A group planning a bank in California has changed the location of the proposed de novo. Organizers of Elemi Bank have refiled an application with the Federal Deposit Insurance Corp. for the proposed bank, moving its headquarters to Encino from Burbank. The new application wasn’t immediately available. The original application, submitted in December, stated that the group planned to raise $25 million of initial capital. The proposed bank would be

Northeast Bank in Portland, Maine, bought a large loan portfolio. The bank said in a press release that it acquired an $805 million portfolio that largely consists of commercial real estate loans. Northeast did not disclose the seller or the price it paid. Northeast said it plans to fund the loans with brokered deposits and Federal Home Loan Bank advances. “We are very pleased with this quarter’s purchased loan activity,

ESL Federal Credit Union in Rochester, N.Y., has agreed to buy Generations Bank in Seneca Falls, N.Y. The $9.2 billion-asset credit union said in a press release that it will pay Generations Bancorp about $26.2 million in cash for the $400 million-asset bank. The deal is expected to close in the second quarter or the third quarter of 2025. The consideration will be distributed in two installments with the substantial

TowneBank in Suffolk, Va., has agreed to buy Village Bank and Trust Financial in Midlothian, Va. The $17.1 billion-asset TowneBank said in a press release that it will pay $120 million in cash for the $748 million-asset Village Bank. The deal is expected to close in the first half of 2025. “We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully

Chain Bridge Bancorp in McLean, Va., is planning an initial public offering. The holding company for the $1.4 billion-asset Chain Bridge Bank said in a regulatory filing that it plans to list on the New York Stock Exchange. The size of the offering has yet to be determined. Proceeds will be used to repay borrowings under an unsecured line of credit and for other general corporate purposes. Piper Sandler, Raymond

BNY in New York agreed to buy Archer, a company that provides cloud-based software for managed accounts. BNY said it expects to complete the deal in the fourth quarter. The price wasn't disclosed. "Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale," Emily Portney, BNY's global head of asset servicing,

Liberty Capital Bancshares in Addison, Texas, has agreed to buy Southwestern Bancorp in Boerne, Texas. The transaction between the parent company of the $415 million-asset Liberty Capital Bank and the holding company for the $225 million-asset Texas Heritage Bank was announced by Performance Trust Capital Partners. Performance Trust advised Liberty Capital. The financial terms were not disclosed.

Silvergate Capital, which voluntarily liquidated its bank, filed for Chapter 11 bankruptcy protection in Delaware. The holding company for the now-defunct Silvergate Bank in La Jolla, Calif., shut down amid the collapse of crypto exchange FTX. The decision to liquidate in March 2023 preceded the high-profile failures of Silicon Valley Bank, Signature Bank and First Republic Bank. Silvergate Capital, which had no remaining business lines, said it will divide its