Institutional Shareholder Services has recommended that Territorial Bancorp shareholders reject the Honolulu company's pending sale to Hope Bancorp in Los Angeles. The proxy advisory firm also made comments supportive of an unsolicited bid for the $2.2 billion-asset Territorial by a group that includes banking veteran Allan Landon and Blue Hill Advisors. "Given the lack of a robust sales process, the fact that the merger agreement restrictions accepted by the board

Five Rivers Bank, a proposed de novo being formed by a group of Sikh-Americans, has gained conditional approval from the Federal Deposit Insurance Corp. The Paramus, N.J., group applied with the FDIC in September 2023. The agency is requiring organizers to raise $33.5 million before the bank can open. While Five Rivers would focus on the needs of Sikh-American individuals and businesses, it will also “develop a service culture and

First Foundation in Dallas has begun the process of purging multifamily loans from its balance sheet. The $13.6 billion-asset company said in a press release that it reclassified about $1.9 million of loans from held to maturity to held for sale. The company said it expects fair-value pricing for the loans to surpass 92% based on recent pricing for Southern California-focused multifamily loans and "renewed optimism for lower rates." The

AmeriNational Community Services in Albert Lea, Minn., received Federal Reserve approval to form a bank holding company so it can buy Northwest Bancorp. of Illinois in Palatine. AmeriNational, an economic development and affordable housing loan servicer, applied with the Fed late last year as part of its plan to buy the parent of the $215 million-asset First Bank and Trust Co. of Illinois. "AmeriNat has operated in a complex and

Abri Credit Union in Romeoville, Ill., has a new CEO. The $400 million-asset Abri said in a press release that Colleen Brooks had also become its president. Brooks, who was the credit union's senior vice president of administration, succeeded Brian Cedergren, who retired. "I am profoundly grateful to our board ... for their confidence as well as my family and friends for their unwavering support," Brooks wrote in a LinkedIn

Zions Bancorp. in Salt Lake City has agreed to buy four California branches from FirstBank in Lakewood, Colo. Zions' subsidiary California Bank & Trust will also gain about $730 million in deposits and $420 million in loans from the branches, which are located in the Coachella Valley. The transaction is expected to close in the first quarter; the price wasn't disclosed. "This transaction provides us a team of accomplished banking

JD Bancshares in Jennings, La., has a president. The $1.2 billion-asset company said in a press release that Paul Brummett II had also become CEO of JD Bank. He also joined the boards of the company and the bank. Brummet, who has been chief financial officer, succeeded Bruce Elder, who has led the company since 2019. Separately, Jimmy LeBlanc was named the bank's president and chief banking officer. He has

SVB Financial Group in Santa Clara, Calif., sold its investment platform business. The former holding company to Silicon Valley Bank, which failed last year, said in a press release that it sold SVB Capital to affiliates of Pinegrove Capital Partners, backed by evergreen capital from Brookfield Asset Management and Sequoia Heritage. The consideration included cash and other economic interests. MoffettNathanson, a sell-side research business owned by SVB Financial, was not