Citizens Financial Services in Mansfield, Pa., sold a business it recently inherited from an acquisition. The $2.9 billion-asset company said in a press release that it sold loans and software associated with digital banking division Braavo to an unnamed buyer during the first quarter for $7.2 million. The company also transferred certain contracts, processes and employees as part of the transaction. Citizens reported a pretax gain of about $1.1 million

Valley National Bancorp in New York sold nearly $300 million of loans in the first quarter – with plans to unload more as it looks to reduce its reliance on commercial real estate lending. The $61 billion-asset company said in a press release that it sold its commercial premium finance lending business in February and $197 million of commercial real estate and construction loans a month later. Valley recorded a

First Financial Bankshares in Abilene, Texas, has switched from a national bank charter to a state bank charter.   The company said in a press release that First Financial Bank is new a state banking association while First Financial Trust and Asset Management became a state-chartered chartered trust company.   The bank had operated under a national charter since its creation in 1890.   “We think the charter conversions make

Sterling Bancorp in Southfield, Mich., seems to be getting closer to putting a mortgage scandal in the rearview mirror. The Office of the Comptroller of the Currency has barred the company’s founder and a former CEO from the banking industry in connection to their roles in the defunct Advantage Loan Program. The OCC issued penalties against Scott Seligman and Thomas Lopp in separate consent orders. Seligman, who wasn’t a bank

Farmers National Banc Corp. in Canfield, Ohio, restructured its securities portfolio during the first quarter. The $5.1 billion-asset company said in a press release that sold $44.3 million of securities at a $2.1 million pretax loss. Proceeds were reinvested into securities with yields 200 basis points higher than those sold. Farmers National said it should take between two and three years for the company to earn back the securities loss.

The Office of the Comptroller of the Currency announced enforcement actions against three banks. The agency entered into a formal agreement with First Federal Savings & Loan Association of Lorain in Ohio. The bank was cited for unsafe or unsound practices, including those related to the failure of the board and management to develop and implement an appropriate strategic plan. The OCC said the $530 million-asset failed to appropriately manage

Southwest Bancshares in San Antonio will rebrand all of its banks as Texas Partners Bank. The $2 billion-asset company said in a press release that its three banks – Bank of San Antonio, Bank of Austin and Texas Hill Country Bank – will all use the Texas Partners brand by the end of this year. “Texas Partners Bank is fueled by the steadfast power of partnerships. Our deep commitment to

Trustmark in Jackson, Miss., is the latest bank to agree to sell its insurance agency. The $18.7 billion-asset company said in a press release that it will sell Fisher Brown Bottrell Insurance to Marsh & McLennan Agency for $345 million in cash. The sale is expected to close in the second quarter. The purchase price represents about 5.9 times the agency’s 2023 revenue and 28 times net income. After-tax proceeds