William Isaac, the former Federal Deposit Insurance Corp. chair who steered the agency through financial turbulence of the 1980s, died Friday at age 82 from complications related to Lewy body dementia. Isaac's death came just months after he retired from Sarasota Private Trust. Isaac was appointed to the FDIC board in 1978 and later named chairman by President Ronald Reagan, becoming the youngest person to lead the agency at the

Mid Penn Bancorp in Pennsylvania is adding a familiar name in area banking to its board. The $7 billion-asset company said in a press release that  Gregory Braca will join its board on Sept. 16 Braca led TD Bank's U.S. retail, commercial, and specialty banking operations as president and CEO of the $400 billion-asset institution. He currently chairs Ironlight, a tokenized real-world-asset exchange, sits on the board of Intellicheck, and advises

Essex Mortgage is seeking a bank charter. The business, legally known as Data Mortgage, applied with the Federal Deposit Insurance Corp. and the Texas Department of Banking to open Bank Elevated in Frisco. The applications were not immediately available.

BayFirst Financial in St. Petersburg, Fla., plans to raise up to $14.4 million through a rights offering. The $1.1 billion-asset company said in a press release that it plans to sell about 4.1 million shares of common stock to existing shareholders at $3.50 a share. “We are excited for the next step in the recapitalization of the Company,” Scott McKim, BayFirst's chief financial officer, said in the release. “The prospectus

Farmers & Merchants Bank of Long Beach in California expects to report a net loss in the third quarter after restructuring its balance sheet. The bank said in a press release that it sold about $1 billion of low-yielding municipal bonds at a pretax loss of about $85 million. A portion of the proceeds were used to pay down higher-yielding debt to improve funding costs. The remaining proceeds will provide

Security National in Sioux City, Iowa, has a new leader lined up. The company said in a press release that Jeremy Craighead will become chairman, president, and CEO when D. Douglas Rice retires on Sept. 1. Rice will remain on the company's board. Craighead is president of Security National Bank. "We are well positioned for the future," Rice said in a statement. "Our success has always been driven by the

Luminate Bank in Falcon Heights, Minn., has agreed to buy First State Mortgage Services. The $554 million-asset Luminate said in a press release that it will buy assets from the business and will retain members of its team. The price wasn't disclosed. "This is an important step forward for Luminate Bank and a powerful combination of two organizations that share the same fundamental values," Eric Lovins, Luminate's president of Mortgage

Mutual Federal Bancorp in Chicago is planning a second-step conversion to a fully stock-owned holding company. The parent of Mutual Federal Bank said in a press release that its mutual holding company currently owns about 77% of its outstanding common stock. The proposed conversion is expected to take place in the first quarter. Vedder Price is legal counsel, while Performance Trust Capital Partners is the selling agent.