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

Plumas Bancorp in Reno, Nev., has agreed to buy Cornerstone Community Bancorp in Red Bluff, Calif. The $1.6 billion-asset Plumas said in a press release that it will pay $64.6 million in cash and stock for the $658 million-asset Cornerstone. The deal, which is expected to close in the second half of this year, priced Cornerstone at 146% of its tangible book value. Cornerstone has four branches, $584 million in

Flushing Financial in Uniondale, N.Y., which recently raised $70 million, had a noisy quarter as it restructured its balance sheet. The $9 billion-asset company lost $49.2 million in the fourth quarter. The company sold $445 million of securities and moved $73.9 million of loans to held-for-sale status, resulting in a $76.4 million pretax loss. Flushing then bought $384 million of higher-yielding securities. It also terminated $200 million of related investment

U.S. Bancorp in Minneapolis will soon have a new CEO. The $678 billion-asset company said in a press release that Gunjan Kedia, its president, will succeed Andy Cecere at its April 15 annual meeting. Cecere will remain executive chairman. “The company’s bench is deep, and the talent to grow and promote from within is impressive,” Roland Hernandez, the company's lead independent director, said in the release. “We are inspired by

WSFS Financial in Wilmington, Del., reported slightly higher earnings despite an issue with a former client. The $20.8 billion-asset company said in a press release that its fourth-quarter net income rose by 0.5% from a year earlier, to $64.2 million. WSFS said that it terminated a relationship with a long-standing Cash Connect customer due to "negative events in the client's overall business portfolio." As a result, Cash Connect lost $3.4

Sandy Spring Bancorp in Olney, Md., had to conduct some cleanup ahead of its planned sale to Atlantic Union Bankshares in Richmond, Va. The $14.1 billion-asset Sandy Spring said in a press release that it lost $39.5 million in the fourth quarter after taking a $54.4 million goodwill impairment charge. The charge resulted from the company's annual goodwill impairment test, completed in October, and was based on the terms of

Wells Fargo in San Francisco continues to put its past in the rearview mirror. The $1.9 trillion-asset company said in a press release that it has been released from a 2022 consent order with the Consumer Financial Protection Bureau. The order was tied to automobile lending, consumer deposit accounts, and mortgage lending. Wells said this is the seventh consent order closed by its regulators since 2019. "Apparently – and thankfully