VersaBank in Ontario, Canada, received approval from the Office of the Comptroller of the Currency to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business.  The Fed recently approved the proposed acquisition. VersaBank said it is now seek approval from the Office of the Superintendent of Financial Institutions. "OCC

Evolve Bancorp in West Memphis, Ark., which is embroiled in legal wrangling tied to the bankruptcy of Banking-as-a-Service middleware firm Synapse, is now dealing with an enforcement action from the Federal Reserve. The Fed said in a press release that the cease-and-desist order addresses deficiencies in the $1.6 billion-asset bank's anti-money laundering, risk management and consumer compliance programs. The action came after a 2023 exam determined that the bank engaged

First Interstate BancSystem in Billings, Mont., has begun a search for its next CEO. The $30 billion-asset company said in a press release that Kevin Riley also plans to retire as president after a successor is hired. The board retained an executive recruiting firm to handle the search. Riley joined First Interstate in 2013; he took over the top post in 2015. “We are initiating our succession plan from a

AmeriServ Financial in Johnstown, Pa., has reached a truce in a longstanding battle with an activist investor.   The $1.4 billion-asset company said in a press release that it signed a cooperation and settlement agreement with Driver Opportunity Partners.   Driver agreed to scrap plans to nominate director candidates at AmeriServ’s annual meeting and to voluntarily dismiss all outstanding litigation. The investo also has agreed to a perpetual standstill where

Monroe Federal Savings and Loan Association in Kipp City, Ohio, is planning to convert to a stock-owned company. The $155 million-asset mutual said in a prospectus that it plans to sell 510,000 to 793,000 shares of stock in Monroe Federal Bancorp at $10 a share. Net proceeds would likely range from $3.7 million to $6.5 million.  The high-end numbers represent shares sold if there is significant demand.Monroe Federal will receive

Blue Ridge Bankshares in Charlottesville, Va., is bringing in a little more capital after selling shares to a long-time investor. The $3.1 billion-asset company disclosed in a regulatory filing that it sold common stock, preferred stock, and a warrant to buy more preferred shares to Richard Spurzem for gross proceeds of $11.6 million. Spurzem, who joined Blue Ridge’s board in 2014, had gross-up rights tied to the company’s $150 million recapitalization led

InScope, an automated financial reporting fintech, has raised $4.3 million in a seed capital round. The round was led by Lightspeed Venture Partners with participation from individual investors such Vipul Ved Prakash, founder/CEO of Together AI; Jake Heller, founder/CEO of Casetext; Debbie Clifford, CFO at Autodesk; Justin Coulombe, CFO at Miro; and Nadia Asoyan, CFO at Strike. InScope plans to expand to 50 customers, using the new capital to scale

First Hope Bank in Hope, N.J., has a new CEO. The $629 million-asset bank said in a press release that Daniel Beatty has also become its president. He succeeded Donald Somma, who had led the bank since 2016. Beatty, who represents the fourth generation of the bank’s founding family, previously served as a senior executive vice president. He was the chief operating officer from 2011 to 2021, according to his LinkedIn