Oregon credit union to buy bank; Citizens taps Azra Pravdic

April 17, 2025 4:25 PM

In this week's banking news roundup: Marion and Polk Schools Credit Union announced plans to buy Lewis & Clark Bank in Oregon City; Citizens Financial Group tapped veteran McKinsey banker Azra Pravdic to join its executive committee; the Federal Reserve Board approved United Community Banks' merger with ANB; and more.

Adobe Stock

Oregon credit union to buy in-state bank

A $1.4 billion-asset credit union based in Salem, Oregon, has reached a deal to acquire a nearby community bank.

Marion and Polk Schools Credit Union, which does business as Maps Credit Union, announced plans to buy Lewis & Clark Bank in Oregon City for an undisclosed amount.

Maps said on its website that the merger would allow the credit union to enhance its commercial and small-business offerings and to add new branch locations. Lewis & Clark Bank, which has $342 million of assets, operates three offices, according to the Federal Deposit Insurance Corp.'s website.

Maps expects the transaction to close in or around the first quarter of 2026, pending regulatory approval from the FDIC, the National Credit Union Administration and the state of Oregon.

The Oregon deal is the fourth announcement this year of a credit union acquiring a bank. Last year, a record 22 such deals were announced. —Kevin Wack

Bloomberg

Citizens Financial announces new head of enterprise strategy

Citizens Financial Group said McKinsey veteran Azra Pravdic will join the bank's executive committee on May 12. As head of enterprise strategy, Pravdic will oversee a broad portfolio including strategy, corporate development, customer experience, innovation, sustainability and an agile operating model.

"Azra brings a wealth of experience in building out innovative corporate growth strategies, while ensuring the needs of the customer are at the forefront," said Bruce Van Saun, chairman and CEO of Citizens. "I look forward to her contributions as a member of our Executive Committee as we continue to advance our key strategic initiatives."

Pravdic began her career at JPMorgan Chase, initially joining McKinsey's New York office in 2011 and was named a partner in 2019. She is likely to bring global experience to her new role, having worked in Europe and advising a range of financial institutions across banking, wealth management, payments and financial infrastructure providers. —Traci Parks

Fed’s board approves United Community Banks’ merger with ANB

The Federal Reserve Board has approved the merger of Greenville, South Carolina-based United Community Banks with the parent company of American National Bank in Oakland Park, Florida.

United Community Banks, which has $27.7 billion of assets, has acquired five banks since 2018, but the ANB deal is its first since July last year, when it bought the $1 billion-asset First Miami Bancorp and its First National Bank of South Miami.

The $439 million-asset American National Bank, based in a northern Miami suburb, primarily serves Miami Dade, Broward and Palm Beach counties — markets that posted stronger-than-national-average population growth through this decade.

"This transaction strengthens our presence in the greater Miami market," Lynn Harton, United Community Banks' chairman and CEO, said in December in a release announcing the $80 million, all-stock deal.

The Fed's board also granted approval for the bank to establish and operate a bank at American National Bank's location. —Kevin Wack

Texas Capital’s Holmes confirmed as board chair

Texas Capital Bancshares, the parent company of Texas Capital, said Tuesday that Rob C. Holmes was confirmed as chairman of the board of directors. Holmes, who has served as president and CEO since 2021, was unanimously elected at the firm's annual stockholders meeting in January.

Bob Stallings, who served as chairman since 2023, has officially transitioned into the role of lead independent director.

"I want to thank outgoing Chairman Bob Stallings for his dedication and significant contributions to Texas Capital over the past two years," Holmes said in a press release. "With our highly differentiated platform, industry-leading capital and liquidity, and a clear vision for the future, Texas Capital is well-positioned to serve our clients through all economic conditions and to deliver on our objectives for 2025 and beyond."

Texas Capital Bancshares is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth. —Traci Parks

Ginnie Mae announces new EVP, COO

This week, Ginnie Mae welcomed Joseph M. Gormley as its new executive vice president and chief operating officer. He will oversee the Government National Mortgage Association's mission to support stability in the nation's housing markets.

Gormley has held several senior roles in the Department of Housing and Urban Development, including deputy assistant secretary for single-family housing at the Federal Housing Administration and chief of staff to the deputy secretary. He's also held roles at the Independent Community Bankers of America, the Mortgage Bankers Association and the Financial Industry Regulatory Authority.

"I am very happy to see Joe Gormley take the helm at Ginnie Mae as Executive Vice President and Chief Operating Officer," said HUD Secretary Scott Turner in a press release. "With Ginnie Mae's central role in mortgage financing, his leadership will bring stability and strength to this segment of the housing market." —Traci Parks

Wells Fargo hires BofA’s MacDonald for industrials ECM banking

Wells Fargo has hired Christie MacDonald as a managing director in equity capital markets banking, according to a person familiar with the matter.

MacDonald will cover industrials after a period of garden leave, the person said. The New York-based banker is set to join from Bank of America, where she was a managing director and spent nearly two decades, according to her LinkedIn profile.

MacDonald will report to Clay Hale and Jill Ford, Wells Fargo's co-heads of ECM, the person said.

A spokesperson for Wells Fargo confirmed MacDonald's hire and declined to comment further. A representative for Bank of America declined to comment. MacDonald didn't immediately respond to a request for comment.

Wells Fargo is ramping up in investment banking amid a choppy year that has seen optimism for a rush of deals dented by President Donald Trump's trade war. —Bailey Lipschultz, Bloomberg News