Zeplyn, a software-as-a-service company that streamlines wealth management workflows, has raised $3 million in a funding round led by early-stage venture capital firm Leo Capital. Converge VC and several angel investors also participated. The New York company, founded last year by former Google engineers, offers an artificial intelligence product for financial advisors and wealth management firms that tool converts unstructured conversational data into accurate notes. Zeplyn, which has about 250

Republic First Bank failed in April largely because of a “dysfunctional” management and board that made it difficult for regulators to get a handle on the Philadelphia bank's financial condition and capital-raising plans. The bank was closed by regulators and substantially all of its deposits and assets were sold to Fulton Bank. A material loss review commissioned by the Federal Deposit Insurance Corp. noted that the dysfunction dates back to

Cascade Federal Credit Union in Kent, Wash., turned to the banking industry to recruit its next leader. The $347 million-asset credit union said in a press release that it hired Sam Jimenez as its president and CEO. Jiminez succeeded Sarah Richardson, who will remain with the credit union through the end of this year to assist with the transition. Jiminez recently served as CEO of 1st Capital Bank in Salinas, Calif.,

Axos Financial in San Diego has formed a technology and life sciences banking division after recruiting a banker from City National Bank. The company said in a press release that Rod Werner will lead the division. He was head of the technology banking division at City National. The new division will have teams in San Francisco, Boston, New York, Los Angeles and Palo Alto, Calif. The division will offer recurring revenue

Insight Credit Union in Winter Springs, Fla., has agreed to a sale-leaseback transaction involving three branches. The credit union sold the locations to MountainSeed Real Estate Services in Atlanta for about $9.6 million. Insight then agreed to lease the branches for an initial 15-year term with a 15-year renewal option. The lease rate wasn't disclosed. “We believe leveraging the value in our previously owned locations is a wise decision," George

Organizers of a proposed New Orleans de novo plan to open the bank as a minority depository institution. The group behind the proposed InclusiveBANK primarily intends to serve low- and moderate-income communities around New Orleans, according to its application with the Federal Deposit Insurance Corp. "However, this will not be the bank’s sole mission as we intend to be inclusive of all of the needs of everyone in our communities,"

Wilson Bank & Trust in Lebanon, Tenn., has agreed to buy a Cookeville, Tenn., branch from F&M Financial in Clarksville, Tenn. The $5 billion-asset Wilson Bank said in a press release that it will also gain about $35 million of deposits and most of the branch's loans from the purchase, which is expected to close in the first half of 2025. The price wasn't disclosed. "This transaction allows us to

Farmers Savings Bank in Colesburg, Iowa, has agreed to buy Elgin State Bank in Elgin, Iowa. The $235.5 million-asset Farmers Savings submitted their application with the Federal Deposit Insurance Corp. on Nov. 12. The price wasn't disclosed. The $28.6 million-asset Elgin State has two branches. "Even though the [branches] will operate under a new name and ownership, the current staff looks forward to continuing to serve you in the same