Zeal Credit Union in Livonia, Mich., has agreed to buy Gegebic Range Bank in Ironwood, Mich. The $839 million-asset Zeal said in a press release that it will pay an undisclosed amount of cash to West End Financial. The deal is expected to close in the third quarter. “Gogebic is a well-managed bank, and we look forward to welcoming their customers and employees into our family,” Zeal President and CEO Julie

First Carolina Financial Services in Rocky Mount, N.C., has raised $45.4 million. The $3.2 billion-asset company sold common stock through a private placement, according to data compiled by Performance Trust Capital Partners. The pricing, shares sold and investors were not disclosed. First Carolina agreed earlier this year to buy BM Technologies in Radnor, Pa., for $67 million in cash in a deal expected to close in the first quarter.

Skowhegan Savings Bank in Skowhegan, Maine, will soon have a new leader. Dan Tilton was named the $850 million-asset bank's president, succeeding David Cyr. He will also replace Cyr as CEO on Dec. 31. Tilton is the bank's executive vice president of sales and customer relations. Cyr, who joined the bank in 2005, has been president and CEO since 2019. “Skowhegan Savings’ strong legacy has been built on community focus,

First Keystone in Berwick, Pa., will enter 2025 with new leadership. The $1.4 billion-asset company disclosed in a regulatory filing that Elaine Woodland will retire as president and CEO on Jan. 31. She will remain on the board. The filing did not identify her successor, though it said the board "has been engaged in a succession planning process."  

HomeStreet in Seattle will sell nearly $1 billion of multifamily loans to Bank of America. The $9.4 billion-asset company, which had to nix plans to sell itself to FirstSun Capital Bancorp in Denver, said in a press release that the loans should sell at 91.5% of their principal balance. HomeStreet will continue to service the loans. The sale is expected to close by Dec. 31. “Entering into this agreement and

Arrow Financial in Glen Falls, N.Y., again restructured its securities portfolio. The $4.4 billion-asset company disclosed in a regulatory filing that it sold $75 million of available-for-sale securities at a pretax loss of $3 million. Proceeds were used to buy higher-yielding available-for-sale securities. It should take a little over a year to earn back the loss. The transaction is expected to improve Arrow's net interest income by about $2.7 million

First International Bank & Trust in Watford City, N.D., will have a new CEO with a familiar last name. The $5 billion-asset bank said in a press release that S. Peter Stenehjem will become CEO on Jan. 1, succeeding his father, Stephen Stenhjem. He will represent the fourth generation of the family to run the bank. The elder Stenehjem, who has been CEO for 34 years, will remain chairman. “It

The Consumer Financial Protection Bureau has filed a lawsuit against Bank of America, JPMorgan Chase and Wells Fargo, along with Early Warning Services, that alleges the companies failed to protect consumers from fraud. The bureau claims that the banks' customers have lost more than $870 million through Zelle in the past seven years. The CFPB alleges that Early Warning Services, which operates Zelle, rushed the platform to market with insufficient safeguards.