Second Iowa credit union cuts dozens of jobs
Collins Community Credit Union in Cedar Rapids, Iowa, is the latest credit union to announce layoffs. The $1.6 billion-asset credit union cut 38 positions on Oct. 6, according to published reports. Most of the cuts came in its mortgage operations. The announcement comes weeks after GreenState Credit Union in North Liberty, Iowa, cut 42 positions, […]
Fintech Finexio raises $35M in latest funding round
Finexio, an Orlando, Fla., fintech, has raised $35 million in Series B funding round that included several banks among the investors. Finexio, a B2B accounts payables Payments-as-a-Service company, said in a press release that J.P. Morgan was the biggest investor. Patriot Financial Partners, Discover Financial Services, Valley National Bancorp and Trogg Hawley Capital also participated. […]
Peoples in Ohio to buy Limestone in Kentucky
Peoples Bancorp in Marietta, Ohio, has agreed to buy Limestone Bancorp in Louisville, Ky. The $7 billion-asset Peoples said in a press release that it will pay $208.2 million in stock for the $1.5 billion-asset Limestone. The acquisition, nicknamed “Project Bourbon,” is expected to close in the second quarter. The deal priced Limestone at 173% […]
GBank Financial in Las Vegas rebrands its bank
GBank Financial Holdings in Las Vegas has rebranded its bank. The $667 million-asset company said in a press release that its Bank of George will be known as GBank. GBank Financial also debuted a new corporate brand and website. “More and more, our national markets and communities have associated our success with the shortened name […]
Talks between Republic First, investor hit impasse
Republic First Bancorp in Philadelphia has been unable to negotiate a truce with one of its biggest investors. The $5.7 billion-asset company said in a press release that it tried to hammer out a standstill agreement with a group that includes George Norcross and Gregory Braca. Republic First said the Norcross-Braca group wanted $3.5 million […]
Sterling in Mich. reorganizes legal department
Sterling Bancorp in Southfield, Mich., which recently filed a lawsuit against its founder and former CEO, has hired a chief legal officer. The $2.5 billion-asset company disclosed in a regulatory filing that it had added Elizabeth Keogh as part of a reorganization of its legal department. Keogh has been a self-employed legal consultant for the […]
RBB in Los Angeles taps interim CEO as permanent leader
RBB Bancorp in Los Angeles didn’t have to look too hard to find its permanent CEO. The $3.9 billion-asset company said in a press release that it has removed “interim” from David Morris’ title. Morris, who will remain RBB’s chief financial officer, will join the company’s board. Morris will spearhead efforts to hire […]
Citizens Community in Wisconsin closing three branches
Citizens Community Bancorp in Eau Claire, Wis., is thinning its branch network. The $1.8 billion-asset company said in a press release that it closed a branch in St. James, Minn., in September. Citizens plans to close two more branches – in Rice Lake, Wis., and Red Wing, Minn. – by the end of this year. […]
MainStreet playing long game with BaaS division
MainStreet Bancshares in Fairfax, Va., expects its Banking-as-a-Service (BaaS) division to break even within two years of having a fully operational solution. The $1.9 billion-asset company was asked during its Oct. 17 earnings conference call to provide that estimate for its Avenu business. Management made good on a promise to look into the request and […]
Fintech Biller Genie raises $5M in new funding
Biller Genie, a Miami fintech that provides AR automation and has a B2B payments platform, will open an office in Orlando after raising $5 million in Series A funding. The fintech said that the round was led by Henry Helgeson, who will join its board. Biller Genie plans to use the funding to continue […]
Grand Bank for Savings in Miss. has new CEO
Chris Sawyer has become president and CEO of Grand Bank for Savings in Hattiesburg, Miss. Sawyer, who had been the $107 million-asset bank’s chief financial officer, made the announcement via an update on his LinkedIn profile. Sawyer, who joined Grand in 2019, was president of Peoples Bank of Alabama from 2007 to 2014. He was […]
Atlantic Union working on customer account issue
Atlantic Union Bankshares in Richmond, Va., is looking to address an issue with some customers’ accounts. The $20 billion-asset Atlantic Union “is working diligently” with a vendor after customers reported that deposits disappeared from their accounts without any notice. The company said the issue stems from a system change by the unnamed vendor. “I would […]
Western Commerce to buy Western Bancshares in N.M.
