The Consumer Financial Protection Bureau ordered Wise to pay nearly $2.5 million to address claims that the U.K. remittance company advertised inaccurate fees and failed to properly disclose exchange rates and other costs. The CFPB said in a press release that it determined that Wise misled U.S. customers about its ATM fees and failed to properly disclose other fees. The bureau also claimed that failed to timely refund the remittance fees

First Foundation in Dallas is starting to use some of the capital it raised last year as part of its turnaround. The $12.6 billion-asset company lost $14.1 million in the fourth quarter after selling $489 million of multifamily loans at a 4.9% discount. The company also set aside $20.1 million in the quarter to cover potential problems in its equipment finance lease portfolio, reflecting higher chargeoffs and a rise in

Lake Shore Bancorp in Dunkirk, N.Y., is planning a second-step conversion to a fully stock-owned company. The company said in a press release that its parent company, Laks Shore MHC, plans to convert in the third quarter. The bank will seek regulatory approval to become a New York-chartered commercial bank. Lake Shore MHC owns about 63.4% of the Lake Shore Bancorp's outstanding shares.

Bank of Frankewing in Frankewing, Tenn., has a new leader. Richard Burleson announced on his LinkedIn page that he had become the $549 million-asset bank's president and CEO. Burleson was president and CEO of Community First Bank in South Carolina from 2015 to 2024, according to his LinkedIn profile.

First Bancorp in Southern Pines, N.C., posted significantly lower net income after repositioning its securities portfolio. The $12.1 billion-asset company said in a press release that its fourth-quarter profit fell by 88% from a year earlier, to $3.6 million. First Bancorp said it sold $280 million of securities in November at a $36.8 million loss. The company then invested $495 million in higher-yielding securities.

Amalgamated Bank of Chicago has selected an insider as its new CEO. The $1.2 billion-asset bank said in a statement that Nick Weaver had succeeded Robert Wrobel, who remains chairman. Weaver rejoined the bank as COO in 2023 and became president a year later.

The banking industry is changing fast, with new technology, tougher regulations, and increased competition. To stay competitive, financial institutions must decide whether to grow independently or merge with stronger partners. Enterprise Bancorp in Lowell, Mass., recently chose the latter, agreeing in December to sell to Independent Bank Corp. in Rockland, Mass., to create a stronger, more stable bank. The $19.4 billion-asset Independent agreed to pay $562 million in cash and

Central Pacific Financial in Honolulu posted lower quarterly profit that reflected a decision to sell securities at a loss. The $7.5 billion-asset company said in a press release that its fourth-quarter net income fell by 24% from a year earlier, to $11.3 million. The company sold $106.5 million of debt securities at a $9.9 million pretax loss during the fourth quarter. The proceeds were reinvested in $101.6 million of higher-yielding