Harborstone Credit Union plans to buy First Sound
First Sound Bank in Seattle has agreed to sell to Harborstone Credit Union in Lakewood, Wash. The $1.9 billion-asset credit union said in a press release that it will pay $6.90 to $7.10 a share for the $154 million-asset First Sound. The deal is expected to close in the first quarter. First Sound would be […]
Wells Fargo bracing for $1.8B special assessment
Wells Fargo in San Francisco is bracing for a $1.8 billion invoice from the Federal Deposit Insurance Corp. The FDIC is planning to collect a special assessment to replenish the Deposit Insurance Fund. The amounts would be based on a bank’s uninsured deposits. The $1.9 trillion-asset Wells Fargo said in a quarterly filing that its […]
EverBank hires former Umpqua exec as CEO
EverBank in Jacksonville, Fla. – now under new ownership – also has a new CEO. The investor group that bought and rebranded TIAA Bank said in a press release that Greg Seibly had taken on the role. Siebly recently served as president and head of regional banking at Umpqua Bank. David DePillo, who recently served […]
NAFCU, CUNA line up association merger
The nation’s leading credit union associations are planning to merge. The National Association of Federally-Insured Credit Unions and the Credit Union National Association plan to combine and form America’s Credit Unions next year. Jim Nussle, CUNA’s president and CEO, would lead the combined association. Dan Berger, who earlier this year announced plans to step down […]
Blue Ridge in Va. has 2Q loss due to specialty finance loans
Blue Ridge Bankshares in Charlottesville, Va., reported a quarterly loss that reflected issues with a group of specialty finance loans. The $3.2 billion-asset company said in a press release that it lost $19.5 million in the second quarter. The results reflected a higher loan-loss provision and reversal of interest income tied to $58.1 million of […]
Heartland in Denver gives update on charter consolidation
Heartland Financial USA in Denver is close to completing a large-scale charter consolidation. The $20.2 billion-asset company said in a press release that it consolidated Bank of Blue Valley and First Bank & Trust into its HTLF Bank during the second quarter. Rocky Mountain Bank was recently rolled up. Nine banks have been consolidated, with […]
NBT in N.Y. buys retirement plan administrator
NBT Bancorp in Norwich, N.Y., has acquired a retirement plan administrator. The $11.9 billion-asset company said in a press release that its EPIC Retirement Plan Services unit bought Retirement Direct in Charlotte, N.C. The price wasn’t disclosed. Retirement Direct serves more than 500 plans and has over $2 billion of assets under management. EPIC RPS […]
New fund to back minority- and women-owned banks
West Potomac Capital in Arlington, Va., plans to raise $250 million for a social impact fund that would invest in minority depository institutions (MDIs) and women-owned banks. The WPC Financials Impact Fund I, set to launch in the second half of this year, would also invest in community development financial institutions (CDFIs) and low-income designated […]
Heartland Tri-State Bank in Kansas fails
Heartland Tri-State Bank of Elkhart, Kan., failed on Friday. The Federal Deposit Insurance Corp. said in a press release that the Kansas Office of the State Bank Commissioner closed the $139 million-asset bank. The Kansas Office of the State Bank Commissioner said in a separate release that it determined the bank “was insolvent” following “an […]
Dime in NY taps insider as next CEO
Dime Community Bancshares in Hauppauge, N.Y., has lined up its next CEO. The $3.8 billion-asset company said in a press release that Stuart Lubow will succeed Kevin O’Connor on Aug. 31. Lubow has been Dime’s president and chief operating officer. O’Connor will remain on the board until Dec. 31. Lubow will join the board. O’Connor […]
MVB in W.Va. sells large batch of subprime auto loans
MVB Financial in Fairmont, W.Va., sold a large portion of its subprime auto loans during the second quarter. The $3.5 billion-asset company said in a press release that it sold $20.4 million of subprime loans, allowing it to release the loan-loss reserve for those loans. MVB still has $27 million of subprime auto loans on […]
First Interstate in Montana thins mortgage staff
First Interstate BancSystem in Billings, Mont., laid off 70 mortgage employees in the second quarter. The $31 billion-asset company said in a press release that the cuts should help it save $6.9 million annually. Separately, the company said it plans to introduce a new suite of consumer credit cards in August. “We believe these initiatives […]
Pioneer Bancorp in NY buys investment advisory
