Organizers of a proposed Korean-American bank in Los Angeles have received conditional approval from the Federal Deposit Insurance Corp. The group behind the proposed Quantum Bank must raise $35 million in capital before opening the bank. Organizers originally filed to open QIB Bank in March 2024 before changing the name. “The bank intends to operate as a full-service commercial bank providing a wide range of traditional banking products and services

First Community in Lexington, S.C., has agreed to buy Signature Bank of Georgia in Sandy Springs in a deal that was inadvertently leaked last week. The $2 billion-asset First Community said in a press release that it will pay $41.6 million for the $249 million-asset Signature. The deal, which is expected to close in the first quarter, priced Signature at 121% of its tangible book value. “This partnership marks an

Huntington Bancshares in Columbus, Ohio, has agreed to buy  Veritex Holdings in Dallas. The $210 billion-asset Huntington said in a press release that it will pay $1.9 billion in stock for the $13 billion-asset Veritex. The deal, which is expected to close in the fourth quarter, priced Veritex at 152% of its tangible book value. Veritex has $9 billion in loans and $11 billion in deposits. “This combination supports our

Civista Bancshares in Sandusky, Ohio, has agreed to buy Farmers Savings Bank in Spencer, Ohio. The $4.1 billion-asset Civista said in a press release that it will pay $56 million in cash and stock for the $285 million-asset Farmers. The deal is expected to close in the fourth quarter. Civista will also raise $70 million by selling common stock in a public offering. Piper Sandler is serving as the book-running

First State Bank in Gainseville, Texas., entered into a sale-leaseback transaction for half of its properties. The $1.8 billion-asset bank agreed to sell seven locations to MountainSeed Real Estate Services in Atlanta for about $32 million. First State entered into a 15-year lease with renewal options. The transaction "enabled First State ... to unlock substantial equity from our long-term real estate holdings," Brian McCain, the bank's chief financial officer, said

Wise US will pay a $4.2 million penalty to resolve a dispute with six state financial regulators. The unit of U.K. company Wise PLC also agreed to address deficiencies in its anti-money laundering program as part of the settlement with regulators from California, Massachusetts, Minnesota, Nebraska, New York, and Texas. Wise will conduct a lookback for previously closed accounts, enhance its reporting procedures for suspicious activity, strengthen its due diligence

First Northwest Bancorp in Port Angeles, Wash., has made a change at the top. The $2.2 billion-asset company said in a press release that Matthew Deines had resigned as president and CEO and stepped down from its board. Geraldine Bullard, the company's chief operating officer, was named interim CEO. “As we begin the executive search for Matt’s replacement, we have full confidence in Geri to lead the organization during this

Webster Five in Auburn, Mass., has a new leader. The $1 billion-asset bank said in a LinkedIn post that Brian Westerlind had become its president and CEO. Westerlind, who was the bank's chief financial officer, succeeded Don Doyle, who retired. “Webster Five is ... a vital part of the communities we serve, a committed partner to local businesses, and a trusted financial resource for our customers and the broader community,"