Truist Financial in Charlotte, N.C., reported a quarterly loss that reflected lower revenue, a goodwill impairment charge, a special assessment from the Federal Deposit Insurance Corp. and restructuring costs. The $535 billion-asset company said in a press release that it lost $5.2 billion in the fourth quarter. Revenue fell by 8% from a year earlier, to $5.8 billion. The results also included $183 million in charges tied to its plan

Princeton Bancorp in New Jersey, which once tried to sell itself, is again a buyer. The $2 billion-asset company said in a press release that it has agreed to buy the $321 million-asset Cornerstone Financial in Mount Laurel, N.J., for $17.9 million, subject to adjustment. The all-stock deal, which is expected to close in the second or third quarter, priced Cornerstone at 75% of its tangible book value. Cornerstone has

Citizens Financial Group in Providence, R.I., reported a sharp decline in quarterly earnings that reflected its special assessment from the Federal Deposit Insurance Corp. and charges tied to cutting 650 jobs. The $222 billion-asset company said in a press release that its fourth-quarter earnings fell by 71% from a year earlier, to $189 million. The results included a $225 million assessment to help replenish the FDIC’s Deposit Insurance Fund following

Kentucky First Federal Bancorp in Hazard indefinitely suspended its quarterly dividend.   The $357 million-asset company said in a press release that lower earnings tied to higher interest rates and “a persistent inversion of the yield curve” have limited its banks’ ability to maintain enough liquidity to fund operations and loan growth and upstream sufficient funds to fund its own operations and dividends.   Kentucky First also pointed to increased

Centra Credit Union in Columbus, Ind., and Hoosier Hills Credit Union in Bedford, Ind., are planning to merge. The $2.1 billion-asset Centra and the $900 million-asset Hoosier Hills expect to complete their merger by July 1. "The larger organization will be more nimble, proactive and better able to introduce products and technological advances to meet members' needs in an ever-changing market with greater impact than either could individually," Rick Silvers,

Panacea Financial, a fintech division of Primis Financial in McLean, Va., raised $24.5 million in Series B funding. The fintech, which was formed in November 2020 and serves doctors and medical practices, said in a press release that Valar Ventures was the sole institutional investor in the round. The funding will allow Panacea to expand its team of technology, financial services and health care experts, along with introducing new products

The Consumer Financial Protection Bureau has proposed a rule that would limit overdraft charges at large U.S. banks and credit unions. The proposal, which must go through a comment period, would replace the traditional $35 overdraft fee with a set of options for setting a lower fee. Banks could charge a breakeven fee based on each bank’s costs or a benchmark fee determined by the CFPB. The bureau proposed a

Fulton Financial in Lancaster, Pa., reported lower quarterly earnings that reflected restructuring costs and a special assessment from the Federal Deposit Insurance Corp. The $27.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 1% from a year earlier, to $274 million. The quarter included $3.2 million of restructuring expenses, mostly tied to consulting fees, for its “FultonFirst” initiative. Fulton also paid a $6.5 million special