Banks in Michigan, Ohio and New York completed private placements of common stock. Bank Michigan Financial in Brooklyn sold $4.1 million of stock on Jan. 3, according to a regulatory filing. The $119 million-asset bank disclosed that the minimum purchase was $25,000. Grasshopper Bancorp in New York raised $10 million, based on data compiled by Performance Trust Capital Partners. The $689.5 million-asset bank’s private placement took place on Jan. 5.

Amerant Bancorp in Coral Gables, Fla., has agreed to sell $401 million of multifamily loans at a loss. The $9.3 billion-asset company disclosed in a regulatory filing that it will sell the Houston-based loans to an affiliate of Prime Finance Advisor at a $23 million after-tax loss. The portfolio was classified as held-for-sale on Dec. 31. The portfolio consists of 20 performing commercial real estate loans with an average loan-to-value

FirstSun Capital Bancorp in Denver has agreed to buy HomeStreet in Seattle. The $7.8 billion-asset FirstSun said in a press release that it will pay $286 million in stock for the $9.5 billion-asset HomeStreet. The deal, which is expected to close in mid-2024, priced HomeStreet at 56% of its tangible book value. FirstSun also agreed to raise capital by selling about 2.5 million shares of common stock to Wellington Management.

Ally Financial in Detroit has an interim CEO. The company said in a press release that Douglas Timmerman will take over for Jeffrey Brown on Feb. 1. Timmerman is president of dealer financial services. "Doug's long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally," Franklin Hobbs, Ally's chairman, said in a press release. "I know he will ensure a seamless

Payment processor Fiserv is trying to become the first company to obtain a merchant acquirer limited purpose bank charter in Georgia. The move would allow Fiserv to authorize, settle and clear payment transactions for merchants. Doing so would let the Brookfield, Wis., company, which typically uses bank partners as part of payment processing, control the entire process. Fiserv expects to complete the process in the first half of this year.

Forward Bank in Marshfield, Wis., has agreed to buy Lake City Federal Bank in Lake City, Minn. The $964 million-asset Forward recently submitted its applications with regulators. It plans to complete its purchase of the $76 million-asset Lake City in the second quarter. The financial terms weren’t disclosed. “Our banks will work closely to ensure that the transition is smooth,” Bill Sennholz, Forward’s CEO, said in the announcement. Forward “is

Stablecoin issuer Circle has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering. The company, which issues USDC, disclosed the filing on Thursday. The amount Circle plans to raise, along with the number of shares it wants to sell, were not disclosed. The SEC must first review the paperwork. Circle originally planned to go public in 2021 when it struck a deal with special purpose

AmeriServ Financial in Johnstown, Pa., expects to report a large quarterly loss after pursuing cost-cutting measures, selling underwater securities, and charging off loans tied to a national pharmacy chain’s bankruptcy. The $1.4 billion-asset company, which has been locked in a battle with an activist investor, disclosed in a regulatory filing that it plans to report a $5.3 million net loss in the fourth quarter. AmeriServ said it recently eliminated certain