Burke & Herbert Financial Services in Alexandria, Va., has fulfilled a pledge for its purchase of Summit Financial Group by creating a charitable foundation. The $8.3 billion-asset company said in a press release that it had formed the Burke & Herbert Bank Foundation to provide targeted support to local organizations. Burke & Herbert said when it announced plans to buy Summit in August 2023 that it would create a $5

Fairway Independent Mortgage Corp. agreed to pay nearly $10 million to settle redlining claims. The Justice Department and the Consumer Financial Protection Bureau also hit the Madison, Wis., mortgage lender with a consent order alleging that the lender discriminated against applicants in Black neighborhoods in Birmingham, Ala. Fairway operates in Birmingham as MortgageBanc. "This case is a reminder that redlining is not a relic of the past, and the Justice

New York Community Bancorp in Hicksville will rebrand as Flagstar Financial. The $119 billion-asset company said in a press release that the name change will take place on Oct. 25. The rebrand marks “another milestone in our ongoing transformation," Joseph Otting, the company's chairman, president and CEO, said in the press release. "Over the past six months, the board ... and management have made remarkable progress in laying a strong

Lowndes Bancshares in Valdosta, Ga., has acquired FMB Bancshares in Lakeland, Ga. The deal was disclosed by Performance Trust Capital Partners, which advised FMB. The price wasn't disclosed. Farmers & Merchants Bank, FMB's $695 million-asset bank, will continue to operate as a separate bank. Lowndes is the holding company for the $355 million-asset Commercial Banking Co. and the $120 million-asset Citizens National Bank of Quitman.

Border Bancshares in Fargo, N.D., has raised $5.2 million after selling common stock. The holding company for the $953 million-asset Border Bank completed a private placement on Oct. 8, according to data compiled by Performance Trust Capital Partners. The data did not disclose the pricing or the investors.

Fieldpoint Private Bank & Trust in Greenwich, Conn., which is operating under a written agreement with the Federal Reserve, raised $5 million in a private placement. Fieldpoint Private Holdings, the parent company of the $1.4 billion-asset bank, raised the capital by selling stock on Oct. 7, according to data compiled by Performance Trust Capital Partners. The written order, disclosed last month, requires the bank to improve in areas such as

FB Financial in Nashville, Tenn., reported lower quarterly profit that reflected its decision to sell underwater securities. The $12.9 billion-asset company said in a press release that its third-quarter earnings fell by 47% from a year earlier, to $10.2 million. FB Financial said it sold $318.6 million of available-for-sale securities at a $40.2 million loss. The company said it reinvested the proceeds into higher-yielding securities. The company also noted that

National Bank of Arizona in Tucson has a new CEO. The $5 billion-asset bank said in a press release that Mark Stebbings had become its leader. The bank is a unit of Zions Bancorp. in Salt Lake City. Stebbings, who was the bank's director of specialty and commercial real estate lending, succeeded Mark Young, who retired on July 31. Young had been the bank's CEO since 2015. “My priority in