New leadership has been named at 1st Summit Bancorp of Johnstown in Pennsylvania. The $1.4 billion-asset company said in a press release that Eric Renner had resigned as president and CEO due to personal reasons. Renner, who had led 1st Summit since January 2023, also stepped down from the company's board. Allison Johnson, who is chief financial officer and chief risk officer, was selected to succeed Renner. She will retain

National Bankshares in Blacksburg, Va., will soon have a new leader. The $1.8 billion-asset company said in a press release that Lara Ramsey will become CEO on July 1. Ramsey, who became president in December, will succeed F. Brad Denardo, who is retiring. Denardo will remain chairman. Denardo also entered into a consulting agreement with the company. “Brad has played a key role in our success for over 40 years.

U.S. Bancorp in Minneapolis announced that its vice chair had died in a plane crash in Brooklyn Park, Minn. The company disclosed in a regulatory filing that a plane registered to Terry Dolan, who was also its chief administration officer, crashed on Saturday. CEO Andy Cecere later confirmed in a memo to employees that Dolan died in the crash. "Our thoughts are with Mr. Dolan’s family and friends and all others

Rocket Companies in Detroit has agreed to buy Mr. Cooper Group in Dallas for $9.4 billion in stock. Rocket said in a press release that the deal will allow it to accelerate its artificial-intelligence-powered platform and "remove the friction and complexities plaguing today’s home buying process." The deal is expected to close in the fourth quarter, at which point Mr. Cooper will declare and pay a dividend of $2 a

HomeStreet in Seattle has a new agreement to sell itself four months after a deal to sell to FirstSun Capital Bancorp in Denver fell through. The $16.5 billion-asset Mechanics Bank in Walnut Creek, Calif., said in a press release that it will buy the $8 billion-asset HomeStreet in an all-stock transaction. While HomeStreet is issuing stock to Mechanics' shareholders, Mechanics' shareholders will own 91.7% of the company (Ford Financial Fund

FB Financial in Nashville, Tenn., has agreed to buy Southern States Bancshares in Anniston, Ala. The $13 billion-asset FB Financial said in a press release that it will pay $381 million in stock for the $2.8 billion-asset Southern States. The deal, which is expected to close in the fourth quarter, priced Southern States at 157% of its tangible book value. Southern States has 15 branches, $2.2 billion of loans and

Trustar Bank in Great Falls, Va., raised $16.7 million in fresh capital. The bank said in a press release that it planned to raise $15 million but the offering was 10% oversubscribed. Trustar was required to raise $55 million million when it opened in 2019; it raised another $18 million in July 2022. “We are incredibly grateful for the continued support from our investors," CEO Shaza Andersen said in the

Columbia Banking System in Tacoma, Wash., has agreed to pay $55 million to settle a nearly five-year-old lawsuit. The company disclosed in a regulatory filing that it entered into a court-ordered settlement for the lawsuit, filed in U.S. District Court in August 2020 by a group that claimed that a predecessor bank aided and abetted two commercial real estate borrowers that failed. A mistrial was declared on March 4 after