Western Commerce Bancshares of Carlsbad in New Mexico has agreed to buy Western Bancshares of Clovis in New Mexico. Western Commerce, the holding company for the $617 million-asset Western Commerce Bank, said in a press release that it expects to complete the purchase of the $64.4 million-asset parent of Western Bank of Clovis in the […]
Central Pacific taps insider as next leader
Central Pacific Financial in Honolulu will soon have a new leader. The $7.3 billion-asset company said in a press release that Arnold Martines will become its CEO on Jan. 1. He will succeed Paul Yonamine. Martines, who will also join the board, is the company’s president and chief operating officer. Central Pacific also said that […]
First Capital in Indiana finalizes CEO succession
First Capital in Corydon, Ind., has its next CEO lined up. The $1.2 billion-asset company disclosed in a regulatory filing that Michael Frederick will become president and CEO of its First Harrison Bank on April 1. Frederick, First Capital’s chief financial officer, will become the company’s president and CEO on July 1. […]
De novo Bank Irvine opens in California
Bank Irvine has officially opened. The California de novo bank debuted on Tuesday, according to the Federal Deposit Insurance Corp. Organizers received conditional approval from the FDIC on Aug. 24, which required the group to raise $25 million to open the bank. The group, which plans to open a second branch in Encinitas, Calif., applied […]
Proposed de novo would offer Shariah-compliant products
A de novo bank planned in Minneapolis is seeking to become a minority financial institution that would offer Shariah-compliant products and services. Organizers recently submitted an application with the Federal Deposit Insurance Corp. for AarBank. More than 51% of the voting stock would be owned by minority individuals, according to the application. “The organizers aim […]
How First Commonwealth connected with Centric
Centric Financial in Harrisburg, Pa., explored several mergers, including a merger of equals, before agreeing to be sold to First Commonwealth Financial in Indiana, Pa. The $9.5 billion-asset First Commonwealth agreed on Aug. 30 to buy the $1 billion-asset Centric for $144 million. Centric and its investment bank began a series of discussions with two […]
First Internet, MainStreet share BaaS updates
First Internet Bancorp in Fishers, Ind., and MainStreet Bancshares in Fairfax, Va., remain committed to their Banking-as-a-Service platforms. BaaS has gained more scrutiny from regulators, with the Office of the Comptroller of the Currency hitting Blue Ridge Bank with an enforcement order and the Consumer Financial Protection Bureau expressing an interest in banks’ dealings with […]
Silvergate no longer on pace to create stablecoin in 2022
Silvergate Capital in La Jolla, Calif., is no longer on pace to create its own stablecoin in 2022. Alan Lane, the $15.5 billion-asset company’s CEO, made the disclosure during a conference call to discuss quarterly earnings. He said Silvergate is continuing to work with its regulators while also working on building compliance and operational “muscle.” […]
U.S. Bancorp on pace to buy MUFG Union on Dec. 1
U.S. Bancorp in Minneapolis is on pace to buy MUFG Union Bank in San Francisco on Dec. 1. The $601 billion-asset company said in a press release that it received a green light from the Japanese Financial Services Agency, completing all the approvals needed to complete the $8 billion acquisition. The Federal Reserve, Office of […]
MidWestOne in Iowa hires banking vet as next CEO
MidWestOne Financial Group in Iowa City has its next CEO lined up. The $6.4 billion-asset company said in a press release that Chip Reeves will take over the role on Nov. 1. Reeves previously served as president and CEO of Beach Bancorp in Fort Walton Beach, Fla., which was recently sold to First Bancshares in […]
Citizens Financial in Pa. to buy HV Bancorp
Citizens Financial Services in Mansfield, Pa., has agreed to buy HV Bancorp in Doylestown, Pa. The $2.2 billion-asset Citizens said in a press release that it will pay $67.4 million in cash and stock for the $571 million-asset HV Bancorp. The deal is expected to close in the first half of 2023. HV Bancorp has […]
City Holding to buy Citizens Commerce in Kentucky
City Holding in Charleston, W.Va., has agreed to buy Citizens Commerce Bancshares in Versailles, Ky. The $5.9 billion-asset City said in a press release that it will pay $61 million in stock for the $354 million-asset Citizens. The deal is expected to close in the first quarter. Citizens has five branches, $319 million of deposits […]
Florida Bankers Association head joins TrustCo board
TrustCo Bank Corp NY in Glenville has appointed the president and CEO of the Florida Bankers Association to its board. The $6.2 billion-asset company said in a press release that Alex Sanchez had also joined the board of its bank. Sanchez was appointed to the company’s audit, compensation, compliance, fiduciary, nominating and corporate governance, and […]