Lake Shore forced to end two change-in-control agreements
Lake Shore Bancorp in Dunkirk, N.Y., has terminated a pair of change-in-control agreements to comply with a recent formal agreement with the Office of the Comptroller of the Currency. The $696 million-asset company disclosed in a regulatory filing that it did not extend the one-year agreements with Rachel Foley, its chief financial officer and treasurer, […]
New CEOs named at several credit unions
Several credit unions have named new CEOs heading into 2023. The $628 million-asset Dover Federal Credit Union in Dover, Del., appointed Janell Upton as its president and CEO, effective Jan. 23. Upton, formerly an executive vice president at Education Federal Credit Union, will replace Chaz Rzewnicki, who left last summer to become president and CEO […]
Juniata Valley to buy Pa. branch from Orrstown
Juniata Valley Financial in Mifflintown, Pa., has agreed to buy a branch from Orrstown Financial in Shippensburg, Pa. The $815 million-asset Juniata said in a press release that it will buy a location in Path Valley, Pa., along with $31.7 million of deposits. No loans will be included in the sale. The deal is expected […]
Investor group pitches $75M investment in Republic First
A shareholder group has updated an offer to significantly increase its investment in Republic First Bancorp in Philadelphia. A group that includes George Norcross III, Philip Norcross and Gregory Braca sent the $5.6 billion-asset company’s investment bank a term sheet that proposes making a direct investment of $75 million. The group would invest by buying […]
Citizens National Bank at Brownwood CEO to retire
The CEO of Citizens National Bank at Brownwood in Texas is retiring. John Guest will step down on Dec. 31, according to the Brownwood News. Guest, who joined the $288 million-asset bank in 1982, became its president in 2010. He has been CEO since 2014. Guest will remain on the bank’s board.
Richmond Mutual in Ind. lines up next bank president
Richmond Mutual Bancorp. in Richmond, Ind., will soon have a new bank president. The $1.3 billion-asset company disclosed in a regulatory filing that Paul Witte will also become chief operating officer of First Bank Richmond on Jan. 1. Witte, the bank’s chief lending officer, will succeed Garry Kleer, who will remain the company’s chairman, president […]
Currency Bank in La. raises more capital
Currency Bank in Baton Rouge, La., has raised more capital. The $124 million-asset bank said in a press release that it brought in $4 million. Axxess Partners, the bank’s holding company, raised roughly $26 million in May 2021, around the time that it acquired Commerce Community Bank and rebranded it as Currency. Currency said in […]
Bell Bank parent raises $37M in private placement
State Bankshares in Fargo, N.D., raised roughly $37.3 million in capital. The parent of the $11.7 billion-asset Bell Bank brought in the funds through a Dec. 16 private placement of common stock, according to data compiled by Performance Trust Capital Partners. It is unclear what the company’s plans are for the capital.
A look at de novo activity in 2022
De novo activity, while far off levels seen before the 2008 financial crisis, had notable momentum in 2022. Fifteen new banks opened this year, raising at least $362 million in total capital, based on date from the Federal Deposit Insurance Corp. That compares to 10 de novos the year before and eight in 2020. It […]
Group behind planned Conn. de novo pulls application
Organizers of the proposed New Canaan Bank in Connecticut have given up on an effort to create the de novo. The group withdrew its application with the Connecticut Department of Banking on Dec. 14. Had it opened, New Canaan would have been the state’s first new bank in a dozen years. Organizers submitted an application […]
BM Technologies, First Sound end merger agreement
BM Technologies and First Sound Bank in Seattle have terminated their plans to merge. BM Technologies, a fintech spun off from Customers Bancorp, agreed in November 2021 to buy the $154 million-asset First Sound for $23 million in cash but they were unable to secure the required regulatory approvals. The fintech said a few weeks […]
CEO of Provident in Massachusetts departs
Provident Bancorp in Amesbury, Mass., said its CEO has stepped down just weeks after it projected a large quarterly loss tied to its dealings with crypto mining companies. The $1.8 billion-asset company said in a press release that Dave Mansfield also relinquished his title as president as part of a “mutual decision” with the board, […]
Land of Lincoln Credit Union to buy Illinois bank
Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Colchester State Bank in Colchester, Ill. The $378 million-asset Land of Lincoln announced on its website that it expects to complete the purchase of the $82 million-asset Colchester by the end of the second quarter. The price wasn’t disclosed. “We are excited for […]
Lake Shore in N.Y. announces CEO’s retirement plans
Lake Shore Bancorp in Orchard Park, N.Y., is in the market for a new president and CEO. The $700 million-asset company said in a press release that Daniel Reininga plans to retire in May. The board plans to conduct a national search for Reininga’s successor. Reininga, who joined the bank in 1994 as an outside director […]
Wyo. bank with Nexo ties completes private placement
Hulett Bancorp in Hulett, Wyo., which sold a stake in itself to Nexo earlier this year, raised another $400,000 through a private placement of common stock The stock sale, which took place on Dec. 13, was included in data aggregated by Performance Trust Capital Partners. Hulett, which operates as Mode Eleven and owns Summit National […]
Figure-affiliated SPAC scraps plan to buy a bank
Figure Acquisition Corp. I, a SPAC that was in talks to buy a bank, plans to cease operations after the New York Stock Exchange decided to delist the company. The SPAC, which is affiliated with blockchain firm Figure Technologies, disclosed in a regulatory filing that it does not intend to appeal the NYSE’s determination. The […]
Republic First in Pa. replaces Madonna with permanent CEO
Republic First Bancorp in Philadelphia has a new CEO. The $5.7 billion-asset company said in a press release that Tom Geisel was also named president, effective immediately. He was also added to First Republic’s board. Geisel, who was recently president of corporate banking at Webster Financial, succeeded Harry Madonna, who had been serving as interim […]
Stone Bancshares in Ark. to be sold to private investors
The Combs family has agreed to buy Stone Bancshares in Mountain View, Ark. The family will pay an undisclosed amount of cash for the parent of the $643 million-asset Stone Bank, according to Talk Business & Politics. The deal is expected to close in the first quarter. Stone, which has six branches, was created in […]
Former BOK Financial CEO to retire from board
Steven Bradshaw, who retired as BOK Financial’s CEO earlier this year, will retire from the Tulsa, Okla., company’s board at the end of this year. The $43.6 billion-asset company disclosed in a regulatory filing that Bradshaw will step down as a director on Dec. 31. Bradshaw was BOK Financial’s leader for eight years before retiring […]
Mid Penn to enter central N.J. with acquisition
Mid Penn Bancorp in Harrisburg, Pa., has agreed to buy Brunswick Bancorp in New Brunswick, N.J. The $4.3 billion-asset Mid Penn said in a press release that it will pay $53.9 million in cash and stock for the $382 million-asset Brunswick. The deal, which is expected to close in the second quarter, priced Brunswick at […]
Alabama One agrees to buy First Bank in Alabama
Alabama One Credit Union in Tuscaloosa has agreed to buy First Bank in Wadley, Ala. The $956.8 million-asset credit union plans to buy the $130 million-asset bank from Peoples Independent Bancshares in Boaz, Ala., for an undisclosed amount. Peoples Independent will retain its other bank, Peoples Independent Bank. The deal is expected to close in […]
VWF in Ohio close to completing its CEO succession
VWF Bancorp in Van Wert, Ohio, will soon have a new CEO. The $145.8 million-asset company disclosed in a regulatory filing that Michael Cahill will also become its president on Jan. 1. Cahill will also join VWF’s board. Cahill will succeed Mark Schumm, who will become chief risk officer. Cahill has been serving as a […]
Wells to pay $3.7B to address several CFPB issues
Wells Fargo in San Francisco entered into a new consent order and agreed to pay more than $3.7 billion to settle a range of claims by the Consumer Financial Protection Bureau. The $1.9 trillion-asset Wells will pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty to address the CFPB’s […]
Veteran banker Kevin Tylus dies
Kevin Tylus, who was CEO of Royal Bancshares of Pennsylvania when it was sold to Bryn Mawr Bank, has died. “We are saddened to learn of Kevin Tylus’ passing,” Bryn Mawr Trust posted on its LinkedIn page. “His contributions to the financial services industry and the community were many, offering his skills and expertise wherever […]
Simmons First in Ark. taps insider as next CEO
Simmons First National in Pine Bluff, Ark., will start 2023 with a new CEO. The $27.1 billion-asset company said in a press release that Bob Feldman, its president and chief operating officer, will become CEO on Jan. 1. Feldman, who will also become CEO of Simmons Bank, will lead Simmons’ “better bank” initiatives and day-to-day […]