Cornerstone Bank in York, Neb., has agreed to buy Bank of Orchard in Nebraska. The $2.7 billion-asset Cornerstone said in a press release that it expects to buy the $35 million-asset Bank of Orchard in the fourth quarter. The price wasn’t disclosed. Bank of Orchard has $30 million of deposits and $9 million of loans. “We are committed to the agricultural sector of the economy and serving many smaller communities

Organizers of a proposed community bank in California have received conditional approval from the California Department of Financial Protection and Innovation.   The proposed Altos Bank would be based in Los Altos and focus on small businesses.   “We are thrilled to receive the approval … and embark on this exciting journey,” Steven Chang, Altos Bank’s founder. “Our mission is to foster the growth and success of both individuals and

PCB Financial in Costa Mesa, Calif., has acquired Northern California Bancorp in Monterey. PCB, a group formed for the purpose of buying the parent company of the $197 million-asset Monterey County Bank, did not disclose the price it paid. Bill Wilson was named the bank’s CEO. He was chief risk officer at Nano Banc. "This is a really exciting time for Monterey County Bank and the businesses we serve," Charles

U.S. Bancorp in Minneapolis has created a strategic partnership to offer co-branded products to Edward Jones clients. The $680.1 billion-asset U.S. Bancorp, beginning in late 2025, will offer deposit and credit card products to the brokerage firm’s 8 million clients. