Kansas bank strikes 4th M&A deal in 2 years

September 5, 2025 4:29 PM

In this week's banking news roundup: Equity Bancshares expands into Nebraska with the proposed acquisition of Omaha-based Frontier Holdings; Valley National Bancorp taps Patrick Smith as president of consumer banking; Northern Trust in Chicago promotes Michael Hunstad to president of asset management; and more.

Wichita, Kansas, bank strikes 4th M&A deal in 2 years

Equity Bancshares in Wichita, Kansas, is expanding into Nebraska with the proposed acquisition of Omaha-based Frontier Holdings, the parent company of Frontier Bank.

Pending regulatory approval, the $122.8 million cash-and-stock deal is expected to close in the fourth quarter of this year. Following completion, Frontier Bank will merge into Equity Bank. The agreement includes Frontier's seven branches, $1.3 billion in loans and $1.1 billion in deposits.

Post-acquisition, Equity's assets would increase to $7.9 billion. If finalized as planned, the deal would be Equity's fourth acquisition to close since early 2024 and the 14th since Equity's initial public offering in 2015, the company said in a press release.

In July, Equity completed the $86.9 million cash-and-stock acquisition of NBC Corp. in Oklahoma. Last year it bought KansasLand Bancshares in Kansas and RockHold Bancorp in Missouri.

Along with the deal announcement, Equity also said it completed a securities repositioning that's expected to generate an after-tax loss of roughly $31.6 million. —Allissa Kline

Valley bulks up consumer banking leadership

Valley National Bancorp has tapped Patrick Smith as its new president of consumer banking, marking the latest of a handful of leadership appointments at the bank this year as it seeks to diversify its loan and deposit portfolios.

The $63 billion-asset company announced this week that Smith, who most recently led consumer and business banking at Santander's U.S. subsidiary, has come on in a "newly expanded" role. He will oversee all retail banking operations, including more than 230 branches across New Jersey, New York, Florida and Alabama.

Valley CEO Ira Robbins said in a prepared statement that Valley will "continue to grow and evolve our consumer business."

The consumer banking segment, which represented about 20% of the bank's loan portfolio as of June 30, 2025, is mainly made up of residential mortgages and auto loans. The unit also includes the wealth management and insurance services division.

Kevin Chittenden, who has led consumer lending at Valley since 2016, will continue to oversee home, auto and personal lending. —Catherine Leffert

Northern Trust

Northern Trust appoints new head of asset management

Northern Trust in Chicago has promoted Michael Hunstad to president of asset management, effective immediately, the company said in a press release.

Hunstad succeeds Daniel Gamba, an ex-BlackRock executive who was hired by Northern Trust in 2023 to oversee the asset management business. Hunstad, who's worked at Northern Trust since 2012 and most recently served as a global co-chief investment officer, is now part of Northern Trust's management team and reports to company CEO Michael O'Grady.

Gamba is leaving Northern Trust for another opportunity, a company spokesperson said.

Hunstad is "the ideal leader to guide us in navigating the complexities of today's market," O'Grady said in the release.

Northern Trust's asset management business had $1.3 trillion of assets under management as of June 30, the company said. The unit is one of Northern Trust's three main business segments, supporting the wealth management and the asset servicing segments. —Allissa Kline

Flagstar

Flagstar’s private bank hires a chief investment officer

Flagstar Bank, which continues to build out a private bank, has recruited a longtime HSBC Bank executive to serve as the chief investment officer of private banking and wealth management, the Long Island-based bank announced this week in a press release.

Brett Mitstifer will be based in New York City and report to Mark Pittsey, Flagstar's new head of private banking and wealth management. Pittsey also joined Flagstar from HSBC.

As CIO, Mitstifer will develop investment strategies, expand product offerings and help "shape the bank's investment voice" with insights, client relationships and guidance, Flagstar said.

Mitstifer joined HSBC in 2004. Most recently, he was chief investment officer and regional head of investment management for HSBC's private bank.

Flagstar's private bank and wealth management business recently opened its first private banking office in Florida. It plans to open others in San Francisco and New York City later this year. —Allissa Kline

Adobe Stock

Santa Cruz bank appoints CEO as board chair

West Coast Community Bancorp is shaking up its board of directors, including by replacing its chairman with the firm's CEO.

Former chairman Stephen Pahl has retired after 18 years of service, the Santa Cruz-based parent company of West Coast Community Bank announced this week. Taking his place is current CEO Krista Snelling, who is taking on the role in addition to her other duties.

"The Board sincerely thanks Stephen for his dedicated service as Chairman and for the time he has devoted to the Bank," Snelling said in a statement.

Other changes were unveiled as well. Judy Bornstein, a former venture debt executive, has joined the board as an independent director and member of the audit committee. Wayne DoiGuchi, a former director of multiple community banks, has been appointed to the new role of "lead independent director." —Nathan Place

Bank of Charles Town debuts new name

Bank of Charles Town is changing its name to Potomac Bank in honor of its growth across West Virginia, Northern Virginia, Washington County and the broader region, all of which are connected by the Potomac River.

"Potomac Bank is more than a new name. It's a reflection of who we've become, the relationships we've nurtured, and the future we're building together," Dr. Keith Berkeley, chairman of the bank's holding company, Potomac Bancshares, said in a Tuesday press release.

The new name goes into effect on Nov. 3, and the same team will continue to provide the competitive, community-minded banking experience businesses and individuals have trusted since the bank was founded in 1871.

"While our name is evolving, our iconic tree logo endures as a symbol of our deep roots and our ongoing commitment to growing strong, vibrant communities," said Alice P. Frazier, the bank's president and CEO. —Editorial Staff

CorePlus, Scient credit unions one step closer to merger

CorePlus Federal Credit Union and Scient Federal Credit Union announced today that a majority of Scient's members approved the proposed merger of equals, with 85% of votes cast in favor. This brings the two eastern Connecticut credit unions one step closer to combining organizations, with Legal Day One set for Oct. 1.

Both credit unions will operate independently until core banking systems are combined in mid-2026. The partnership will position CPCU to "expand value, access, and innovation for all those we serve," said Ray Currier, president and CEO of CorePlus. Chris Maynard, president and CEO of Scient, added, "The overwhelming approval is a clear recognition by our members that this merger represents an incredible opportunity for growth and progress." A new brand and name for the combined entity will launch in Q1 2026. —Editorial Staff