The Office of the Comptroller of the Currency assessed a $65 million civil money penalty against Royal Bank of Canada’s U.S. bank. The OCC said in a press release that it also issued a cease-and-desist order to City National Bank in Los Angeles tied to “systemic deficiencies in the bank’s risk management and internal controls.” The OCC said it found that the bank failed to establish effective risk management and

Dogwood State Bank in Raleigh, N.C., has agreed to buy Community First Bancorp. in Seneca, S.C. The $1.4 billion-asset Dogwood said in a press release that it will pay stock for the $685 million-asset Community First. The price wasn’t disclosed. The deal is expected to close in the second half of this year. Dogwood recently raised $16.4 million in capital. The acquisition "unlocks long-term growth potential for shareholders and access

Arrow Financial in Glens Falls, N.Y., reported lower earnings that included margin pressure, a securities loss and a gain from selling Visa stock. The $4.2 billion-asset company said in a press release that its fourth-quarter profit fell by 36% from a year earlier, to $7.7 million. Net interest income declined by 16% to $25.6 million. The net interest margin compressed by 55 basis points to 2.53%. Arrow sold $110 million

Business First Bancshares in Baton Rouge, La., has agreed to buy Waterstone LSP, a company that helps small banks and business owners implement and manage Small Business Administration’s (SBA) loan programs.   The $6.6 billion-asset Business First did not disclose the price it will pay for the Katy, Texas, company.   “We have worked closely for a number of years with Waterstone and have been impressed with their deep understanding

Carver Bancorp said it “definitively rejects” an investor's offer to buy a 35% stake in the New York bank. The $743 million-asset Carver said in a press release that its board determined that selling the stake to Dream Chasers Capital could cause “unacceptable reputational risks” to the bank’s standing and mission credibility. The board also determined the Dream Chasers’ proposal was “wholly deficient” in regards to structural details, implied valuation,

Get used to hearing more about MountainSeed Real Estate Services after it secured its third sale-leaseback transaction in the past month. Finward Bancorp in Munster, Ind., disclosed in a regulatory filing that it sold five properties to MountainSeed for $17.2 million. Four of the properties are in Indiana; the fourth is in Illinois. The $2.1 billion-asset Finward said it agreed to initial 15-year lease terms for the properties, which the

WaFd in Seattle has finally secured regulatory approval to buy Luther Burbank in Santa Rosa, Calif. The $22.6 billion-asset WaFd said in a press release that the Federal Reserve, Federal Deposit Insurance Corp. and the Washington State Department of Financial Institutions have approved the deal. WaFd agreed to buy the $8.2 billion-asset Luther Burbank in November 2022 for $654 million. The companies recently extended the deadline for closing the deal

Central Pacific Financial in Honolulu reported lower quarterly profit that reflected margin pressure, a higher loan-loss provision and a securities loss. The $7.6 billion-asset company said in a press release that its fourth-quarter earnings fell by 26% from a year earlier, to $14.9 million. Net interest income fell by 9.1% to $51.1 million – the margin narrowed by 33 basis points to 2.84%. The company had a $4.7 million provision,