Comerica in Dallas disclosed several special items that will impact fourth-quarter results. The $85.7 billion-asset company said in a regulatory filing that it expects to record a $109 million expense tied to the special assessment by the Federal Deposit Insurance Corp. The company said it has begun certain initiatives to “calibrate expenses to enhance earnings power” that should lead to $25 million in expenses. Finally, Comerica expects to recognize a

Bank of America in Charlotte, N.C., plans to record a roughly $1.6 billion charge in the fourth quarter tied to the shift away from the London Interbank Offered Rate (Libor) benchmark. The $3.2 trillion-asset company disclosed in a regulatory filing that it expects the $1.6 billion noncash charge to be “recognized back” into interest income in subsequent periods through 2026. As part of a shift from Libor, alternatives such as

FNBC Bank in Ash Flat, Ark., has a new president. The $775 million-asset bank said in a press release that Chad Hudson had taken on the new role on Jan. 1. Hudson, who joined the bank in 2011, previously served as a regional president and chief lending officer. Hudson succeeded Marty Sellars, who remains CEO and a director. “It has been a privilege to serve as the president … for

Pioneer Bancorp in Albany, N.Y., and Citizens & Northern in Wellsboro, Pa., repositioned their securities portfolios last month. The $2 billion-asset Pioneer disclosed in a regulatory filing that it sold $74.5 million of available-for-sale securities at a pretax loss of roughly $5.6 million. Proceeds were used to buy higher-yielding interest-earning deposits with banks. Pioneer said it ultimately plans to reinvest the proceeds into securities and loans during the first quarter

Scale Bank in Edina, Minn., has filed to merge with Provident Commercial Finance in Chattanooga, Tenn. The $557 million-asset Scale Bank submitted an application on Dec. 29, according to a public notice. Provident Commercial Finance is a factoring company with a focus on commercial financing and the transportation sector.

Coastal Financial in Everett, Wash., appointed Brian Hamilton, a veteran banking and fintech executive, to its board. The $3.7 billion-asset company said in a press release that Hamilton was a co-founder and former CEO of One Finance, which was sold to a Walmart-led joint venture in 2022. Hamilton has served as president of the merchant services division at Capital One Financial. He was also the founder of Azlo, a digital

The president of Hancock Whitney Bank in Gulfport, Miss., is set to retire. The unit of the $36.3 billion-asset Hancock Whitney said that Joseph Exnicios will also retire as a senior executive vice president at the company on March 1. He joined the bank in 1978 and became president in 2011. Exnicios “has been a driving force behind our organization’s success as a financial and community partner throughout the metropolitan

The Federal Reserve Bank of St. Louis has lined up its next CEO. The St. Louis Fed said in a press release that Alberto Musalem will also become its next president on April 2. Musalem recently served as co-founder, CEO and co-chief investment officer of Evince Asset Management, a quantitative investment technology company. Before joining Evince, he was senior adviser to the president at the New York Fed. “As an