Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2021 consent order tied to loss mitigation practices in the home lending business. It is the 11th consent order closed by Wells Fargo’s regulators since 2019 and one of five to be lifted this year. “We are pleased

Lake Shore Bancorp in Dunkirk, N.Y., could raise up to $64 million from its planned second-step conversion. The $686 million-asset company disclosed in a registration statement that it plans to sell about 5.8 million to 6.6 million shares of common stock at $10 each. Net proceeds could range from $40.3 million to $63.7 million. Lake Shore said it could use the proceeds for a variety of purposes, including investing in

Billfloat has acquired United Community Bancshares in Northbrook, Ill. The Federal Reserve approved the San Francisco small business lender's BHC application on Feb. 21. The company, which operated as SmartBiz Loans, has begun referring to itself as SmartBiz Bank on its website. Billfloat operates as SmartBiz Loans. United was the parent company of the $148 million-asset Centrust Bank. "As a bank, we are committed to delivering the best SBA lending

Rio Financial Services in McAllen, Texas, has applied to acquire Lone Star Capital Bank in San Antonio. The application was filed with the Federal Deposit Insurance Corp. on March 12. The parent of the $941 million-asset Rio Bank agreed in late February to buy the $300 million asset Lone Star. The price wasn't disclosed. Lone Star "has offices in ... markets we have not been servicing in the past but we

MetroCity Bankshares in Doraville, Ga., has agreed to buy First IC Corp. in Doraville. The $2.9 billion-asset MetroCity said in a press release that it will pay $206 million in cash and stock for the $1.2 billion-asset First IC. The deal, which is expected to close in the fourth quarter, priced First IC at 146% of its tangible book value. First IC has 10 branches, two loan-production offices, $975 million

OnePay, a fintech that is majority-owned by Walmart, is breaking ties with Affirm Holdings to work with Klarna Group on installment financing products. Affirm confirmed the move in a regulatory filing, noting that the switch will take place later this year. Affirm has been offering pay-over-time products to Walmart's customers. Over a six-month period that ended on Dec. 31, purchases made through the integrated program with Walmart represented about 5%

OakNorth, a U.K.-based digital bank, has agreed to buy Community Unity Bank in Birmingham, Mich. OakNorth, which received approval in August from the Federal Reserve and the New York State Department of Financial Services to open a representative Office in New York, plans to leverage the bank acquisition to expand business lending across the United States. "Over the last 18 months, we've supported businesses with their growth ambitions, providing several

OneMain Financial is the latest company to apply for an industrial loan charter. The company said in a press release that it applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form OneMain Bank in West Valley City, Utah. The bank would offer personal loans, auto finance, credit cards and savings accounts. “OneMain Financial has provided responsible lending solutions to a large and often underserved