U.S. Bancorp shifting duties amid high-profile retirements
U.S. Bancorp in Minneapolis is shifting some executive responsibilities. The $675 billion-asset company said in a press release that Kate Quinn, its vice chair and chief administrative officer, and Jim Kelligrew, vice chair of corporate and commercial banking, will retire on June 30. Quinn, 58, has been with the company for 10 years, while Kelligrew, […]
Huntington in Ohio sells retirement planning service
Huntington Bancshares in Columbus, Ohio, has sold its retirement planning service business. The $182.9 billion-asset company disclosed in a regulatory filing that it sold the business to OneDigial Investment Advisors, a registered investment adviser, on March 31. The business handles about 1,200 plans and $5.6 billion in retirement plan assets under management. Huntington said it […]
Walmart aims to end Capital One card relationship
Walmart wants to end its credit card relationship with Capital One Financial in McLean, Va. Capital One disclosed in a regulatory filing that the giant retailer filed a lawsuit in the Southern District of New York in an effort to terminate their private label and cobranded card programs. The lawsuit, filed on April […]
F&M in Va. names new president, CEO
F&M Bank in Timberville, Va., has new leadership. The $1.3 billion-asset company said in a press release that Mike Wilkerson had become its CEO and that Barton Black was named president. They succeeded Mark Hanna, who is leaving the company and stepping down from its board. Wilkerson previously served as chief lending officer and chief […]
CoastalSouth in SC completes $9M private placement
CoastalSouth Bancshares in Hilton Head, S.C., has raised $9 million through a private placement of common stock. The $2 billion-asset company said in a press release that it will use the net proceeds for a range of purposes that could include continued growth and maintaining bank-level regulatory capital ratios. The company did not disclose the […]
How First Miami found a buyer in United Community
First Miami Bancorp in South Miami, Fla., considered four offers before deciding to negotiate with United Community Banks in Greenville, S.C. The $24 billion-asset United agreed in February to buy the $1 billion-asset First Miami for $115.9 million in stock. First Miami initially considered finding a merger partner in early 2020 but put that effort […]
Former Boston Fed CEO joins Berkshire’s board
Berkshire Hills Bancorp in Boston has added a former Federal Reserve official to its board. The $11.7 billion-asset company said in a press release that Eric Rosengren also joined its bank’s board on April 5. He joined the board’s risk management, capital and compliance and audit committees. Rosengren was president and CEO of the Boston […]
First Republic suspends some preferred stock dividends
First Republic Bank in San Francisco has suspended payment of quarterly cash dividends on its outstanding noncumulative perpetual preferred stock. The $213 billion-asset bank said in a press release that it decided to pause the payments “as a measure of prudent oversight.” Tim Coffey, an analyst at Janney Montgomery Scott, wrote in a note to […]