National Bankshares in Blacksburg, Va., has agreed to buy Frontier Community Bank in Waynesboro, Va. The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter. “We believe that our compatible cultures and shared values will enhance our position as a true Virginia community bank,” Brad

OFG Bancorp in San Juan, Puerto Rico, reported slightly higher quarterly profit after a gain from selling nonperforming small business loans offset charges tied to a cost-cutting effort. The $11.3 billion-asset company said in a press release that its fourth-quarter net income available to shareholders increased by 0.5% from a year earlier, to $46.6 million. Total core revenues rose by 4.3% to $175.6 million. OFG recorded a $6.3 million pretax

Brex, an expense management fintech, has laid off 20% of its staff. The company said in a note published on its website that it cut 282 positions and that Michael Tannenbaum, its chief operating officer, transitioning from his role to become a board member. Camilla Morais, who was senior vice president of global operations, will succeed Tannenbaum as COO, and Cosmin Nicolaescu is leaving his role as chief technology officer

Business First Bancshares in Baton Rouge, La., reported lower quarterly profit that reflected securities losses and costs tied to a customer fraud/operational loss.   The $6.6 billion-asset company said in a press release that its fourth-quarter profit fell by 12% from a year earlier, to $15.8 million.   Business First said it sold $71.5 million of treasury, agency and municipal securities at a $2.5 million loss. Proceeds were invested in

ModernFi, a fintech that helps banks retain and attract deposits, has closed an $18.7 million Series A funding round that involved several banks. ModernFi said in a press release that the round was led by Canapi Ventures (which has ties to Live Oak Bancshares) and included investment by Andreessen Horowitz, Remarkable Ventures, Huntington Bancshares, First Horizon and Regions Financial. The fintech had previously raised $4.5 million in a seed round

Community Bancorp in Derby, Vt., has a new bank president.   The $1.1 billion-asset Community Bancorp said in a press release that Christopher Caldwell succeeded Kathryn Austin, who will remain the company’s president and CEO and the bank’s CEO.   Caldwell, a vice president, joined the company and bank boards on Jan. 1. He had been at Community Bancorp since April 2021.   The move is tied to succession planning

Comerica in Dallas will cut 250 jobs and close 26 branches as part of a broad expense-cutting plan. The $84.1 billion-asset company also said during its earnings call that it incurred about $25 million in severance expenses during the fourth quarter. Comerica is “streamlining” its management structure and taking “incremental actions to recalibrate expenses in support of investments and enhanced earnings,” Jim Herzog, the company’s chief financial officer, said during

Plumas Bancorp in Reno, Nev., has agreed to sell 12 properties as part of a sale-leaseback transaction. The $1.6 billion-asset company disclosed in a regulatory filing that it plans to sell the properties to Mountainseed Real Estate Services for $33.6 million in cash. Eleven are in California; one is in Nevada. Plumas is selling nine branches for $25.7 million and three administrative offices for $7.9 million, subject to adjustment. Plumas