Atlantic Union hires PNC exec for top tech role
Atlantic Union Bankshares in Richmond, Va., has hired the former chief technology officer at PNC Financial Services Group to fill a key executive position. The $20.5 billion-asset company said in a press release that it had hired Matt Lindeman as its chief information officer. Linderman will be responsible all areas of technology and digital strategy, […]
Silvergate halts dividend on series of preferred stock
Silvergate Capital in La Jolla, Calif., is preserving capital by suspending dividends on a series of preferred stock. The $11.4 billion-asset company said in a press release that dividends were paused on its 5.375% fixed-rate non-cumulative perpetual preferred stock “This decision reflects the company’s focus on maintaining a highly liquid balance sheet with a strong capital […]
Primis expects mortgage business to break even in 1Q
Primis Financial in McLean, Va., expects its bulked-up mortgage business to break even in the first quarter. The $3.6 billion-asset company has been aggressively growing Primis Mortgage by hiring lenders. The expansion lowered the company’s pretax net income by $2.7 million in the fourth quarter. The mortgage division had $27.5 million of loans on Dec. […]
WaFd CEO set to return to work following plane crash
Brent Beardall is set to return to Washington Federal in Seattle just weeks after surviving a plane crash in Utah. The $21.7 billion-asset company said in a press release that Beardall, its president and CEO, expects to be discharged from the hospital on Feb. 10 and return to full-time duty three days later. Beardall is […]
Bank of South Carolina CFO set to take over top spot
Bank of South Carolina in Charleston has finalized its CEO succession. The $653 million-asset company said in a press release that Fleetwood Hassell will also retire as president on Sept. 30. Hassell will be succeeded by Eugene Walpole IV, Bank of South Carolina’s chief financial officer. Hassell, who co-founded the bank in 1986 and has […]
First Internet to exit consumer mortgage business
First Internet Bancorp in Fishers, Ind., plans to exit the consumer mortgage business. The $4.3 billion-asset company said in a press release that the decision reflects a “steep decline in mortgage volumes and the negative outlook for mortgage lending over the next several years.” The exit, which will take place in the first quarter, includes […]
PBCO Financial in Ore. lines up CEO succession
PBCO Financial in Medford, Ore., will have a new CEO this summer. The $800 million-asset parent of People’s Bank of Commerce said in a press release that Julie Beattie, its president, will succeed Ken Trautman as CEO on July 1. Trautman, who is retiring, will remain on the company’s board. Trautman co-founded the bank with […]
Signature Bank in Ark. has new mortgage leader
Signature Bank of Arkansas in Fayetteville has promoted an insider to oversee its mortgage operations. The $935 million-asset unit of White River Bancshares said in a press release that Kim Whedbee has become president of its mortgage division. She succeeded Christine Morrison, who has taken on a role in Signature’s human resources department. Whedbee, who […]
Cullen/Frost pilot makes first mortgage loan
Cullen/Frost Bankers in San Antonio, Texas, is moving forward with a return to mortgage lending. The $52.3 billion-asset company said in a press release that it closed its first loan under a mortgage pilot program that largely included its own employees. It has been more than 20 years since Cullen/Frost had a meaningful presence in […]
ICBA accelerator hires director
The Independent Community Bankers of America has hired a director for its ThinkTECH Accelerator. The banking association said in a press release that Stephanie Foster will be responsible for planning and executing the day-to-day operations of the accelerator’s programs. Foster previously served as chief administrative officer for XY Planning Network, an advisory service for Gen […]
ChoiceOne preps enhanced treasury services platform
ChoiceOne Financial Services in Sparta, Mich., plans to launch an enhanced treasury services online platform this year. The $2.4 billion-asset company said in a press release that the new platform will target midsize businesses and municipalities that require enhanced reporting, security and payment capabilities. The company also said it opened a loan production office in […]
Peoples in Miss. facing Stilwell Group proxy challenge
A well-known activist investor plans to nominate a director candidate to stand for election at the upcoming annual meeting of Peoples Financial in Biloxi, Miss. Stilwell Group in New York disclosed in a regulatory filing that it plans to nominate Rodney Blackwell, with Stewart Peck as its alternate nominee. “We believe management and the directors […]
First Internet provides update on BaaS platform
