Blue Ridge Bankshares in Charlottesville, Va., slipped back into the red after a problematic loan came to light. The $2.3 billion-asset company said in a press release that it lost $200,000 in the second quarter, reversing an $800,000 profit from a quarter earlier. The net loss included an after-tax $2.1 million loan-loss provision. Blue Ridge said that $11.4 million of loans from a single out-of-market relationship originated before 2024 by

Unison Bank in Jamestown, N.D., will have a new leader in a year. The $596 million-asset bank, which largely operates in Arizona, shared on LinkedIn that Christofer Yacoub had become its president and will succeed the retiring Kelly Rachel as CEO in July 2027. "Chris brings a strategic vision, a deep commitment to community banking, and a passion for building strong relationships with customers, employees, and the communities we serve,"

Summit State Bank in Santa Rosa, Calif., reported a net loss in the second quarter as it tried to address higher-risk credits. The $960 million-asset bank lost $1.3 million, compared to a $2.4 million gain a year earlier. The recent quarter included a $5.9 million loan-loss provision. The bank said it recognized "significant chargeoffs" and recorded additional provisions after a comprehensive review of certain higher-risk credits. The result was a

Bangor Savings Bank in Maine is close to having a new leader. The bank said in a press release that Lannie Moffatt will become president and CEO at the end of this summer. Moffatt, the bank's chief operating officer, will succeed Bob Montgomery-Rice, who is retiring.

U.K. fintech Wise is headed back to the drawing board in its effort to form a U.S. national trust bank. The Office of the Comptroller of the Currency denied the company's application. Stephen Lybarger, the OCC’s senior deputy comptroller for chartering, organization and structure, said in a letter that the application “presents significant supervisory and compliance concerns.” He noted state regulatory actions taken against Wise tied to anti-money laundering compliance,

Flexible Finance, which operates as Flex, has applied for a Utah industrial loan charter. The New York fintech said in a press release that it plans to form Flex Bank in Nehi. The proposed bank would give Flex an FDIC-insured institution to support its products and services as it continues to scale. Since 2019, Flex has processed more than $40 billion in rent for more than 3.2 million renters nationwide.

A private investor group is seeking regulatory approval for a shell charter that would be activated only if it wins an FDIC-assisted acquisition of a troubled California commercial bank. Aspira Bank is not being proposed as a traditional de novo. The organizers are pursuing a more opportunistic and considerably more complex strategy: obtain conditional approval for a shell bank, then activate it over a resolution weekend if the group successfully bids

Albert, a fintech that offers instant lines of credit, is seeking a bank charter. The company applied with the Federal Deposit Insurance Corp. to form Albert Bank, which would be based in Salt Lake City. Albert currently offers credit lines and certain instant loans through FinWise Bank.