Lineage Bank in Franklin, Tenn., which once had big Banking-as-a-Service (BaaS) aspirations, is the latest fintech collaborator to receive an enforcement action from regulators. The $246 million-asset bank entered into a consent order with the Federal Deposit Insurance Corp. on Jan. 30 requiring it to address unsafe and unsound banking practices tied to third-party management of its fintech programs. The 21-page order requires Lineage to develop and implement a plan

U.S. Bancorp in Minneapolis has formed a division to serve private capital firms and global asset managers. The $663 billion-asset company said in a press release that the new division will serve more than 200 private capital clients in areas such as fund custody and administration, lending and capital markets underwriting and distribution. Stephen Jeselson, a managing director at the bank, was named head of the division. “Our unique product

Chickasaw Community Bank in Oklahoma City will soon have a new CEO. The $485.5 million-asset bank said that Bill Schonacher will take over its top role on March 4. Schonacher was president and CEO of IBC Bank, according to his LinkedIn profile.

Mechanics Bank in Walnut Creek, Calif., is looking for a new CEO. John DeCero recently retired from the $18 billion-asset bank, according to the San Francisco Business Times. He plans to work as a paid consultant for the bank while focusing on real estate and other ventures. Mechanics, which said the split was “amicable,” has not named a successor. DeCero became CEO in 2016 when Mechanics Bank bought California Republic

Navy Federal Credit Union in Vienna, Va., will soon have a new leader. The $170 billion-asset credit union said that Dietrich Kuhlmann will become its president and CEO on March 1. Kuhlmann will succeed Mary McDuffie, who has led Navy FCU since January 2019. She announced plans to retire last fall. Kuhlmann has been the credit union’s chief operating officer for the last two years. “The board undertook a months-long,

PB Financial in Rocky Mount, N.C., has raised more capital. The $982 million-asset company sold $11.8 million of common stock to investors via a private placement, according to data compiled by Performance Trust Capital Partners. The data did not detail how many shares were sold or the pricing. PB Financial raised $7.4 million in August. It then agreed to buy Coastal Bank & Trust in Jacksonville, N.C., for $25.8 million

Bruce Lee plans to retire as president and CEO of Heartland Financial USA in Denver. The $19.4 billion-asset company said in a press release that Lee will also retire from the board at the end of the year. Heartland has formed a search committee and hired Heidrick & Struggles to search for Lee’s successor. "On behalf of the board, I want to thank Bruce for his significant contributions and dedicated

Capital One Financial in McLean, Va., has agreed to buy Discover Financial Services in Riverwood, Ill., for $35.3 billion. Capital One said in a press release that it will pay $35.3 billion in stock for Discover. The deal is expected to close in late 2024 or early next year. “From Capital One’s founding days, we set out to build a payments and banking company powered by modern technology,” Richard Fairbank,