Heartland in Denver repositions its balance sheet
Heartland Financial USA in Denver joined the list of banks selling underwater securities. The $20.1 billion-asset company said in a press release that it sold securities with $805.8 million in proceeds at a $129.1 million pretax loss. The proceeds were used to repay high-cost wholesale deposits and wholesale funding. Heartland said the sales were part […]
Live Oak in NC promotes insider to serve as president
Live Oak Bancshares in Wilmington, N.C., has a new president. The $11 billion-asset company said in a press release that BJ Losch had taken over the role, succeeding Neil Underwood. Losch will remain president of Live Oak Bank. Underwood is stepping down to focus on his role as general partner of Canapi Ventures, a strategic […]
Challenger bank HMBradley to shut down consumer ops
HMBradley is winding down its consumer deposit and credit card programs. The challenger bank will shut down those operations over the next 60 days, co-founder and CEO Zach Bruhnke wrote in a note on the company’s website. “Throughout 2023, it became evident that our consumer brand growth was falling short of our goals,” he added. […]
Capitol Federal in Kan. to report lower quarterly loss
Capitol Federal Financial in Topeka, Kan., will amend its quarterly results, reducing its previously reported loss, to correct its accounting treatment for certain securities sales. The $10.2 billion-asset company said that it should have recorded $13.3 million of securities losses in the current quarter. As a result, the company’s net loss for the previous quarter […]
Blue Ridge Bankshares in Va. exploring options to raise capital
Blue Ridge Bankshares in Charlottesville, Va., which is working under a written agreement with the Office of the Comptroller of the Currency, is “exploring options for raising capital.” The $3.3 billion-asset company disclosed in a regulatory filing that the OCC is requiring its bank to establish individual minimum capital ratios “that are higher than those […]
RBB in Calif. lowers 3Q earnings after finding ‘material weakness’
RBB Bancorp in Los Angeles lowered its third-quarter earnings after deferring income from a grant. The $4.1 billion-asset company said in a press release that it determined that the $5 million it received from the Community Development Financial Institution Equitable Recovery Program should not count toward third-quarter noninterest income. The decision will lower […]
Lakeland in Indiana combines chairman, CEO roles
Lakeland Financial in Warsaw, Ind., has combined the roles of chairman and CEO. The $6.4 billion-asset company said in a press release that CEO David Findlay had become its chairman. He succeeded Michael Kubacki, who had been chairman since 2003 but plans to retire in April. Blake Augsburger was named lead independent director. “I first […]
Park in Ohio to dip below $10B of assets with securities sales
Park National in Newark, Ohio, sold securities at a loss. The $10 billion-asset company disclosed in a regulatory filing that it sold $291 million in available-for-sale debt securities at a $7.9 million pretax loss. Specifically, Park sold $207 million of fixed-rate debt securities at a $6.6 million net loss, using proceeds primarily to reduce borrowings. […]
Liberty Bancorp. in Ill. buys North Adams State Bank
Liberty Bancorp. in Liberty, Ill., has acquired North Adams Bancshares in Ursa, Ill. The $128 million-asset Liberty bought the parent of the $47 million-asset North Adams State Bank on Nov. 10. The price wasn’t disclosed. “Our two banks have always been friendly competitors, and we have worked well together for decades, such as helping each […]
New legal battle arises between Va. bank, W.Va. governor
West Virginia Gov. Jim Justice, his family and related parties have filed a lawsuit against Carter Bankshares, alleging that the Martinsville, Va., company has violated federal banking regulations. The family, which has legally sparred with the $4.1 billion-asset Carter for years, alleged in the lawsuit filed in the U.S. District Court for the Southern District […]
Middlefield in Ohio sets stage for next leader
Middlefield Banc Corp. in Middlefield, Ohio, is preparing for its next CEO. The $1.8 billion-asset company said in a press release that Ronald Zimmerly Jr. will succeed James Heslop II on Dec. 31. Heslop, who is retiring, will also step down from the board. The board will be reduced to 12 directors. “Ron is a […]
First Citizens expands community pact to reflect SVB purchase
First Citizens BancShares in Raleigh, N.C., amended its community benefits plan, upholding some of the commitments Silicon Valley Bank had made prior to its March failure. The $214 billion-asset First Citizens bought the failed Silicon Valley Bank, which had outstanding commitments tied to its 2021 acquisition of Boston Private Bank. First Citizens’ expanded commitment with […]
ICBA Bancard rebrands as ICBA Payments
