Farmers Bank applies to buy Nelsonville H&S in Ohio
Farmers Bank and Savings in Pomeroy, Ohio, has applied to acquire Nelsonville Home and Savings in Nelsonville, Ohio. The $394 million-asset Farmers Bank submitted its application to the Federal Deposit Insurance Corp. to buy the $35.6 million-asset Nelsonville Home and Savings. The banks also filed a legal notice with the Athens Messenger. Comments are due […]
Organizers planning de novo bank in Florida
Organizers are looking to form a de novo bank in Ocala, Fla. A group filed an application for deposit insurance with the Federal Deposit Insurance Corp. for Gala Bank. A public notice sent to the Ocala StarBanner lists 13 organizers: Dennis Baxley, Larry Cheshire, Digvijay Gaekwad, William Gaston III, Roger McKellar, Matthew Gray, Richelle Pace, […]
Western Alliance says deposit balances have stabilized
Western Alliance Bancorp. in Phoenix said that deposit balances have stabilized in the past two weeks. The $65 billion-asset company said in a press release that it had “elevated net deposit outflows” in the wake of the failures of Silicon Valley Bank and Signature Bank. Most of those outflows came from its technology and innovation […]
NuMark CU agrees to buy Pioneer State in Illinois
NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $637 million-asset NuMark said in a press release that it will buy substantially all of the $122 million-asset bank’s assets and liabilities from NBE Bancshares in a cash transaction. The price wasn’t disclosed. The deal is expected to […]
Webster taps former Sterling exec as bank president
Webster Financial in Stamford, Conn., has a new bank president. The $71.3 billion-asset company said in a press release that Luis Massiani had accepted the post. He will remain chief operating officer. Massiani joined Webster following its January merger with Sterling Bancorp, where he was bank president and chief operating officer. Massiani succeeded John Ciulla, […]
BHB Fund makes first fintech investment
The Bankers Helping Bankers Fund has made its first investment, committing funds to RiskScout, a regtech company that specializes in compliance automation. RiskScout said in a press release that it plans to use the funds to accelerate growth, expand its products and invest in partnerships to better serve community banks. The amount of the investment and the […]
Frank founder charged with fraud tied to fintech’s sale to Chase
The founder of Frank faces four criminal charges from the Department of Justice tied to claims of “falsely and dramatically inflating” the fintech’s client numbers prior to its 2021 sale to JPMorgan Chase for $175 million. The DoJ said in a press release that Charlie Javice was arrested on Monday. The release said Javice, Frank’s […]
South Plains Financial sells insurance agency
South Plains Financial in Lubbock, Texas, sold its insurance agency to Alliant Insurance Services. The $3.9 billion-asset South Financial said in a press release that it sold Windmark Insurance Agency on April 1. The price wasn’t disclosed. “Windmark has been a terrific business for us since its inception in 1997,” Curtis Griffith, South Plains’ chairman […]
Deposits rebounding at small, midsize banks
Deposits at small and midsize U.S. banks are inching back up. Excluding the nation’s 25 biggest banks, deposits rose roughly $5.9 billion on a seasonally adjusted basis during the week that ended March 22, according to data collected by the Federal Reserve. That represents a 0.1% increase from the prior week. Deposits had fallen by […]
FDIC to sell big Signature loan book this summer
The Federal Deposit Insurance Corp. will look to sell about $60 billion of former Signature Bank loans this summer. The agency said in a press release that the portfolio largely consists of commercial real estate loans, commercial loans and a smaller pool of mortgages. The CRE loans include a concentration of multifamily properties, mostly located […]
SoFi buys fintech mortgage company
SoFi Technologies in San Francisco has bought Wyndham Capital Mortgage. SoFi said in a press release that it paid cash for the fintech mortgage company. The price wasn’t disclosed. The deal is expected to be accretive within six months. SoFi said the acquisition will allow it to broaden its suite of mortgage products, enhance unit […]
Montana credit union group hires new CEO
Montana’s Credit Unions has its next CEO lined up. The association said in a press release that Gerry Singleton will also become its president. He will succeed Tracie Kenyon, who has led the association for nearly 22 years. Singleton has spent almost 25 years as the vice president of credit union system relations at CUNA […]
HBT in Illinois selects insider as next CEO
HBT Financial in Bloomington, Ill., has set the stage for its next CEO. The $4.3 billion-asset company said in a press release that J. Lance Carter will also become its president on May 24. Carter, president and CEO of HBT’s bank, will succeed Fred Drake. Drake will remain chairman of HBT and its bank. “In […]
