First Business in Wis. reshuffles exec positions
First Business Financial Services in Madison, Wis., has a new president. The $2.9 billion-asset company said in a press release that Dave Seiler will remain its chief operating officer. Seiler, who joined the company in 2016, oversees all revenue-generating business lines and various internal operations areas. Seiler succeeded Corey Chambas, who remains the company’s CEO. […]
Retired CBA leader joins BCG as senior adviser
Richard Hunt is finding ways to stay busy after retiring as CEO of the Consumer Bankers Association. Hunt announced on his LinkedIn page that he had become a senior adviser at Boston Consulting Group and an advisory board member at SentiLink. Hunt led the CBA from 2009 until his retirement last summer.
Pacific West in Oregon forms holding company
Pacific West Bank in West Linn, Ore., has formed a holding company. The $291.3 billion-asset bank said in a press release that it is now a unit of Pacific West Bancorp. “The formation of the holding company will provide more efficient access to capital when the need arises and will put the bank in the […]
Securrency hires head of State Street Digital as its CEO
Securrency, a cryptocurrency infrastructure startup, has hired the head of State Street Digital as its CEO. Nadine Chakar will take over the role on Monday, succeeding Dan Doney, who became chief technology officer. Chakar also led State Street Global Markets, where she oversaw its trading, product and operations platform. She has served on Securrency’s board […]
CIBM Bank in Ill. expanding mortgage ops to six states
CIB Marine Bancshares in Champaign, Ill., plans to expand its mortgage lending operations into six states The parent of the $755 million-asset CIBM Bank said that it plans to hire about 30 loan officers as part of an expansion into Arizona, Connecticut, Florida, New York, Massachusetts and Rhode Island. The push is expected […]
Cybersecurity, credit risk top of mind for community bankers
Community bankers said cybersecurity and credit risk are their biggest challenges in 2023. About 85% of the more than 100 respondents polled by the Risk Management Association that they were concerned about cybersecurity, while 84% pointed to credit risk. The survey, conducted last summer, featured executives at banks with $10 billion or less of assets. […]
Carver State in Georgia set for leadership change
Carver State Bank in Savannah, Ga., didn’t have to look to far to find its next leader. Robert James Sr. is set to retire from the $79.5 million-asset bank. His son, Robert James II, will take over the bank’s day-to-day operations, according to Georgia Public Broadcasting News. “My son has become extremely involved in the […]
FirstPerryton in Texas raises $37M via private placement
FirstPerryton Bancorp in Perryton, Texas, has raised $37.3 million through a private placement of common stock. The parent of the $1.5 billion-asset FirstBank Southwest completed the placement on Dec. 29, according to data compiled by Performance Trust Capital Partners. Banks raised nearly $4.2 billion in 2022 from selling common stock, including $168 million in the […]
Silvergate cuts 40% of staff, tabling blockchain project
Silvergate Capital in La Jolla, Calif., said it will cut 40% of its workforce and table plans for a blockchain-based payment solution after losing $8.1 billion of digital asset deposits during the fourth quarter. The $15.5 billion-asset company, which is dealing with deposit outflows in its digital assets business, said in a press release that […]
Fulton in Pa. names insider as president of its private bank
Fulton Financial in Lancaster, Pa., has promoted an insider to serve as president of its private bank. The $26 billion-asset company said in a press release that Dara Bachman is now responsible for leading a team of professionals charged with developing customized wealth management and banking solutions for high-net-worth clients. Bachman, who joined Fulton in […]
First Financial in Ohio buys M&A advisory firm
First Financial Bancorp in Cincinnati has acquired financial advisory firm Brady Ware Capital. The $16.6 billion-asset company said in a press release that it bought the Dayton, Ohio, firm’s assets. The price wasn’t disclosed. Brady Ware Capital advises owners of small and midsize businesses on M&A and other financial moves. “With the addition of investment […]
First State Bank in Kansas has new president, CEO
First State Bank and Trust in Tonganoxie, Kan., has a new president and CEO. The $437 million-asset bank named Jilinda White as its CEO and Chuck Kirmse as president, according to the Kansas City Business Journal. They succeeded Bill White, who retired. White also serves as the bank’s vice chairman and president of Tonganoxie Bankshares, […]
Regent in Okla. makes push into venture banking
