Enterprise Financial adds former bank CFO to board
Enterprise Financial Services in St. Louis, Mo., has added three directors, including a former bank executive. The $13 billion-asset company said in a press release that Lyne Andrich, Marcela Manjarrez and Lina Young were also appointed to its bank board, effective immediately. Andrich served as chief financial officer of CoBiz Financial from May 2003 to […]
CNB Financial planning women-focused bank division
CNB Financial in Clearfield, Pa., plans to launch a banking division to focus on female entrepreneurs and business leaders. The $5.3 billion-asset CNB said in a press release that Impressia Bank, its sixth banking division, will debut next year. The platform will rely heavily on an online presence as it expands. Impressia will also rely […]
RBB adds former bank president to management team
RBB Bancorp in Los Angeles has hired a former bank president to serve as its chief administrative officer. The $3.9 billion-asset company said in a press release that Gary Fan will oversee marketing and wealth management. He is also expected to manage operations in the New York and Chicago markets. Fan will also focus initiatives […]
Summit in W.Va. to buy PSB Holding in Maryland
Summit Financial Group in Moorefield, W.Va., has agreed to buy PSB Holding in Preston, Md. The $3.9 billion-asset Summit said in a press release that it will pay $53.9 million in stock for the $594 million-asset parent of Provident State Bank. The deal is expected to close in the second quarter. “This transaction represents an […]
Northeast Bank in Maine sets up $50M stock offering
Northeast Bank in Portland, Maine, could sell up to $50 million of common stock as part of an at-the-market offering. The $1.7 billion-asset bank said in a press release that it had entered into an equity distribution agreement with Piper Sandler to offer and sell the stock. Northeast said any proceeds from the sale would […]
Blockchain-focused SPAC in talks to buy a bank
A special purpose acquisition company affiliated with Figure Technologies said it has a nonbinding letter of intent to buy a bank holding company with national mortgage lending and servicing operations. Figure Acquisition Corp. I, a San Francisco blank check company founded by Figure’s management team, did not disclose the name of the bank, though it […]
Former Huntington exec joins Western Alliance board
Western Alliance Bancorp. in Phoenix has added a former executive from Huntington Bancshares to its board. The $65 billion-asset company said in a press release that Kevin Blakely will stand for election at next year’s annual meeting. Blakely is a senior adviser to Oliver Wyman. Blakely’s career includes being chief risk officer at Huntington and […]
Partners Bancorp in Maryland taps next CEO
Partners Bancorp in Salisbury, Md., which recently terminated an agreement to sell to OceanFirst Financial, has a new CEO. The $1.7 billion-asset Partners said in a press release that John Breda succeeded Lloyd Harrison, who remains at the company as a senior executive vice president. Breda remains president and CEO of Bank of Delmarva, while […]
Kearny in N.J. announces cost-cutting initiative
Kearny Financial in Fairfield, N.J., plans to reduce annual operating expenses by 5% to 10%. The $7.9 billion-asset company said in a press release that it will cut costs by reducing vendor expenses, automating or outsourcing “routine activities” and realigning its workforce. Kearny also restructured its balance sheet, selling $121.4 million of lower-yielding available-for-sale debt […]
Northeast Bank in Maine bulks up with CRE loan purchases
Northeast Bank in Portland, Maine, disclosed that it has lined up the purchase of nearly $1.2 billion of commercial real estate loans. The $1.7 billion-asset bank said in a press release that, since Sept. 30, it has bought, or has agreed to buy, the loans through a series of agreements. The bank did not disclose […]
Signature Bank to reduce digital asset deposit exposure
Signature Bank in New York could reduce its digital assets deposits by more than $8 billion in the coming weeks. The $114.5 billion-asset bank said during a Goldman Sachs conference that it plans to reduce its exposure to digital assets deposits to 15% to 20% of total deposits, or $8 billion to $10 billion, over […]
Veridian Credit Union plans to buy Minnesota bank
Veridian Credit Union in Waterloo, Iowa, has agreed to buy American Investors Bank and Mortgage in Eden Prairie, Minn. The $6.7 billion-asset Veridian said in a press release that it expects to complete the purchase of the $113 million-asset American in July. The price wasn’t disclosed. Veridian would enter Minnesota if it buys the bank. […]
Two Illinois banks complete private placements
