Cross River Bank in Fort Lee, N.J., has formed a venture capital division to invest in fintechs and other startups.The $13.5 billion-asset company said that Cross River Digital Ventures will also evaluate companies involved with lending, payments and investing. The bank already serves as the regulated financial institution for several fintechs. “Cross River already powers some of the largest companies in fintech and this new endeavor will help us identify and

Sunnyside Bancorp in Irvington, N.Y., has terminated an agreement to be sold to a Florida real estate firm to instead sell to group tied to a New York real estate investor.The $98 million-asset Sunnyside agreed in March to a deal with DLP Real Estate Capital in Saint Augustine, Fla., valued at $12.3 million. Shortly after that deal was announced, Rhodium BA Holdings went public with an unsolicited offer that valued

Equity Banchshares in Wichita, Kan., didn’t waste time getting the S-4 out for its pending acquisition of American State Bancshares in Wichita. The $73.6 million deal, announced last month, would bolster the $4.2 billion-asset Equity’s operations in its home state. First, a review of the acquisition’s terms: The deal, which is expected to close in early October, priced the $779 million-asset American State at 111% of its tangible book value. The

Organizers in Arizona have applied to form a Integro Bancorp in Phoenix.The group submitted an application with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance.The application did not disclose how much initial capital organizers plan to raise.In an April announcement posted on LinkedIn, they said the proposed bank would be primarily focused on small businesses. It plans to introduce a consultative product called Integro360. Thomas Inserra would serve as

Lake Michigan Credit Union in Grand Rapids, Mich., is doubling down in Florida with an agreement to buy Pilot Bank and National Aircraft Finance.The $10.4 billion-asset credit union said in a press release Wednesday that it will pay about $96.6 million in cash for the $656 million-asset Pilot. The deal is expected to close in the fourth quarter.Lake Michigan Credit Union, which bought Encore Bank in Florida in 2018, will

Primis Financial in Charlottesville, Va., has added a prominent bank investor to its board. The $3.3 billion-asset company said in a press release Tuesday that John Eggemeyer had agreed to become a director.Eggemeyer is the founder and chairman of Castle Creek Capital, which has invested in banks for three decades. He has been the chairman of PacWest Bancorp since its creation in 2000 and is a director at The Bancorp

The Federal Reserve has freed SunTrust Bank from a November 2019 consent order it handed down before approving the bank's sale to BB&T in the deal that created Truist Financial.SunTrust was hit with the order due to unfair and deceptive practices tied to "misleading or inaccurate statements" it made between 2013 and 2017 about the operation and billing for certain add-on products. The Fed noted that SunTrust had already ended

Let's take a look at some of the behind-the-scenes action for Bank of Marin Bancorp's pending purchase of American River Bankshares in Sacramento, Calif.First, a review of the deal's terms:Bank of Marin, a $3.1 billion-asset company in Novato, Calif., agreed to buy the $916 million-asset American River on April 19 for $134.5 million in stock. The deal, which is expected to close in the third quarter, priced American River at