The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Mississippi law would undercut credit union-bank mergers

Mississippi law would undercut credit union-bank mergers

Mississippi has joined the ranks of states intervening to stop credit unions from buying banks. Gov. Tate Reeves signed into law legislation requiring that any assets or liabilities sold by state-chartered banks must be bought by institutions insured by the Federal Deposit Insurance Corp. “A bank chartered by the State of Mississippi may, with the approval of the [banking] commissioner, sell or transfer all, or substantially all, of its assets, liabilities, and

March 23, 2022
Ameris joins list of banks curbing overdraft fees

Ameris joins list of banks curbing overdraft fees

Ameris Bancorp in Atlanta is the latest midsize bank to announce plans to reduce and eliminate certain overdraft fees.The $23 billion-asset company said in a press release Wednesday that it will eliminate nonsufficient funds and return item fees tied to payments that cannot be processed due to a lack of funds. Ameris will also eliminate extended overdraft fees for maintaining a negative balance.  Customers will be allowed to use their

March 23, 2022
Burke & Herbert continues expansion past northern Va.

Burke & Herbert continues expansion past northern Va.

Burke & Herbert Bank in Alexandria, Va., plans to expand into the Richmond, Va., market. The $3.6 billion-asset bank – the oldest in Virginia – said in a press release that it has hired a commercial banking team and plans to add an office in the state’s capital later this year. The bank plans to open branches over time. The bank hired Seth Feibelman, a former banker at Wells Fargo, as its

March 23, 2022
Alliance Data rebrands as Bread Financial

Alliance Data rebrands as Bread Financial

Alliance Data Systems in Columbus, Ohio, has rebranded as Bread Financial Holdings, taking on the name of the Buy Now Pay Later (BNPL) business it bought in late 2020. The company, a private-label credit card lender, will also change its stock symbol from “ADS” to “BFH” on April 4. Comenity Bank and Comenity Capital Bank will keep their names. “This is a turning point for the company, as our new brand represents the

March 23, 2022
Citizens-Investors merger secures Fed approval

Citizens-Investors merger secures Fed approval

The Federal Reserve has approved another large bank merger announced last year. The Fed said in a press release Tuesday that it had signed off on the proposed sale of Investors Bancorp in Short Hills, N.J., to Citizens Financial Group in Providence, R.I. The $3.5 billion deal was announced in July 2021. The approval had one notable condition – that the $188 billion-asset Citizens take part in 2023 stress tests to account

March 23, 2022
Community Bancorp in Kan. to buy Quarry City Savings

Community Bancorp in Kan. to buy Quarry City Savings

Community Bancorp in Chanute, Kan., has agreed to buy Quarry City Savings and Loan Association in Warrensburg, Mo. The parent of the $1.9 billion-asset Community National Bank & Trust said in a press release Tuesday that it will pay $10.4 million in cash for the $71.3 million-asset Quarry City, subject to adjustment. The deal is expected to close in the third quarter. "We are pleased with the opportunity to welcome Quarry City

March 23, 2022
Fed notices reveal three small bank mergers

Fed notices reveal three small bank mergers

Several bank mergers have been disclosed by the Federal Reserve. The Fed listed the pending transactions in a pair of public notices.Northeast Kansas Bancshares in Overland Park has agreed to acquire Bank of Orrick in Missouri.Community Bancshares of America, a group formed to buy banks, acquired Northeast Kansas Bancshares, the parent of the $115 million-asset Kendall Bank, to advance that strategy. Bank of Orrick has $43.6 million of assets. First Artesia Bancshares

March 22, 2022
Former Howard CEO Scully finds second act

Former Howard CEO Scully finds second act

Loyola University Maryland has hired a former bank CEO as the next dean of is business school. The university said in a press release that Mary Ann Scully will join the Rev. Joseph A. Sellinger, S.J., School of Business and Management on July 1. Scully co-founded Howard Bank and was its chairman and CEO for 18 years. The $2.6 billion-asset bank was sold to F.N.B. Corp. earlier this year. She earned an MBA in

March 22, 2022

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