Regent Bank in Tulsa, Okla., has hired a veteran tech executive to oversee a push into venture banking. The $1.1 billion-asset bank said in a press release that Peter Mullen had become its director of venture and tech banking, where he will lead relationship development for tech communities in Oklahoma and Missouri. “Tech and innovation are the future […]
Renasant buys national commercial finance company
Renasant in Tupelo, Miss., has acquired commercial finance company Republic Business Credit. The $16.5 billion-asset company said in a press release that it bought the New Orleans finance company, formerly known as Continental Republic Capital, on Dec. 30. The price wasn’t disclosed. Republic Business Credit, founded in 2011, is a national platform focused on factoring […]
WaFd CEO expected to recover after plane crash
Brent Beardall, president and CEO of Washington Federal in Seattle, is in stable condition after a private plane he was on crashed in Provo, Utah. The $20.8 billion-asset company said in a press release that Beardall was taken by ambulance to the hospital for surgery with multiple injuries, including broken bones and lacerations. He is […]
Ky. bank commissioner hired to fill NCUA fintech post
A state bank regulator has been appointed to oversee fintech developments for the National Credit Union Administration. The NCUA said in a press release that Charles Vice had become its director of financial technology and access. He will serve as the principal adviser to the agency’s board in areas such as fintech, cryptocurrency, blockchain and […]
Investor group looks to buy Illinois bank
An investor group is looking to form a holding company to buy First National Bank of Brookfield in Illinois. Brookfield HoldCo includes five individuals, including Phil Richard, the $316 million-asset bank’s president. Michael Ryan, the bank’s chairman, and two other directors are a part of the group, which applied with the Fed in mid-December for […]
Federal regulators express concerns over crypto dealings
Banks dealing with digital assets must be mindful of potential fraud, legal uncertainties, volatility and inaccurate or misleading disclosures, federal regulators said in a joint statement. The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said the statement reflected “the significant volatility and vulnerabilities” witnessed in the cryptocurrency […]
Blue Ridge Bank hires fintech division president
Blue Ridge Bankshares in Charlottesville, Va., which was ordered last year to improve its oversight of fintech partnerships, has hired an outsider to serve as president of its fintech division. The $2.9 billion-asset company said in a press release that Kirsten Muetzel is responsible for managing a portfolio of partners, strengthening regulatory compliance and overseeing […]
First Merchants freed from 2019 Justice Department order
First Merchants in Muncie, Ind., has been freed from a 2019 order from the Department of Justice tied to its fair lending practices. The $17.7 billion-asset company disclosed in a regulatory filing that the U.S. District Court for the Southern District of Indiana approved a joint request from its bank and the DoJ to terminated […]
Trustmark paying $100M to settle 13-year-old lawsuit
Trustmark in Jackson, Miss., will recognize a $100 million litigation settlement expense in the fourth quarter after settling longstanding litigation involving Stanford Financial Group. The $17.2 billion-asset Trustmark said the settlement is tied to a lawsuit that was initially filed in August 2009 in the District Court of Harris County, Texas. Trustmark did not admit […]
A look at bank deals that fell through in 2022
Several high-profile acquisitions were scuttled last year for a variety of reasons. Overall, 167 bank deals were announced in 2022, according to Dec. 28 data compiled by Mercer Capital. Many of the transactions were unable to cross the finish line after the parties were unable to secure regulatory approval. Here are some of the notable […]
Citizens Bank of Weston CEO to retire
Citizens Bank of Weston in West Virginia said that its president and CEO will retire. Charles Stalnaker has been in the top roles at the $237 million-asset unit of Citizens Bancshares in 2014, joining the board the next year, according to the Exponent Telegram. Scott Steele was hired as co-CEO on Dec. 5 and was […]
Number of bank deals fell sharply in 2022
Bank consolidation in 2022 fell well short of the prior year’s level. There were 167 bank acquisitions announced through Dec. 28, according to data compiled by Mercer Capital. That represents a 31% decrease from 2021 and 38% from the annual average between 2017 and 2019. The median premium was 154% of a seller’s tangible book […]
Penn East FCU in Pa. looking for its next CEO
Penn East Federal Credit Union in Scranton, Pa., is looking for a new president and CEO. The $258.4 million-asset credit union has begun a search for a successor for Jeff DeBree, who is retiring. The search is being handled by D. Hilton Associates. “I guess this makes it official,” DeBree wrote in a LinkedIn post […]