Scott Kavanaugh is retiring as CEO of First Foundation in Dallas. The $13.6 billion-asset company said in a press release that Thomas Shafer had become its CEO and had also succeeded Kavanaugh as the CEO of First Foundation Bank.  Shafer also joined the company's board. Shafer was CEO of TCF National Bank and vice chairman of TCF Financial when it was sold to Huntington Bancshare in June 2021. He retired

Union Bankshares in Morrisville, Vt., has implemented a 20-year term limit for its directors. The $1.5 billion-asset company disclosed in a regulatory filing that its board changed its bylaws to add the term limit. Union already has a mandatory retirement age of 72 years. The amendment took effect on Nov. 20. The board also granted exemptions to two directors who would otherwise surpass the 20-year limit prior to turning 72.

The Federal Reserve has barred the former CEO of the failed Heartland Tri-State Bank from future participation in the banking industry. The Fed's announcement comes three months after Shan Hanes was sentenced to more than 24 years in prison after pleading guilty in May to a count of embezzlement by a bank officer. Hanes had been accused of embezzling $47.1 million for personal cryptocurrency purchases, executing 10 wire transfers between May and

The Office of the Comptroller of the Currency has issued a cease-and-desist order to Clear Fork Bank in Albany, Texas, for unsafe or unsound practices tied to its Bank Secrecy Act and anti-money laundering compliance. The OCC said in its C&D order, which supersedes a February 2021 formal agreement, that the $825 million-asset bank failed to correct previously reported BSA problems. The formal agreement was terminated. The order stated that

Clarion County Community Bank in Clarion, Pa., has new leadership. The $230 million-asset bank said that Travis Heiser had become its president and CEO. Heiser, who was CEO of Inner Lakes Federal Credit Union, succeeded James Kifer. Kifer had led the bank for 20 years. “It’s been incredibly rewarding to be in this role over the past 20 years; to have led the build-out of a new bank that created

Capital City Bank Group in Tallahassee, Fla., will take over full ownership of Capital City Home Loans. The $4.2 billion-asset Capital City, which already owns 51% of the mortgage lender, said it will buy the remaining 49% interest on Jan. 1. The purchase price will be based on the capital account balances of the mortgage lender's members as of Dec. 31. Capital City Home Loans has 27 offices across the

Bethpage Federal Credit Union in Bethpage, N.Y., is rebranding as FourLeaf Federal Credit Union. The $13.4 billion-asset credit union aid the change will occur in the first quarter. It will include a color update and a new logo. “As we navigate an ever-evolving landscape, we recognize the importance of adapting to meet the changing needs of our members and our markets and exploring new ways to grow and expand,” Linda

Moody’s in New York has acquired loan-origination platform Numerated Growth Technologies for an undisclosed amount. Moody's said in a press release that the acquisition builds on a partnership announced in January that integrated Numerated’s front office, decisioning and loan operation technologies with Moody’s credit assessment, underwriting and monitoring expertise. Numerated, which uses data and artificial intelligence to streamline the lending process, will be integrated into Moody’s Lending Suite. “As our