First International Bank & Trust in Watford City, N.D., will have a new CEO with a familiar last name. The $5 billion-asset bank said in a press release that S. Peter Stenehjem will become CEO on Jan. 1, succeeding his father, Stephen Stenhjem. He will represent the fourth generation of the family to run the bank. The elder Stenehjem, who has been CEO for 34 years, will remain chairman. “It

The Consumer Financial Protection Bureau has filed a lawsuit against Bank of America, JPMorgan Chase and Wells Fargo, along with Early Warning Services, that alleges the companies failed to protect consumers from fraud. The bureau claims that the banks' customers have lost more than $870 million through Zelle in the past seven years. The CFPB alleges that Early Warning Services, which operates Zelle, rushed the platform to market with insufficient safeguards.

Fortuna Bank has opened in Grandview Heights, Ohio. The de novo bank officially opened on Dec. 9, according to the Federal Deposit Insurance Corp. Organizers raised more than $20.7 million. Ilaria Rawlins is the bank’s president and CEO. Fortuna is the fifth de novo to open in 2024. The others are Nova Bank in Alabama, Integrity Bank in Texas, Four States Bank in Missouri and Altos Bank in California.

Norwood Financial in Honesdale, Pa., raised $29.9 million from selling common stock. The $2.3 billion-asset company said in a press release that it sold about 1.2 million shares of stock at $26 each. The sales included 150,000 shares set aside to cover added demand. Norwood said it expects to use the net proceeds for investment into its bank after it repositions its securities portfolio. Proceeds could also be used to

Coastal Federal Credit Union in Raleigh, N.C., and Truliant Federal Credit Union in Winston-Salem, N.C., have formed a credit union service organization (CUSO) to sell cars through a Winston-Salem dealership. The credit unions have partnered with TrueBay Automotive to create the Credit Union Auto Marketplace. Truliant, TruBuy and Coastal (through its CUSO) each own a third of the new CUSO. Truliant repossessed about $1.4 million in vehicles in the first

GTSB Financial in Traverse City, Mich., which recently bought a bank, raised $19.7 million by selling common stock. GTSB, which is led by Gregg Bigger and Rob Farr, had aimed to raise at least $14.5 million. GTSB is a holding company formed to buy First State Bank of Decatur. The deal closed in October.

Lineage Financial Network in Franklin, Tenn., is dealing with an enforcement action from the Federal Reserve. The Fed issued a written agreement to the parent of the $214 billion-asset Lineage Bank that requires it to serve as a "source of strength" to the bank. Lineage Financial must maintain an adequate number of directors with the necessary skills, training, experience and qualifications to fulfill their roles. The company must also prepare

TCM Bank, the credit card bank of the Independent Community Bankers of America, has a new president. The bank said in a press release C.J. Littrell had taken on the role. Littrell, who will remain the bank's chief operating officer, will oversee the bank’s strategic initiatives, among other things. Littrell succeeded Jacob Eisen, who remains CEO of the bank and ICBA Payments. “CJ’s extensive experience and unwavering commitment to the