Beacon Credit Union in Wabash, Ind., has agreed to buy substantially all of the assets and liabilities of Mid-Southern Savings Bank in Salem, Ind. The $1.5 billion-asset credit union said in a press release that it will pay at least $43 million in cash for the $265 million-asset Mid-Southern, subject to adjustment based on the bank’s total equity at closing. The deal is expected to close in the fourth quarter.

TD Bank has unveiled a three-year, $20 billion community development plan. The Canadian bank said in a press release that the plan, developed with the National Community Reinvestment Coalition, will back lending, philanthropy and bank access in underserved communities in 15 states and Washington, D.C.  The plan is much smaller than the five-year $50 billion plan TD Bank had committed to as part of its planned purchase of First Horizon

CORRECTION: A previous version of this article identified the wrong company and the regulatory order was incorrect. The errors have been corrected.   Choice Financial Group has been hit with a consent order that is largely tied to how the Fargo, N.D., company handles third-party relationships. The order, from the Federal Deposit Insurance Corp. and the North Dakota Department of Financial Institutions, requires Choice’s board to immediately improve oversight over

Primis Financial in McLean, Va., acquired a 19% stake in Panacea Financial Holdings as part of the fintech’s recent Series B financing round. The $3.9 billion-asset company said in a press release that it was part of the funding round, where Valar Ventures was the only institutional investor. Primis, which has a partnership agreement with the fintech and is its primary bank partner, said the implied fair market value of

First Hawaiian in Honolulu reported lower earnings that reflected margin pressure, securities losses and a special assessment from the Federal Deposit Insurance Corp.   The $24.9 billion-asset company said in a press release that its fourth-quarter profit fell by 40% from a year earlier, to $47.5 million.   Net interest income fell by 12% to $151.8 million. The net interest margin compressed by 34 basis points to 2.81%.   First

The Office of the Comptroller of the Currency now considers Blue Ridge Bank in Charlottesville, Va., to be in a “troubled condition.” The $3.3 billion-asset Blue Ridge disclosed in a regulatory filing that it has entered into a consent order with the OCC – the second for the bank since September 2022. The consent order essentially replaces an existing written agreement that ordered the bank to improve how it monitors

WSFS Financial in Wilmington, Del., had a noisy fourth quarter. The $20.6 billion-asset company said in a press release that its quarterly profit fell by 24.2% from a year earlier, to $63.9 million. WSFS paid a $5.1 million special assessment to help replenish the Federal Deposit Insurance Corp. Deposit Insurance Fund. It also recorded a $7.1 million income tax charge after surrendering $65.5 million of Bank-Owned Life Insurance policies. The

Kearny Financial in Fairfield, N.J., said it recently sold some real estate holdings and restructured its bank-owned life insurance portfolio. The $7.9 billion-asset company said in a press release that it sold a $12 million other real estate owned asset this month. Proceeds were redeployed into interest-earning assets. The company said the move will improve future earnings by reducing net OREO expenses, which totaled about $469,000 in the fourth quarter.