North Salem State Bancorp in North Salem, Ind., is proposing to buy a minority stake in Tri-County Bancorp in Roachdale, Ind. North Salem is proposing to acquire a 13.08% stake in the $295.7 million-asset Tri-County. The pricing wasn't disclosed. Tri-County has $204.3 million in loans.

Fidelity BancShares in Fuquay-Varina, N.C., has agreed to buy Affinity Bancshares in Covington, Ga. The $4.6 billion-asset Fidelity said in a press release that it will pay $142.8 million in cash for the $882 million-asset Affinity. The deal is expected to close in the third quarter. "The acquisition “brings together two community‑focused organizations that share a strong commitment to relationship‑driven banking and putting people first,” Mary Willis, Fidelity's president and

Carter Bankshares in Martinsville, Va., has severed ties with its biggest and most problematic business relationships. The $4.9 billion-asset company disclosed in a regulatory filing that it sold a batch of nonperforming loans connected to Sen. Jim Justice (R-W.Va.) and his family. Carter said it sold loans with an aggregate principal amount of roughly $209.5 million for consideration of $289.5 million in cash. The loans have not been earning interest

Heritage Bank in Willmar, Minn., has a new leader. The bank said that Robert Mathiasen will become its CEO on April 1. Mathiasen, who is chief operating officer, will succeed Tom Geiger, who will remain chairman. “I am deeply honored to carry forward the Geiger family’s philosophy of banking,” Mathiasen said in a press release. “Their commitment to relationships, entrepreneurship and doing what’s right for customers and communities has shaped

Riverview Bancorp in Vancouver, Wash., sells a large batch of securities. The $1.5 billion-asset company said in a press release that it sold $149.3 million in lower-yielding investment securities at an estimated pretax loss of $11.4 million. The move happened after Riverview reclassified all of its bonds as available-for-sale. Riverview said it expects to reinvest the proceeds into higher-yielding bonds that will be classified as available-for-sale, support loan originations, pay

Plaid bought media platform This Week in Fintech. Plaid announced the acquisition in a LinkedIn post. The price wasn't disclosed. "We are huge fans of what TWIF has evolved into, and plan to help it grow with more resources, more formats, and more ways for the community to connect — all while preserving the editorial independence and voice that TWIF subscribers trust," the post said. "The TWIF team will continue

Organizers of the proposed VALT Bank have received conditional approval from the Office of the Comptroller of the Currency. The group must raise $25 million before opening its national trust bank. VALT must maintain a 9% tier 1 leverage ratio for its first three years. The group, consisting of U.S. Bancorp veterans, applied to regulators in November. The proposed bank, which would be fully digital, aims to serve "digitally demanding"

Velera, a large payments-oriented credit union service organization, has a new leader lined up. The Tampa, Fla., CUSO said in a press release that Brian Caldarelli will become president and CEO when Chuck Fagan retires on Sept. 30. Fagan has led the group since the January 2024 combination of PSCU and Co-op Solutions. Caldarelli has been Velera’s chief administrative officer. “With our strong foundation, strategic focus on next-generation capabilities, and