A former executive at Nano Banc in Irvine, Calif., has been barred from working in the banking industry. The Federal Reserve also said in a press release that it fined Anthony Gressak III $75,000 after he allegedly obtained pandemic relief funds fraudulently, among other things. Gressak, who co-founded the $958 million-asset bank, resigned as its interim CEO in 2022. Gressak had also been the bank's chief credit officer. The Fed claimed

Malvern Bank in Malvern, Iowa, will soon have a new president. The $216 million-asset bank said in a press release that Kate McGann will take on the role on Jan. 1. She is the bank's chief lending officer and is on the board. Jay Burdic will remain chairman and CEO. "The growth experienced by Malvern Bank and the community in recent years has been transformational and I look forward to

George Makris Jr. is back at the helm of Simmons First National in Pine Bluff, Ark. The $27.3 billion-asset company said in a press release that Makris, who was CEO from 2014 to 2022, will return to the post on Jan. 1. He will succeed Bob Fehlman, who is stepping down "to focus on personal interests and family medical issues." Fehlman will serve in an advisory role through the first

Valley National Bancorp in New York brought in nearly $449 million by selling common stock. The $62 billion-asset company, which has been shedding commercial real estate loans, disclosed in a regulatory filing that it sold 49.2 million shares, including 6.4 million shares tied to its overallotment option, at $9.35 a share. Valley has been selling loans as part of a plan to lower its ratio of CRE to risk-based capital

Dime Community Bancshares in Hauppauge, N.Y., is raising $125 million to potentially reposition its balance sheet. The $13.7 billion-asset company disclosed in a presentation that it plans to sell common stock through a follow-on offering. The company could increase the offering by 15% if there is enough demand. Net proceeds could be used to support organic growth and could include use as working capital, investments in the company's bank and

Carver Bancorp in New York is facing a proxy challenge from a big investor. Dream Chasers Capital Group, which owned about 9.7% of Carver's outstanding stock, said in a press release that it had nominated two individuals to run for board seats at the company's Dec. 12 annual meeting. Jeff Anderson is a former chief financial officer of JPMorgan Chase's northeast region retail banking organization, while Jeffrey Bailey, CEO of

Florida’s Office of Financial Regulation placed Alliance Credit Union of Florida in Gainesville into conservatorship. The National Credit Union Administration was appointed as the conservator for the $59 million credit union, which has about 5,400 members. Alliance Credit Union of Florida serves people who live or work in Florida's Alachua, Bradford, Gilchrist, Levy and Union counties.

DCFU Financial in Dearborn, Mich., has agreed to buy Winter Park National Bank in Winter Park, Fla. The $7 billion-asset credit union said in a press released that Winter Park would be its third acquisition in Florida. The price wasn’t disclosed. “We are thrilled to announce this acquisition and deepen our commitment to serving the communities in Florida,” Ryan Goldberg, the credit union's president and CEO, said in the release.