Fuller family bringing new bank to Dubuque, Iowa
The Fuller family is again running a bank in Dubuque, Iowa. Capra Bank is set to open next month in the city after an investor group bought and relocated the $62 million-asset Peoples Savings Bank in Montezuma, Iowa, according to the Telegraph Herald. Capra’s chairman and CEO is Lynn “Tut” Fuller. His brother, Thomas Fuller, […]
German American taps insider as next president
German American Bancorp in Jasper, Ind., has tapped an insider to serve as its president. The $6.2 billion-asset company disclosed in a regulatory filing that Bradley Rust will take over the role on May 18. Rust, who will remain chief operating officer and chief financial officer, will succeed D. Neil Dauby. Dauby, who will remain […]
Gruenberg gives behind-the-scenes look at bank failures
The Federal Deposit Insurance Corp. received 27 offers from 18 bidders looking to buy Silicon Valley Bridge Bank and/or Silicon Valley Private Bank before the agency decided to sell the bridge bank to First Citizens BancShares in Raleigh, N.C. Four parties submitted five bids for Signature Bridge Bank before it was sold to a unit […]
FDIC to seek special assessment to address bank failures
The Federal Deposit Insurance Corp. plans to impose special assessments on the banking industry to replenish losses to the Deposit Insurance Fund (DIF) stemming from the failures of Silicon Valley Bank and Signature Bank. FDIC Chairman Martin Gruenberg, in written testimony released prior to a Tuesday hearing of the Senate Banking Committee, said the agency […]
FinWise in Utah taps insider as new bank president
FinWise Bancorp in Murray, Utah, has a new bank president. The $402 million-asset company said in a regulatory filing that James Noone had accepted the post at FinWise Bank. He will remain the bank’s chief strategy officer and chief credit officer. Noone succeeded Kent Landvatter, who remains the company’s president and CEO and the bank’s […]
BankMobile parent hires outsider as co-CEO
BM Technologies in Radnor, Pa., has hired an experienced banker to serve as co-CEO. The parent company of BankMobile said in a press release that Raj Singh will share responsibilities with Luvleen Sidhu, who has been CEO. BM Technologies said that Singh, who is on its board, most recently served as vice chairman of […]
First Citizens buys SVB bridge bank deposits, loans
First Citizens BancShares in Raleigh, N.C., has entered into a purchase and assumption agreement to buy deposits and loans tied to Silicon Valley Bridge Bank from the Federal Deposit Insurance Corp. The FDIC said in a press release that the bridge bank’s 17 branches will open as First–Citizens Bank & Trust locations today. All deposits […]
Vizo Financial in NC lines up next CEO
Vizo Financial Corporate Credit Union in Greensboro, N.C., has lined up its next CEO. The $6 billion-asset credit union said in a press release that Fred Eisel will also succeed David Brehmer as president on Jan. 5, 2024. Eisel is Vizo’s chief investment officer. He had been a member of the credit union’s executive team […]
Next ICBA fintech program to focus on deposit strategies
The Independent Community Bankers of America’s first fintech accelerator of 2023 will focus on retaining and attracting deposits – a timely endeavor given the recent fluidity of accounts. The ICBA’s ThinkTECH Accelerator, which will run from April 24 to June 30, will also look at real-time and instance payments ahead of the July launch of […]
Proposed Ala. bank gets conditional FDIC approval
Organizers of Nova Bank in Huntsville, Ala., have received conditional approval from the Federal Deposit Insurance Corp. The FDIC signed off on plans for the de novo bank on Tuesday, provided the founders can raise $21.7 million of initial capital. Organizers originally applied with the FDIC in mid-2021 but withdrew the application in April 2022. […]
How Lone Star in Houston found an acquirer
Lone Star Bank in Houston considered offers from two other suitors – a bank and an investment group – before deciding to have serious discussions with First Guaranty Bancshares in Hammond, La. The $3.2 billion-asset First Guaranty agreed in January to buy the $160.8 million-asset Lone Star. Lone Star’s board began to evaluate the rationale […]
First Carolina hauling in deposits with BankMobile pact
First Carolina Bank in Raleigh has a new deposits partnership with BM Technologies in Radnor, Pa. The $2.2 billion-asset First Carolina said in a press release that it will be the exclusive provider of deposit accounts for BankMobile’s higher education program. First Carolina, which is exempt from interchange caps under the Durbin Amendment, should […]
First Republic execs forego bonuses in 2023
