Mechanics Bank in Walnut Creek, Calif., has removed "interim" from its CEO's title. The $17 billion-asset bank said in a press release that C.J. Johnson is its permanent president and CEO. The bank's former chief financial officer, Johnson has been interim president and CEO since February 2024. “C.J. is a strong leader who knows our business, employees and clients well,” Carl Webb, the bank's chairman, said in the release. “He

Glacier Bancorp in Kalispell, Mont., has agreed to buy Bank of Idaho Holding Co. in Idaho Falls. The $28.2 billion-asset Glacier said in a press release that it will pay $245.4 million in stock for the $1.3 billion-asset Bank of Idaho. The deal, which is expected to close in the second quarter, priced the seller at 191.9% of its tangible book value. Bank of Idaho has 15 branches, three mortgage

SouthState in Winter Haven, Fla., entered into a sale-leaseback transaction involving 170 branches. The $65 billion-asset company, which recently bought Independent Bank in Texas, said in a press release that it will sell the locations to Blue Owl Real Estate Capital for $475 million. South State said it will report a $225 million pretax gain in the first quarter, when the deal closes. The proceeds are anticipated to be used

CNB Financial in Clearfield, Pa., has agreed to buy ESSA Bancorp in Stroudsburg, Pa. The $6.3 billion-asset CNB said in a press release that it will pay $214 million in stock for the $2.2 billion-asset ESSA. The deal, which is expected to close in the third quarter, priced ESSA at 99% of its tangible book value. ESSA, which has 20 branches, will operate as a division of CNB Bank. CNB

First Interstate BancSystem in Billings, Mont., warned it will record a larger-than-expected loan-loss provision in the fourth quarter after recording a $49.3 million charge-off tied to a commercial-and-industrial loan. The company disclosed in a regulatory filing that it already had a $26.5 million specific reserve set up on Sept. 30 tied to the loan. The loan had an aggregate outstanding balance of $62.8 million on Dec. 31, and the bank's

Ally Financial laid off hundreds of employees while also disclosing plans to fully exit mortgage lending. The company told multiple media outlets that the cuts amount to less than 5% of its workforce. Ally aims to shut down its mortgage lending operations during the first quarter. “We remain confident in our long-term strategy and our ability to deliver compelling returns given the strong underlying trends in our core businesses,” spokesman

Bank of Idaho in Idaho Falls has agreed to sell its trust and wealth management division to Idaho Trust Co. in Boise. The $1.3 billion-asset Bank of Idaho said the sale should close in the first quarter; the price wasn't disclosed. The bank said the sale allows it to focus on its core business of commercial and personal banking. “Our priority has always been to provide our customers with the

Central Bancshares in Muscatine, Iowa, has a new leader. The parent of the $1.6 billion-asset CBI Bank & Trust said in a press release that Dwayne Sieck had become its president and CEO. Sieck, who was president of CBI Bank, also joined the company's board. Sieck succeeded Gregory Kistler, who retired. “Dwayne’s strategic vision, passion for innovation, and deep understanding of the financial industry make him the ideal leader to