Organizers of the proposed Fortuna Bank in Grandview Heights, Ohio, have received conditional approval from the Federal Deposit Insurance Corp. Ilaria Rawlins, who would serve as the bank’s president and CEO, confirmed the approval in a message to The Bank Slate. She said the FDIC is requiring her group to raise $20 million. Rawlins added that organizers are about 60% to that goal. Organizers applied with the FDIC in February

Zions Bancorp. in Salt Lake City has shaken up its executive ranks following two retirements. The $87 billion-asset company said in a press release that A. Scott Anderson will retire as president and CEO of Zions Bank on April 1. He will become the bank’s non-executive chairman. Paul Burdiss, Zions’ chief financial officer, will succeed Anderson as bank president and CEO, while R. Ryan Richards will become the company’s CFO.

Discover Financial Services would pay Capital One Financial in McLean, Va., a nearly $1.4 billion if it opts to sell to someone else. There would be no termination fee if the $35.3 billion deal is stymied by regulators, according to a copy of the merger agreement included in a recent regulatory filing. Capital One and Discover are both subject to the fee if their boards change their recommendations for the

Lineage Bank in Franklin, Tenn., which once had big Banking-as-a-Service (BaaS) aspirations, is the latest fintech collaborator to receive an enforcement action from regulators. The $246 million-asset bank entered into a consent order with the Federal Deposit Insurance Corp. on Jan. 30 requiring it to address unsafe and unsound banking practices tied to third-party management of its fintech programs. The 21-page order requires Lineage to develop and implement a plan

U.S. Bancorp in Minneapolis has formed a division to serve private capital firms and global asset managers. The $663 billion-asset company said in a press release that the new division will serve more than 200 private capital clients in areas such as fund custody and administration, lending and capital markets underwriting and distribution. Stephen Jeselson, a managing director at the bank, was named head of the division. “Our unique product

Chickasaw Community Bank in Oklahoma City will soon have a new CEO. The $485.5 million-asset bank said that Bill Schonacher will take over its top role on March 4. Schonacher was president and CEO of IBC Bank, according to his LinkedIn profile.

Mechanics Bank in Walnut Creek, Calif., is looking for a new CEO. John DeCero recently retired from the $18 billion-asset bank, according to the San Francisco Business Times. He plans to work as a paid consultant for the bank while focusing on real estate and other ventures. Mechanics, which said the split was “amicable,” has not named a successor. DeCero became CEO in 2016 when Mechanics Bank bought California Republic

Navy Federal Credit Union in Vienna, Va., will soon have a new leader. The $170 billion-asset credit union said that Dietrich Kuhlmann will become its president and CEO on March 1. Kuhlmann will succeed Mary McDuffie, who has led Navy FCU since January 2019. She announced plans to retire last fall. Kuhlmann has been the credit union’s chief operating officer for the last two years. “The board undertook a months-long,