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.

HomeTrust Bancshares in Asheville, N.C., has decided to exit indirect auto lending and “right-size” its mortgage operations. The $4.7 billion-asset company said in a press release that the changes, which are expected to take place at the end of this quarter, should save $800,000 annually. The company had $115,000 in expenses in the fourth quarter tied to the moves. The company also said it restructured its BOLI portfolio into higher-yielding

Valley National Bancorp in New York reported lower quarterly profit that included a higher loan-loss provision and costs tied to core conversion and a special assessment from the Federal Deposit Insurance Corp. The $60.9 billion-asset company said in a press release that its fourth-quarter net income fell by 60% from a year earlier, to $71.6 million. Valley paid a $50.3 million special assessment designed to help replenish the FDIC’s Deposit