Executives at First Republic Bank in San Francisco will forego annual bonuses for 2023. The $213 billion-asset bank disclosed in a regulatory filing that CEO Michael Roffler, Executive Chairman James Herbert II and all other executive officers will also forfeit vesting all performance-based incentives this year. Herbert also decided to waive his salary, effective March […]
PacWest explored, opted against capital raise
PacWest Bancorp in Los Angeles briefly explored raising capital before deciding that doing so “would not be prudent.” The $41.2 billion-asset company said in a press release that it secured $1.4 billion in fully funded cash proceeds from ATLAS SP Partners through a new senior asset-backed financing facility. The move unlocked liquidity from “unencumbered, […]
First Mid in Illinois to buy Blackhawk Bancorp
First Mid Bancshares in Mattoon, Ill., has agreed to buy Blackhawk Bancorp in Beloit, Wis. The $6.7 billion-asset First Mid said in a press release that it will pay $90.3 million in stock for the $1.3 billion-asset Blackhawk. The deal, which is expected to close in the second half of this year, priced Blackhawk at […]
PacWest: Deposit volatility has ‘calmed’ in recent days
PacWest Bancorp in Los Angeles said deposit volatility has “calmed” in recent days. The $41.2 billion-asset company said in a press release that it had elevated net deposit outflows after regulators closed Silicon Valley Bank and Signature Bank, with a concentration in its venture banking business. Net outflows “have fallen sharply” since March […]
FDIC extends deadline to bid on SVB bridge bank
The Federal Deposit Insurance Corp. has extended the bidding process for Silicon Valley Bridge Bank in Santa Clara, Calif. The FDIC said in a press release that there “has been substantial interest from multiple parties” but the bidders need more time to explore all options “to maximize value and achieve an optimal outcome.” The FDIC […]
AmeriServ files lawsuit in effort to end proxy battle
AmeriServ Financial has filed a lawsuit against Driver Management in an effort to invalidate the activist investor’s bid to have three people stand for election to the Johnstown, Pa., company’s board. The $1.4 billion-asset company said in a press release that the lawsuit, filed in the Court of Common Pleas of Cambria County, Pa., […]
New York Community buys Signature deposits, some loans
New York Community Bancorp in Hicksville has acquired “substantially all deposits and certain loan portfolios” tied to Signature Bridge Bank in New York. The Federal Deposit Insurance Corp. said in a press release that the $90 billion-asset New York Community unit Flagstar Bank had entered into a purchase and assumption agreement. Regulators closed the $110 […]
FedNow set to launch in July
The Federal Reserve will launch its FedNow Service in July. The Fed said in a press release the formal certification process will begin during the first week of April. The Fed and certified participants will conduct production validation activities in June to confirm readiness for the launch. FedNow “will enable every participating financial institution, the […]
SVB Financial files for bankruptcy protection
SVB Financial Group in Santa Clara, Calif., has filed for Chapter 11 bankruptcy protection a week after regulators seized its bank. The company said in a press release that it is seeking court-supervised reorganization in the U.S. Bankruptcy Court for the Southern District of New York. SVB said it continues to explore strategic alternatives for […]
Sister of former RBB CEO resigns from LA bank’s board
RBB Bancorp said the sister of Alan Thian, who resigned as the Los Angeles company’s president and CEO last year, has stepped down from its board. The $3.9 billion-asset RBB disclosed in a regulatory filing that Catherine Thian resigned on March 13, citing health reasons. She also resigned her posts on the company’s asset/liability, nomination […]
Sterling in Mich. enters guilty plea for past mortgage dealings
Sterling Bancorp revised its fourth quarter and 2022 earnings after entering into a plea agreement with the Justice Department tied to the Southfield, Mich., company’s defunct mortgage program. The $2.5 billion-asset company said in a press release that it agreed to plead guilty to one count of securities fraud tied to disclosures for its Advantage […]
Big banks infuse $30B of deposits into First Republic
First Republic Bank in San Francisco will receive a total of $30 billion of uninsured deposits from 11 U.S. banks. The bank said in a press release that the funds will come from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist and U.S. […]
Massachusetts merger to create $4B-asset mutual
South Shore Bancorp in South Weymouth, Mass., has agreed to merge with 1831 Bancorp in Dedham, Mass. The parent companies for the $2.1 billion-asset Dedham Institution for Savings and the $2.1 billion-asset South Shore Bank said in a press release that the mutual will continue to operate independently. “We are two strong institutions that are […]