AltaPacific's recent agreement to sell itself to Banner Corp. came after it started down a list 14 financial institutions last year, held discussions with at least nine suitors, and considered deals with a credit union and a business development company.
Brad Dinsmore, who will also serve as the California company's president, once was in charge of several key lines at SunTrust, including consumer banking and private wealth management.
Most agencies use electronic benefit transfer to deliver funds to prepaid cards, but recipients who need access to cash are often caught in a bind, with fewer convenient or free ATMs available in an increasingly digital payments landscape.
Several megabanks dominate the market, but First Choice is seeking to expand there by catering to its ready supply of midsize businesses. It's not the only one.
Christopher Myers will retire as president and chief executive of CVB next spring, and the California bank says it will hire a search firm to begin seeking his replacement.
