REV Federal Credit Union in Summerville, S.C., has agreed to buy First Neighborhood Bank in Spencer, W.Va. The $1.1 billion-asset credit union did not disclose the price it will pay for the $149 million-asset bank. “Our mission is growth with purpose,” Jason Lee, the credit union’s president and CEO, said in a press release. “This purpose is centered around member impact, social impact, economic impact and ensuring our long-term survivability.”

Patrick Harker will step down as president of the Federal Reserve Bank of Philadelphia next year. Harker, who has held the post since 2015, will relinquish the role in June. A search committee of six board members for the regional Fed bank, with help from Spencer Stuart, will look for his successor. Harker is the longest-serving of the presidents in the Federal Reserve System. The Philly Fed oversees the southern half

United Texas Bank in Dallas is working under a cease-and-desist order after a Federal Reserve examination found “significant deficiencies” tied to foreign correspondent banking and virtual currency customers. Regulators said in the C&D that a May 2023 exam identified issues with the $1.1 billion-asset bank’s risk management and compliance with anti-money laundering laws and regulations. United Texas must submit a written plan to improve Bank Secrecy Act and AML deficiencies.

Huntington Bancshares in Columbus, Ohio, has agreed to a 20-year sponsorship deal that included naming rights to the Cleveland Browns stadium. The Browns said in a press release that the stadium was renamed Huntington Bank Field. Financial details were not disclosed. The $196 billion-asset Huntington will become the team's official and exclusive banking partner. "The Cleveland Browns are iconic in American sports and a globally recognized brand," Steve Steinour, Huntington’s

Four States Bank in Carthage, Mo., has opened. The de novo raised the required $23.5 million in initial capital and opened on Aug. 26, according to the Federal Deposit Insurance Corp. The group applied with the FDIC in December, disclosing plans to open three branches. Jeffrey Williams, former Jopin, Mo., regional president and Guaranty Bank, is the bank’s president and CEO. Guaranty Federal was sold to QCR Holdings in April

United Community Banks in Greenville, S.C., sold most of its manufactured housing portfolio. The $27.1 billion-asset company said in press release that it sold a $318.2 million of loans to 21st Mortgage, a division of Clayton Homes. Including a roughly $11.5 million release of a reserve tied to the loans, transaction costs and other accounting influences, United estimated that the sale will impact third-quarter results by 18 cents a share. The

Arrha Credit Union in Springfield, Mass., has applied to merge into Pittsfield Cooperative Bank in Pittsfield, Mass. The National Credit Union Administration told multiple news outlets that it is reviewing an application for the proposed merger. “While we are unable to comment on specific bank transactions, we are always pleased to see FDIC-insured banking institutions in Massachusetts grow,” Kathleen Murphy, the president and CEO of the Massachusetts Bakers Association, told

Gallatin Point Capital bought a roughly 15% stake in Israel Discount Bank in New York. Gallatin paid about $150 million for the stake in the $12 billion-asset bank. Davis Polk advised on the transaction. Israel Discount Bank has offices in New York, Florida and California.