A.E.A. Federal Credit Union agrees to buy Arizona bank
A.E.A. Federal Credit Union in Yuma, Ariz., has agreed to buy West Valley National Bank in Goodyear, Ariz. The $350 million-asset credit union said in a press release that it expects to buy the $106 million-asset unit of West Valley Bancorp in the second quarter. The price wasn’t disclosed. West Valley has three branches in […]
Affirm adds banking veteran to its board
Affirm, a leading Buy Now, Pay Later (BNPL) company, has added a banking veteran to its board. Manolo Sánchez joined the company’s board this month, he disclosed on his LinkedIn page. Sánchez, an adjunct professor at Jones Graduate School of Business at Rice University, was president and CEO of Compass Bank from 2008 to 2017. […]
Citizens Bank becomes Iowa’s first failure since 2011
Citizens Bank in Sac City, Iowa, has failed. The Iowa Division of Banking closed the $66 million-asset bank before appointing the Federal Deposit Insurance Corp. to act as receiver. The FDIC agreed to sell the bank’s deposits and “essentially all” of its assets to Iowa Trust & Savings Bank in Emmetsburg. The state regulator said […]
Nova Bank closer to opening in Ala. after raising $29M
Nova Bank, a bank proposed for Huntsville, Ala., has raised $29 million in initial capital. Mark Minish, who would serve as the de novo’s chief credit officer, shared the news on his LinkedIn account. There is still no timeline for the bank’s debut. Organizers originally applied with the Federal Deposit Insurance Corp. in August 2021.That […]
PayPal discloses SEC subpoena over new stablecoin
PayPal Holdings has received a subpoena from the Securities and Exchange Commission seeking documents tied to the PayPal USD stablecoin. The San Jose, Calif., tech company disclosed in a regulatory filing that it is cooperating with the SEC’s request. The PayPal USD stablecoin was launched in August by a third-party issuer that PayPal partners with […]
Community State Bank in Fla. to rebrand as DLP Bank
Community State Bank in Starke, Fla., will rebrand as DLP Bank. DLP Bancshares, which bought and recapitalized the $250 million-asset bank late last year, said in a press release that the rebranding will take place on Nov. 13. The bank is owned by a group of private investors, including Don Wenner, CEO of real estate […]
Firstar in Okla. to buy First National Bank of Stigler
Firstar Bank in Sallisaw, Okla., has agreed to buy First National Bank of Stigler in Oklahoma. The $936 million-asset Firstar said it needs regulatory approval to buy the $131 million-asset First National. First National will adopt the Firstar brand in August 2024. The price wasn’t disclosed. “First National Bank of Stigler has an outstanding track […]
RiverWind Bank in Arkansas has new CEO
RiverWind Bank in Augusta, Ark., has a new CEO. The $137 million-asset bank said Casey Cullipher succeeded Bill Patton. Cullipher joined the bank team in 2016; he has been president and general counsel since January 2017. Cullipher will remain the bank’s president. “Casey has … continually proven himself to be everything we knew he could […]
Lake Shore in NY adds former banker to its board
Lake Shore Bancorp in Dunkirk, N.Y., which is working through a regulatory issue, has added a former KeyCorp executive to its board. The $714 million-asset company said in a press release that Ann Segarra had joined the board on Oct. 27. She is the unit business officer at the College of Arts and Science of […]
Provident in Calif. selects insider as its next CEO
Provident Financial Holdings in Riverside, Calif., has lined up its next CEO. The $1.3 billion-asset company said in a press release that Donavon Ternes will succeed the retiring Craig Blunden on Jan. 1. Blunden will remain chairman. Ternes is the company’s president, chief operating officer and chief financial officer. He will remain president following his […]
Codorus Valley, Driver Management end cooperation pact
Codorus Valley Bancorp in York, Pa., said it had amicably ended a cooperation agreement with an activist investor. The $2 billion-asset company disclosed in a regulatory filing that the agreement with Driver Management ended on Oct. 30. The decision “marks the end of a period of collaboration and opens new chapters for both parties,” the […]
Blue Ridge in Va. reports big loss, suspends dividends
Blue Ridge Bankshares in Charlottesville, Va., reported a large quarterly loss, suspended its dividend and announced plans to restate several quarters of financial results. The $3.3 billion-asset Blue Ridge said in a press release that it lost $41.4 million in the third quarter, largely reflecting a $26.8 million goodwill impairment charge that was “driven by […]
State Street president announces plans to retire
State Street in Boston didn’t have to look far to find its next president. The $284 billion-asset company disclosed in a regulatory filing that Louis Maiuri plans to step down as its president, chief operating officer and head of investment services at the end of this year. He will fully retire in early 2024. Ronald […]
