PNC Financial Services Group in Pittsburgh has a new president.   The $562 billion-asset company said in a press release that Michael Lyons had taken on the role. He succeeded William Demchak, who remains chairman and CEO.   Lyons, who will oversee PNC’s primary operating business lines and its regional presidents office, previously served as head of corporate and institutional banking.   “For more than a decade, Mike has been

Truist Financial in Charlotte, N.C., has agreed to sell the remaining stake in its insurance business. The $535 billion-asset company said in a press release that it will receive $10.1 billion of after-tax cash proceeds from selling an 80% stake in Truist Insurance Holdings to a group led by Stone Point Capital and Clayton, Dubilier & Rice. Mubadala Investment Co. and other investors are involved. The sale is expected to

Toast, a digital technology platform for the restaurant industry, plans to cut about 550 jobs. The fintech said in a press release that it also plans to reorganize its facilities and operations as part of an effort “to promote overall operating expense efficiency.” Toast said it plans to cut the positions between now and the end of the year. The company expects to incur $45 million to $55 million of

Finward Bancorp in Munster, Ind., has split the roles of chairman and CEO. The $2.1 billion-asset company disclosed in a regulatory filing that Joel Gorelick had become chairman, succeeding Benjamin Bochnowski, who remains CEO. Gorelick retired as the company’s president and chief operating officer in January 2013. He has served on the board since 2000. “The board believes that this leadership structure … is appropriate for the [company] and the

Community Bank System in Syracuse, N.Y., revised its fourth-quarter earnings to take into account a decision to settle a potential class-action lawsuit alleging unpaid wages to branch employees. The $15.6 billion-asset company disclosed in a regulatory filing that it agreed to pay $5.8 million to settle the litigation. As a result, quarterly earnings were reduced by 12%, to $38.3 million.

Hometown Financial Group in Easthampton, Mass., has agreed to buy North Shore Bancorp in Peabody, Mass. The $4.7 billion-asset Hometown said in a press release that it expects to buy the $1.7 billion-asset North Shore in the second half of the year. The financial terms weren’t disclosed. Hometown said that no branch closures or staff reductions are expected. Kevin Tierney Sr., North Shore’s CEO, will become Hometown’s president and lead

Quaint Oak Bancorp in Southampton, Pa., is selling stock to another Puerto Rican investor. The $754 million-asset company disclosed in a regulatory filing that it sold about 85,000 shares of common stock to Fintech Holdings, or roughly 3.4% of its outstanding shares, for $1 million. Fintech Holdings has an option to buy another 39,000 shares between now and mid-June, which would boost its stake to about 4.9%. Quaint Oak in

Mission Lane, a Richmond, Va., consumer fintech company, has replaced its CEO after raising more capital. The company said in a press release that Brandon Black, who joined its board in 2019, is its new leader. He succeeded Shane Holdaway, who will serve as a special adviser. Black once was CEO of Encore Capital Group. Before that, he was at Capital One when it was spun off from Signet Bank.