KeyCorp in Cleveland agreed to sell a 14.9% stake in itself to The Bank of Nova Scotia for about $2.8 billion. The investment should increase Key’s CET1 capital ratio by 195 basis points to 12.4% and its tangible book value per share by more than 10%. Key said it intends to evaluate repositioning its available-for-sale securities portfolio to accelerate the timing of expected profitability, liquidity and capital improvements “Scotiabank approached

Customers Bancorp in West Reading, Pa., which just received an enforcement action requiring it to improve Bank Secrecy Act and anti-money laundering compliance, just hired a chief compliance and AML officer. The $22 billion-asset company said in a press release that Allen Love will lead its bank’s enterprise-wide compliance program, “ensuring it continues to evolve as regulatory expectations increase.” The release cited the recent written agreement between the bank and

Avadian Credit Union in Hoover, Ala., has a new leader lined up. The $1.3 billion-asset credit union said in a press release that it hired Brant Malone as its next president and CEO. Malone, who was chief financial officer at Robins Financial Credit Union in Warner Robins, Ga., will succeed Linda Cencula, who plans to retire at the end of this year. Cencula announced plans to retire late last year.

TCM Bank in Tampa, Fla., announced that its CEO had resigned. The $325 million-asset bank, a unit of ICBA Payments, said in a LinkedIn post that Damon Moorer also stepped down as its president. He had been CEO for the past eight years. “Damon has served as a pivotal force behind the growth and success of our organization,” the bank said in the post. “His leadership has significantly contributed to

City National Bank of Florida in Miami has created a national capital markets group. The $26.1 billion-asset bank said in a press release that BciCapital will focus on serving middle-market sponsors across a variety of industries and segments. Its services will include loan syndications, capital placement and specialty capital. BciCapital is led by Raul Llanes, a managing director at the bank. “This new group is a springboard in completing capital

CRB Group in Fort Lee, N.J., has added three directors. The parent of the $8.9 billion-asset Cross River Bank said in a press release that Roland Fryer, Richard Laxer and Gabrielle Vitale had joined its board. Laxer retired as chairman and CEO of GE Capital in 2018. Vitale was global chief compliance and ethics officer at American Express when she retired. Fryer, a professor of economics at Harvard University, is

Texas Capital Bancshares in Dallas has created a new private credit division. The $29.1 billion-asset company said in a press release that Texas Capital Direct Lending will focus on middle-market companies and private equity sponsors in Texas. The division will emphasize senior secured floating-rate term loans. The division will lend to companies with $5 million to $50 million in EBITDA. Tim Laczkowski was hired as managing director and is leading

Customers Bancorp in West Reading, Pa., must improve its risk management practices for its digital asset strategy under a written agreement with the Federal Reserve. The $20.9 billion-asset company must also address deficiencies in its Bank Secrecy Act and anti-money laundering compliance. The agreement also noted shortcomings following regulations tied to the Treasury Department's Office of Foreign Asset Control (OFAC). The Fed said in the Aug. 5 enforcement action that