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

Virginia Credit Union in Richmond and Member One Federal Credit Union in Roanoke, Va., plan to merge. The combination of the $5.1 billion-asset Virginia Credit Union and the $1.6 billion-asset Member One would create a financial institution with 37 branches and nearly 500,000 members. It would be Virginia’s third-largest credit union. The merger is expected to close later this year. “This partnership represents the heart of the credit union industry’s

Esquire Financial Holdings in Jericho, N.Y., has acquired a large stake in United Payment Systems. The $1.5 billion-asset Esquire said in a press release that it invested $6 million in the payments fintech, which operates as Payzli, for a 24.99% ownership interest. Payzli is a registered independent sales organization of the bank. The investment “will be leveraged to support Esquire’s future select business verticals for its national payment and small

The second credit union-bank deal of 2024 is a doozy.   Global Federal Credit Union in Anchorage, Alaska, agreed to buy First Financial Northwest Bank in Renton, Wash., for $231.2 million in cash. The deal is expected to close in the fourth quarter.   First Financial is the bank unit of the $1.5 billion-asset First Financial Northwest. It has 15 branches and $1.2 billion of deposits. If the deal closes,

A proposed bank in New York plans to offer special products to first responders. Organizers of Greater Gotham Bank is in talks with the International Association of Fire Fighters/AFL-CIO to provide specialized services to union members who are professional firefighters and paramedics. Those products could include free or discounted checking accounts; premium rate CDs; free access to remote, telephone and Internet banking; and free or discounted non-proprietary ATM access. “If

Citigroup in New York recorded a $1.3 billion reserve build in the fourth quarter tied to exposure in Argentina and Russia.  The $2.4 trillion-asset company also disclosed in a regulatory filing that it took a roughly $880 million hit in the quarter due to recent devaluations to the Argentine peso. Citi also said it recorded about $780 million in restructuring charges tied to its global overhaul. Finally, Citi said it

Security Federal in Aiken, S.C., changed it bylaws to remove a mandatory retirement provision for its officers. The $1.5 billion-asset company disclosed in a regulatory filing that its board eliminated the section of the bylaws that set an age limit of 70.5 years. The change was effective immediately. Chris Verenes, the company’s CEO, is 66, while Roy Lindburg, its president, is 62.

Blue Ridge Bankshares in Charlottesville, Va., is looking to resolve a longstanding lawsuit filed by former employees of a processor bank. The $3.3 billion-asset company has offered to pay $6 million to settle claims that executives at Virginia Community Bank breached their fiduciary obligations by improperly using an employee pension fund. Blue Ridge bought Virginia Community in December 2019. The lawsuit, filed in U.S. District Court for the Western District