SouthState in Winter Haven, Fla., entered into a sale-leaseback transaction involving 170 branches. The $65 billion-asset company, which recently bought Independent Bank in Texas, said in a press release that it will sell the locations to Blue Owl Real Estate Capital for $475 million. South State said it will report a $225 million pretax gain in the first quarter, when the deal closes. The proceeds are anticipated to be used

CNB Financial in Clearfield, Pa., has agreed to buy ESSA Bancorp in Stroudsburg, Pa. The $6.3 billion-asset CNB said in a press release that it will pay $214 million in stock for the $2.2 billion-asset ESSA. The deal, which is expected to close in the third quarter, priced ESSA at 99% of its tangible book value. ESSA, which has 20 branches, will operate as a division of CNB Bank. CNB

First Interstate BancSystem in Billings, Mont., warned it will record a larger-than-expected loan-loss provision in the fourth quarter after recording a $49.3 million charge-off tied to a commercial-and-industrial loan. The company disclosed in a regulatory filing that it already had a $26.5 million specific reserve set up on Sept. 30 tied to the loan. The loan had an aggregate outstanding balance of $62.8 million on Dec. 31, and the bank's

Ally Financial laid off hundreds of employees while also disclosing plans to fully exit mortgage lending. The company told multiple media outlets that the cuts amount to less than 5% of its workforce. Ally aims to shut down its mortgage lending operations during the first quarter. “We remain confident in our long-term strategy and our ability to deliver compelling returns given the strong underlying trends in our core businesses,” spokesman

Bank of Idaho in Idaho Falls has agreed to sell its trust and wealth management division to Idaho Trust Co. in Boise. The $1.3 billion-asset Bank of Idaho said the sale should close in the first quarter; the price wasn't disclosed. The bank said the sale allows it to focus on its core business of commercial and personal banking. “Our priority has always been to provide our customers with the

Central Bancshares in Muscatine, Iowa, has a new leader. The parent of the $1.6 billion-asset CBI Bank & Trust said in a press release that Dwayne Sieck had become its president and CEO. Sieck, who was president of CBI Bank, also joined the company's board. Sieck succeeded Gregory Kistler, who retired. “Dwayne’s strategic vision, passion for innovation, and deep understanding of the financial industry make him the ideal leader to

Stephens in Little Rock, Ark., is opting for two leaders as part of its succession plan. The family-owned investment bank said in a press release that brothers Miles Stephens and John Stephens have been named co-CEOs, succeeding their father, Warren Stephens. Their sister, Laura Brookshire, will chair the executive committee. Warren Stephens, who ran the company for 39 years, will remain chairman. Miles Stephens has been president and CEO of

First Keystone in Berwick, Pa., has hired a veteran banker as its next CEO. The company disclosed in a regulatory filing that Jack Jones had become its chief operating officer. He will become president and CEO on Jan. 31 when Elaine Woodland retires. Jones was chief banking officer and a regional president at Penns Woods Bancorp.