Winchester Bancorp in Winchester, Mass., is getting close to converting to a two-tier mutual holding company structure. The proposed holding company for the $873 million-asset Winchester Savings Bank signed an agency agreement for Raymond James to help market its common stock. Raymond James will receive a $25,000 management fee and a success fee equal to 1.15% of the aggregate dollar amount of shares sold, subject to a $400,000 minimum success

Automotive company Stellantis has applied to form an industrial loan company in Utah. The company, formed by the 2021 merger of Fiat Chrysler Automobiles and the PSA Group, submitted its application for Stellantis Bank USA on Feb. 11. The application wasn't immediately available. The filing comes just days after General Motors resubmitted its application to form an ILC.

A proposed bank in Avon, Colo., continues to make progress on its fundraising goal. Battle Financial disclosed on LinkedIn that it brought in $1.8 million by issuing convertible debt in January. Organizers have now raised nearly $8.8 million, nearing 60% of their goal. The group first applied for deposit insurance in March 2022, outlining a plan that included dealing in precious metals and offering deposit swap services to registered investment

Sharon Bank in Springfield, Pa., has a new CEO. The $164 million-asset mutual said in a LinkedIn post that William Mattern had also become its president. Mattern, who was chief lending officer, will also lead Sharon Bancorp and Sharon Mutual Holding Company. "Bill has played a significant role over the last seven years building strong partnerships within the community and executing Sharon’s lending strategy," the mutual said in the post.

MVB Financial in Fairmont, W.Va., sold its ownership in software development firm Trabian Technology. The $3.1 billion-asset company said in a press release that the sale occurred in January. The price wasn't disclosed. MVB bought a majority stake in Trabian in April 2021. The fintech helped MVB create automated workflows for card transaction data.

Orrstown Financial in Harrisburg, Pa., has set the stage for its next leader. The $5.4 billion-asset company said in a press release that Adam Metz had become its chief operating officer and it expected to become president and CEO in May 2026 when Thomas Quinn retires. Metz has been chief revenue officer since February 2019. Metz “understands the mission, culture and values that have driven Orrstown Bank’s growth over the

Wells Fargo in San Francisco has been released from another regulatory order. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2018 consent order tied to its compliance risk management program. It is the tenth consent order closed by Wells Fargo’s regulators since 2019. In recent weeks, Wells Fargo has been released from an order from the Consumer Financial

Wise, a U.K.-based remittance firm, plans to close its Tampa, Fla., office and lay off about 307 employees. All affected employees were notified and will be given at least 60 days as a notice period before they are let go, Wise said in a WARN Notice sent on Feb. 7 to the Florida Department of Commerce. The layoffs will take place in three phases on April 8, May 2, and