Alpharetta, GA-based Alpha Bank and Trust is no more. The institution was shut down by Georgia’s Dept. of Banking and Finance on October 14, and its two branches reopened yesterday as part of Stearns Bank, headquartered in St. Cloud, MN. Alpha Bank had assets of $354.1 million and deposits of $346.2 million as of September 30; some $3.1 million of uninsured deposits were held in 59 accounts. Stearns did not pay the Federal Deposit Insurance Corp. a premium for the insured deposits, and purchased $38.9 million of the failed bank’s assets. The FDIC will dispose of the remainder. Alpha also had an estimated $16.8 million on brokered deposits; the FDIC will pay brokers directly for their insured funds. This sixteenth bank failure of 2008 will drain $158.1 million from the Deposit Insurance Fund.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26