Bankwell Financial Group in New Canaan, Conn., said its third-quarter results will be hit by an $8.2 million charge-off. The $3.1 billion-asset company said in a regulatory filing that the charge-off is tied to a $13.7 million commercial real estate loan. The loan is secured by a Class A suburban New Jersey office park, where Bankwell is a 17% participant in an $84 million multibank club deal. The loan went

Bravera Holdings in Dickinson, N.D., has agreed to buy VISIONBank in Fargo, N.D. The $3.2 billion-asset Bravera said in a press release that it plans to complete its purchase of the $266 million-asset VISIONBank later this year. The price wasn't disclosed. VISIONBank will continue to operate under its current name. “This is a strategic move to enhance our service capabilities and extend our reach in the Fargo region," David Ehlis,

Citadel Federal Credit Union in Exton, Pa., agreed to pay about $6.5 million to address claims that it failed to provide mortgage lending services to majority Black and Hispanic neighborhoods in and around Philadelphia. The Department of Justice accused the $5.8 billion-asset credit union of redlining between 2017 and 2021. Citadel will provide $6 million in mortgage loan subsidies over five years for majority Black and Hispanic census tracts in

Home BancShares in Conway, Ark., added $16.7 million to its loan-loss allowance to cover potential losses from Hurricane Helene. The hurricane made landfall late last month. The specific loan-loss reserve was recorded in the third quarter. “Due to the widespread devastation of Helene, it will take time to get clarity from customers on damages incurred, needed deferrals or potential losses on a little over $1 billion worth of loans in

An investor in Territorial Bancorp has vowed to vote against the Honolulu company's pending sale to Hope Bancorp in Los Angeles. Yakira Capital Management in Westport, Conn., which owns about 1.2% of the $2.2 billion-asset Terrotorial's common stock, said in a press release that the company's board "is not acting in the best financial interest of its shareholders" by refusing to discuss an alternative proposal presented by an investor group.

State Bank of Southern Utah in Cedar City will have a new CEO in 2025. The $2.5 billion-asset bank said in a press release that Trevor Andersen will also become its president on Jan. 14. He is the bank's chief lending officer. "Trevor has a visionary approach to leadership and is well-equipped to navigate the challenges and opportunities of modern banking," Joe Burgess, the bank's chairman, said in the release. "We

Family Savings Credit Union in Rainbow City, Ala., has agreed to buy two branches from Merit Bank in Huntsville, Ala. The $1 billion-asset credit union did not disclose the price it will pay the $400 million-asset Merit. The deal is expected to close in the first half of 2025. The branches include $27 million in deposits and $4 million in loans. "The transaction will have a favorable impact on earnings, bank

MainStreet Bancshares in Fairfax, Va., expects to report a third-quarter loss due to nonperforming loans. The $2.1 billion-asset company said in a press release that it would likely lose 4 cents a share in the quarter after charging off $1.9 million to successfully offload $21.8 million in nonperforming loans. The loans, originated between March 2020 and April 2021, were negatively impacted by pandemic-related construction delays, higher costs, supply chain delays