Truist Financial in Charlotte, N.C., used proceeds from the sale of its insurance business to offset a restructuring of its balance sheet. The $535 billion-asset company said in a press release that it sold $27.7 billion of lower-yielding investment securities at a $5.1 billion after-tax loss. The securities had a book value of $34.4 billion and a weighted average book yield of 2.80% for the remainder of 2024. Truist invested about $18.7 billion

White River Bancshares in Fayetteville, Ark., raised nearly $12.5 million through a private placement of common stock. The $1.2 billion-asset company said in a press release that it sold about 226,000 shares to accredited investors at $55 each. Net proceeds will be used to support organic and strategic growth opportunities. “This additional capital will support our strategy and growth plans as we continue to focus on supporting the customers and

Eight companies, including Bank OZK, BankUnited and Flushing Bank, bid on buying all or some of Republic First Bank in Philadelphia. Fulton Financial in Lancaster, Pa., prevailed after placing a bid with a $374 million asset discount and no loss-sharing agreement, according to information released by the Federal Deposit Insurance Corp. Fulton’s bid excluded any deposits or assets tied to digital assets such as crypto. The other bidders were Bank OZK,

Capital Community Bank in Provo, Utah, has acquired Security Home Mortgage in Orem, Utah. The $871 million-asset CCBank said in a press release that the purchase expands its financial services portfolio. SHM will operate as an independent division of the bank. The price wasn’t disclosed. "Today, we bring together two established Utah companies to better serve our clients in the financial services space," Matt Field, CCBank's president and chief financial officer, said

PromiseOne Bank in Duluth, Ga., has agreed to buy two branches in Virginia from Hope Bancorp in Los Angeles. The $715 million-asset PromiseOne just filed its application with the Federal Deposit Insurance Corp. to buy the offices, located in Annandale and Centreville. The sales are expected to close in the second half of 2024. The price wasn’t disclosed. Hope Bancorp, which recently agreed to buy Territorial Bancorp in Honolulu, closed

U.S. Bancorp in Minneapolis has a new president. The $684 billion-asset company said in a press release that Gunjan Kedia had taken over the role from Andy Cecere, who remains chairman and CEO. “During her more than seven years with U.S. Bank, Gunjan has shown herself to be a visionary leader who understands our business and is driven to help us perform at our best,” Cecere said in the release.

Catalyst Bancorp in Opelousas, La., reported a quarterly loss after selling securities. The $282 million-asset company lost $4.7 million in the first quarter, which included a $5.5 million loss from selling underwater securities. The company said it plans to reinvest the $42.6 million of proceeds from the sales into new loans, higher-yielding securities, share repurchases and debt repayment. Catalyst also incurred $560,000 of data conversion and other expenses tied to

The Iowa Bankers Association is searching for its next leader. The association said in a press release that John Sorenson will retire as president and CEO at the end of this year. The QTI Group was hired to assist the association in its search for Sorenson’s successor. Sorensen joined the IBA in 1986; he became president and CEO in 1997. Sorensen “has displayed an unwavering commitment to the advancement of