Wells Fargo in San Francisco and Fiserv in Milwaukee are planning to end joint venture Wells Fargo Merchant Services. Fiserv disclosed in a regulatory filing that it expects to record a noncash impairment charge in the third quarter. The company, which inherited a 40% stake in the WFMS from its 2019 purchase of First Data, said it the venture is expected to expire on April 1. Fiserv said that, upon

A pair of credit unions focused on the Ukrainian-American community are planning to merge. The $1.4 billion-asset Self Reliance New York Federal Credit Union and the $535 million-asset Ukrainian Selfreliance Federal Credit Union in Feasterville Trevose, Pa., said in a press release that they expect to complete their merger next year. The combined credit union would have 11 branches in four states and serve roughly 31,000 members. “Our missions have long been

Pathward Financial in Sioux Falls, S.D., and AFS IBEX Financial Services said they remain committed to the sale of Pathward’s commercial insurance premium finance business despite a fast-approaching termination date. AFS, a unit of Honor Capital Holdings, agreed in August to buy the business for a $31.2 million premium above the net asset value of the assets, which was $617.1 million on June 30. The deal has an Oct. 1

Rhinebeck Bancorp in Poughkeepsie, N.Y., repositioned its securities portfolio. The company said in a press release that it sold $71 million of available-for-sale securities at a pretax loss of $12 million. The proceeds were reinvested into new securities offering higher yields. The transaction is projected to increase earnings per share by 12 cents and the net interest margin by 0.17% over the next 12 months. “This strategic restructuring is a

MidWestOne Financial Group in Iowa City raised $103.5 million by selling common stock. The company said in a press release that it sold about 4.3 million shares in a public offering at $25 each. The underwriters have permission to sell another 652,000 shares. MidWestOne said it plans to invest all of the net proceeds into its bank to support capital ratios tied to the potential repositioning of “a substantial portion” of

An investor group has sweetened the pot in its effort to uproot Hope Bancorp’s purchase of Territorial Bancorp in Honolulu. The group, which includes banking veteran Allan Landon and Blue Hill Advisors, said in a press release that it increased its cash offer for the $2.2 billion-asset Territorial by 4.2%, to $12.50 a share. The investor group said its new offer represents a 27% premium to the initial offer from

Orrstown Financial Services in Harrisburg, Pa., disclosed that the successor to its CEO is leaving. The $3.2 billion-asset company said in a regulatory filing that Craig Kauffman will retire as chief operating officer on Sept. 30. Orrstown said his departure "is for personal reasons and is not a result of any disagreement with the company." Kauffman was CEO of Codurus Valley Bancorp, which was sold to Orrstown earlier this year.

Amerant Bancorp in Coral Gables, Fla., is looking to raise at least $150 million in capital. The $9.7 billion-asset company disclosed in a regulatory filing that it hired Stephens and Piper Sandler to handle the sale of Class A voting common stock. Net proceeds will be used for a variety of purposes, including supporting the company’s organic growth, working capital, investments in its bank, resolving nonperforming loans and potential balance