Citizens Holding in Miss. recruits new bank CEO
Citizens Holding in Philadelphia, Miss., has lined up its next bank CEO. The $1.4 billion-asset company said in a press release that Stacy Brantley will take over the role on Feb. 13. He will succeed Greg McKee, who will remain the company’s president and CEO. Brantley previously served as chief banking officer at Morris Bank […]
Bank of Marin in Calif. to close four branches
Bank of Marin Bancorp in Novato, Calif., plans to close four branches. The $4.1 billion-asset company said in a press release that it will shutter branches in Santa Rosa, Healdsburg, Tiburon and Buckhorn. Two closures are due to overlap created by the company’s purchase of American River Bank. The branches, which represent 13% of Bank […]
Carver Bank in NY freed from OCC formal agreement
Carver Bancorp in New York has been freed from an enforcement action. The $756 million-asset company disclosed in a press release that the Office of Comptroller of the Currency terminated a formal agreement against its bank. The agreement had been in place since May 2016. Carver said the agreement’s individual minimum capital ratio – which requires the bank to […]
Triumph in Dallas adds banking veteran to its board
Triumph Financial in Dallas has added a banking veteran to its board. The $5.6 billion-asset company said in a press release that it appointed Davis Deadman, its former chief lending officer, to its board. He also serves on the board of Triumph’s bank. Davis was CEO of NexBank from 2004 to 2010. Before that, he […]
NBKC Bank becomes BaaS provider for Acorns
NBKC Bank in Kansas City, Mo., has agreed to become the Banking-as-a-Service (BaaS) provider to Acorns, a fintech that helps people with savings and investments. The $1.1 billion-asset NBKC said in a press release that it will provide Acorns-branded checking accounts and debit cards to qualifying the fintech’s customer. With Acorns Checking, subscribers can invest […]
Silvergate: Genesis relationship limited to deposits
Silvergate Capital in La Jolla, Calif., said its relationship with Genesis Global Holdco was limited to deposits. The $11.4 billion-asset Silvergate said in a press release that it holds less than $2.5 million of deposits tied to Genesis, which recently filed for bankruptcy protection, or its subsidiaries. Silvergate said that Genesis is not a custodian […]
Lending marketplace for credit unions raises $5M
A new fintech plans to offer speedy loan approvals and one-click loan activation for credit union members after raising $5 million in initial funding. Union Credit in Santa Rosa, Calif., said in a press release that the seed funding was led by CMFG Ventures and was supported by Marin Sonoma Impact Ventures, Array and other […]
CapStar hires director for growing SBA division
CapStar Financial Holdings in Nashville, Tenn., has a new leader for its Small Business Administration lending division. The $3.1 billion-asset company said in a press release that Marc Gibson had been named the division’s director. CapStar also said it had hired a team of experienced SBA professionals, increasing the division’s staff to three […]
Texas credit union agrees to buy bank branch
First Central Credit Union in Waco, Texas, has agreed to buy a branch from Citizens State Bank in Woodville, Texas. The $264 million-asset Citizens applied with the Federal Deposit Insurance Corp. to sell assets and liabilities tied to a branch in Marlin, Texas. “It is contemplated that this branch location will continue to be operated […]
Metropolitan looks to resolve probe tied to fintech client
Metropolitan Bank Holding in New York is hopeful it can resolve an investigation by bank regulators tied to a former fintech client. The $6.3 billion-asset bank said in a press release that it reserved $35 million in the fourth quarter for the potential resolution of a probe by the Federal Reserve and the New York […]
BV Financial in Baltimore plans second-step conversion
BV Financial in Baltimore is planning to become a fully stock-owned company. BV Financial said in a press release that Bay-Vanguard, the mutual holding company, plans to undertake a second-step conversion. BV Financial is the holding company for the $841 million-asset BayVanguard Bank. Bay-Vanguard owns about 86.6% of the company’s outstanding common stock. Eligible accountholders […]
Oregon Pacific repositions its securities portfolio
Oregon Pacific Bank in Florence repositioned its securities portfolio during the fourth quarter. The $754 million-asset bank said in a press release that it sold $15.5 million of securities it bought in early 2021 and had a remaining weighted average life of roughly 5.4 years, at a pretax loss of $1.8 million. The securities have […]
Bank with FTX ties leaving the crypto business
