The Treasury Department has informed Comerica that the Dallas company could lose a lucrative Direct Express government contract. As the exclusive provider of the Direct Express prepaid card, the $71.8 billion-asset Comerica serves 4.5 million recipients and handles more than $3 billion of noninterest-bearing deposits. Though a decision has not yet been made, Comerica said it received preliminary notification that it was rejected as the program’s financial agent. The five-year

ACNB in Gettysburg, Pa., has agreed to buy Traditions Bancorp in York, Pa.   The $2.5 billion-asset ACNB said in a press release that it will pay $73.5 million in stock for the $859 million-asset Traditions. After the deal closes, Traditions’ shareholders will receive a quarterly cash dividend equal to about 23 cents a share.   The deal, which is expected to close in the first quarter, priced Traditions at

KKR has agreed to buy investment bank Janney Montgomery Scott from Penn Mutual Life Insurance. Janney, which has more than $150 billion in assets under administration and 900 financial advisers, will become a standalone private company after the sale closes. “We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner,” Tony Miller, Janney’s president, said in a press release. “KKR has

Arrow Financial in Glen Falls, N.Y., is planning to merge its two banks under a new brand. The $4.2 billion-asset company said in a press release that it will combine Glens Falls National Bank and Trust and Saratoga National Bank and Trust to form Arrow Bank. Arrow said the plan has already been approved by the Office of the Comptroller of the Currency. "Our decision to unify our bank brands

The City of Boston Credit Union has a new CEO. The $585 million-asset credit union said in a press release that Lisa Perrin had also become its president. Perrin recently served as CEO of Worcester Credit Union. “Her expertise and vision will undoubtedly guide us toward tremendous success and innovation,” Cecil Jones, the credit union’s chairman, said in the release.

BayFirst Financial in St. Petersburg, Fla., is expanding into healthcare lending after hiring a veteran banker. The $1.1 billion-asset bank said it hired Phil Russo to serve as director of healthcare lending. He is also responsible for building out BayFirst’s treasury team. Russo “brings vast knowledge of the complex issues facing medical service providers to this role, which will enable us to better serve the specific needs of these businesses,”

BCB Bancorp in Bayonne, N.J., reported lower quarterly earnings after selling loans. The $3.8 billion-asset company’s second-quarter earnings fell by 67% from a year earlier, to $2.8 million. BCB agreed to sell a $38.4 million pool of commercial real estate and multifamily loans at a $4.6 million pretax loss. It also sold a nonperforming loan for a $288,000 pretax loss. The company also recorded unrealized losses of $222,000 on its

FS Bancorp in Mountlake Terrace, Wash., has a new president. The $3 billion-asset company said in a press release that Matthew Mullet has also become president of its bank. Mullet, who will remain chief financial officer, succeeded Joseph Adams, who will remain CEO of the company and the bank. Mullet “has been an integral part of our team and has a proven track record of leadership and a deep understanding