A de novo bank planned in Miami has received approval from its state regulator. Florida’s Office of Financial Regulation has signed off on BankMiami, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers, who submitted applications earlier this year, still need approval from the Federal Deposit Insurance Corp. “We continue to welcome strategic investors who will share our pride in creating a new bank that reflects the

Amalgamated Bank of Chicago has rebranded as ABOC as part of a plan to expand beyond its home market. The $1.1 billion-asset bank said in a press release that the new name represents “a modern look that reflects its rich heritage while setting the stage for future growth.” "We believe the time is right to broadly communicate the things that set us apart: a strong foundation, profound trust, in-depth financial and

Forbright Bank in Potomac, Md., which was recently hit with a consent order, had its Community Reinvestment Act rating downgraded to “needs improvement.” While the consent order and the CRA downgrade both came from the Federal Deposit Insurance Corp., the issues are unrelated. The consent order for the $6.7 billion-asset bank is tied to “deficiencies and weaknesses in the supervision and direction of management” by the board. The CRA downgrade

Fifth Third Bancorp in Cincinnati will pay $15 million to settle a lawsuit from the Consumer Financial Protection Bureau tied to alleged fake checking accounts. The $214 billion-asset company also agreed to pay $5 million – and pay redress to customers – to address claims that it overcharged customers for force-placed auto insurance. The CFPB claimed that the force-placed or maintained unnecessary duplicative insurance more than 37,000 times from 2010

Alabama ONE Credit Union in Tuscaloosa has a new CEO. The $1.2 billion-asset credit union said in a press release that Whitney Oswalt had taken on the new role. Oswalt, who was chief strategy officer and chief financial officer. succeeded Bill Wells. Oswalt “has been a strong member of our leadership team, and under his guidance first as chief financial officer and then as chief strategy officer, our credit union

Greenwood’s Financial Group in Lake Mills, Wis., raised $10 million in capital.The parent of the $547 million-asset Greenwood’s Savings Bank raised the capital on July 1 through a private placement of common stock, according to data compiled by Performance Trust Capital Partners.The data did not include the shares sold, pricing, or the investors.

Piedmont Bancorp in Peachtree Corners, Ga., tried several times to find a buyer before agreeing to be sold to United Bankshares in Charleston, W.Va. The $30 billion-asset United agreed on May 9 to buy the $2.1 billion-asset Piedmont for $267 million. The deal will give United its first operations in the Atlanta area. Piedmont first hired an investment bank to explore a potential sale in February 2019, according to a

Murphy-Wall State Bank and Trust in Pinckneyville, Ill., has agreed to buy Oakdale State Bank in Oakdale, Ill. Murphy-Wall Bancorp, the parent of the $179.3 million-asset Murphy-Wall State did not disclose the price it will pay for the $25 million-asset Oakdale State. “Murphy-Wall looks forward to this opportunity to serve a new market and is committed to ensuring a seamless transition for Oakdale State … staff and customers,” Matthew Bigham,