Silvergate says FTX exposure limited to deposits
Silvergate Capital in La Jolla, Calif., said it has no outstanding loans to FTX. The $15.5 billion-asset company also said in a press release Monday that it had no investments in the cryptocurrency exchange, which filed for bankruptcy protection last week. FTX deposits represent less than 10% of the $11.9 billion of deposits belonging to […]
White House to nominate Gruenberg to serve as FDIC chair
The White House plans to nominate Martin Gruenberg to serve as chairman of the Federal Deposit Insurance Corp. President Biden made the announcement in a Monday press release. Gruenberg has been acting chairman since Jelena McWilliams resigned in February. Gruenberg, who joined the FDIC in 2005, is the longest-serving director in the FDIC’s history and […]
Friendly Hills in California to rebrand its bank
Friendly Hills Bancorp in Whittier, Calif., plans to change the name of its bank. The $306 million-asset company said in a press release Monday that Friendly Hill Bank will be rebranded as First Pacific Bank by the end of this year. The company is also planning a new logo and website. “As we continued to […]
Hills Bancorp. in Iowa has new bank president
Hills Bancorp. in Hills, Iowa, has a new bank president. The $4 billion-asset company disclosed in a regulatory filing Monday that Lisa Shileny had taken on the role at Hills Bank and Trust last week. She will remain chief operating officer. Dwight Seegmiller remains the company’s president and CEO and the bank’s CEO. Shileny, who […]
Washington Federal to buy Luther Burbank, enter California
Washington Federal in Seattle has agreed to buy Luther Burbank in Santa Rosa, Calif. The $20.8 billion-asset Washington Federal said in a press release Monday that it will pay $654 million in stock for the $7.9 billion-asset parent of Luther Burbank Savings. The deal, which is expected to close as early as the second […]
U.S. Bancorp vice chairman to retire in 2023
U.S. Bancorp in Minneapolis said its technology and operations leader will retire. The $601 billion-asset company said in a press release that Jeff von Gillern, vice chair of technology and operations services, will step down in late 2023. He Gillern will remain with U.S. Bancorp as it integrates MUFG Union Bank. “Jeff has helped to […]
PB Bankshares in Pennsylvania to sell HQ building
PB Bankshares in Coatesville, Pa., has agreed to sell its corporate headquarters office. The $377 million-asset company disclosed in a regulatory filing that it will sell the office, which includes a branch, for $950,000. PB will lease a portion of the property, including the branch, from the buyer.
Silvergate touts liquidity position amid FTX concerns
Silvergate Capital in La Jolla, Calif., highlighted its access to liquidity in light of volatility tied to digital assets. Binance earlier signed a letter of intent to buy crypto exchange FTX, with Binance CEO Changpeng Zhao tweeting about a “significant liquidity crunch” at FTX. Binance quickly backed away, with Zhao citing issues “beyond our control or […]
First Foundation in Texas looking for new president
The president of First Foundation in Dallas has resigned. The $12.3 billion-asset company said in a press release Tuesday that David DePillo, who had been president since 2015, had stepped down. Kevin Thompson, the company’s chief financial officer, succeeded DePillo on an interim basis. The company said it plans to conduct a search process for a […]
FV Bank in P.R. launches digital asset custody service
FV Bank in San Juan, P.R., has launched a digital asset custody and settlement service. The bank said in a press release that it will serve U.S. and international clients. It will initially handle Bitcoin with the addition of Ethereum, USDC and USDT custody in coming weeks. More digital assets will be added over time. […]
OceanFirst, Partners terminate merger agreement
OceanFirst Financial in Red Bank, N.J., and Partners Bancorp in Salisbury, Md., have terminated their planned merger after being unable to secure all the necessary regulatory approvals. The $12.7 billion-asset OceanFirst and the $1.7 billion-asset Partners said in a press release that both boards approved the decision. Each company will bear its own costs […]
Auburn National selects insider as next CEO
Auburn National Bancorp. in Auburn, Ala., has lined up a new CEO. The $1 billion-asset company said in a press release Tuesday that David Hedges will also succeed Bob Dumas as president on Jan. 1. Dumas will remain Auburn National’s chairman. Hedges, the company’s chief financial officer, will also join the board. James Walker, Auburn […]
Binance agrees to buy crypto rival FTX
