Bank Midwest in Spirit Lake, Iowa, has formed a digital bank to focus on the healthcare industry. The $1.3 billion-asset bank debuted OnePlace.bank after working with Finastra on the project. Bank Midwest said the digital bank represents “a natural progression” of its OnePlace Capital business, which serves dental, medical and veterinary practices. The digital bank will provide loans, along with services tied to deposits and treasury management.

Evolve Bancorp in West Memphis, Ark., confirmed that it was the victim of a cyberattack. The $1.6 billion-asset company, which was recently hit with an enforcement action from the Federal Reserve, announced on social media that “a known cybercriminal organization” had released “illegally obtained” data. “We take this matter extremely seriously and are working tirelessly to address the situation,” the company said. “Evolve has engaged the appropriate law enforcement authorities

United Fidelity Bank in Evansville, Ind., and its parent companies are now operating under a cease-and-desist order from the Federal Reserve. The C&D order is tied to the $6.4 billion-asset bank’s capital planning, risk management, contingency funding and oversight by senior executives and directors. United agreed to file a strategic plan for addressing the issues within 60 days. The order also applies to Fidelity Federal Bancorp and Pedcor Financial Bancorp. United

Funding Circle has agreed to sell its U.S. business to iBusiness Funding, a unit of Ready Capital. The U.K. company said in a press release that it will sell the business for about $41.7 million in cash. The deal includes all loan portfolios; Funding Circle expects to generate a $12.6 million gain from the sale. “In March, I announced that we were simplifying the business by exiting the U.S. and

Heritage Financial in Olympia, Wash., will soon have a new president. The $7.1 billion-asset company said in a press release that Bryan McDonald will also become CEO of its bank on July 1. He will succeed Jeffrey Deuel, who will remain the company’s CEO until May 2025 when he will take on an advisory role. McDonald has been the bank’s president and chief operating officer since 2018. "Jeff and his team led

The Office of the Comptroller of the Currency wants to expand its guidelines for recovery planning standards to more banks. The agency, in a notice of proposed rulemaking, said it wants to expand the application of enforceable guidelines to include banks with at least $100 billion of assets. The current cutoff is $250 billion. Acting Comptroller Michael Hsu referenced last year’s high-profile bank failures in the notice. Silicon Valley Bank

PeoplesBancorp in Holyoke, Mass., and SSB Community Bancorp in Spencer, Mass., have agreed to merge their mutual holding companies. PeoplesBancorp is the MHC for the $4.2 billion-asset PeoplesBank, while SSB Community Bancorp is the parent of the $1.6 billion-asset Cornerstone Bank. The banks expect to operate independently, under separate names and brands “for the foreseeable future,” they said in a press release. “Our focus is on the continued success of

General Motors Financial has withdrawn its application to form an industrial bank and receive deposit insurance. The captive finance unit of General Motors submitted its applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions in late 2020. The state regulator approved GM Financial Bank’s application earlier this month. “GM Financial remains confident in the viability of our bank application, which is anchored by a proven,