TowneBank in Suffolk, Va., has agreed to buy Village Bank and Trust Financial in Midlothian, Va. The $17.1 billion-asset TowneBank said in a press release that it will pay $120 million in cash for the $748 million-asset Village Bank. The deal is expected to close in the first half of 2025. “We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully

Chain Bridge Bancorp in McLean, Va., is planning an initial public offering. The holding company for the $1.4 billion-asset Chain Bridge Bank said in a regulatory filing that it plans to list on the New York Stock Exchange. The size of the offering has yet to be determined. Proceeds will be used to repay borrowings under an unsecured line of credit and for other general corporate purposes. Piper Sandler, Raymond

BNY in New York agreed to buy Archer, a company that provides cloud-based software for managed accounts. BNY said it expects to complete the deal in the fourth quarter. The price wasn't disclosed. "Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale," Emily Portney, BNY's global head of asset servicing,

Liberty Capital Bancshares in Addison, Texas, has agreed to buy Southwestern Bancorp in Boerne, Texas. The transaction between the parent company of the $415 million-asset Liberty Capital Bank and the holding company for the $225 million-asset Texas Heritage Bank was announced by Performance Trust Capital Partners. Performance Trust advised Liberty Capital. The financial terms were not disclosed.

Silvergate Capital, which voluntarily liquidated its bank, filed for Chapter 11 bankruptcy protection in Delaware. The holding company for the now-defunct Silvergate Bank in La Jolla, Calif., shut down amid the collapse of crypto exchange FTX. The decision to liquidate in March 2023 preceded the high-profile failures of Silicon Valley Bank, Signature Bank and First Republic Bank. Silvergate Capital, which had no remaining business lines, said it will divide its

TD Bank Group in Toronto will have a new CEO in 2025. The company said in a press release that Raymond Chun will succeed Bharat Masrani when he retires in April. Chun is group head, Canadian personal banking, will become chief operating officer and join the board on Nov. 1. Masrani will serve as an advisor to the bank until Oct. 31, 2025. "Bharat helped to build TD over almost

OceanFirst Financial agreed to settle claims by the Justice Department and the Department of Housing and Urban Development that it violated the Equal Credit Opportunity Act and Fair Housing Act in the New Brunswick-Lakewood, N.J., market. The company said in a press release that it committed $14 million to create a mortgage loan subsidy fund. It also pledged $400,000 to community partnerships and $140,000 annually in targeted marketing. OceanFirst said

Kentucky First Federal Bancorp in Hazard reported a quarterly loss that reflected a $947,000 goodwill impairment charge. The $375 million-asset company said in a press release that it lost $1.1 million in the quarter that ended June 30. It earned $42,000 a year earlier. The impairment charge reflected goodwill from the company’s March 2005 purchase of Frankfort First Bancorp. In recent months, the company has been operating under a formal