Executive among LendingClub’s 225 job cuts
LendingClub in San Francisco plans to lay off 225 employees to offset reduced marketplace revenue tied to rising interest rates. The lender said in a press release that cutting 14% of its workforce should result in annualized run-rate savings of $25 million to $30 million. The layoffs include Valerie Kay, the company’s chief capital officer, […]
House subcommittee formed for fintech, digital assets
The House Financial Services Committee has formed a new subcommittee to focus on digital assets and fintech. Rep. French Hill (R-Ark.) will chair the Subcommittee on Digital Assets, Financial Technology and Inclusion. Hill was chairman and CEO of Delta Trust and Banking when it was sold to Simmons First National in 2014. The subcommittee’s jurisdiction […]
City National to pay $31M to settle DoJ redlining claims
City National Bank in Los Angeles has agreed to commit more than $31 million to increase lending to Black and Hispanic homebuyers as part of a settlement with the Department of Justice. The $90.7 billion-asset unit of Royal Bank of Canada was accused of violated the Fair Housing Act by redlining, the DoJ said in […]
How Prosperity juggled M&A talks with two banks
The management team at Prosperity Bancshares in Houston had a busy summer. The $37.8 billion-asset company’s executives juggled negotiations and due diligence for its pending purchases of Lone Star State Bancshares in Lubbock, Texas, and First Bancshares of Texas in Midland. Prosperity announced in October that it would buy both companies for a total of […]
Centier in Ind. sets up next-generation leadership
Centier Bank in Merrillville, Ind., latest promotion continues a longstanding practice at the family-owned bank. The $6.3 billion-asset bank said in a press release that Chris Campbell had become its president. He succeeded Michael Schrage, who remains chairman and CEO. Schrage, who succeeded his father as bank president in the late 1970s, is Campbell’s father-in-law. […]
Forbright in Md. to build new digital bank
Forbright Bank in Potomac, Md., has hired a veteran banker to oversee the creation of a digital bank. The $6.4 billion-asset bank said in a press release that hired Matthew Quale as its president of digital banking. Quale previously served as executive vice president of consumer banking and marketing at Texas Capital Bank. Quale was […]
Wells Fargo to exit correspondent lending
Wells Fargo in San Francisco plans to exit correspondent lending and reduce the size of its servicing portfolio. The $1.9 trillion-asset company said in a press release that it will shift its focus, including plans to broaden its Special Purpose Credit Program, a $150 million investment to refinance loans to minority homeowners, to include purchase […]
Sturdy Savings in NJ selects insider as next CEO
Sturdy Savings Bank in Stone Harbor, NJ, has a new CEO. The $1.3 billion-asset bank said in a press release that Gregory Matuson has also become its president. Matuson succeeded Gerald Reeves, who had held the top posts for 15 years. Matuson previously served as Study’s chief operating officer. He will also join the bank’s […]
4Front Credit Union to buy Old Mission Bank in Mich.
Old Mission Bank in Sault Sainte Marie, Mich., has agreed to be sold to 4Front Credit Union in Traverse City, Mich. The $1 billion-asset 4Front said in a press release that it expects to buy the $130 million-asset bank from Old Mission Bancorp by the end of this year. The price wasn’t disclosed. “We believe […]
Heritage in Wash. to enter Boise, Idaho, market
Heritage Financial in Olympia, Wash., has entered the Boise, Idaho, market after hiring a lending team. The $7.2 billion-asset company said in a press release that it hired Mike Trueba to serve as commercial team leader and Kara Aburusa as a credit analyst senior. Heritage plans to hire more commercial relationship managers, deposit relationship managers […]
Integrated Financial CEO dies in plane crash
The CEO of Integrated Financial Holdings in Raleigh, N.C., has died in a plane crash in southern Virginia. Eric John Bergevin was also Integrated’s president. The crash occurred on Saturday, the $390 million-asset company said in a press release. Another passenger on the plane, Christian Rask Fauchild, also died, according to multiple media outlets. “This […]
Citizens Bank in Miss. announces CEO retirement
Citizens Bank of Philadelphia in Mississippi said that its CEO is retiring. The $1.4 billion-asset unit of Citizens Holding said in a press release that Greg Mckee will also step down as its president on Jan. 31. He will remain on the bank’s board and still serve as president and CEO of the parent company. […]
Columbia, Umpqua get final regulatory approval
Columbia Banking System in Tacoma, Wash., and Umpqua Holdings in Portland, Ore., expect to complete their merger in February after receiving approval from the Federal Deposit Insurance Corp. The $20.4 billion-asset Columbia and the $31.5 billion-asset Umpqua said in a press release that the FDIC was the final regulator to sign off on the transaction. […]