A pair of Illinois banks recently raised capital through private placements of common stock. The $385 million-asset Merchants and Manufacturers in Joliet brought in $3 million on Dec. 1, based on data compiled by Performance Trust Capital Partners. First Waterloo Bancshares, the parent of the $823 million-asset First National Bank of Waterloo, raised $6.2 million, […]
Palmetto Citizens FCU hires banker as next CEO
Palmetto Citizens Federal Credit Union in Columbia, S.C., has hired a former bank executive as its next CEO. The$1.3 billion-asset credit union said that Robert Dozier will also become its president. He will succeed Nick Wodogaza, who is retiring on Jan. 31. Dozier recently stepped down as chief operating officer at First Reliance Bancshares in […]
Silvergate: We ‘conducted extensive due diligence’ on FTX
Silvergate Capital in La Jolla, Calif., said it “conducted extensive due diligence” before agreeing to work with FTX and Alameda Research. “We take risk management and compliance extremely seriously,” CEO Alan Lane wrote in a public letter defending how the $15.5 billion-asset company vets and banks digital asset firms. Silvergate is required by law to […]
Comerica opens offices in Georgia, South Carolina
Comerica in Dallas has opened its first offices in Georgia and South Carolina. The $84 billion-asset company said in a press release that the move is part of its 2021 initiative to form a Southeast market. The effort includes commercial banking offices in the South Carolina cities of Columbia and Greenville and a private banking […]
Texas Regional Bank acquired an insurance agency
Texas Regional Bank in Harlingen, Texas, has entered into insurance brokerage after buying an agency. The $2.5 billion-asset bank said in a press release that it bought Mission Duncan Insurance in Mission, Texas, on Dec. 2. The price wasn’t disclosed. “We place a heavy emphasis on relationships,” Michael Scaif, Texas Regional’s chairman and CEO, said […]
NBT in New York to buy Salisbury in Connecticut
NBT Bancorp in Norwich, N.Y., has agreed to buy Salisbury Bancorp in Lakeville, Conn. The $11.6 billion-asset NBT said in a press release that it will pay $204 million in stock for the $1.5 billion-asset Salibury. The deal is expected to close in the second quarter. Salisbury has 14 branches, $1.3 billion of deposits and […]
Grand River in Michigan forms mortgage company
Grand River Commerce in Grandville, Mich., has formed a mortgage company. The $527 million-asset company said that Grand River Mortgage has a national platform. Bob Bilotti, the company’s chairman, president and CEO, told MiBiz that the mortgage company should secure licensing in about 46 states by early 2023. About 60 people work for the mortgage […]
SVB to fill two key management positions
SVB Financial Group in Santa Clara, Calif., has filled two key executive posts. The $212.9 billion-asset SVB said in a press release that Erin Platts had been named president of SVB Private and David Sabow will become CEO of Silicon Valley Bank UK and Head of EMEA. Sabow’s appointment requires U.K. regulatory approval. Platts and Sabow will move […]
Webster to buy interLINK from StoneCastle Partners
Webster Financial in Stamford, Conn., has agreed to buy StoneCastle Insured Sweep from StoneCastle Partners. The $65 billion-asset Webster said the business, which operates as interLINK, is a deposit management platform that administers more than $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. InterLINK administers about 520,000 […]
TD, BMO push back closing dates for US bank deals
TD Bank Group and Bank of Montreal have pushed back the projected closing dates for their purchase of U.S. banks. TD said on Thursday that it expects to complete the acquisition of First Horizon in Memphis, Tenn., by April 30. The $13.4 billion deal was originally expected to close last fall. The delay will trigger […]
LendingClub to buy loan portfolio from MUFG parent
LendingClub in San Francisco has agreed to buy a roughly $1.1 billion portfolio of personal loans from the parent company of MUFG Union Bank. The loans, originated through LendingClub’s marketplace, were acquired by MUFG Union Bank. U.S. Bancorp recently bought MUFG Union from Mitsubishi UFJ Financial in Tokyo. LendingClub is servicing the loans, which have […]
Triumph Bancorp rebrands as Triumph Financial
Triumph Bancorp in Dallas has rebranded as Triumph Financial. The $5.6 billion-asset company said in a press release that it had also replaced its “TBK” stock symbol with “TFIN.” Triumph Business Capital, Triumph Insurance Group and Triumph Commercial Finance were rebranded as Triumph. The changes “reflect our evolution from a bank holding company to a […]
Newtek gets OCC approval to buy New York bank
Newtek Business Services in Boca Raton, Fla., has secured approval from the Office of the Comptroller of the Currency to buy National Bank of New York City. Newtek said in a press release that it expects to complete its purchase of the $206 million-asset National Bank of New York City next month. Newtek plans to […]