Lightyear Capital LLC, a New York private equity firm, said Tuesday it has acquired DeepGreen Bank's home equity lending platform and operations from Third Federal Savings and Loan Association MHC of Cleveland.
The lending platform, which remains in Cleveland, has been renamed DeepGreen Financial. Third Federal retained DeepGreen's deposits.
The deal was announced in October. Lightyear did not say how much it paid.
The Chicago-area lender, which at first was able to get the suit quashed, agreed to end the discrimination case by paying a $105,000 fine.
The company disclosed the potential for legal action 'in the near-term' by the bureau in a recent earnings disclosure.
The payment company is connecting installment lenders with borrowers who may be looking for a product instead of a specific company.
U.S. Bancorp is splitting its payment services business in half; Flagstar Financial continues to fill out its leadership with an eye toward tech and risk management; First Horizon authorized an additional $350 million in stock buybacks for its $1 billion share repurchase plan; and more in this week's banking news roundup.
The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.
HomeStreet and FirstSun are working to devise a new formula after the Texas Department of Banking and the Federal Reserve declined to approve their merger application.
