INSIGHTS INTO THE BANKING INDUSTRY
Capital One Financial in McLean, Va., has created an enterprise B2B software business to help companies that operate in the cloud. The $434 billion-asset company said in a press release that Capital One Software has already introduced Capital One Slingshot, a data management solution for customers of Snowflake. The product should help users accelerate the adoption of the Snowflake Data Cloud, manage costs and automate governance processes. "Capital One has pioneered the adoption
Greenwood Financial, an Atlanta digital bank aimed at Black and Latino clients, has bought The Gathering Spot, a private membership network focused on the Black community. Greenwood said in a press release that the two platforms have a community of more than a million people. The company did not disclose the price it paid. The plan is to offer features that include community building, personal finance content and banking services. The Gathering Spot
NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $623 million-asset NuMark said it expects to complete the purchase of the $135 million-asset Pioneer in the fourth quarter. It did not disclose the price it will pay NBE Bancshares for its bank. Pioneer has four branches. McQueen Financial Advisors and Luse Gorman advised NuMark. Olsen Palmer and Godfrey & Khan advised Pioneer.
A former CEO of Noah Bank in Elkins Park, Pa., has been convicted on charges that he accepted bribes in connection with loans made through the Small Business Administration.A jury found Edward Shin guilty of charges that include bank bribery, conspiracy to commit bank fraud and theft of funds by a bank officer that each carry a sentence of up to 30 years in prison. Two other charges have sentences
Esquire Financial Holdings in Jericho, N.Y., has signed an agreement to offer financing to a wide swath of commercial law firms. The $1.2 billion-asset Esquire said in a press release Thursday that its arrangement with investment firm B.E. Blank & Co will allow both companies to market products and services to existing and potential clients. Esquire will allow the effort to use its CRM platform and digital marketing technology stack in
Orion Federal Credit Union’s pending purchase of Financial Federal Bank in Memphis is back on track after a judge in Tennessee lifted a temporary injunction that had blocked the transaction. The $1 billion-asset Orion, which is also based in Memphis, agreed in August to buy the $774 million-asset Financial Federal. Greg Gonzalez, commissioner of the Tennessee Department of Financial Institutions, raised concerns about the deal’s legality, arguing that state law only
Sandy Spring Bancorp in Olney, Md., has sold it insurance business to Hub International. The $12.7 billion-asset company said in press release Thursday that the transaction closed on June 1. The pricing wasn’t disclosed. “Our clients will now have access to an expanded offering of insurance solutions through Hub,” Lou Caceres, an executive vice president of Sandy Spring Bank, said in the release. “All of the Sandy Spring Insurance … employees have been
Eagle Bancorp in Bethesda, Md., will pay nearly $13 million to resolve a longstanding probe by the Securities and Exchange Commission into its ties to a former Washington councilman.The $11 billion-asset company disclosed in a regulatory filing that it will pay a $10 million civil money penalty and $2.6 million in disgorgement as part of the settlement. Eagle, which did not admit or deny the SEC's allegations, agreed to enter into
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