The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

First Financial Bank in Texas switches to state bank charter

First Financial Bank in Texas switches to state bank charter

First Financial Bankshares in Abilene, Texas, has switched from a national bank charter to a state bank charter.   The company said in a press release that First Financial Bank is new a state banking association while First Financial Trust and Asset Management became a state-chartered chartered trust company.   The bank had operated under a national charter since its creation in 1890.   “We think the charter conversions make

April 24, 2024
Sterling Bancorp founder, former CEO fined, barred from banking

Sterling Bancorp founder, former CEO fined, barred from banking

Sterling Bancorp in Southfield, Mich., seems to be getting closer to putting a mortgage scandal in the rearview mirror. The Office of the Comptroller of the Currency has barred the company’s founder and a former CEO from the banking industry in connection to their roles in the defunct Advantage Loan Program. The OCC issued penalties against Scott Seligman and Thomas Lopp in separate consent orders. Seligman, who wasn’t a bank

April 24, 2024
Farmers National in Ohio restructures securities portfolio

Farmers National in Ohio restructures securities portfolio

Farmers National Banc Corp. in Canfield, Ohio, restructured its securities portfolio during the first quarter. The $5.1 billion-asset company said in a press release that sold $44.3 million of securities at a $2.1 million pretax loss. Proceeds were reinvested into securities with yields 200 basis points higher than those sold. Farmers National said it should take between two and three years for the company to earn back the securities loss.

April 24, 2024
OCC announces reg orders with three banks

OCC announces reg orders with three banks

The Office of the Comptroller of the Currency announced enforcement actions against three banks. The agency entered into a formal agreement with First Federal Savings & Loan Association of Lorain in Ohio. The bank was cited for unsafe or unsound practices, including those related to the failure of the board and management to develop and implement an appropriate strategic plan. The OCC said the $530 million-asset failed to appropriately manage

April 23, 2024
Southwest Bancshares in Texas rebranding its banks as Texas Partners

Southwest Bancshares in Texas rebranding its banks as Texas Partners

Southwest Bancshares in San Antonio will rebrand all of its banks as Texas Partners Bank. The $2 billion-asset company said in a press release that its three banks – Bank of San Antonio, Bank of Austin and Texas Hill Country Bank – will all use the Texas Partners brand by the end of this year. “Texas Partners Bank is fueled by the steadfast power of partnerships. Our deep commitment to

April 23, 2024
Trustmark in Miss. to sell insurance agency for $345 million

Trustmark in Miss. to sell insurance agency for $345 million

Trustmark in Jackson, Miss., is the latest bank to agree to sell its insurance agency. The $18.7 billion-asset company said in a press release that it will sell Fisher Brown Bottrell Insurance to Marsh & McLennan Agency for $345 million in cash. The sale is expected to close in the second quarter. The purchase price represents about 5.9 times the agency’s 2023 revenue and 28 times net income. After-tax proceeds

April 23, 2024
WaFd to sell multifamily loans gained from Luther Burbank deal

WaFd to sell multifamily loans gained from Luther Burbank deal

WaFd in Seattle is planning to sell a multifamily portfolio it recently gained from an acquisition. The $30.1 billion-asset company said in a press release that it plans to sell up to $3.2 billion of loans it inherited from Luther Burbank Corp. WaFd bought the bank on Feb. 29. “We have engaged a third party to facilitate this process,” Brent Beardall, WaFd’s president and CEO, said in the release. “There

April 23, 2024
Renasant sets stage for CEO succession in 2025

Renasant sets stage for CEO succession in 2025

Renasant in Tupelo, Miss., will have a new leader next year. The $17.4 billion-asset company said in a press release that Kevin Chapman will succeed C. Mitchell Waycaster as CEO in May 2025. Waycaster would remain executive vice chairman, and Chapman will continue to serve as president. Chapman has served on the board since 2018. “Kevin is a dynamic leader with a keen understanding of both corporate banking strategy and

April 23, 2024

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