TowneBank president plans to retire at yearend
TowneBank in Suffolk, Va., announced that its president will retire at the end of this year. The $16.9 billion-asset bank said in a press release that Brad Schwartz will also retire as chief operating officer on Dec. 31. He plans to step down from the board when his term expires in 2023. Billy Foster will […]
OceanFirst ups investment in equipment finance firm
OceanFirst Financial in Red Bank, N.J., has boosted its stake in a specialty commercial equipment finance company. The $12.7 billion-asset company disclosed in a regulatory filing that it invested $2.8 million in Auxilior Capital Partners as part of a new round of finance by the lender. OceanFirst had already invested $10 million in Auxilior in […]
State Street, BBH terminate investor services deal
State Street in Boston and Brown Brothers Harriman have agreed to terminate a deal where State Street would have acquired BBH’s investor services business. The $300 billion-asset State Street disclosed in a regulatory filing that the purchase agreement did not allow for a contractual penalty by either party. BBH, in a separate release, said the […]
Central Bank of St. Louis lines up next president
Central Bank of St. Louis will have a new president. The $2.3 billion-asset unit of Central Bancompany announced that Dan Kleffner will take on the role on Jan. 1, according to the St. Louis Business Journal. Kleffner, the bank’s executive vice president of commercial lending, will succeed Dan Stephen. Stephen became the bank’s president in […]
Challenger bank Totem raises $2.2M in preseed funds
Totem, a challenger bank in Tulsa, Okla., that plans to offer banking services to Native Americans, has raised $2.2 million of preseed funding. Totem said in a press release that it will use the funds to hire personnel and develop an app. Raven Indigenous Capital Partners, a Canadian firm that invests in indigenous social enterprises, […]
First Reliance COO leaving to lead nonbank financial firm
First Reliance Bancshares in Florence, S.C., said that its chief operating officer is leaving to become CEO of a nonbank financial services company. The $946 million-asset company said in a press release that Robert Dozier is, effective Dec. 31. First Reliance did not name the nonbank that hired Dozier. First Reliance said there are no […]
Integro in Phoenix approved for 7(a) lending
Integro Bank in Phoenix is now an approved lender for the Small Business Administration’s 7(a) program. The $26.6 million-asset de novo said in a press release that it already has a six-person SBA team in place. The group, which can also make 504 loans, has the ability to lend up to $300 million. “We are […]
Silvergate Capital: BlockFi exposure is ‘minimal’
Silvergate Capital in La Jolla, Calif., said its exposure to BlockFi, the latest crypto-focused company to seek bankruptcy protection, is limited to a deposit relationship. The $15.5 billion-asset company said in a press release that it holds less than $20 million of deposits for BlockFi, as of Nov. 28. Silvergate said that BlockFi is not […]
National Capital in DC to have new bank CEO
National Capital Bancorp in Washington, D.C., will soon have a new bank CEO. National Capital said in a press release that Jimmy Olevson will succeed Randy Anderson at the $676 million-asset National Capital Bank of Washington on Jan. 1. Olevson will remain the bank’s president. Anderson will remain president and CEO of the company and […]
BMO Financial agrees to $40 billion community plan
BMO Financial Group has reached a five-year, $40 billion agreement with community groups to facilitate its pending purchase of Bank of the West in San Francisco. BMO Financial agreed to increase lending to lower-income and minority homeowners and increase small-business lending in underserved communities. The company also set aside $325 million for special-purpose credit programs. […]
Safra New York to buy Delta North Bankcorp
Safra New York Corp. has agreed to buy Delta North Bankcorp in New York. Safra, the parent of the $9.5 billion-asset Safra National Bank of New York, did not disclose the price it will pay for the holding company of the $493 million-asset Delta National Bank and Trust. Delta, which has offices in New York and Miami, provides […]
Bank of Princeton applies to buy Noah Bank in Pa.
