Republic First discloses bank president’s departure
Republic First Bancorp in Philadelphia has parted ways with its bank president. The $5.6 billion-asset company disclosed in a regulatory filing that Andrew Logue also stepped down as its chief operating officer on Jan. 31. Republic First said that Tom Geisel, its president and CEO, had succeeded Logue as bank president. Logue had served as […]
BayFirst in Florida lines up CEO succession
BayFirst Financial in St. Petersburg, Fla., will have a new CEO in 2024. The $939 million-asset company said in a press release that Anthony Leo will retire at the end of this year, though he will remain a director and special counsel for strategic matters. Thomas Zernick will succeed Leo as CEO. Zernick, who became […]
Clackamas FCU in Ore. rebrands as Embold
Clackamas Federal Credit Union in Oak Grove, Ore., has rebranded as Embold Credit Union. The $612 million-asset credit union said in a press release that the new name reflects its expansion into five neighboring counties in August 2021. Embold worked with Strum Agency to select the new name.
Comerica in Dallas forms national M&A advisory team
Comerica in Dallas has formed a national investment banking group within its Comerica Securities unit. The $85 billion-asset company said in a press release that the new team will offer M&A and private placement advisory services to its commercial and wealth management clients. Jack Maier, head of investment banking, will lead the group. “As a […]
Upstart laying off a fifth of its workforce
Upstart Holdings in San Mateo, Calif., is the latest fintech to lay off a large percentage of its workforce. The company disclosed in a regulatory filing that it will cut 20% of its staff, or roughly 365 people, by March 31. The move is designed to reduce operating costs, streamline operations and return the company […]
First Bank of Baldwin in Wisconsin rebrands
First Bank of Baldwin in Wisconsin has rebranded as Pillar Bank. The $244 million-asset bank made the announcement on its website. The new name reflects expansion into new markets, including a branch that will open in Chippewa Falls, Wis., on March 1. “We felt it was time to change our name to better reflect our […]
Proposed Calif. bank gets conditional FDIC approval
The Federal Deposit Insurance Corp. has given conditional approval for organizers to form Icon Business Bank in Riverside, Calif. The FDIC said in its order that organizers must raise at least $22.7 million before they can open the proposed bank. Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form Icon, which would […]
Community Bank System in NY repositions its balance sheet
Community Bank System in Syracuse, N.Y., has repositioned its securities portfolio. The $15.8 billion-asset company said in a press release that it sold $786 million of debt securities at an after-tax loss of about $39.6 million. Community Bank System said it used proceeds from the sale to pay off wholesale borrowings with a […]
Timberland in Wash. selects insider as new CEO
Timberland Bancorp in Hoquiam, Wash., has a new CEO. The $1.8 billion-asset company disclosed in a regulatory filing that Dean Brydon had taken over the role, succeeding Michael Sand, who retired. Brydon was also added to Timberland’s board, while Sand will remain a director. Brydon had been the company’s president and chief financial officer. Jonathan […]
Digital assets fintech agrees to buy Chicago bank
LevelField Financial, a Houston fintech that focuses on digital assets, has agreed to buy Burling Bank in Chicago. LevelField did not disclose the price it agreed to pay for the $191 million-asset Burling. The deal is expected to close later this year. LevelField said it plans to incorporate Burling’s existing business activities. The bank’s senior […]
First Savings in Ind. to restate fiscal 2022 earnings
First Savings Financial Group in Jeffersonville, Ind., plans to restate its earnings to address several accounting matters. The $2.1 billion-asset company disclosed in a regulatory filing that the changes will lower its fiscal 2022 net income by 6.4%, to $15.4 million. First Savings highlighted several issues, including an overstatement of other assets due to a […]
CFPB proposal would lower cap for credit card late fees
The Consumer Financial Protection Bureau plans to cap credit card late fees at $8 as part of a series of proposals to curb what it believes to be excessive charges. The agency said in a press release that the proposal aims to adjust the safe harbor dollar amount for late fees to $8 and eliminate […]
First Waterloo in Ill. raises $8.5M in private placement
First Waterloo Bancshares in Waterloo, Ill., has raised nearly $8.5 million through a private placement. The $823 million-asset company raised the capital on Jan. 28, according to data compiled by Performance Trust Capital Partners. Performance Trust also reported that M&T Bank in Buffalo, N.Y., raised $1 billion by issuing senior debt.
