Business First Bancshares in Baton Rouge, La., has a new bank president. The $6.7 billion-asset company said in a press release that Jerry Vascocu had taken on the role. Vascocu, who was the bank's chief administrative officer, succeeded Jude Melville, who will remain chairman and CEO. “Jerry’s proven leadership and broad-based banking experience [are] especially relevant to the challenges and opportunities we anticipate facing as we continue to grow our impact

Franklin Financial Services in Chambersburg, Pa., restructured its securities portfolio. The $2 billion-asset company disclosed in a regulatory filing that its bank sold about $46.7 million of lower-yielding U.S. Treasury debt at a roughly $3.4 million after-tax loss. The proceeds were used to buy higher-yielding investment securities, including U.S. Agency residential mortgage-backed securities and private-label residential mortgage-backed securities. The company said it expects to recover the after-tax loss in just over

Provident Financial Services in Jersey City, N.J., has settled a lawsuit tied to its overdraft fees. The $24.1 billion-asset company disclosed in a regulatory filing that it agreed to pay nearly $1.9 million to a settlement fund in a court-approved arrangement. The lawsuit, filed in the Superior Court of New Jersey, alleged that the bank wrongfully assessed overdraft fees related to debit card transactions. The complaint asserted claims for breach of

National Bankshares in Blacksburg, Va., has a new president lined up. The $1.8 billion-asset company said in a press release that Lara Ramsey will take over the role on Jan. 1. Ramsey, the company's chief operating officer and senior vice president of administration, will succeed F. Brad Denardo, who will remain chairman and CEO.

Metropolitan Bank Holding in New York reported lower quarterly profit that reflected a reserve designed to address a probe into a former fintech client. The $7.4 billion-asset company said in a press release that its third-quarter profit fell by 44% from a year earlier, to $12.3 million. Metropolitan said it set aside $10 million to resolve a state agency's investigation tied to a fintech client it last worked with in

New York Community Bancorp in Hicksville is planning to cut about 700 jobs at its bank. The $119.1 billion-asset company said in a press release that the cuts represent about 8% of Flagstar Bank's workforce. Another 1,200 jobs will go away when the company completes the previously announced sale of its mortgage servicing business to Mr. Cooper. "As part of our commitment to a profitable future, we launched a transformation

FNB Corp. in Pittsburgh sold a portfolio of indirect auto loans at a loss. The $48 billion-asset FNB said in a press release that it sold $431 million of performing loans in September as part of a balance sheet repositioning. The company said it lost $11.6 million from the sale, though it also improved the loan-to-deposit ratio by about 120 basis points. The sale also improved FNB's Common Equity Tier

Jewel Box Financial Services in Columbus, Wis., has agreed to buy Wisconsin River Bank in Sauk City, Wis. The $505 million-asset parent of Farmers and Merchants Union Bank did not disclose how much it will pay for the $182 million-asset Wisconsin River Bank. The deal is expected to close in the first quarter. “Wisconsin River Bank has built a strong reputation over the last 30 years by consistently delivering superior