First Guaranty Bancshares in Hammond, La., laid off about 15% of its employees and cut its dividend in half as it braces for slowing asset growth and aims to improve its capital position. The $3.6 billion-asset company said in a press release that it cut 71 positions. Each employee will receive 60 days of pay, payment for unused vacation time and healthcare coverage through Sept. 30. First Guaranty said the

The planned Fortuna Bank is targeting a fall opening after meeting its capital requirement. The proposed Grandview Heights, Ohio, de novo said in a LinkedIn post that it raised more than $20.7 million! “This incredible milestone reflects the unwavering support and confidence from our shareholders and community partners,” the organizers said in the post. “Our core processing system is under construction, ensuring we are well prepared to deliver top-notch service

The Treasury Department has informed Comerica that the Dallas company could lose a lucrative Direct Express government contract. As the exclusive provider of the Direct Express prepaid card, the $71.8 billion-asset Comerica serves 4.5 million recipients and handles more than $3 billion of noninterest-bearing deposits. Though a decision has not yet been made, Comerica said it received preliminary notification that it was rejected as the program’s financial agent. The five-year

ACNB in Gettysburg, Pa., has agreed to buy Traditions Bancorp in York, Pa.   The $2.5 billion-asset ACNB said in a press release that it will pay $73.5 million in stock for the $859 million-asset Traditions. After the deal closes, Traditions’ shareholders will receive a quarterly cash dividend equal to about 23 cents a share.   The deal, which is expected to close in the first quarter, priced Traditions at

KKR has agreed to buy investment bank Janney Montgomery Scott from Penn Mutual Life Insurance. Janney, which has more than $150 billion in assets under administration and 900 financial advisers, will become a standalone private company after the sale closes. “We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner,” Tony Miller, Janney’s president, said in a press release. “KKR has

Arrow Financial in Glen Falls, N.Y., is planning to merge its two banks under a new brand. The $4.2 billion-asset company said in a press release that it will combine Glens Falls National Bank and Trust and Saratoga National Bank and Trust to form Arrow Bank. Arrow said the plan has already been approved by the Office of the Comptroller of the Currency. "Our decision to unify our bank brands

The City of Boston Credit Union has a new CEO. The $585 million-asset credit union said in a press release that Lisa Perrin had also become its president. Perrin recently served as CEO of Worcester Credit Union. “Her expertise and vision will undoubtedly guide us toward tremendous success and innovation,” Cecil Jones, the credit union’s chairman, said in the release.

BayFirst Financial in St. Petersburg, Fla., is expanding into healthcare lending after hiring a veteran banker. The $1.1 billion-asset bank said it hired Phil Russo to serve as director of healthcare lending. He is also responsible for building out BayFirst’s treasury team. Russo “brings vast knowledge of the complex issues facing medical service providers to this role, which will enable us to better serve the specific needs of these businesses,”