Blue Ridge Bankshares in Charlottesville, Va., plans to roll off certain Banking-as-a-Service relationships in the next year. The $3.3 billion-asset Blue Ridge said in an investor presentation that its bank contracts with a number of “sub-partners” tied to its fintech partners. About a dozen of those sub-partner Banking-as-a-Service clients are in the process of moving to other banks. Blue Ridge also said it expects to keep lowering its sub-partner exposure,

First Bancorp in Southern Pines, N.C., has a new bank president. The $12 billion-asset First Bancorp said in a press release that Adam Currie had taken on the role, reporting to Mike Mayer, the bank’s CEO and the company’s president. Currie, who joined the company in 2015, has been the bank’s chief banking officer. The company said that Elizabeth Bostian, the bank’s chief financial officer, will assume responsibility for human

Heartland Financial USA in Denver joined the list of banks selling underwater securities. The $20.1 billion-asset company said in a press release that it sold securities with $805.8 million in proceeds at a $129.1 million pretax loss. The proceeds were used to repay high-cost wholesale deposits and wholesale funding. Heartland said the sales were part of a broader strategic plan, adding that management will discuss the overall effort when it

Live Oak Bancshares in Wilmington, N.C., has a new president. The $11 billion-asset company said in a press release that BJ Losch had taken over the role, succeeding Neil Underwood. Losch will remain president of Live Oak Bank. Underwood is stepping down to focus on his role as general partner of Canapi Ventures, a strategic fintech venture fund. He will remain on Live Oak’s board. Live Oak said that Walter

HMBradley is winding down its consumer deposit and credit card programs. The challenger bank will shut down those operations over the next 60 days, co-founder and CEO Zach Bruhnke wrote in a note on the company’s website. “Throughout 2023, it became evident that our consumer brand growth was falling short of our goals,” he added. Bruhnke said on his X (Twitter) account that the company plans to deliver its products

Capitol Federal Financial in Topeka, Kan., will amend its quarterly results, reducing its previously reported loss, to correct its accounting treatment for certain securities sales. The $10.2 billion-asset company said that it should have recorded $13.3 million of securities losses in the current quarter. As a result, the company’s net loss for the previous quarter was lowered from $111.7 million to $101.7 million. The company sold $1.3 billion of securities

Blue Ridge Bankshares in Charlottesville, Va., which is working under a written agreement with the Office of the Comptroller of the Currency, is “exploring options for raising capital.” The $3.3 billion-asset company disclosed in a regulatory filing that the OCC is requiring its bank to establish individual minimum capital ratios “that are higher than those required for capital adequacy purposes generally.” The bank falls short of the OCC’s required 10%

RBB Bancorp in Los Angeles lowered its third-quarter earnings after deferring income from a grant.   The $4.1 billion-asset company said in a press release that it determined that the $5 million it received from the Community Development Financial Institution Equitable Recovery Program should not count toward third-quarter noninterest income.   The decision will lower RBB’s net income by 29%, to $8.5 million.   The company also determined that there