Bancorp 34 in Ariz. raises $14M from private placement
Bancorp 34 in Scottsdale, Ariz., has raised $14 million through a private placement of common and preferred stock. The $572 million-asset company said in a press release that the private placement was led by Castle Creek Capital. The company sold about 511,000 shares of common stock and roughly 522,000 shares of non-voting preferred stock. The […]
First of Long Island adds activist investor to its board
First of Long Island in Melville, N.Y., plans to appoint a well-known activist investor to its board. The $4.3 billion-asset company said in a press release that it will nominate J. Abbott R. Cooper from Driver Management to stand for election at its upcoming annual meeting. The appointment, which would keep Cooper on the board […]
Nuvei to buy payments processor Paya Holdings
Nuvei, a payment technology firm in Montreal, has agreed to buy Paya Holdings, an integrated payments platform based in Atlanta. Nuvei will buy Paya from GTCR, a private equity firm, in an all-cash transaction with a total enterprise value of about $1.3 billion. Paya serves clients in the B2B, government, utilities, nonprofit and health care markets. […]
Legacy Bank in Mo. forms multifamily lending unit
Legacy Bank and Trust in Mountain Grove, Mo., has formed a mortgage unit. Legacy Capital Mortgage is “a HUD-approved multifamily accelerated processing lender,” according to its LinkedIn page. Brett Magers, the $1.1 billion-asset bank’s CEO, also updated his LinkedIn profile to list himself as the unit’s CEO. “We are excited about our new endeavor to […]
Western Alliance to open tech hub in Ohio
Western Alliance Bancorp. in Phoenix plans to open a technology hub in Westerville, Ohio. The $69 billion-asset company said in a press release that it will invest $2.2 million to create 150 jobs for the hub. Western Alliance plans to hire engineers, data analysts, developers, finance specialists and network operators. “The robust talent pipeline, concentration […]
Metropolitan in NY to shut down its crypto business
Metropolitan Bank Holding in New York plans to fully exit the crypto-asset business. The $6.4 billion-asset company said in a press release that the decision “follows a careful review” and reflect recent developments in the crypto space and “material changes” in the regulatory environment regarding banks’ involvement in the business. Metropolitan said it has four […]
First Guaranty in La. to buy Lone Star Bank in Houston
First Guaranty Bancshares in Hammond, La., has agreed to buy Lone Star Bank in Houston. The $3.1 billion-asset First Guaranty said in a press release that it will pay $78.7 million in stock for the $151 million-asset Lone Star. The deal priced Lone Star at 150% of its tangible book value. “First Guaranty Bank’s philosophy […]
Retired Wells Fargo economist forms consulting firm
Mark Vitner, retired chief economist for Wells Fargo, has created his own business. Vitner announced on his LinkedIn page that he had formed Piedmont Crescent Capital, an independent economic consulting firm. Piedmont Crescent aims to provide economic analysis to businesses, state and local governments, and industry trade groups. Vitner, a mainstay at conferences and academic […]
Independent in Mass. hires M&T exec as next CEO
Independent Bank in Rockland, Mass., has selected its next CEO. The $20 billion-asset company said in a press release that Jeffrey Tengel will succeed Christopher Oddleifson on Feb. 6. Tengel, who also joined Independent’s board, previously served as head of commercial specialty banking at M&T Bank. Before that, he was president of People’s United Financial, […]
Hope Bancorp brings back retired exec in interim role
Hope Bancorp in Los Angeles is bringing back one of its retired executives on an interim basis. The $19.1 billion-asset company said that David Malone is returning to serve as interim chief financial officer. He will succeed Alex Ko, who resigned “to pursue other opportunities” but will serve as a consultant through March 31. Hope […]
Parkway Acquisition in Va. rebrands as Skyline Bankshares
Parkway Acquisition in Independence, Va., has changed its name to match its bank brand. The parent of the $1 billion-asset Skyline National Bank disclosed in a regulatory filing that it amended its articles of incorporation to become Skyline Bankshares. Parkway was created in July 2016 when Grayson Bankshares and Cardinal Bankshares merged. The surviving bank […]
HNB Bancorp to buy Northeast Missouri Bancshares
HNB Bancorp in Hannibal, Mo., has agreed to buy Northeast Missouri Bancshares in Louisiana, Mo. The parent of the $649.9 million-asset HNB National Bank said in a press release that it expects to complete the purchase of Northeast Missouri in the second quarter. The price wasn’t disclosed. Northeast Missouri is the holding company for the […]