The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Battle between Republic First, Hill likely to linger

Battle between Republic First, Hill likely to linger

A dispute among Vernon Hill, Republic First Bancorp and the Philadelphia company’s investors is ongoing. Hill, who recently announced plans to resign on Aug. 8, claimed in a July 6 letter that four of the $5.7 billion-asset company’s directors breached his 2021 employment agreement as wrangling escalated in recent months. Hill alleged the group, led by former CEO Harry Madonna, attempted to remove him as chairman without giving him a required 30-day written

July 13, 2022
Amerant lines up sponsorship deal with NBA’s Heat

Amerant lines up sponsorship deal with NBA’s Heat

Amerant Bancorp in Coral Gables, Fla., has become the official bank of the Miami Heat. The $7.6 billion-asset company said in a press release Tuesday that it agreed to a multi-year deal with the professional basketball team. The deal includes marketing and business development opportunities, including prominent courtside signage, VIP client events and access to appearances by Heat players. Amerant did not disclose the price it paid for the sponsorship. “Through this strategic partnership

July 12, 2022
Former Alloy exec forms neobank for indigenous people

Former Alloy exec forms neobank for indigenous people

A former executive at Alloy Labs Alliance is leading an effort to form a digital bank for indigenous people. Amber Buker, who recently stepped down as Alloy’s director of insights, announced plans for Totem in a tweet, calling the startup the “only digital bank by and for indigenous people.” Alloy disclosed that it is an investor in the venture.The plan is to go live with the bank next year. Totem has yet

July 12, 2022
Bankers Helping Bankers launching fintech fund

Bankers Helping Bankers launching fintech fund

Bankers Helping Bankers, a program launched by FedFis and the Independent Bankers Association of Texas, has launched a fintech venture capital fund.    The Bankers Helping Bankers Fund will support community bankers’ engagement with emerging technology providers. Bankers Helping Bankers did not disclose the targeted size of the fund.    “For years founders have been looking for a fintech fund that can deliver where others have fallen short,” Tanner Mayo,

July 12, 2022
ICBA hires banker for government relations post

ICBA hires banker for government relations post

The Independent Community Bankers of America has hired a Maryland banker to serve as its executive in charge of chief government relations and public policy. The association said in a press release Monday that it hired Anne Balcer. She previously served as general counsel and internal auditor at Forbright Bank in Chevy Chase, Md. Forbright was previously known as Congressional Bank. “We’re thrilled to welcome another fellow community banker to the ICBA team,”

July 12, 2022
Horicon Bank in Wis. to buy Cornerstone Community

Horicon Bank in Wis. to buy Cornerstone Community

Sword Financial in Horicon, Wis., has agreed to buy Community Bancshares of Wisconsin in Grafton.Sword, the parent of the $1.2 billion-asset Horicon Bank, expects to complete the purchase of the holding company for the $247 million-asset Cornerstone Community Bank in the fourth quarter.Sword, which did not disclose the price it will pay, will have $1.1 billion of loans and $1.3 billion of deposits after the deal closes. Performance Trust Capital advised

July 12, 2022
Synovus, Verdant form equipment leasing business

Synovus, Verdant form equipment leasing business

Synovus Financial in Columbus, Ga., and Verdant Commercial Capital in Cincinnati have formed an equipment finance business. Synovus Equipment Leasing will offer leasing and equipment finance agreements for the $56 billion-asset bank’s customers ranging from $25,000 to $50 million. The financing is supported by a line of credit from Synovus Specialty Finance. “We are excited to partner with the bank’s commercial equipment leasing team to deliver a value-added solution for their clients,”

July 11, 2022
Gate City in N.D. to settle lawsuit over overdraft fees

Gate City in N.D. to settle lawsuit over overdraft fees

Gate City Bank in Fargo, N.D., has agreed to pay $5.5 million to settle claims it breached its contract with depositors over overdraft and nonsufficient funds (NSF) fees. The lawsuit, filed in Cass County District Court, alleged that the $3.3 billion-asset bank improperly assessed fees on certain transactions.Gate City, which did not admit wrongdoing, said it decided to settle to avoid the cost, delay and uncertainty of litigation. The settlement, which requires

July 11, 2022

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