Fintech custodian Altruist raised $169 million in a Series E funding round. The Los Angeles company said in a press release that the round was led by ICONIQ Growth with participation from new investor Granite Capital Management. Adams Street Partners and Sound Ventures also participated. Altruist has raised more than $450 million. Yoonkee Sull, a general partner at ICONIQ Growth, will join Altruist’s board. Proceeds will be used to invest

An insider has been promoted to serve as president of 1st Source Corp. in South Bend, Ind. The $8.7 billion-asset company said in a press release that Andrea Short will remain president and CEO of 1st Source Bank. She is already a member of the company’s board. Short succeeded Christopher Murphy III, who remains chairman and CEO. Short “is a proven leader who believes in our mission of helping our

Encore Bancshares in Little Rock, Ark., has parted ways with its CEO. The $4 billion-asset company said in a press release that Chris Roberts had also resigned as chairman. Phillip Jett was named acting chairman and CEO; he has served as vice chairman and chief banking officer. Burt Hicks will remain president. Encore “is a financially strong institution that has an industry-leading executive team,” Rita Lowman, the company’s lead independent

Baselayer, which uses AI to mitigate fraud and improve onboarding, has raised $6.5 million in its seed round. The fintech said in a press release that the investors included Torch Capital, Afore Capital, Founder Collective, Picus Capital and Gilgamesh Ventures. Individual investors included Eric Woodward, former president of Early Warnings Services, and executives from Stripe, Brex, Valley Bank and Airbase. “For a new or small business, waiting days or weeks

New York Community Bancorp in Hicksville will have a long road to return to profitability. The $113 billion-asset company lost $327 million in the first quarter after posting a $2.7 billion loss a quarter earlier. The first quarter included a $315 million loan-loss provision. “While this year will be a transitional year for the company, we have a clear path to profitability over the following two years,” Joseph Otting, the

FirstSun Capital Bancorp in Denver will raise more capital to buy HomeStreet in Seattle and scrap plans to have a national charter with the Office of the Comptroller of the Currency. The $7.8 billion-asset FirstSun said in a press release that it now plans to raise up to $235 million to buy the $9.5 billion-asset HomeStreet, representing a 34% increase from original projections. About $80 million has already been raised.

BayFirst Financial in St. Petersburg, Fla., is being more cautious with its Small Business Administation lending. The $1.1 billion-asset BayFirst stopped lending to the transportation and marketing/advertising sectors and began to limit exposure to hotels and restaurants, CEO Thomas Zernick said during a conference call to discuss quarterly earnings. Those industries “present higher risk or have performed below expectations,” Robin Oliver, BayFirst’s president and chief operating officer, added. BayFirst also

The Maine Credit Union League finally has a permanent president. The trade group said in a press release that Elise Baldacci will take on the role on June 3. She will succeed Cris Wescott, who has served as interim president since Todd Mason’s left the group last June. Baldacci previously served as deputy chief of staff for Gov. Janet Mills. “After conducting a thorough search for our industry's next leader,