OP Bancorp in Los Angeles will have a new CEO next year. The $2.3 billion-asset company said in a press release that Sang Oh will also become its president after its June 2025 annual meeting. Oh, the company’s chief credit officer, will succeed Min Kim, who will retire. She will become chairman after she retired, succeeding Brian Choi. “We are delighted to recognize Min’s tremendous leadership over the past 15

RBB Bancorp in Los Angeles has been freed from an October 2023 consent order.   The $3.9 billion-asset company and its bank were required by the Federal Deposit Insurance Corp. and the California Department of Financial Protection and Innovation to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance.   “Our directors and staff worked very hard to address our regulators’ concerns and to strengthen our … compliance

TD Bank Group in Toronto has reduced its stake in Charles Schwab Corp. as it looks to offset costs tied to addressing Bank Secrecy Act and anti-money laundering compliance. The company said in a press release that it sold 40.5 million shares of Schwab common stock, lowering its stake in the brokerage firm from 12.3% to 10.1%. TD has no current intention to divest additional shares. Separately, TD said it

U.S. Bancorp in Minneapolis has acquired healthcare fintech Salucro Healthcare Solutions in Tempe, Ariz. The $680.1 billion-asset U.S. Bancorp said in a press release that the deal closed on Wednesday. The price wasn’t disclosed. Salucro, founded in 2004, specializes in patient payments and billing. U.S. Bancorp first invested in Salucro in 2022; the fintech's platform is being sold through the bank’s Elavon division as MedEpay.

The Virginia Association of Community Banks has a new leader. The association said in a press release that Corey Connors had become its president and CEO. Connors was executive director for the Virginia Forestry Association. “Corey’s strategic drive and his long, distinguished career in the association management community make him the perfect choice to further define the VACB’s value proposition, expand its professional development programs and engage a new generation

Cornerstone Bank in York, Neb., has agreed to buy Bank of Orchard in Nebraska. The $2.7 billion-asset Cornerstone said in a press release that it expects to buy the $35 million-asset Bank of Orchard in the fourth quarter. The price wasn’t disclosed. Bank of Orchard has $30 million of deposits and $9 million of loans. “We are committed to the agricultural sector of the economy and serving many smaller communities

Organizers of a proposed community bank in California have received conditional approval from the California Department of Financial Protection and Innovation.   The proposed Altos Bank would be based in Los Altos and focus on small businesses.   “We are thrilled to receive the approval … and embark on this exciting journey,” Steven Chang, Altos Bank’s founder. “Our mission is to foster the growth and success of both individuals and

PCB Financial in Costa Mesa, Calif., has acquired Northern California Bancorp in Monterey. PCB, a group formed for the purpose of buying the parent company of the $197 million-asset Monterey County Bank, did not disclose the price it paid. Bill Wilson was named the bank’s CEO. He was chief risk officer at Nano Banc. "This is a really exciting time for Monterey County Bank and the businesses we serve," Charles