Community bank

Zest AI's Credit Models Proven to Increase Loan Approvals for Every Protected Class

Retrieved on: 
Wednesday, January 31, 2024
AAPI, Black, Small business, Community bank, Suncoast Credit Union, NPS, Statistics, Risk, Woman, Bank

LOS ANGELES, Jan. 31, 2024 /PRNewswire/ -- Zest AI, the leader in AI-automated underwriting, has grown extensively in the past four years as more and more lenders have implemented its patented technology that has proven to significantly increase loan approvals for protected classes. Zest AI has helped lenders increase approvals by 49% for Latinos, 41% for Black applicants, 40% for women, 36% for elderly applicants, and 31% for AAPI applicants, all while holding risk constant.

Key Points: 
  • Zest AI has helped lenders increase approvals by 49% for Latinos, 41% for Black applicants, 40% for women, 36% for elderly applicants, and 31% for AAPI applicants, all while holding risk constant.
  • Our AI-automated underwriting can accurately assess 98% of American adults, significantly increasing loan approvals with no increase in risk."
  • Zest AI has helped lenders assess over 39 million consumer loan applications in the last four years, resulting in $250 billion in loans granted based on Zest AI's models.
  • Zest AI has a 100% retention rate for its credit union customers and an NPS score of 81, which is among the top 1% of all companies.

Central Valley Community Bancorp and Community West Bancshares to Merge

Retrieved on: 
Wednesday, October 11, 2023
Banking, Professional Services, Finance, Multimedia, Community West Bancshares, Acquisition, Community Bank, Central Bank Center, Organization, United Company, CWB, Corporate action, Vice, Sierra Nevada, Bank, Lucien Plourde, Community bank, Security (finance), Management, Drug, Central Coast, Central California

Central Valley Community Bancorp (Central Valley), (NASDAQ: CVCY), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (CVCB) and Community West Bancshares (Community West) (NASDAQ: CWBC), parent company of Community West Bank (CWB), headquartered in Goleta, California, announced today the signing of an Agreement of Reorganization and Merger, dated October 10, 2023, pursuant to which the companies will combine in an all-stock merger transaction.

Key Points: 
  • Central Valley Community Bancorp (Central Valley), (NASDAQ: CVCY), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (CVCB) and Community West Bancshares (Community West) (NASDAQ: CWBC), parent company of Community West Bank (CWB), headquartered in Goleta, California, announced today the signing of an Agreement of Reorganization and Merger, dated October 10, 2023, pursuant to which the companies will combine in an all-stock merger transaction.
  • Under the terms of the agreement, Community West Bancshares will merge with and into Central Valley Community Bancorp and Community West Bank will merge with and into Central Valley Community Bank.
  • Under the terms of the agreement, Community West Bancshares shareholders will be entitled to receive 0.79 shares of Central Valley Community Bancorp common stock for each share of Community West Bancshares common stock.
  • “Central Valley Community Bank has steadily and profitably grown for over 43 years, building a highly attractive franchise in California’s San Joaquin Valley and Greater Sacramento region,” said James J. Kim, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.

MidWestOne Financial Group, Inc. Announces Strategic Acquisition in Denver

Retrieved on: 
Wednesday, September 27, 2023
Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., MidWestOne Financial Group, Spierer, Sale, S&P Global, IOWA, First Bank System, Community bank, Tangibility, Community, Acquisition, MSA, CECL, Form, Judy Corbalis, Growth, EPS, Bank, Cryptocurrency, Rare-earth element

IOWA CITY, Iowa, Sept. 27, 2023 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“MidWestOne”, “we”, “our”, or the “Company”) today announced that it has executed a definitive merger agreement to strategically reinvest the proceeds from the previously announced sale of our Florida operations through the acquisition of Denver Bankshares, Inc. (“Denver Bankshares”), the parent company for the Bank of Denver (“Bank of Denver”).

Key Points: 
  • IOWA CITY, Iowa, Sept. 27, 2023 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“MidWestOne”, “we”, “our”, or the “Company”) today announced that it has executed a definitive merger agreement to strategically reinvest the proceeds from the previously announced sale of our Florida operations through the acquisition of Denver Bankshares, Inc. (“Denver Bankshares”), the parent company for the Bank of Denver (“Bank of Denver”).
  • This acquisition accelerates our growth in the region by three to four years.
  • Piper Sandler & Co. served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to MidWestOne.
  • Olsen Palmer LLC served as financial advisor and Spierer, Woodward, Corbalis & Goldberg provided legal counsel to Denver Bankshares.

Third Coast Bank Joins the Bankers Helping Bankers BaaS Association

Retrieved on: 
Wednesday, August 23, 2023
Heart, Partnership, Education, Fintech, Risk management, Community, Innovation, Third Coast, Workforce Innovation in Regional Economic Development, As a service, Community bank, Region, Bank, BHB, Geography

HOUSTON, Aug. 23, 2023 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ: TCBX), ("Third Coast"), the holding company of Third Coast Bank, today announced that it has joined the Bankers Helping Bankers (BHB) Banking-as-a-Service (BaaS) Association.

