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

Central Bancshares in Muscatine, Iowa, has finalized the succession plan for its CEO. Central said in a press release that Dwayne Sieck had become president of its $1.2 billion-asset CBI Bank & Trust, succeeding Greg Kistler. Sieck will also succeed Kistler as Central’s president and CEO and CBI Bank’s CEO on Dec. 31. “Dwayne is uniquely qualified to succeed Greg, who has been our CEO since 2010,” Dan Stein, Central’s

The Federal Reserve has extended the deadline for commenting on its proposal to lower certain debit interchange fees.   The Fed said in a press release that it moved the deadline from Feb. 12 to May 12 “to allow the public more time to analyze the proposal and prepare their comments.” The Fed's proposal would reduce the fixed fee component from 21 cents to 14.4 cents and the variable component