BMO announces new head of U.S. commercial bank

March 21, 2025 5:25 PM

In this week's banking news roundup: BMO names Tony Sciarrino head of its U.S. commercial bank; Renasant receives regulatory approvals to complete its pending acquisition of The First Bancshares; Arkansas classifies earned wage access as a financial product; and more.

BMO’s new U.S. commercial bank head begins tenure

BMO Financial Group's new U.S. commercial bank leader, Tony Sciarrino, has officially joined the Toronto-based company, according to a press release. Sciarrino's hiring, which was reported by Reuters in December, follows the recent retirement of Ray Whitacre.

Sciarrino, who most recently worked at JPMorgan Chase, will report to Nadim Hirji, group head of BMO Commercial Bank, and Darrel Hackett, BMO's U.S. CEO, the release said. He is also joining BMO's U.S. management committee and BMO's commercial bank executive committee.

Sciarrino will be work in both Los Angeles and Chicago, where BMO's U.S. operations are based.

Sciarrino worked at Bank of America for 26 years before shifting to JPMorgan Chase in 2018, according to his LinkedIn profile. Most recently, he led JPMorgan's commercial bank operations across the western U.S., the release said. —Allissa Kline

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Mississippi-based Renasant secures approval for acquisition

Tupelo, Mississippi-based Renasant has received all of the regulatory approvals needed to complete its pending acquisition of The First Bancshares, the companies said.

The deal — valued at $1.2 billion when it was announced last July — is expected to close on April 1, according to the two banks.

The merger will create a bank with more than $26 billion of assets and more than 250 locations throughout the Southeast, the companies said Monday in a press release. The combined bank will also offer asset-based lending and factoring nationally.

"We believe this merger creates a transformative partnership between two great organizations with shared values and a commitment to serving our customers and communities," Renasant CEO and Executive Vice Chairman Mitch Waycaster said in a statement.

When the deal was announced, Renasant said it planned to trim about 30% of the annual noninterest expenses at Hattiesburg, Mississippi-based The First. —Kevin Wack

Arkansas classified earned wage access as financial product

Arkansas joined a growing group of states to develop rules around earned wage access, a popular tool that workers use to manage finances between pay periods by accessing a portion of their salaries.

The new Arkansas law will categorize EWA as a financial product, and not a "credit," which would have carried a heavier regulatory standard.

The Arkansas bill passed both the statehouse and senate, and Arkansas Gov. Sarah Huckabee Sanders signed the act into law on Thursday.

Kansas, Missouri, Nevada, South Carolina and Wisconsin currently have legislation that regulates EWA products, and at least eight other states are considering legislation. —John Adams

Largest CU-bank deal set to close in April

After securing regulatory approvals, Anchorage, Alaska-based Global Federal Credit Union said it expects to close its acquisition of the $1.4 billion asset First Financial Northwest Bank on April 11. It would represent the largest bank to sell to a credit union.

The $11.4 billion-asset Global, which was formerly known as Alaska USA Federal Credit Union, said when the deal was announced in January 2024 that it would pay $231.2 million in cash for the Renton, Washington-based bank.

The combined institution would have more than 70 branches across Washington, Idaho, Alaska, California and Arizona. It also would have branches on three U.S. military bases in Italy. —Jim Dobbs

Flagstar appoints head of private banking, wealth management

Flagstar Financial has created a new role — head of private banking and wealth management — and hired Mark Pittsey to fill it, the company said in a press release.

Pittsey, who started March 17, reports to Rich Raffetto, president of commercial and private banking. He is based in northern California and New York City, the release said. Jason Birnbaum, president of private banking, and Bill Maguire, president of Flagstar Advisors, the bank's wealth management arm, will report to Pittsey, a spokesperson said in an email.

Pittsey is a 15-year veteran of HSBC, serving as head of global private banking of the Americas and USA head of wealth since 2020. He's also worked at Deutsche Bank and Wells Fargo.

Flagstar, formerly known as New York Community Bancorp, is in overhaul mode following a near-collapse in 2024. Joseph Otting, who is nearing his one-year anniversary as CEO, laid out a strategy in May to return the company to profitability. —Allissa Kline

West Coast credit unions to merge, create $4 billion institution

Medford, Oregon-based Rogue Credit Union said it plans to merge with Members 1st Credit Union in Redding, California.

The $3.6 billion-asset Rogue said in a press release the combination, expected to close in 2026, would create a credit union with $4 billion of assets and 236,000 members. It would operate a network of 28 branches.

"This partnership will allow us to provide a greater opportunity to serve more members, offering expanded resources and enhanced services — all while preserving the local, hometown feel that members value," Matt Stephenson, president and CEO of Rogue, said in the release.

The merger was approved by the boards of both credit unions. The deal is subject to approval by the National Credit Union Administration, state regulators in California and Oregon and the membership of Members 1st. —Jim Dobbs

Ben Isaacson joins Jane Barratt as co-chair of FDX board

Financial Data Exchange recently announced that Ben Isaacson, senior vice president of product strategy at The Clearing House, has been appointed as FDX board co-chair alongside Jane Barratt.

Isaacson, who's been a member of the FDX board since 2019, has worked closely with financial institutions, regulators and industry stakeholders to modernize financial data standards. His leadership in driving innovation aligns with FDX's mission to create a unified, interoperable and more secure open banking ecosystem.

"We are very grateful to have Ben stepping into this role at such a pivotal time for the industry," said Kevin Feltes, CEO of FDX. "His leadership and long-standing commitment to advancing industry standards will be invaluable as we continue driving forward on key initiatives in financial data sharing." —Editorial Staff

JPMorgan nabs UBS’ Jens Becker for energy, resources dealmaking

JPMorgan Chase hired UBS Group Managing Director Jens Becker, according to people with knowledge of the matter, as the bank continues to build its mergers and acquisitions efforts.

Becker, who is based in New York, is set to join JPMorgan in June as a managing director after a period of gardening leave. He'll work on M&A within energy, power, renewables and metals and mining, said one of the people, all of whom asked not to be identified discussing a hiring that isn't yet public. Becker will report to Jay Hofmann, JPMorgan's head of North America M&A, and work alongside Ben Wilson, who rejoined the firm last year.

Representatives for JPMorgan and UBS declined to comment.

Becker joined UBS through the firm's takeover of Credit Suisse, according to his LinkedIn profile. He rejoined Credit Suisse in 2010 after a stint at Standard Chartered. —Crystal Tse and Gillian Tan, Bloomberg News

Citi names Michael Lavelle as vice chairman of global financing

Citigroup appointed veteran banker Michael Lavelle as vice chairman of global financing amid a push by the lender to use its balance sheet to win more lucrative business.

London-based Lavelle, who has spent nearly 30 years at the bank, will continue to cover many of Citi's clients in the U.K. and Ireland, as well as advising top Citi clients globally on capital markets and financing, according to an internal memo seen by Bloomberg News.

He will report to Achintya Mangla, who joined last year from JPMorgan as head of financing for investment banking. A representative for Citigroup confirmed the contents of the memo.

"Volatility in the markets sometimes also presents opportunities," Lavelle said in an interview. "There is still significant appetite among clients to do things and we believe the year will be strong for capital markets and financing."

Lavelle joined Citi in 1995. —Dinesh Nair, Bloomberg News