The Bank of Princeton in New Jersey has filed its application to acquire Noah Bank in Elkins Park, Pa. The $1.6 billion-asset Bank of Princeton applied with the Federal Deposit Insurance Corp. on Nov. 23 to buy the $275 million-asset Noah. Bank of Prince agreed to buy Noah in late October in an all-cash deal […]
Citizens in Ky. factored DTAs into timing of its sale
Citizens Commerce Bancshares in Versailles, Ky., waited to reap as much benefit as possible from deferred-tax assets before agreeing to sell to City Holding in Charleston, W.Va. The $6 billion-asset City agreed in October to buy the $354 million-asset Citizens for $61 million. Citizens, which was recapitalized in 2017, had “significant” DTAs – which allow […]
Block.one buys big stake in Silvergate Capital
EOS developer block.one and its CEO have built a nearly 9.3% stake in Silvergate Capital in La Jolla, Calif. Block.one, in a regulatory filing, disclosed a roughly 7.5% stake in the $15.5 billion-asset Silvergate after buying about 2.3 million shares. Brendan Blumer, in a separate filing, disclosed that he bought another 571,000 shares. “We believe […]
1st Source consolidates bank president, CEO roles
Several executive changes are planned at 1st Source in South Bend, Ind. The $8.1 billion-asset company said in a press release that Andrea Short will become CEO of its bank on Dec. 1. Short, who will remain the bank’s president, will succeed Christopher Murphy III, who will remain the company’s chairman, president and CEO and […]
FDIC frees Unity Bank in N.J. from consent order
The Federal Deposit Insurance Corp. has terminated a consent order against the bank unit of Unity Bancorp in Clinton, N.J. The $2.3 billion-asset United disclosed in a regulatory filing that the July 2020 order was terminated on Tuesday. The order, which followed a 2019 safety and soundness examination, required the bank to strengthen its Bank […]
UMB buys Old National’s HSA business
UMB Financial in Kansas City, Mo., has acquired the health savings account business of Old National Bancorp in Evansville, Ind. The $46.2 billion-asset Old National disclosed in a regulatory filing that about $382 million of HSA-related deposits were transferred to the $37.6 billion-asset UMB. UMB paid a roughly $92 million premium to Old National. When […]
HBT in Illinois taps insider as next bank president
HBT Financial in Bloomington, Ill., will soon have a new bank president. The $4.2 billion-asset HBT said in a press release that Patrick Busch will step down as president of Heartland Bank and as the company’s chief lending officer, effective Dec. 31. He will remain at the company as vice chairman. J. Lance […]
How Lakeland juggled DoJ and M&A negotiations
Lakeland Bancorp in Oak Ridge, N.J., finalized an acquisition and negotiated the settlement of redlining claims by the Justice Department while discussing its pending merger with Provident Financial Services in Iselin, N.J. The $13.6 billion-asset Provident agreed in late September to buy the $10.5 billion-asset Lakeland for $1.3 billion. Lakeland juggled early stage talks with […]
PacWest officially names Paul Taylor as its next CEO
PacWest Bancorp in Los Angeles followed through on its plan to name Paul Taylor as its next CEO. The $41 billion-asset company said in a press release Monday that Taylor, its president, will succeed Matthew Wagner as CEO on Jan. 1. PacWest said when it hired Taylor as president that it was “anticipated” that he […]
First Foundation’s interim president leaves
First Foundation has shuffled its management ranks for the second time in less than a month. The $12.3 billion-asset company said in a press release that Scott Kavanaugh, its CEO, had taken on the role. He succeeded Kevin Thompson, who stepped down as chief financial officer and interim president. Amy Djou, First Foundation’s chief accounting […]
BM Technologies pushes back closing timeline for bank deal
BM Technologies in Radnor, Pa., no longer expects to complete its pending purchase of First Sound Bank in 2022. The fintech, which intends to rebrand the $154 million-asset First Sound as BMTX Bank, said in a press release that it will resubmit its merger application to “respond to questions posed by regulators.” The plan is […]
Kennebec Savings planning first branch in Portland, Maine
Kennebec Savings Bank in Augusta, Maine, is planning to open its first branch in Portland, Maine. The $1.5 billion-asset bank recently bought a location in the city, according to B98.5 FM. The branch is expected to open in the first quarter. Kennebec Savings Bank, which opened in 1870, has seven branches. The bank merged with […]
M&T forms institutional real estate group
M&T Bank in Buffalo, N.Y., has formed a new group to focus on lending the real estate investment trusts and investment real estate fund clients. The $204 billion-asset company said in a press release that Sam Bluso will run the newly formed business as its head of institutional real estate. Bluso previously served as head of […]
Fed approves Newtek’s BHC application
Newtek Business Services in Boca Raton, Fla., has received approval from the Federal Reserve to become a bank holding company. Newtek, which lends to small and midsize companies, would obtain a charter from its pending purchase of National Bank of New York City, which still needs approval from the Office of the Comptroller of the […]