Varo Bank in Draper, Utah, received a $50 million infusion from its parent earlier this year, only to lose half of that amount in the first quarter. The $355 million bank lost $25.1 million, widening from $16.3 million a year earlier. Noninterest expenses increased by 14% from a year earlier, to $59.4 million. While salaries and benefits remained the largest line item, other noninterest expenses, which include processing, technology, marketing,

Citizens Financial Group in Providence, R.I., has a new president. The $220 billion-asset company said in a press release that it had promoted Brendan Coughlin, who had been vice chair and head of consumer, private banking and wealth. He will add oversight of enterprise data & analytics and marketing to his current supervisory roles. “Brendan has a long track record of strong leadership and execution against some of our most

First Guaranty Bancshares in Hammond, La., lost $6.2 million in the first quarter after selling two commercial real estate loans at a loss. The $3.8 billion-asset company, which earned $2.3 million a year earlier, recorded a $14.5 million loan-loss provision in the recent quarter. About $5.8 million of the provision was tied to the loan sales. One loan was tied to a construction project in Louisiana with a $41 million

Flushing Financial in Uniondale, N.Y., reported a net loss in the first quarter after recording a $17.6 million goodwill impairment charge. The $9 billion-asset company said in a press release that it lost $9.8 million in the quarter. A declining stock price in the first quarter created a triggering event that led it to impair goodwill tied to acquisitions it had completed over the past two decades. The noncash charge

AQM Technologies in Chicago has acquired TRaiCE, which offers AI-based business risk monitoring solutions. AQM, which handles quality assurance, cybersecurity audits, and software testing for banks, did not disclose how much it paid. TRaiCE, backed by fintech accelerator RevTech Labs, pioneered using large language models for risk monitoring. "The integration of TRaiCE's advanced risk monitoring technology into our portfolio allows us to offer proactive business assurance solutions," Madhav Bhadra, AQM's

Venture Coast Partners is planning a new de novo bank in the San Francisco Bay Area. In its application filed with the Federal Deposit Insurance Corporation, the organizers of Venture Coast Partners Bank outlined a plan to build a modern community bank that blends relationship banking with advanced technology — aiming to serve entrepreneurs, tech professionals, small businesses, and high-net-worth individuals across the Bay Area. The proposed bank is seeking

The founder of customer-facing API company Increase has applied with the Federal Reserve to buy Twin City Bancorp in Longview, Wash. Darragh Buckley is also listed on his LinkedIn account as a director of Washington Business Bank. Twin City is the holding company for the $70 million-asset Twin City Bank. Buckleyfiled to personally buy Twin City; it is unclear if his strategy involves pairing the bank with his company. Increase

RBB Bancorp in Los Angeles reported lower quarterly profit due to elevated credit costs. The $4 billion-asset company said in a press release that its first-quarter earnings fell by 72% from a year earlier, to $2.3 million. The quarter included a $6.7 million loan-loss provision. RBB said the provision was due to a $2.8 million increase in specific reserves, largely tied to a pair of lending relationships, and $2.6 million