FB Financial invests in manufactured home lender
FB Financial in Nashville, Tenn., has invested in a fintech that focuses on manufactured home loans. The $12.8 billion-asset company said in a press release that its FirstBank unit invested in Zippy. The amount of the investment and the size of the stake were not disclosed. Zippy operates in nine states – Texas, Arizona, Kansas, […]
Former bank president in N.D. sentenced for fraud
A former president of First Security Bank-West in Beulah, N.D., has been sentenced to two years in federal prison after pleading guilty to two counts of bank fraud. The Justice Department said in a press release that Brady Daniel Torgerson was also ordered to serve three years of supervised release and pay a $200 special […]
Customers in Pa. forms loan syndications team
Customers Bancorp in Malvern, Pa., has formed a new loan syndications banking team, marking an expansion in middle-market lending. The $20 billion-asset company said in a press release that it hired Kyle Silberman as a managing director and head of loan syndications. He previously served as head of syndications at Amerant Bank. The team will […]
Signature Bank in New York sets up CEO succession
Joe DePaolo, founding CEO of Signature Bank, plans to gradually step back from the New York bank. The $110 billion-asset bank said in a press release that DePaolo, its president and CEO, will transition to a senior adviser role this year. Eric Howell, Signature’s chief operating officer, will become president on March 1. Howell will […]
Truist selling 20% stake in insurance unit for nearly $2B
Truist Financial in Charlotte, N.C., has agreed to sell a 20% stake in its insurance unit for nearly $2 billion in cash. The $555 billion-asset company said in a press release that it plans to sell the stake to funds managed by Stone Point Capital. Mubadala Investment and other entities are also participating in the transaction. […]
Lake Shore in ‘troubled condition,’ suspends dividend
Lake Shore Bancorp in Dunkirk, N.Y. has suspended its quarterly dividend after its bank was classified as being in a “troubled condition” by the Office of Comptroller of the Currency. The $700 million-asset company disclosed in a regulatory filing that it will focus its capital resources on fixing “operational, compliance and governance deficiencies described in […]
TD Bank pledges $50B in five-year community plan
TD Bank in Toronto has pledged $50 billion to underserved communities as part of a community benefits plan tied to its pending purchase of First Horizon in Memphis, Tenn. TD Bank said in a press release that it worked with the National Community Reinvestment Coalition to create the five-year plan. “Banks have an important […]
Latino-focused neobank Comun raises $4.5 million
Comun, a challenger bank that will focus on the Latino community, has raised $4.5 million in seed funding. The neobank said in a press release that the funding round was led by Costanoa Ventures, with participation from South Park Commons and FJ Labs. Comun said it plans to use the funds to build a financial […]
Hiring challenges led Salisbury in Conn. to mull selling
Hiring challenges spurred Salisbury Bancorp in Lakeville, Conn., to start looking for a buyer last fall. The $1.5 billion-asset company agreed to sell itself to NBT Bancorp in Norwich, N.Y., in December for $204 million. Salisbury’s board also factored in limited growth opportunities, economic uncertainty and the state of consolidation when it decided to gauge […]
Brainard leaving Fed for National Economic Council
Lael Brainard will resign from the Federal Reserve after being appointed the new director of President Biden’s National Economic Council. Brainard, who joined the Fed in 2014 and has served as vice chair since May 2022, made the announcement in a late-day press release on Tuesday. “Lael has brought formidable talent and superb results to […]
Citizens Alliance to buy Granite Mountain in Montana
Citizens Alliance Bank in Clara City, Minn., has agreed to buy Granite Mountain Bank in Butte, Mont. The $1.2 billion-based unit of Forstrom Bancorp. filed its application with the Federal Deposit Insurance Corp. on Monday to buy the $135 million-asset Granite Mountain. The deal is expected to close later this year. Neil Bolton, Granite Mountain’s […]
Trico in Calif. discloses cybersecurity incident
Trico Bancshares in Chico, Calif., is dealing with a cybersecurity incident. The $9.9 billion-asset company disclosed in a regulatory filing that it recently shut down its networked systems after detecting unusual activity. Several of Trico’s internal bank systems are offline, including email, telephones and its customer service/call center. The company said it is working to […]
United Community in S.C. set to buy First Miami