Farmington State Bank in Farmington, Wash., is the latest bank to announce plans to get out of the crypto business. The $98.9 million-asset bank, which has operated as Moonstone Bank and gained notoriety when it was disclosed that it had received an $11.5 million investment from an FTX affiliate, said in a press release that […]
First Community was Surrey’s only serious suitor
First Community Bankshares in Bluefield, Va., found itself negotiating one-on-one with Surrey Bancorp in Mount Airy, N.C., after another potential bidder backed out early in the process. The $3.6 billion-asset First Community agreed in November to buy the $500 million-asset Surrey for $113.2 million in stock in a deal expected to close in the second […]
Old National forms new wealth management business
Old National Bancorp in Evansville, Ind., unveiled a new wealth management brand that combines a number of its wealth advisory and investment management businesses. The $46 billion-asset company said in a press release that 1834 was formed to meet the wealth advisory needs of high-net-worth individuals and institutions. The brand reflects the year the bank […]
AmeriServ in Pa. responds to looming proxy fight
AmeriServ Financial in Johnstown, Pa., has responded to Driver Management, stating that its board tried to work with the activist investor before it went public with a proxy challenge. Driver Management, led by Abbott Cooper, recently disclosed plans to nominate three directors to stand for election to the $1.4 billion-asset AmeriServ’s board. Driver owns about […]
Florence Bank in Mass. has new CEO
Florence Bank in Florence, Mass., has a new CEO. Matt Garrity was also named president of the $1.9 billion-asset bank, according to MassLive. Garrity succeeded Michael Lynch, a senior commercial lender who had been interim president and CEO since Kevin Day retired in late November. Garrity previously served as chief lending officer and head […]
Parke in N.J. missing ‘significant’ amount of money
Parke Bancorp in Washington Township, N.J., is missing a “significant” amount of cash that was held by a third party for its cannabis-related clients. The $2 billion-asset company said in a press release that an armored car company its uses to store and transport cash reported the money was missing. Parke didn’t state when the […]
Horizon in Indiana lines up its next CEO
Horizon Bancorp in Michigan City, Ind., has its next CEO lined up. The $7.7 billion-asset company said in a press release that Thomas Prame, its president, will succeed Craig Dwight on June 1. Dwight will remain chairman, while Prame will still serve as president after becoming CEO. Dwight has been the company’s CEO since 2001. […]
Encore in Ark. adds Patriot partner to its board
Encore Bancshares in Little Rock, Ark., has added a former banker with ties to one of its investors to its board. The $3.5 billion-asset company said in a press release that Kelly Brown had also joined the board of Encore Bank. Brown is a partner at Patriot Financial Partners, a private equity firm that became […]
Bank of Clarke County in Va. shortens name
Bank of Clarke County in Berryville, Va., has shortened its name. The $1.5 billion-asset bank said in a press release that it will now be known as Bank of Clarke. The move, which will include an updated logo and branding, reflects the bank’s expansion into other counties. “We are continuously looking for new opportunities to […]
Fed, OCC approve BMO Financial-Bank of the West deal
Bank of Montreal has received approval from the Federal Reserve and the Office of the Comptroller of the Currency to buy Bank of the West in San Francisco. As part of the approval, BMO Financial, the U.S. parent of the $164.8 billion-asset BMO Harris Bank agreed to provide the Fed and the Federal Deposit Insurance […]
Silvergate in California continuing to sell securities
Silvergate Capital in La Jolla, Calif., which lost $1 billion in the fourth quarter amid “a crisis of confidence” in the digital assets industry, continues to sell securities to reduce borrowings. The $11.4 billion-asset company said in a press release that it has received $1.5 billion of proceeds and recognized $11.4 billion of losses and $5 […]
Newtek taps insider to serve as bank president
Newtek Business Services in Boca Raton, Fla., has selected one of its own to become president of its newly acquired bank. The company disclosed in a regulatory filing that Nicolas Young had also become chief operating officer of Newtek Bank. Newtek said it agreed to pay Young an annual base salary of $500,000, though the […]
Driver Management launching two proxy challenges
A well-known activist investor has set its sights on two banks. Driver Management in New York intends to nominate directors for the boards of First Foundation in Dallas and AmeriServ Financial in Johnstown, Pa. J. Abbott Cooper, who founded Driver, disclosed in a regulatory filing that he plans to nominate three candidates to join AmeriServ’s […]