NYDFS Weekly Bulletin Notes Alma Bank and American Community Bank Merger Applications and Licensing

Key Takeaways

• The September 11, 2026 NYDFS Weekly Banking Bulletin records the receipt of applications for a merger of American Community Bank into Alma Bank, along with a series of mortgage, premium finance, sales finance, and budget planner licensing actions.
• The bulletin is the only written notice of these submissions, and the comment period on the merger applications closes October 12, 2026.
• Compliance teams should check the filings for relevance to their institutions and calendar the deadlines.

Deep Dive

The September 11, 2026 NYDFS Weekly Banking Bulletin records the receipt of applications for a merger of American Community Bank into Alma Bank, along with a series of mortgage, premium finance, sales finance, and budget planner licensing actions. The bulletin is the only written notice of these submissions, and the comment period on the merger applications closes October 12, 2026. Compliance teams should check the filings for relevance to their institutions and calendar the deadlines.

The most significant item is the pair of Banking Law Section 601 applications received September 4, 2026. In the first, American Community Bancorp, Inc. would merge into American Community Bank. In the second, American Community Bank would merge with and into Alma Bank, with Alma Bank surviving. Both carry a comment period expiring October 12, 2026. The bulletin states that it is the only written notification NYDFS will issue, so institutions with an interest, such as competitors, counterparties, and community groups, cannot count on separate notice. The bulletin also notes that comments on CRA-related applications follow the same process. The general standard is 10 calendar days from the bulletin date unless an item specifies a different period, and these items specify the longer October 12 date.

Mortgage banking activity makes up most of the remaining items. NYDFS received an Article 12-D Mortgage Banker application naming NQM Funding, LLC (Boca Raton, FL) and multiple individual and entity principals, including MassMutual Ascend Life Insurance Company and Massachusetts Mutual Life Insurance Company. It also received branch applications from Guaranteed Rate, Inc., Embrace Home Loans, Inc., and Central Mortgage Group LLC (broker). Branch licenses or certificates were issued to Movement Mortgage, LLC, CrossCountry Mortgage, LLC, and Go Rascal Inc. FM Home Loans, LLC changed its name (dropping the MR Capital Group d/b/a) and amended its license address. The bulletin also lists 25 Article 12-E mortgage loan originator applicants, who may not originate loans until licensed and must meet the education, testing, and bonding requirements in Part 420 by the stated dates.

Other actions include the approval of AxisPeak Capital LLC as a Premium Finance Agency (effective August 31, 2026) and the approval of SDA CAR Holdings, LLC's change of control, covering 100% indirect ownership of CAR Financial Services, Inc. (approved August 31, 2026). Take Charge America, Inc. received approval for a Florida budget planner branch effective September 10, 2026. IPFS of New York, LLC filed a branch relocation notification in South Carolina. NYDFS states that publication of receipt does not mean a notification is complete.

Recommended actions: (1) Monitor the merger filings and submit any comments by October 12, 2026. (2) Update counterparty and vendor due diligence records for name, address, ownership, and licensing changes, especially FM Home Loans and CAR Financial Services. (3) Confirm that mortgage loan originators in the 12-E list are not originating loans before licensure. (4) Verify that licensing inventories reflect the new branches. (5) Confirm that any internal change-of-control and licensing processes match NYDFS notice and approval requirements.

Overall risk is low to moderate. The principal exposures are missed comment windows, unlicensed activity by pending originators, and outdated third-party records. The merger may change local competition, CRA considerations, and counterparty relationships once approved.

Source: New York Department of Financial Services