ICBA Bancard, the payments unit of the Independent Community Bankers of America, has rebranded. The ICBA said in a press release that it renamed the unit as ICBA Payments and created a new logo. TCM Bank, which supports the unit, also introduced a new logo that ties into ICBA Payments. “As we evolved from a […]
Capital City in Fla. restating results to fix mortgage-related issue
Capital City Bank Group in Tallahassee, Fla., plans to restate several quarters of financial results to correct its handling of transactions between its Capital City Bank and Capital City Home Loans units. The $4.1 billion-asset company said in a regulatory filing that certain mortgage loan purchases were improperly recorded in its financial statements. The issue […]
First Financial in Indiana to buy SimplyBank in Tennessee
First Financial in Terre Haute, Ind., has agreed to buy SimplyBank in Dayton, Tenn. The $4.8 billion-asset First Financial said in a press release that it will pay $73.4 million in cash for the $702 million-asset SimplyBank. The deal is expected to close in the second quarter. SimplyBank has 10 branches in Tennesse and three […]
Fidelity D&D Bancorp in Pa. sells securities at a loss
Fidelity D&D Bancorp in Dunmore, Pa., restructured its balance sheet. The $2.5 billion-asset company disclosed in a regulatory filing that it recently sold $35.6 million of available-for-sale securities at a $6.5 million loss. The loss will be reflected in the company’s fourth-quarter financial results. Fidelity said it used the $29.1 million of proceeds to pay […]
Gainey Business Bank in Ariz. hires new CEO
Gainey Business Bank in Scottsdale, Ariz., has its new CEO. The $27 million-asset bank said in a press release that Rob Schwister had also become president. Schwister recently served as director of banking programs at Equipment Leasing Services. Before that, he was Arizona market president for Alerus Financial. “Gainey Business Bank could not be happier […]
Fifth Third settles SEC claims over communications channels
Fifth Third Bancorp in Cincinnati agreed to pay $8 million to the Securities and Exchange Commission to settle claims that employees used unapproved channels for business communications. The $213 billion-asset company warned earlier this year that its investment advisory and broker-dealer units were cooperating with an SEC probe into its compliance with “certain record-keeping requirements […]
Associated to report big 4Q loss after restructuring
Associated Banc-Corp in Green Bay, Wis., will report a large fourth-quarter loss after restructuring its balance sheet and pursuing a series of expense cuts. The $42 billion-asset company said in a press release that it will record a $157 million after-tax loss in the fourth quarter. The bank will pay a one-time charge of $5 […]
City National in LA hires Fifth Third exec as next CEO
City National Bank in Los Angeles will soon have a new CEO. The $96 billion-asset unit of Royal Bank of Canada said in a press release that Howard Hammond will succeed Kelly Coffey, who to transition to a newly created role as CEO of City National’s entertainment unit. The moves will occur on Nov. 27. Hammond, […]
Organizers planning de novo bank in New Jersey
A group in Jersey City, N.J., is looking to form a bank. Organizers of Chroma Community Bank applied with the Federal Deposit Insurance Corp. on Nov. 8 for deposit insurance. The application wasn’t immediately available. A public notice tied to the application listed nine organizers: Mona Abraham, Stephen Duess, Michael Fox-Rabinovitz, Stanley Gorodesky, Val Katayev, […]
Flagstar taps new president for its private bank
Flagstar Bank in Hicksville, N.Y., has a new president for its private bank. Flagstar, a unit of the $111 billion-asset New York Community Bancorp, said in a press release that Jason Birnbaum had also become an executive vice president. He is responsible for the day-to-day oversight of all private client banking teams. Birnbaum succeeded Eric […]
Pacific Coast Bankers’ Bancshares adds ex-regulator to board
Pacific Coast Bankers’ Bancshares in Walnut Creek, Calif., appointed a former regulator to its board. The $1.4 billion-asset company said in a press release that Kathy Moe Lonowski had become a director. She recently retired as San Francisco regional director at the Federal Deposit Insurance Corp. “Kathy brings with her a deep understanding of regulatory […]
Citi to pay $26M to address alleged credit card discrimination
Citigroup will pay $25.9 million to address claims by the Consumer Financial Protection Bureau that the New York company intentionally and illegally discriminated against Armenian-American credit card applicants. The CFPB alleged that the $1.7 trillion-asset Citi, between 2015 through 2021, singled those applicants out based on their surnames. Citi supervisors allegedly conspired to hide the […]
Park Community Credit Union in Ky. lines up next CEO
Park Community Credit Union in Louisville, Ky., will soon have a new CEO. The $1.4 billion-asset credit union said in a press release that Jana Erny will also become its president on Dec. 4. Erny, who has been the CMXO at P1FCU in Lewiston, Idaho, since January 2022, will succeed the retiring Jim Spradlin, who […]