Provident in Mass. slashes size of crypto loan book
Provident Bancorp in Amesbury, Mass., returned to profitability and slashed its exposure to the cryptocurrency industry during the fourth quarter. The $1.6 billion-asset company said in a press release that its crypto portfolio shrank by 66% in the fourth quarter from a year earlier, to $41.2 million, largely due to the sale of impaired loans […]
New York Community closing out-of-market mortgage offices
New York Community Bancorp in Hicksville plans to close all of its out-of-market mortgage offices. The $90.1 billion-asset company, which recently completed its purchase of Flagstar Bancorp, said in a press release that the move will eliminate about 70% of its retail home lending offices. “While legacy Flagstar was proactive in rightsizing its mortgage business […]
Heartland officially moves corporate HQ to Denver
Heartland Financial USA has officially moved its corporate headquarters from Dubuque, Iowa, to Denver. The $20.2 billion-asset company said in a press release that the address was changed on Dec. 31. HTLF Bank is headquartered in Denver. Heartland also noted that it consolidated five of its charters into HTLF Bank in 2022, including Arizona Bank […]
PacWest closes two businesses, retools a third
PacWest Bancorp in Los Angeles is making a flurry of changes as it transitions to new CEO Paul Taylor. The $41.2 billion-asset company said in a press release that it shut down its premium finance and multifamily lending groups as part of a plan to focus on “relationship-based community banking.” PacWest also plans to restructure […]
Northwest Community in Conn. lines up next CEO
Northwest Community Bank in Winsted, Conn., will have a new CEO this fall. The $1.1 billion-asset bank said in a press release that Maura O’Sullivan Malo will also become its president on Sept. 1. Malo, the bank’s chief operating officer, will succeed Stephen Reilly, who is retiring. Malo was a bank examiner with the Federal […]
Vista Bank to buy Charis Bank in Texas
Vista Bancshares in Dallas has agreed to buy Charis Holdings in Justin, Texas. The $1.6 billion-asset Vista said in a press release that it will buy the parent of the $258 million-asset Charis Bank for an undisclosed amount of common stock. The deal is expected to close in the second quarter. Charis has $167 million […]
Century Savings in N.J. appoints new CEO
Century Savings Bank in Vineland, N.J., has a new CEO. The $600 million-asset bank said in a press release that David Hanrahan has succeeded David Hemple as CEO. Hanrahan was hired to serve as the bank’s president in February 2020. “I leave the bank with the same sense of optimism that marked the start of […]
BM Technologies cutting 25% of its workforce
BM Technologies in Radnor, Pa., which tried unsuccessfully to buy a bank last year, plans to lay off about 25% of its workforce. The fintech also said in a press release that Jamie Donahue, its chief technology officer, had become its president. Donahue, who joined the company in 2020, will be responsible for leading IT, […]
Ed Wehmer retiring as Wintrust’s CEO
Wintrust Financial in Rosemont, Ill., is preparing for a new CEO. The $53 billion-asset company said in a press release that Ed Wehmer will retire from the post on April 30. He will become executive chairman, a position he will hold until May 23, 2024, then serve as a senior advisor until the end […]
McColl-backed fintech Foro launches
Foro, a fintech that aims to pair business owners with commercial lenders, has launched after receiving financial backing from a group that includes former Bank of America CEO Hugh McColl Jr. The Charlotte, N.C., startup said in a press release that will focus on small- and midsize businesses. The plan is to reduce the initial […]
Former ICBA leader Ken Guenther dies
Ken Guenther, who served as president and CEO of the Independent Community Bankers of America for more than 20 years, has died. The association announced Guenther’s passing in a press release. Guenther joined the ICBA in 1979. He led the association from 1982 to 2004, when he was succeeded by Cam Fine. Guenther established a […]
Fed denies Custodia’s membership application
The Federal Reserve has denied an application by Custodia Bank in Cheyenne, Wyo., to become a member of the Federal Reserve System. The Fed said in a press release that it concluded that Custodia’s application “is inconsistent with the required factors under the law.” The regulator determined that the special purpose depository institution’s business model […]