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

WaFd in Seattle is planning to sell a multifamily portfolio it recently gained from an acquisition. The $30.1 billion-asset company said in a press release that it plans to sell up to $3.2 billion of loans it inherited from Luther Burbank Corp. WaFd bought the bank on Feb. 29. “We have engaged a third party to facilitate this process,” Brent Beardall, WaFd’s president and CEO, said in the release. “There

Renasant in Tupelo, Miss., will have a new leader next year. The $17.4 billion-asset company said in a press release that Kevin Chapman will succeed C. Mitchell Waycaster as CEO in May 2025. Waycaster would remain executive vice chairman, and Chapman will continue to serve as president. Chapman has served on the board since 2018. “Kevin is a dynamic leader with a keen understanding of both corporate banking strategy and

Virginia National Bankshares in Charlottesville has sold its membership interest in an advisory company. The $1.6 billion-asset Virginia National said in a press release that it sold its membership interests in Masonry Capital Management on April 1 to an officer of the company. Financial terms were not disclosed. Virginia National will receive an annual revenue-share amount for a six-year period.

Webster Financial in Stamford, Conn., reported slightly lower earnings that reflected a decrease in net interest income and several expenses. The $76.2 billion-asset company said in a press release that its first-quarter profit fell by 2% from a year earlier, to $212.2 million. The quarter included a $11.9 million increase to the Federal Deposit Insurance Corp. special assessment estimate and $3.1 million of Ametros acquisition expenses. The company also recorded a