Amerant names new CEO, Illinois community banks agree to merge

Published May 22, 2026 3:12 PM

1 Min Read

In this week's banking news roundup:

Coral Gables, Florida-based Amerant Bancorp named interim CEO Carlos Iafigliola its permanent president and CEO.
Illinois-based Morton Community Bank reached a deal to buy a three-branch franchise in the Land of Lincoln.
Wisconsin-based Bank First signed an agreement to acquire PSB Holdings, and more.

Amerant chooses Iafigliola as permanent CEO

Carlos Iafigliola, who has been serving as interim CEO of Amerant Bancorp in Coral Gables, Florida, for the past six months, has been named president and CEO of the $9.9 billion-asset company and its banking subsidiary, according to a press release.

Iafigliola was promoted to interim CEO in November following the departure of Jerry Plush, who had been chairman and CEO. Iafigliola was previously the bank's chief operating officer and served as its chief financial officer from 2020 to 2023.

At the time, the bank was dealing with increased levels of nonperforming loans.

Odilon Almeida Jr., who became Amerant's board chair after Plush's exit, said in this week's press release that Iafigliola "provided strong and effective leadership" as interim CEO.

"The board has full confidence in Carlos and his ability to advance our strategic priorities, further strengthen our franchise, and drive sustainable long-term value for our shareholders," Almeida said in the release. —Allissa Kline

Two community banks in Illinois agree to merge

The parent company of Morton Community Bank in Illinois has reached a deal to buy a three-branch franchise in the Land of Lincoln.

Under the transaction, Hometown Community Bancorp will acquire Manhattan Bancshares and its subsidiary, First Bank of Manhattan and New Lenox. Financial terms were not disclosed.

Hometown's Morton Community Bank currently has $5.4 billion of assets and 50 offices across 17 Illinois counties. The deal would add two branches in Manhattan, Illinois, and one in New Lenox, both of which are located near Joliet. The combined bank would have about $5.6 billion of assets, according to a press release.

John Kramer, CEO of First Bank of Manhattan and New Lenox, said in the release that the two banks have the same community-centered culture, and that the deal will give his bank's customers access to new business lending capabilities, cash management tools, and trust and investment options. —Kevin Wack

Bank First inks a deal to buy another in-state bank

Bank First in Manitowoc, Wisconsin, has signed a definitive agreement to acquire PSB Holdings, the parent company of Peoples State Bank, in Wausau, Wisconsin, for $202.9 million in stock, according to a press release.

The proposed deal comes about four months after Bank First finalized the acquisition of another in-state bank, Centre 1 Bancorp in Beloit for $174.3 million.

If approved by regulators and People's shareholders, the acquisition will lift Bank First's assets to $7.6 billion, loans of approximately $5.6 billion, and deposits of roughly $6.3 billion, Bank First said in the press release. As of March 31, Peoples had approximately $1.50 billion in assets.

"The timing was right to bring our organizations together in a way that strengthens both while expanding into markets where we can make a meaningful impact," Mike Molepske, chairman and CEO of Bank First, said in the release. —Allissa Kline

Wells Fargo hires 3 tech investment bankers from rivals

Wells Fargo has hired a trio of bankers who focus on the technology sector from rivals Citi, Bank of America and Deutsche Bank, according to people familiar with the matter.

Wells has brought on Mark Gracia from Citi to be a managing director covering core digital assets and blockchain, one of the people said, asking not to be identified because the matter is private. He'll be based in New York and report to Brian Gudofsky, head of technology, media and telecommunications investment banking.

Jusung Kwok has also joined Wells from Deutsche Bank to be a managing director and co-head of semiconductors in San Francisco, reporting to Tej Shah, the bank's head of technology investment banking.

A third banker, Derrick Chao, was hired from BofA in San Francisco to be a managing director in the global M&A group focused on technology. He will report to Jeff Hogan, head of global M&A.

A spokesperson for Wells Fargo confirmed the news and declined to comment further. —Liana Baker, Bloomberg News

BlackRock hires JPMorgan’s Bulen for family office push

BlackRock tapped JPMorganChase executive Jessica Bulen to lead its growing family office business.

Bulen will become BlackRock's head of family capital, endowments, foundations and health care in the Americas institutional business starting in July, according to a memo to employees Monday. During more than two decades at JPMorgan, Bulen advised ultra-high-net-worth families and institutions across public and private markets.

The hire is part of BlackRock's plan to strengthen its business with family offices that typically have $500 million or more in assets and increasingly operate as institutional-level investors, said Armando Senra, head of BlackRock's Americas institutional business. These clients are looking for more private markets investments, increasingly complex tax strategies and risk analytics across full portfolios of assets.

"Within the institutional framework, endowments, foundations, family offices is the fastest growing segment in the industry," Senra said in an interview. "We want it to be the fastest growing segment for us, too." —Silla Brush, Bloomberg News