Binance has agreed to buy cryptocurrency rival FTX. Binance CEO Changpeng Zhao tweeted on Tuesday that his company had signed a letter of intent to acquire FTX, with due diligence to occur “in coming days.” Zhao said “there is a significant liquidity crunch,” adding that the deal was necessary to “protect users.” “Things have come […]
Orrstown lowers 3Q earnings to reflect legal settlement
Orrstown Financial in Shippensburg, Pa., has revised its third-quarter earnings downward to reflect the settlement of a class-action lawsuit. The $2.8 billion-asset company on Monday agreed to pay $13 million to a group led by the Southeastern Pennsylvania Transit Authority. The lawsuit, filed in 2012, took issues with statements the company made in association with […]
Sterling in Mich. says mortgage partner is shutting down
Sterling Bancorp in Southfield, Mich., is dealing with a mortgage partner’s decision to shut down. The $2.5 billion-asset Sterling said in a press release that a recent decision by Promontory MortgagePath to end operations will impact the banking company’s current mortgage program. Sterling earlier this year began to outsource its mortgage loan production services to […]
Silvergate taps insider as new president
Silvergate Capital in La Jolla, Calif., has a new president. The $15.5 billion-asset company said in a press release that Ben Reynolds had taken on the role. He succeeded Alan Lane, who remains CEO. Reynolds joined Silvergate in 2016 to lead the growth of its digital asset initiative. He has held various roles, including business […]
Bank of Commerce in Idaho names new president
Bank of Commerce in Ammon, Idaho, has a new president. The $.19 billion-asset bank tapped Mike Morrison to fill the post. He previously served as the bank’s chief credit officer. “I am certain that Mike will do an outstanding job in his new role and will lead the bank to continued success,” Tom Romrell, the […]
Columbia to divest branches tied to Umpqua merger
Columbia Banking System in Tacoma, Wash., will sell 10 branches in Washington, Oregon and northern California. The $20 billion-asset Columbia said in a pair of press releases that the sales are tied to securing clearance from the Justice Department to buy Umpqua Holdings in Portland, Ore. Columbia will sell seven branches in Oregon and Washington […]
Fed approves New York Community-Flagstar deal
New York Community Bancorp in Hicksville, N.Y., has received all the approvals needed to buy Flagstar Bancorp in Troy, Mich. The $63 billion-asset New York Community said in a press release that the Federal Reserve has approved it pending purchase of the $25.4 billion-asset Flagstar. The news comes less than two weeks after the Office […]
Builtwell Bank in Tennessee has new president
Builtwell Bank in Chattanooga, Tenn., has a new president. Mitch Sanford shared in a LinkedIn post that he had taken on the post at the $1.4 billion-asset unit of First Volunteer Corp. Sanford previously served as an executive vice president and commercial banking executive at Builtwell. Before that, he was president and CEO of First […]
Republic First to hold 2022 annual meeting – in January
Republic First Bancorp in Philadelphia finally has a date for its annual meeting. The $5.7 billion-asset company disclosed in a regulatory filing that the meeting will be held on Jan. 26. Shareholders of record on Nov. 29 will be allowed to vote at the meeting. Republic First has delayed the meeting for months because an […]
Fifth Third forms independent RIA
Fifth Third Bancorp in Cincinnati has formed an independent registered investment adviser. The $206 billion-asset company said in a press release that Fifth Third Wealth Advisors is being led by Eric Housman, who has been at the bank for more than a decade. He previously served as managing director of Fifth Third Private Bank’s MidAtlantic […]
IFH close to addressing legal prerequisite for sale to MVB
Integrated Financial Holdings in Raleigh, N.C., is close to resolving litigation that it must address before selling to MVB Financial in Fairmont, W.Va. The $3 billion-asset MVB agreed on Aug. 12 to buy the $425 million-asset IFH, the parent of the West Town Bank, for $98 million in stock. The deal will give MVB added […]
TIAA to sell its bank to an investor group
TIAA has agreed to sell TIAA Bank to a group of investors. The retirement company said in a press release that it expects to close the sale next year. It didn’t disclose the price to be paid for the $36 billion-asset bank. The sale will allow TIAA to focus on its retirement business and Nuveen, […]
U.S. Bancorp discloses CFPB probe of unemployment payments
U.S. Bancorp in Minneapolis is the latest bank to face an investigation from the Consumer Financial Protection Bureau tied to its administration of unemployment insurance payments on prepaid debit cards. The $601 billion-asset company disclosed in a regulatory filing that it is “cooperating fully” with the probe, though it provided no further details. The CFPB […]