Great Plains in Okla. raises $12M via private placement
Great Plains Bancshares in Elk City, Okla., raised $12.3 million through a private placement of common stock. The parent of the $1.6 billion-asset Great Plains National Bank completed the placement on Oct. 20, according to data compiled by Performance Trust Capital Partners. The data did not disclose the pricing, number of shares sold, investors or […]
Patriot National to restate results to fix CECL error
Patriot National Bancorp in Stamford, Conn., will restate financial results for the first half of 2023 after miscalculating an adjustment to the Current Expected Credit Loss standard. The $1.2 billion-asset company disclosed in a regulatory filing that investors cannot rely on its financial statements for the first and second quarters due to an error tied […]
Eastern in Boston taps banking veteran to join its board
Eastern Bankshares in Boston has appointed a banking veteran to its board. The $21 billion-asset company said in a press release that Marisa Harney had become a director and will join its audit and risk management committees on Jan. 1. Harney recently served as chief credit officer at First Citizens BancShares in Raleigh, N.C. Before […]
Republic First has new chairman after truce with investor
Republic First Bancorp in Philadelphia has a new chairman after finalizing an agreement to sell stock to an investor group. The $6.2 billion-asset company said in a press release that it will sell securities to a group that includes George Norcross, III, Gregory Braca and Philip Norcross for $35 million. As part of a truce […]
Two CRE loans lead to NPL spike at New York Community
Issues with two commercial real estate loans caused a spike in nonperforming loans at New York Community Bancorp in Hicksville, N.Y. The $111 billion-asset company said in a press release that NPLs increased by 68% from a quarter earlier, to $392 million. New York Community noted that NPLs to total loans remains low by historical […]
Civista taking break from income tax refund business
Civista Bancshares in Sandusky, Ohio, is taking a break from the income tax refund business. The $3.7 billion-asset company said in a press release that it will remain on the sidelines for the 2024 tax season. The business had contributed $2.4 million of annual revenue from 2021 to 2023. Civista is still grappling with fallout […]
Tompkins in NY reports loss after repositioning its securities
Tompkins Financial in Ithaca, N.Y., reported a quarterly loss after repositioning its balance sheet. The $7.7 billion-asset company lost $33.4 million in the third quarter, reflecting a $47.5 million loss from securities sales. Tompkins sold nearly $430 million of securities in the quarter. Tompkins said the proceeds were largely reinvested in higher-yielding securities, estimating that […]
Primis in Virginia closing eight branches
Primis Financial in McLean, Va., is closing eight branches this month. The $3.8 billion-asset company said in a press release that it is closing the locations in late October. That represents about a quarter of Primis’ branches. Primis incurred about $1.5 million of one-time expenses in the second quarter tied to the planned closures. The […]
Old National to buy CapStar in Tenn. for $344 million
Old National in Evansville, Ind., has agreed to buy CapStar Financial Holdings in Nashville, Tenn. The $49 billion-asset Old National said in a press release that it will pay $344.4 million in stock for the $3.3 billion-asset CapStar. The deal, which is expected to close in the second quarter, priced CapStar at 106% of its […]
Morgan Stanley selects insider as next CEO
Morgan Stanley has selected a successor to its retiring CEO. The investment bank said in a press release that Ted Pick, its co-president, will take over for James Gorman on Jan. 1. Gorman, who has led Morgan Stanley for the past 14 years, will become executive chairman; Pick will join the board. Andy Saperstein, Morgan […]
Kearny in NJ, Premier in Ohio upgrade digital platforms
Kearny Financial in Fairfield, N.J., and Premier Financial in Defiance, Ohio, recently upgraded their digital platforms. The $8 billion-asset Kearny said in a press release that it launched an enhanced digital banking platform this month. The platform is expected to expand the bank’s client-facing online and mobile capabilities while providing an improved experience. “Our continued […]
Cambridge Savings CEO announces plans to retire
Cambridge Savings Bank in Massachusetts is in the market for a CEO. Wayne Patenaude announced his decision to retire from the $6.7 billion-asset bank in an internal email, according to the Boston Business Journal. Patenaude will continue to run the bank as it looks for his successor. Patenaude “is committed to actively participating in the […]