United Community Banks in Greenville, S.C., has agreed to buy First Miami Bancorp in South Miami, Fla. The $24 billion-asset United said in a press release that it will pay about $115.9 million in stock for the $1 billion-asset First Miami. The deal, which is expected to close in the third quarter, priced First […]
Northpointe in Mich. to exit correspondent lending
Northpointe Bank in Grand Rapids, Mich., is exiting the correspondent lending business. The $4.4 billion-asset bank plans to focus more on retail lending, mortgage warehouse financing and specialty loan servicing, according to HousingWire. Fundings will stop on April 28. “Due to the significant contraction of the overall mortgage industry, we have made the difficult decision […]
TD, First Horizon push back merger deadline date
TD Bank Group in Toronto and First Horizon in Memphis, Tenn., have extended the deadline date for their planned merger. The companies said in a press release that the date had been moved from Feb. 27 to May 27 as they finalize a community benefits plans and wait for regulatory approval. TD had already acknowledged […]
First NBC founder found guilty of bank fraud
Ashton Ryan, former CEO of First NBC Bank, has been found guilty of bank fraud charges that contributed to the New Orleans bank’s failure in 2017. A court found Ryan guilty of all 46 counts against him, according to multiple media reports. Ryan had been accused of approving loans for borrowers that he knew couldn’t […]
Northwest in Ohio forms commercial finance group
Northwest Bank in Columbus, Ohio, has formed a commercial finance group. The $14 billion-asset bank said in a press release that the group will focus on business aviation, long-haul trucking, inland and offshore marine financing and general equipment loans to large and midsize companies. The group will operate across the eastern United States. Lee Palm […]
Affirm relying less on Cross River for loan originations
Affirm Holdings in San Francisco has reduced its reliance on Cross River Bank in Teaneck, N.J., to originate loans. The fintech, which focuses on Buy Now, Pay Later products, disclosed in its quarterly filing that, as of Jan. 31, most of the loans originated through its platform are being handled by Celtic Bank in Salt […]
Wells to pay $300M to settle shareholder lawsuit
Wells Fargo agreed to pay $300 million to settle a class-action lawsuit that claimed the San Francisco company did not tell investors it had knowingly charged unnecessary auto-collision protection insurance. The settlement, which needs to be approved by the U.S. District Court for the Northern District of California, was disclosed in a press release by […]
SVB promotes execs to lead key verticals
SVB Financial Group in Santa Clara, Calif., has promoted several executives to lead key verticals. The $213 billion-asset company said in a press release that Ashraf Hebela had become head of technology and healthcare banking. Hebala, who previously served as head of startup banking, succeeded Dave Sabow, who was named CEO of Silicon Valley Bank […]
Black-owned bank in Ohio set to be year’s first de novo
Adelphi Bank, a black-owned de novo in Columbus, Ohio, is poised to become the first bank to open in 2023. The bank was cleared to open by the Federal Deposit Insurance Corp. on Jan. 18. Organizers were required to raise about $17.7 million when they received conditional FDIC approval last May. The group initially filed […]
Fintech partnership triggers CRA downgrade for TAB Bank
The Federal Deposit Insurance Corp. lowered the Community Reinvestment Act (CRA) rating for Transportation Alliance Bank, reflecting an issue with one of the Ogden, Utah, bank’s fintech partners. The $1.2 billion-asset bank’s rating was lowered from “satisfactory” to “needs to improve.” The agency did not identify the fintech, which apparently ran afoul of a section […]
Missouri BHC combines three of its banks
Country Agencies & Investments, a bank holding company in Odessa, Mo., has merged the three banks it owns. The BHC merged Commercial Bank of Oak Grove and La Monte Community Bank into its Bank of Odessa. The consolidation took place in January, according to the Kansas City Business Journal. The consolidation created a bank with […]
WeStreet FCU to buy two Okla. bank branches
Fidelity Bank in Wichita, Kan., plans to sell two branches in Oklahoma to WeStreet Federal Credit Union in Tulsa, Okla. The $3 billion-asset Fidelity applied with the Federal Deposit Insurance Corp. to sell the locations, according to a legal notice. The branches had a total of $27.1 million of deposits in mid-2022, according to FDIC […]
CF Bankshares in Ohio expanding commercial bank services
CF Bankshares in Columbus, Ohio, plans to add several new commercial products in coming months. The $1.8 billion-asset company said in a press release that it will introduce swap fee services, cash management products and services and a new business credit card later this year. CF has also been making a push into Small Business […]