OceanFirst Financial in Red Bank, N.J., incurred costs in the third quarter after buying a mortgage lender and a finance business focused on real estate developers. The $13.5 billion-asset company said in a press release that it spent $1.7 million in the quarter tied to its purchase of Garden State Home Loans in Cherry Hill, N.J., on Aug. 3 and Spring Garden Capital Group in Philadelphia on Oct. 1. The

Axiom Bank entered into a formal agreement with the Office of the Comptroller of the Currency that flagged the Maitland, Fla., bank for unsafe or unsound practices tied to the Bank Secrecy Act, anti-money laundering compliance and third-party management. The OCC required the $850 million-asset bank to form a compliance committee with at least three members where a majority are directors who are not bank employees or officers. The bank

First Liberty National Bancshares in Liberty, Texas, has agreed to buy Coastal Bancshares in Pearland, Texas. The parent of the $501 million-asset First Liberty Bank will exchange an undisclosed amount of stock for Coastal, Performance Trust Capital Partners announced on LinkedIn. Performance Trust advised Coastal Bancshares. Coastal is the holding company of the $192 million-asset Pearland State Bank and the $154 million-asset First National Bank of Alvin

Texas Capital Bancshares in Dallas, which reported a quarterly loss after repositioning its securities portfolio and incurring restructuring costs, said it is still on track to hit its long-term performance targets. The $31.6 billion-asset company said in a press release that it lost $65.6 million in the third quarter. The results included a $179.6 million loss from selling $1.2 billion of available-for-sale debt securities. Proceeds from the sales were reinvested

Webster Financial in Stamford, Conn., reported lower quarterly profit after it sold more underwater securities, incurred restructuring expenses and divested its factoring operations. The $79.5 billion-asset company said in a press release that its third-quarter earnings fell by 15% from a year earlier, to $188.8 million. Webster reported a $19.6 million pretax net loss from selling investment securities. The company also recorded a $9.8 million loss from selling securities in

Berkshire Hills Bancorp in Boston sold a portfolio of Upstart-related consumer loans at a loss. The company disclosed in a regulatory filing that it sold $46.5 million of loans at 96% of book value, resulting in a $1.9 million net chargeoff on the sale.  Berkshire said it still holds about $10 million of Upstart-related consumer loans. Berkshire also completed the sale of 10 branches during the third quarter, including $383

Burke & Herbert Financial Services in Alexandria, Va., has fulfilled a pledge for its purchase of Summit Financial Group by creating a charitable foundation. The $8.3 billion-asset company said in a press release that it had formed the Burke & Herbert Bank Foundation to provide targeted support to local organizations. Burke & Herbert said when it announced plans to buy Summit in August 2023 that it would create a $5

Fairway Independent Mortgage Corp. agreed to pay nearly $10 million to settle redlining claims. The Justice Department and the Consumer Financial Protection Bureau also hit the Madison, Wis., mortgage lender with a consent order alleging that the lender discriminated against applicants in Black neighborhoods in Birmingham, Ala. Fairway operates in Birmingham as MortgageBanc. "This case is a reminder that redlining is not a relic of the past, and the Justice