First Internet Bancorp in Fishers, Ind., has made progress with several fintech clients as it ramps up its Banking-as-a-Service platform. The $4.3 billion-asset company said in a press release that, during the fourth quarter, it went live with Increase and it provided payments services for Ramp’s small business bill pay product. First Internet also said […]
Court blocks Republic First from electing directors
A legal tussle will prevent Republic First Bancorp in Philadelphia from holding director elections at tomorrow’s annual meeting. The $5.6 billion-asset Republic First disclosed in a regulatory filing that the Court of Common Pleas issued an order barring it from conducting a shareholder vote on director seats until a hearing is held on April 25. […]
Spring Bank in Wis. splits president, CEO positions
Spring Bank in Brookfield, Wis., has a new president. The $375 million-asset bank said in a press release that Heather Nelson had succeeded David Schuelke, who will remain CEO. “Expanding our leadership team and splitting the responsibilities of the CEO and president reflect Spring Bank’s 15 years of success and positions us for future growth,” […]
Salisbury in Conn. warns of exposure to trust gaffe
Salisbury Bancorp in Lakeville, Conn., is looking to retrieve funds that were erroneously sent to a trust client. The $1.5 billion-asset company said in a press release that about $1 million was mistakenly distributed when a trust account was terminated in May 2020. The company’s management discovered the mishap in July 2022. Salisbury said it […]
Popular to invest $50M into tech initiatives in 2023
Popular in San Juan, Puerto Rico, plans to spend $50 million this year on technology initiatives. The $70.7 billion-asset company said in a press release that the investments are intended to expand its digital capabilities, modernize its technology platform and implement “agile and efficient business processes.” Popular said the effort is expected to continue through […]
Merchants in Ohio to consolidate president, CEO roles
Merchants Bancorp. in Hillsboro, Ohio, will combine the roles of president and CEO. The $1.2 billion-asset company said in a press release that Paul Pence Jr., its chairman and CEO, will also become president of Merchants National Bank, effective Jan. 31. Pence, who served as president from 1981 to 2014, will succeed Jim Evans. The […]
Premier Financial in Ohio buys insurance agency
Premier Financial in Defiance, Ohio, has acquired an insurance agency. The $8.5 billion-asset company said in a press release that its insurance unit bought Benham Insurance Associates on Dec. 30. The price wasn’t disclosed. Benham is a property and casualty insurance agency based in Holland, Ohio. It has annual revenues of about $200,000. Premier said […]
First Busey taps insider to run payments unit
First Busey in Champaign, Ill., disclosed that it has a new leader for its payments unit. The $12.3 billion-asset company said in a press release that Robin Elliott replaced Farhan Yasin as president and CEO of FirsTech late in the fourth quarter. Elliott is also president and CEO of Busey Bank. First Busey said the […]
Coastal Financial in Wash. hires head of technology
Coastal Financial in Everett, Wash., has hired an outsider to oversee tech initiatives. The $3.1 billion-asset company said in a press release that it hired Barb MacLean as its head of technology operations and implementation. She previously served as vice president of integration and analytics at Celero Solutions. “The capabilities and experience that Barb brings to […]
Fed fines Popular $2.3M for PPP deficiencies
The Federal Reserve has fined Popular Bank $2.3 million for deficiencies processing six Paycheck Protection Program loans. The Fed said in a press release that the New York unit of the $70.7 billion-asset Popular processed the PPP loans, totaling $1.1 million, “despite having detected that the loan applications contained significant indications of potential fraud.” Popular […]
Former PPP official to lead BaaS Association
The White House official who oversaw the Paycheck Protection Program has been hired to serve as the first CEO of the Banking-as-a-Service (BaaS) Association. The association said in a press release that Bill Briggs had accepted the post. He previously served as the acting associate administrator in the Small Business Administration Office of Capital Access where […]
North Shore Bank in Wis. selects insider as new CEO
North Shore Bank in Brookfield, Wis., has a new CEO with a familiar name. The $2.6 billion-asset bank said in a press release that Jay McKenna had succeeded his father, Jim McKenna. The younger McKenna, the bank’s president and chief operating officer, will retain his title as president, while his father will remain the bank’s […]
Northwest in Ohio laying off 12% of its employees
Northwest Bancshares in Columbus, Ohio, plans to close eight branches and lay off 12% of its staff. The $14.1 billion-asset company said in a press release that the closures will take place in April. “In-branch activity continues to slow as customers prefer to transact through online and mobile channels,” Louis Torchio, the company’s president and […]