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

Huntington Bancshares in Columbus, Ohio, restructured its securities portfolio. The company disclosed in a regulatory filing that it sold about $1 billion of corporate debt investment securities and associated hedges, resulting in a pretax loss of about $20 million. Huntington intends to reinvest the proceeds from the sale in 0% risk-weighted investment securities. It should take about two years to earn back the loss from the securities sale.

Hanscom Federal Credit Union in Littleton, Mass., has agreed to buy Peoples Bank in Chestertown, Md. The $1.9 billion-asset Hanscom said in a press release that it expects to buy the $200 million-asset bank during the second half of next year. The price wasn't disclosed. Hanscom would enter Maryland and gain an insurance agency from the acquisition. "Through this combination, we expect to expand Peoples Bank's ability to invest in

Washington Trust Bancorp in Westerly, R.I., which recently raised capital, repositioned its balance sheet in a move that will lead to a net loss for the fourth quarter and full-year 2024. The company said in a press release that it sold $409 million of debt securities and that it has agreed to sell $345 million in mortgages. The transactions should have a net after-tax loss of $70 million. Washington Trust

RBB Bancorp in Los Angeles has set the stage for a new CEO. The $4 billion-asset company said in a press release that Johnny Lee will become its president and CEO of its bank on Jan. 1. Lee, who is the bank's president and chief banking officer, will become corporate CEO on May 22. Lee will succeed David Morris as he moves into each new position. Morris will remain on

The Office of the Comptroller of the Currency issued a new cease-and-desist order to USAA Federal Savings Bank that limits the Phoenix bank's ability to add certain new products and services. The OCC said in a press release that the C&D order replaces prior orders issued against the bank in 2019 and 2022. The OCC said it issued the new order "based on unsafe or unsound practices relating to management, earnings, information

National Bank Holdings in Denver repositioned its securities portfolio. The $10 billion-asset company said in a press release that it sold $130 million of available-for-sale investment securities, purging about a fifth of its portfolio. The company will record a $5 million after-tax loss from the sale. Proceeds will be redeployed over time into higher-yielding securities. “Through our solid capital position, we are able to effectively manage our balance sheet while