News

Sacramento Business Journal | Friday, April 6, 2018

Farmers & Merchants Bank of Central California has signed a definitive agreement to acquire the Bank of Rio Vista, based in the Sacramento Delta, for $40.7 million. Last year, F&M bought a nearly 40% stake in the Bank of Rio Vista for $12 million. As part of the new transaction, F&M will buy the remaining 60.35% of the century-old bank, which currently has branches in Rio Vista, Walnut Grove, and Lodi, CA. F&M has 28 locations from Merced to downtown Sacramento. F&M said in a news release that it expects the acquisition to be accretive to earnings in 2019, which will be the first full year of combined operations.

Savannah Tribune | Friday, April 6, 2018

The Savannah City Council has unanimously approved a motion to place a historical marker honoring Carver State Bank founder and president, Louis B. Toomer, in Chatham Square. It will be the first Historical Marker honoring an African American in the historic district of Savannah. The action by the Council was the final step in an approval process that was initiated by Robert James, President of Carver State Bank. 

US Department of the Treasury | Friday, April 6, 2018

The US Department of the Treeasury has released recommendations to modernize the Community Reinvestment Act (CRA). The recomendations were issued to the primary CRA regulators, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation. The objective of the recommendations it to better align CRA activity with the needs of the communities that banks serve, while being conducted in a manner consistent with a bank's safety and soundness. 

American Banker | Friday, April 6, 2018

Industry representatives, analysts, and consumer advocates have all praised the Treasury report recommending a slew of CRA reforms that could serve as a jumping off point for regulators twho seem poised to update their decades-old policy. In this Article, the American banker provides five key takeaways from the Treasury report, which has been dubbed "an astonishingly progressive set of recommendations" by Federal Financial Analytics. 

Michigan Chronicle | Tuesday, April 3, 2018

First Independence Bank chairman & CEO Kenneth Kelly has been appointed to the Federal Reserve Bank of Chicago's Community Depository Institutions Advisory Council. The council is comprised of 12 members who are industry leaders across the Midwest, currently representing portions of the five states in the Seventh Federal Reserve District – Michigan, Illinois, Indiana, Iowa and Wisconsin. Chairman Kelly will serve a three-year term on the council from 2018-2020. “I am grateful to be appointed to the Advisory Council to provide insight into our economy in Michigan and the current banking landscape,” said Kelly.

Nasdaq | Thursday, March 22, 2018

New York-based Carver Federal Savings Bank, the last remaining black-owned bank in the City, the turns 70 this year. To commemorate the anniversary, President and CEO Michael Pugh was recently interviewed live on Nasdaq Spotlight to highlight the achievements of the institution. "We know it's important to be able to support low-to-moderate income communities. One example of how we do it at Carver is... financial education. We have a laser focus on this particular pillar as a critical part of our business model," said Pugh. "Over the past nine years, we have educated more than 15,000 people through financial education programs." Pugh also talked about the bank's recent sale of its Harlem headquarters and impending relocation to the top floor of a nearby building on East 125th Street.

 

Detroit Business Journal | Thursday, March 22, 2018

First Independence Bank, a black-owned bank headquartered in Detroit, is gaining a new CEO: Kenneth Kelly, a former Birmingham executive with experience at Alabama Power Co. and Hands-On Birmingham. Kelly will be responsible for leading the bank's local financial operations and overseeing its management infrastructure. "As chairman and CEO, Kenneth brings deep and experienced business leadership to First Independence Bank," said Linda Forte, board member and chairwoman of the human resources committee. "His knowledge, relationships, and expertise will be extremely valuable in leading the bank's growth opportunities in Detroit." Kelly was recognized in the Birmingham Business Journal's 2001 Top 40 Under 40 Class, and has been awarded the United Way Mervyn Stern Award for his leadership contributions in metro Birmingham.

American Banker | Thursday, March 22, 2018

BankFirst Financial Services in Mississippi has acquired HomeFirst, a mortgage services company in Oxford, Mississippi. The $958 million-asset BankFirst said in a press release that it will retain all of HomeFirst's employees, and will complete the transfer to HomeFirst's customer accounts to BankFirst this month. The bank did not disclose the financial terms of the purchase. "The addition of the HomeFirst team complements and enhances our current mortgage platrorm and establishes a new presence for us in the Oxford community," said Moak Griffin, BankFirst's president and CEO. "We are proud of our 130-year history and we remain committed to helping our customers and communities thrive."

Savannah Now | Thursday, March 22, 2018

The Senate has recently passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which would roll back financial regulations instituted after the recession. If passed by the House and signed by the President, the Act would reduce the money and resources smaller lenders currently spend on compliance. Savannah Now spoke with Robert James II, President of Carver State Bank, on the impact such legislation would have on CDFI banks. "It really makes sense for smaller banks," said James. "We serve the distressed community, the poorest in Savannah. We make church loans, the mortgages, the loans other banks won't." He said the biggest impact of this legislation on banks like Carter would be the change in how large deposits are treated. 

CDFI Fund | Thursday, March 22, 2018

The CDFI Fund has released its annual report: the 2017 Year in Review. The 60-page report includes the achievements of the CDFI Programs in 2017, as well as key impact data from the history of the Fund. In 2017, the CDFI Fund awarded organizations more than $472 million in financial assistance, loans, and bond guarantees. The CDFI Fund alwo awarded $7 billion in New Markets Tax Credits (NMTCs), the largest single award round in the history of the program. 

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