Pioneer Bancorp in Albany, N.Y., has acquired Hudson Financial, an advisory firm in Hudson, N.Y. The $1.8 billion-asset Pioneer said in a press release that Hudson has $225 million of assets under management. The price wasn’t disclosed. “Pioneer is committed to providing a wide range of seamless, integrated products and services under one roof that […]
Eagle in Md. closes two branches, plans layoffs
Eagle Bancorp in Bethesda, Md., closed two branches and laid off some employees as part of a cost-cutting effort. The $11 billion-asset company said in a press release that it closed locations in the Georgetown neighborhood of Washington, D.C., and Chantilly, Va. The closures should save Eagle $408,000 annually. Eagle now has 13 branches. Eagle […]
Banc of California to buy PacWest in California
Banc of California in Santa Ana has agreed to buy PacWest Bancorp in Beverly Hills, Calif. The companies said in a press release that it the deal is expected to close in late 2023 or early next year. Banc of California said that affiliates of funds managed by Warburg Pincus and certain investment vehicles managed […]
Atlantic Union to buy American National in Virginia
Atlantic Union Bankshares in Richmond, Va., has agreed to buy American National Bankshares in Danville, Va. The $20.6 billion-asset Atlantic Union said in a press release that it will pay $416.8 million in stock for the $3.1 billion-asset American National. The deal, which is expected to close in the first quarter, valued American National at […]
Organizers of proposed Houston bank plan to raise $37M
Organizers of the proposed Integrity Bank in Houston plan to raise $37 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the planned bank’s holding company, Integrity Bancorp, would conduct a private placement. Integrity, which would operate as a state savings bank, will focus on serving as […]
Bank of Marin purges securities from its balance sheet
Bank of Marin Bancorp in Novato, Calif., recently purged securities from its balance sheet. The $4.1 billion-asset company said in a press release that it sold $82.7 million of securities in July at a net loss of $2.8 million. The proceeds will be held in cash as part of the company’s liquidity strategy. The loss […]
BM Technologies deposit deal with NC bank faces delay
BM Technologies in Radnor, Pa., is dealing with regulatory approvals delays for its planned deposits partnership with First Carolina Bank in Raleigh, N.C. BM Technologies agreed in March to have First Carolina Bank support its higher education business. The regulatory delay is expected to negatively impact the company’s core EBITDA results from $1 million […]
John Marshall Bancorp in Va. sells securities at a loss
John Marshall Bancorp in Reston, Va., has sold nearly $162 million of securities at a loss. The $2.4 billion-asset company said it sold lower-yielding available-for-sale investment securities on July 17 at a $13.5 million after-tax loss. It also redeemed $21.4 million of bank-owned life insurance (BOLI) assets – incurring an after-tax loss of $1.1 million […]
Lakeland in Ind. falls victim to international wire fraud
Lakeland Financial in Warsaw, Ind., reported lower second-quarter profit after it fell victim to international wire fraud. The $6.5 billion-asset company said in a press release that its earnings fell by 43% from a year earlier, to $14.6 million. The results included a $13.6 million wire fraud loss, net of tax. Lakeland said it discovered […]
Windsor Federal in Conn. has new CEO
Windsor Federal Savings and Loan in Windsor, Conn., has a new CEO. Luke Kettles also became the $750 million-asset bank’s president following its annual meeting. Kettles succeeded George Hermann, who retired. “I can say it was the best job of my career,” Hermann, who is still serving as executive chairman, said in a LinkedIn post. […]
FedNow instant-payments platform goes live
FedNow, the Federal Reserve’s instant-payments system, is live. The Fed said in a press release that 35 early adopting banks and credit unions and the Treasury Department are ready to go. Sixteen service providers are ready to support payment processing. The Fed “built the FedNow Service to help make everyday payments over the coming years […]
Columbia Banking sells $373M of non-relationship loans
Columbia Banking System in Tacoma, Wash., sold some loans and plans to sell some mortgage-servicing rights. The $53.6 billion-asset company said in a press release that it sold $373 million of non-relationship loans and reclassified another $118 million as held for sale. As a result, overall loans fell slightly in the second quarter from a […]
California, Oklahoma banks complete private placements
Banks in California and Oklahoma have raised capital through private placements of common stock. First Altus Bancorp, the parent of the $414 million-asset Frazer Bank in Altus, Okla., brought in $2.4 million in capital on July 13, according to data compiled by Performance Trust Capital Partners. Friendly Hills Bancorp, the $393 million-asset holding company for […]