LendingClub in San Francisco has been released from an operating agreement tied to its 2021 purchase of Radius Bancorp. The three-year agreement with the Office of the Comptroller of the Currency expired on Friday, removing capital constraints and opening up more opportunities for the company to expand. The agreement also required LendingClub to discuss changes or additions to its operating plan with the OCC, among other things. Buying Radius and

F.N.B. Corp. in Pittsburgh agreed to pay $13.5 million to settle redlining claims in North Carolina. The Department of Justice said in a press release that the amount resolves claims that the $45 billion-asset company used discriminatory lending practices in certain neighborhoods in Charlotte and Winston-Salem. The allegations covered a period from 2017, when F.N.B. bought Yadkin Financial, to 2021, and included branch closures. “We will not tolerate businesses that

CoastalSouth Bancshares in Hilton Head Island, S.C., raised $12 million through a private placement of common stock. The $2 billion-asset company said in a press release that it raised the funds on Jan. 26. It did not disclose any of the investors. CoastalSouth said it plans to use the proceeds for general corporate purposes, including continued growth and maintaining bank-level regulatory capital ratios. "CSB's performance during 2023 was outstanding, both

Truist Financial in Charlotte, N.C., agreed to sell investment manager Sterling Capital Management to Guardian Capital Group in Toronto. Guardian said in a press release that it will pay $70 million (plus future payout incentives) for Sterling, which has about $76 billion of assets under management and advisement. The deal is expected to close in the second quarter. “The acquisition significantly enhances our overall scale as a global asset manager

Peoples Bank & Trust in Pana, Ill., has agreed to buy Arcola First Bank in Arcola, Ill. The $539 million Peoples applied with regulators on Jan. 31 to acquire the $123 million-asset Arcola. The deal is expected to close in late spring or early summer. The banks originally announced the deal on Jan. 2. The price wasn't disclosed. “We’re excited about the opportunity to have the outstanding employees [at Arcola

First National in Strasburg, Va., reported a quarterly loss due to issues with commercial loans originated by a third-party lender. The $1.4 billion-asset company said in a press release that it lost $851,000 in the fourth quarter. The company set aside $6 million in the quarter to cover potential loan losses. First National said the quarter included $2.7 million in chargeoffs and $2.4 million in specific reserves largely tied to

Regions Financial in Birmingham, Ala., plans to cut 600 jobs, or roughly 3% of its workforce. Roughly 70% of the cuts are outside of Birmingham, with many of the layoffs taking place in the $152 billion-asset company’s mortgage operations. “Our focus is to operate efficiently and effectively while providing the quality service our customers expect. We consistently review our business models based on market demand and overall economic factors,” spokesman

Vast Bank in Tulsa, Okla., once a pioneer in serving as a custodian of cryptocurrency, disabled and removed its crypto mobile banking app. The bank, which shut down the app on Wednesday, informed customers that their crypto mobile banking accounts, including any digital assets held in custody, would be liquidated and closed. Vast's announcement comes on the heels of the disclosure that it entered into a consent order with the