Key Points: 
  • HOUSTON, Aug. 23, 2023 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ: TCBX), ("Third Coast"), the holding company of Third Coast Bank, today announced that it has joined the Bankers Helping Bankers (BHB) Banking-as-a-Service (BaaS) Association.
  • The BaaS Association is a premiere governance association whose primary goals include BaaS education, regulatory collaboration, and community bank sponsorship to source new revenue streams.
  • Bankers Helping Bankers launched the BaaS Association in April 2022 via a bankers-only platform for collaboration and education.
  • Through data tools and dynamic user groups, Bankers Helping Bankers provides community bankers with a knowledge base focused on bank technology and emerging FinTech companies, in areas such as BaaS, becoming a sponsor bank and launching a direct digital brand.

PEOPLES BANCORP INC. ANNOUNCES PLANNED RETIREMENT OF CHUCK SULERZYSKI AND ELECTION OF TYLER WILCOX AS NEXT CEO

Retrieved on: 
Tuesday, July 11, 2023
Ohio State University, Insurance, Human resources, Ohio University, Small business, Senior, Culture, Compensation, Best, Brigham Young University, Business administration, Retirement, Trust, People's Bank, Compensation and benefits, Russell, Working Together, Community bank, Big John Farm Limestone Bank Barn, People's Bank (Sri Lanka), Community Bank, Region, Master of Business Administration, Management, Real estate

MARIETTA, Ohio, July 11, 2023 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced that Chuck Sulerzyski, 66, has notified Peoples of his intention to retire as President and Chief Executive Officer ("CEO") of each of Peoples and Peoples' banking subsidiary, Peoples Bank, effective March 31, 2024.

Key Points: 
  • MARIETTA, Ohio, July 11, 2023 /PRNewswire/ -- Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) today announced that Chuck Sulerzyski, 66, has notified Peoples of his intention to retire as President and Chief Executive Officer ("CEO") of each of Peoples and Peoples' banking subsidiary, Peoples Bank, effective March 31, 2024.
  • He also intends to retire from the Boards of Directors of Peoples and Peoples Bank on that same date.
  • Peoples also announced today that Tyler Wilcox, 44, will become the next President and CEO of each of Peoples and Peoples Bank, and will be elected as a director of each of Peoples and Peoples Bank, effective April 1, 2024, filling the vacancy created on each Board of Directors by Sulerzyski's retirement.
  • Peoples offers services through Peoples Bank (which includes the divisions of Limestone Bank, Peoples Investment Services, Peoples Premium Finance and North Star Leasing) and Peoples Insurance Agency, LLC.

Country's Top Banking Regulators Celebrate Growth of National Safe Banking Partnership

Retrieved on: 
Tuesday, May 23, 2023
Federal Deposit Insurance Corporation, OCC, ABA, Unemployment, Average revenue per user, Marketing, City, Comptroller, American Bankers Association, National Press Club (United States), Banking in the United States, Press club, FDIC, Languages of Ethiopia, Movement, Certification, Organization, Currency, Minneapolis–Saint Paul, Citigroup, Bank of America, Community, Community bank, Office of the Comptroller of the Currency, Growth, Wells Fargo, Conference, Bank

WASHINGTON, May 23, 2023 /PRNewswire/ -- Today at the largest conference in the banking access field, keynote addresses by Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency's (OCC's) Acting Comptroller Michael J. Hsu – two of the nation's top federal banking regulatory agencies – highlighted Bank On movement progress. The Cities for Financial Empowerment Fund (CFE Fund) hosted the 2023 Bank On National Conference at the National Press Club in Washington, DC. There are now over 375 Bank On nationally certified accounts, offered by banks and credit unions representing over 60% of the domestic deposit market; more than half (53%) of all US bank branches offer a Bank On certified account. Federal and state agencies, ranging from the FDIC to the Internal Revenue Service to state Departments of Labor, are pointing consumers to Bank On accounts to receive payments, as are local programs across the country. There are 100 local Bank On coalitions working to advance this national movement, including an increasing number of statewide coalitions.

Key Points: 
  • The Cities for Financial Empowerment Fund (CFE Fund) hosted the 2023 Bank On National Conference at the National Press Club in Washington, DC.
  • There are 100 local Bank On coalitions working to advance this national movement, including an increasing number of statewide coalitions.
  • With national unbanked rates at their lowest numbers ever recorded, we know our joint efforts to move the market towards safe banking for everyone literally is moving the needle on a critical national anti-poverty priority."
  • The FDIC's latest 2021 National Survey of Unbanked and Underbanked Households found that US unbanked rates are at the lowest recorded level ever.