BaaS fintech raises funds from bank-led investor group
Infinant, a Charlotte, N.C., fintech, has raised capital in a financing round involving FINTOP Capital and JAM FINTOP BankTech. Infinant said the funding will accelerate the product expansion and deployment of Interlace, a cloud-based platform that lets banks launch, scale and control Banking-as-a-Service (BaaS) and embedded programs. The amount of funding wasn’t disclosed. “Financial institutions […]
Why ICBA is making changes to its fintech accelerator
The Independent Community Bankers of America’s decision to bring its fintech accelerator in-house should expedite bringing products to member banks and allow for integrating relationships with established partners. The ICBA last year announced a plan to move its ThinkTECH Accelerator from Little Rock, Ark., to Atlanta. The accelerator also hired Stephanie Foster, former chief administration […]
Republic First CEO: We are NOT First Republic Bank
Republic First Bancorp in Philadelphia is looking to address confusion over its name and that of First Republic Bank, which has been under stress since the failures of two other regional banks. Thomas Geisel, the $5.6 billion-asset Republic First’s president and CEO, posted a letter on the company’s website in an effort to draw a […]
FDIC exercises rights tied to First Citizens, NY Community
The Federal Deposit Insurance Corp. has exercised its equity appreciation rights tied to common stock in First Citizens BancShares and New York Community Bancorp. First Citizens disclosed in a regulatory filing that the FDIC on Tuesday exercised its right to a payment of $500 million. An FDIC representative told Reuters that it also exercised its […]
Activist investor withdraws director nominees at Va. bank
An activist investor has backed off a plan to nominate two directors to run for board seats at National Bankshares in Blacksburg, Va. The $1.7 billion-asset company said in a press release that Driver Management had withdrawn its nominees. The company said it did not make any concessions, nor did it negotiate any settlement with […]
First Carolina hires banking vet to oversee fintech push
First Carolina Bank in Rocky Mount, N.C., has hired an executive from Pinnacle Financial Partners to oversee its fintech strategy. The $2.1 billion-asset bank said in a press release that it had named Pat Pritchard to serve as managing director of fintech and digital banking. First Carolina said Pritchard’s initial focus will be on the […]
White House wants to exempt small banks from special assessment
The White House is encouraging the Federal Deposit Insurance Corp. to exempt community banks from a special assessment tied to the failure of two regional banks. The FDIC is weighing options for replenishing an estimated $23 billion hit to the Deposit Insurance Fund, and current law requires the agency to level a special assessment on […]
CFBP issues rule on small-business loan reporting
The Consumer Financial Protection Bureau issued a rule that would require lenders to report data on small-business lending. The long-awaited rule, part of a mandate in the Dodd-Frank Act designed to address discrimination, will require lenders beginning next year to collect data on the approval and denial of small-business applications. Lenders will also have to […]
Wells fined $98M for lax sanctions compliance risk oversight
The Federal Reserve and Treasury Department have fined Wells Fargo in San Francisco a total of $97.8 million for unsafe and unsound practices tied to “historical inadequate oversight of sanctions compliance risks.” The Fed said in a press release that it fined the company $67.8 million. Wells was hit with a separate $30 million fine […]
CEO of SkyPoint FCU in Maryland retiring
SkyPoint Federal Credit Union in Germantown, Md., said its CEO is retiring. The $210 million-asset credit union said in a press release that Jim Norris will also retire as president. SkyPoint didn’t identify his successor. Norris has been SkyPoint’s leader for the past 12 years. He spearheaded a rebranding from Montgomery County Employees FCU in […]
First Financial in N.D. to buy Harwood State Bank
First Financial in Arthur, N.D., has agreed to buy HSB Financial in Harwood, N.D. The parent of the $515 million-asset BankNorth did not disclose the price it will pay for the parent of the $47 million-asset Harwood State Bank. The deal is expected to close this summer. “This purchase will be a great fit for […]
Patriot National in Conn. names new bank CEO
Patriot National Bancorp in Stamford, Conn., will have a new bank CEO. The $1.1 billion-asset company said in a press release that David Lowery will also become president of Patriot Bank in late April. He succeeded Robert Russell, who is leaving to “pursue another career opportunity.” Lowery, who joined the company in 2021, is the […]