Touchmark Bancshares in Alpharetta, Ga., has been freed from a formal agreement with the Office of the Comptroller of the Currency. The $418 million-asset company entered into the agreement in April 2024. "We are excited to announce the termination of the formal agreement ... after 22 months," Bobby Krimmel, Touchmark's president and CEO, said in the release. "On behalf of the board, I would like to thank the OCC for

Alabama ONE Credit Union in Tuscaloosa has agreed to buy Peoples Independent Bank in Boaz, Ala. The $1.5 billion-asset credit union will pay an undisclosed amount of cash to the holding company of the $477 million-asset Peoples Independent, according to an announcement by Olsen Palmer, which advised the seller. The deal is expected to close in the second half of this year. Peoples Independent has nine branches and $420 million

Pioneer Federal Savings and Loan Association in Deer Lodge, Mont., is planning to convert from a mutual to a stock holding company. The $120 million-asset bank said in a regulatory filing that PSB Financial, a newly formed holding company, plans to sell 1.1 million to 1.7 million shares of common stock for net proceeds of $9.5 million to $15.6 million. Proceeds would be used to strengthen PSB Financial’s capital base

Remitly Global in Seattle has hired a former Santander executive as its CEO. The company said in a press release that Sebastian Gunningham also joined its board on Feb. 19. He succeeded co-founder Matt Oppenheimer, who remains chairman. Gunningham previously served as chair of Santander Consumer Finance and vice chair of digital platform, Openbank. “It has been the privilege of a lifetime to work alongside the outstanding team that built

Stripe, through its Bridge subsidiary, has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter. The application, filed in October, was approved on Feb. 12. The license will allow Bridge to issue stablecoins, custody digital assets and offer stablecoin reserve management. The charter “positions Bridge to help enterprises, fintechs, crypto businesses, and financial institutions build with digital dollars inside a clear

A group in Florida has received conditional approval to open a bank. Organizers of the proposed Portrait Bank in Winter Park were approved by the Federal Deposit Insurance Corp. on Feb. 5. The group, which applied in August, must raise nearly $28 million before opening the bank.

First Northern Bank in Dixon, Calif., bought Beacon Wealth Strategies. The bank said in a press release that the acquisition was made by its First Northern Advisors division. The price wasn't disclosed. Tom Cicchini, who owned Beacon, joined First Northern. He is set to retire on June 30. Beacon "has built a reputation for providing thoughtful, personalized guidance to its clients,” Jeremiah Smith, the bank's president and CEO, said in

Forbright in Chevy Chase, Md., is planning its initial public offering. The holding company of the $7.7 billion-asset Forbright Bank, founded by former Rep. John Delaney, said in a press release that it submitted a confidential draft registration statement, setting the stage for the IPO. The number of shares to be sold and the price range have not yet been determined. The registration statement should become effective after the completion