A group in Pittsburgh is looking to open a bank. Organizers applied with the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency to form Sagehaven Bancorp. The group is led by Brian Tabb, who stepped down as senior vice president of corporate treasury at BNY in March. The bank would focus on small and midsize companies and mid- to high-net-worth individuals. Former BNY and Huntington executive

Five Star Bancorp in Rancho Cordova, Calif., plans to raise more than $113 million by selling common stock. The company disclosed in a regulatory filing that it aims to sell about 2.7 million shares of stock at $44 each in a public offering. Five Star could sell an additional 409,000 shares if there is sufficient demand. Net proceeds would be used for general corporate purposes and to support growth, including

Upstart Holdings in Burlingame, Calif., has received conditional approval from the Office of the Comptroller of the Currency to form Upstart Bank. The charter would let Upstart reduce operational, regulatory, and financial complexity for itself and third-party capital partners. The fintech filed its application in March. Conditional approval "is an important milestone ... we will continue to work with the OCC, the FDIC, and the Federal Reserve on the remaining

Northrim BanCorp in Anchorage, Alaska, has agreed to buy PBCO Financial in Medford, Ore. The $3.4 billion-asset Northrim said in a press release that it will pay $167.3 million in stock for the $777 million-asset PBCO. The deal is expected to close in the fourth quarter or early next year. "Both of our organizations share a core value that community banking is built on strong relationships, local expertise, and commitment

Optus Financial in Columbia, S.C., has agreed to buy M&F Bancorp in Durham, N.C., in a merger of minority depository institutions. Optus will pay $105 million in cash, including $46.57 a share at closing and an additional $6.73 a share contingent upon the repurchase of certain outstanding shares of M&F preferred stock within a year of closing. The deal is expected to close in the fourth quarter. Optus will have

First Community in Lexington, S.C., is splitting the leadership roles at its bank. The $2.4 billion-asset company said in a press release that  Vaughn Dozier will become CEO of First Community Bank on Jan. 1, while Drew Painter will become president. Dozier and Painter have served as commercial and retail banking officers; they will succeed J. Ted Nissen, who is retiring. “Through his passion and hard work, Ted has contributed

Gesa Credit Union in Richland, Wash., has agreed to buy Willamette Valley Bank in Salem, Ore. Gesa said in a press release that it will pay $43 to $45 a share in cash for the $465 million-asset Willamette Valley. The deal is expected to close in the first half of 2027.  Following the sale, Willamette Valley's holding company will dissolve, and any remaining assets will be distributed to its stockholders.

Cordant emerged from stealth after raising $8 million in a seed round. The company, which monitors money-moving systems for financial institutions, said in a press release that the seed round was co-led by Oak HC/FT and Motive Partners. "Money moves in real time, but understanding where a transaction went, which systems and partner acted, who authorized it and whether the records agree still depends on weekly and monthly reporting," co-founder