Savi Financial Corporation Earns $468,000 in the First Quarter of 2023; Highlighted by Strong Loan and Deposit Growth

Retrieved on: 
Thursday, April 27, 2023
NIM, OTC Markets Group, Pressure, Small business, Sale, USDA, SBA, Community bank, Book, Bank, Cryptocurrency, Video game, Airline

Results for the current quarter were driven by strong loan and deposit growth.

Key Points: 
  • Results for the current quarter were driven by strong loan and deposit growth.
  • “Savi’s first quarter operating results reflected solid balance sheet expansion and excellent credit quality metrics,” said Michal D. Cann, Chairman and President of Savi Financial Corporation.
  • Operating expenses were lower during the preceding quarter due to some nonrecurring expense reversals, which impacted our linked quarter net income comparison.
  • This stand-alone community bank will focus on serving the communities in Whatcom County, the largest county in which Savi Financial Corporation operates.

Savi Financial Corporation Earns Record $3.72 Million for the Year 2022 and $1.09 Million for Fourth Quarter; Highlighted by Stellar Loan Growth and Net Interest Margin Expansion

Retrieved on: 
Monday, January 30, 2023
FHLB, SBA, OTC Markets Group, CECL, USDA, NIM, FDIC, Community bank, Security (finance), Bank, Video game, Pension fund

The record results for the year were driven by strong loan growth and net interest margin expansion.

Key Points: 
  • The record results for the year were driven by strong loan growth and net interest margin expansion.
  • “Our fourth quarter results included strong loan growth compared to the preceding quarter and the previous year, and substantial net interest margin expansion resulting from higher yields on loans.
  • Full Year and Fourth Quarter 2022 Highlights:
    Net income increased 4% to $3.72 million for the year 2022, compared to $3.58 million in 2021.
  • Net income was $1.09 million in the fourth quarter of 2022, compared to $268,000 in the fourth quarter of 2021, and $1.10 million in the third quarter of 2022.

NBT Bancorp Inc. Announces Full Year Net Income of $152.0 Million ($3.52 Per Diluted Common Share); Approves Dividend

Retrieved on: 
Monday, January 23, 2023
Paycheck Protection Program, Durbin amendment, Federal funds, AOCI, Acquisition, NBT, Retirement, FTE, Federal, NBT Bank, Commercial, Sale, Fed, Partnership, PPP, Growth, NIM, Share repurchase, Community bank, Bank, Security (finance), Video game, Airline, Real estate, Pension fund, Holding company, Petroleum, Credit, Health insurance, Financial services, NORWICH

Net income for the year ended December 31, 2022 was $152.0 million, or $3.52 per diluted common share, compared to $154.9 million, or $3.54 per diluted share, in the prior year.

Key Points: 
  • Net income for the year ended December 31, 2022 was $152.0 million, or $3.52 per diluted common share, compared to $154.9 million, or $3.54 per diluted share, in the prior year.
  • Net income for the three months ended December 31, 2022 was $36.1 million, or $0.84 per diluted common share, compared to $37.3 million, or $0.86 per diluted share, in the fourth quarter of 2021.
  • $0.1 million of interest and fees recognized into interest income, compared to $0.3 million for the third quarter of 2022 and $7.5 million for the fourth quarter of 2021.
  • The impact of the change net liquidity position was approximately a $3.2 million decrease in net interest income.

Elizabeth Park Capital Management and Calvert Impact selected to co-manage Mission Driven Bank Fund

Retrieved on: 
Thursday, December 15, 2022
Professional Services, Philanthropy, Other Philanthropy, Socially Responsible Investing, Finance, Banking, Fund, Person, Community development financial institution, Federal Deposit Insurance Corporation, Minority, Small business, Investment, Community bank, Economic development, EPCM, Eton Park Capital Management, Community development, FDIC, ROI, Microsoft, Growth, History, Neighbourly (community investment platform), CDFI, Partnership, Impact investing, MDI, Bank, Management, Renewable energy, Truist Financial

Elizabeth Park Capital Management (Elizabeth Park) and Calvert Impact announced they are teaming up on an investment fund to invest in mission-driven U.S. banks.

Key Points: 
  • Elizabeth Park Capital Management (Elizabeth Park) and Calvert Impact announced they are teaming up on an investment fund to invest in mission-driven U.S. banks.
  • The Mission Driven Bank Fund (the Fund) will be established to support Minority Depository Institutions (MDI) and Community Development Financial Institution (CDFI) banks through direct investment, market development and other technical support services.
  • The Fund seeks to improve bank sustainability, promote an equitable economy, and address chronic racial gaps in access to financial services.
  • Elizabeth Park brings specialized knowledge of regulated financial institutions, while Calvert Impact has a track record of driving impact in underserved markets through creative solutions and bringing other investors along, Combs said.