Thumb Bancorp in Pigeon, Mich., has agreed to buy Freeland State Bank in Freeland, Mich. The $617.1 million-asset Thumb will pay an undisclosed amount of cash for the $54 million-asset Freeland, according to a notice issued by Hovde Group, which represented the buyer. Freeland has one branch, $45 million of deposit and just $2 million of loans. The deal is expected to close in the fourth quarter.

Thread Bank in Rogersville, Tenn., has been dealt an enforcement by the Federal Deposit Insurance Corp. The $723 million-asset bank’s consent order instructs management and the board to address concerns over compliance with the Bank Secrecy Act and anti-money laundering laws, third-party risk management, and liquidity management, among other things. Thread, which is a Banking-as-a-Service (BaaS) provider, was also ordered to document is policies and procedures and have exit plans

First Kentucky Bank in Mayfield didn’t have to look too far to find its next CEO. The $575 million-asset said in a press release that Will Hayden will take on the new role on July 1. He will remain president, a post he filled last year. " I look forward to leading a great staff of employees who are dedicated to partnering with our customers for life by providing unparalleled

Ion Financial in Naugatuck, Conn., and NVE Bancorp in Englewood, N.J., have agreed to merge. The mutual holding companies said in a press release that Ion, the parent of the $2.1 billion-asset Ion Bank, will absorb the $600 million-asset NVE Bank. The other terms of the deal were not disclosed. NVE Bank will be operated as a division of Ion Bank. Ion said it expects the merger to be accretive

Chime in San Francisco has acquired Salt Labs, which provides incentive programs for businesses and employee rewards. The Salt Labs team, led by founder and CEO Jason Lee, and its offerings will become a part of Chime. Chime also said it will gain immediate access to Salt Labs’ enterprise client relationships. Lee will lead a new business unit called Chime Enterprise. Financial terms were not disclosed. “This is a one-of-a-kind

The Bank of North Dakota, the only state-owned bank in the U.S., is looking for a new leader. Todd Steinwand resigned as the bank’s president and CEO, effective July 2. He took over the top post in July 2021. Rob Pfennig, the bank’s chief financial officer, was named interim president and CEO, while a search is conducted for a permanent replacement. “My eight years with BND have been the most

Hustisford State Bank in Wisconsin has a new CEO. The $80 million-asset bank said in a press release that Tanya Ewert will also remain its chief financial officer. Ewert’s “journey from within the ranks to the helm of the organization is a testament to her unwavering passion for our town and its residents,” the bank said in the release.

Merchants National Bank in Hillsboro, Ohio, has a new president. The $1.3 billion-asset bank said in a press release that Denise Fauber had taken on the role. She succeeded Paul Pence, who remains chairman and CEO. Fauber will remain chief operating officer. “Denise’s leadership and guidance to translate strategy into actionable steps for growth are key factors in the bank’s asset size doubling since she joined the team in 2016,”