U.S. Bancorp in Minneapolis has created a strategic partnership to offer co-branded products to Edward Jones clients. The $680.1 billion-asset U.S. Bancorp, beginning in late 2025, will offer deposit and credit card products to the brokerage firm’s 8 million clients. Edward Jones already has a card-issuing relationship with U.S. Bancorp’s Elan division. Edward Jones has 19,000 financial advisers and $2 trillion in assets under care in North America.

Wells Fargo in San Francisco has agreed to sell the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont in Atlanta. The $1.9 trillion-asset Wells Fargo said in a press release that the sell should close early next year. The price wasn’t disclosed. Wells Fargo said it will continue servicing agency/government-sponsored enterprise loans, along with loans held on its balance sheet. “This transaction is consistent with Wells

Industry Bancshares in Industry, Texas, which has been embroiled in a battle with one of its regulators, is being recapitalized. The $5.1 billion-asset company said in a press release that it is raising $195 million by selling common stock to a group led by CSBH LLC. The lead investor is the holding company of New Horizon Bank, a Powhatan, Va., bank it bought and recapitalized in 2021. Industry’s board voted

A proposed bank in Miami has received conditional approval from the Federal Deposit Insurance Corp. Organizers of BankMiami must raise $31.3 million before opening the bank, according to the FDIC’s approval. Florida’s Office of Financial Regulation signed off on BankMiami in July, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers submitted applications earlier this year. “We continue to welcome strategic investors who will share our pride

The former CEO of the failed Heartland Tri-State Bank has been sentenced to over 24 years in prison. The U.S. Attorney’s Office in Wichita said that Shan Hanes was sentenced to 293 months in prison Monday after pleading guilty in May to one count of embezzlement by a bank officer. Hanes had been accused of embezzling $47.1 million for personal cryptocurrency purchases, executing 10 wire transfers between May and July 2023.

U.S. Eagle Federal Credit Union in Albuquerque, N.M., has agreed to buy Southwest Capital Bank in Albuquerque. The $1.5 billion-asset U.S. Eagle did not disclose how much it will pay to buy the $434 million-asset Southwest Capital. The deal is expected to close in the second quarter. U.S. Eagle said the deal will help it expand its cannabis lending and banking services. The credit union already has cannabis banking arm

Monzo has hired one of its advisers to run its U.S. bank. The U.K. neobank said that Carol Nelson will serve as U.S. CEO tasked with overseeing expansion in the market. Nelson has years of banking experience, including serving and president and CEO of Cascade Bank. Monzo recently raised nearly $65 million from a group that includes Octahedron Capital and existing investors.

Freedom Bancshares in Belington, W.Va., and Appalachian Financial in Philippi, W.Va., have filed the application for their planned merger of equals. Freedom, the parent of the $204 million-asset Freedom Bank, and the holding company for the $217 million-asset BCBank agreed to merge in April. The deal is expected to close in the fourth quarter; the price wasn’t disclosed. BCBank is a very well-respected banking organization,” Freedom Bank President and CEO