Essex Bank in Essex, Conn., has a new CEO. The bank said in a press release that Lynn Giroux had also become its president. Giroux, who had been the bank's chief operating officer, succeeded Diane Arnold, who retired. “I am deeply honored to have been selected ... especially as Essex Bank continues to celebrate its 175th anniversary throughout the year," Giroux said in the release. "This milestone is a powerful

Zaria Systems, a servicer specializing in digital asset-backed loans and securities, has applied with the Office of the Comptroller of the Currency for a national trust bank charter. The Jackson, Wyo., company plans to form Zaria National Trust Bank to offer a single regulated counterparty to offer corporate trustee services for asset-backed securities, collateralized loan obligations, and other structured finance transactions. It would also offer agency services for syndicated and

Albert, a fintech that offers instant lines of credit, is seeking to establish a Utah-chartered industrial bank. The company applied with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. on July 20 to charter Albert Bank and obtain federal deposit insurance. The proposed bank would operate as a wholly owned subsidiary. Albert, founded in 2015, offers consumers a suite of digital financial tools through its mobile

Ken LaRoe, the founder, chairman and CEO of Climate First Bancorp, told employees, customers and other stakeholders this week that he has been diagnosed with amyotrophic lateral sclerosis, the progressive neurological disease also known as Lou Gehrig's disease. LaRoe shared the news in a letter addressed to "the entire Climate First community," writing that he was diagnosed on July 10 and felt the bank's founding commitment to transparency obligated him

Cornerstone Advisors in Scottsdale, Ariz., has a new leader. The consulting firm said in a press release that Mazen Ghalayini had become its chairman and CEO. Ghalayini, who was president, succeeded Steve Williams, who remains at the firm as a founding partner. “It’s a privilege to build on the incredible foundation Steve and our team have created over the last 25 years,” Ghalayini said in the release. “Cornerstone has earned the

Payfinia, a credit union service organization (CUSO) that provides an open payments framework, has received an investment from Patelco Credit Union in Dublin, Calif. The CUSO didn't disclose the amount of the investment from the $9.5 billion-asset Patelco. Kal Majmundar, Patelco’s chief technology officer, joined the Payfinia CUSO board. "At Patelco, we are committed to delivering modern financial experiences that evolve alongside our members' needs," Majmundar said in the release.

MeridianLink, a software provider, has acquired Credit Mountain, an AI-focused financial wellness platform. MeridianLink said in a press release that the acquisition "marks the start of an era of accelerated technology investment" that will accelerate its strategy of helping financial institutions engage borrowers throughout the lending decision. The price wasn't disclosed.  “MeridianLink has long been a market leader in helping community financial institutions automate and orchestrate account opening and loan

Dakota, a neobank that issued an enterprise stablecoin offering earlier this year, has applied for a national trust bank charter. The company, which already operates as a registered money services business, said in a press release that the new charter would position it "as a federally regulated provider of digital asset custody, stablecoin issuance, and related services, and a partner of choice for corporate and institutional clients building on us."