The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Mid-Southern investors approve investment bank proposal

Mid-Southern investors approve investment bank proposal

Shareholders of Mid-Southern Bancorp approved an outside proposal that the Salem, Ind., company hire an investment bank to help it find a buyer. The $266.4 million-asset Mid-Southern disclosed in a regulatory filing that nearly 1.1 million shareholders backed the proposal by J. David Rosenberg that it retain an investment bank “to guide the company in promptly taking steps to merge or sell … on terms that will maximize stockholder value.”

May 25, 2023
PacWest sells Civic Financial to New York real estate firm

PacWest sells Civic Financial to New York real estate firm

Roc Capital Holdings in New York has acquired the origination assets of Civic Financial Services from PacWest Bancorp in Los Angeles. Roc360, a platform that serves residential real estate investors and originates business-purpose loans, said in a press release that it will use the Civic brand. The price wasn’t disclosed. Founded in 2014, Civic has funded more than of $9.4 billion of loans through its borrower-direct, broker and correspondent channels. "In the

May 24, 2023
Edmonton Bancshares to buy Sumner Financial in Tenn.

Edmonton Bancshares to buy Sumner Financial in Tenn.

Edmonton Bancshares in Edmonton, Ky., has agreed to buy Sumner Financial in Gallatin, Tenn. Edmonton, the parent for the $733 million-asset Edmonton State Bank, said in a press release that it will pay $26.82 a share for the parent of the $234 million-asset Sumner. Sumner has three branches. The acquisition “expands our market reach into the Gallatin, Hendersonville and Nashville areas, and continues fulfillment of our long-term strategic goals of

May 24, 2023
First Guaranty in La. raises $10M via private placement

First Guaranty in La. raises $10M via private placement

First Guaranty Bancshares in Hammond, La., has raised $10 million through a private placement of common stock. The $3.2 billion-asset company said in a press release that it sold about 710,000 shares at $14 each. The placement included the company’s directors and accredited investors. “We have been frustrated by the unfair beating our stock has taken in recent months, and the completion of the offering with the 100% participation of

May 24, 2023
Blue Foundry in NJ withstands challenge for board seats

Blue Foundry in NJ withstands challenge for board seats

Blue Foundry Bancorp in Rutherford, N.J., prevailed in its proxy contest with activist investor Larry Seidman. The $2.1 billion-asset company disclosed in a regulatory filing that its board nominees – J. Christopher Ely and Robert Goldstein – were elected to three-year terms at this year’s annual meeting. Each received more than 12.4 million votes from shareholders. Seidman and Associates’ candidates – Jennifer Corrou and Raymond Vanaria – fell short of

May 23, 2023
NYCB to take over Signature’s midtown Manhattan lease

NYCB to take over Signature’s midtown Manhattan lease

New York Community Bancorp in Hicksville, N.Y., has agreed to take over Signature Bank’s lease in midtown Manhattan. Empire State Realty Trust, which owns the building, said in a press release that the $123.7 billion-asset New York Community, through its Flagstar Bank unit, will lease roughly 313,000 square feet of office space. The lease is through 2039. Empire State said it agreed to reduce the rent by $3 a square

May 23, 2023
Citizens in R.I. to pay $9M fine to resolve CFPB probe

Citizens in R.I. to pay $9M fine to resolve CFPB probe

Citizens Financial Group in Providence, R.I., will pay a $9 million fine to the Consumer Financial Protection Bureau to address claims its bank failed to investigate credit card billing disputes and fraud claims. The CFPB said in a press release that the $222.3 billion-asset Citizens also settled allegations that the bank failed to consistently refund all charges, including finance charges and fees. "Federal law provides important rights to credit cardholders

May 23, 2023
LGBTQ+ neobank Daylight to shut down

LGBTQ+ neobank Daylight to shut down

Daylight, an LGBTQ+ neobank, is shutting down. Rob Curtis, Daylight’s co-founder and CEO, announced the decision in a blog, stating that the neobank will cease operations on June 30. He pointed to the high interest rate environment made it challenging to build scale to serve the startup’s target market. “We really threw everything that we had at this business,” Curtis wrote “Not to make money (founder salaries are, for the

May 23, 2023