An investor group has received approval from the Federal Reserve to buy First State Bank of Decatur in Michigan. A group led by Gregg Bigger applied last fall to buy the $54 million-asset bank. They plan to rebrand First State as Grand Traverse State Bank. The group has been looking to raise $14.5 million with hopes of buying and rebranding First State by late 2024. Bigger was a founder of

Hanover Bancorp is taking steps to let Castle Creek Capital Partners boost its stake in the Mineola, N.Y., company to 9.9%.   The $2.3 billion-asset company disclosed in a regulatory filing that it entered into an exchange agreement with Castle Creek to let the investor exchange 125,000 shares of voting common stock for 125,000 shares of Series A preferred stock.   Hanover also filed the documents necessary to increase its

First Financial Bancorp in Cincinnati had a noisy quarter that included an acquisition, layoffs, a restructured securities portfolio, and an increase in classified assets. The $17.6 billion-asset company said in a press release that first-quarter profit fell by 28% from a year earlier, to $50.7 million. First Financial bought Agile Premium Finance, which lends primarily to commercial customers to finance insurance premiums. The company had $93.4 million of loans when

Business First Bancshares in Baton Rouge, La., has agreed to buy Oakwood Bancshares in Oakwood, Texas. The $6.7 billion-asset Business First said in a press release that it will pay $85.7 million in stock for the $843 million-asset Oakwood. The deal, which is expected to close in the fourth quarter, priced Oakwood at 106% of its tangible book value. Oakwood has six branches, $654 million loans and $732 million of

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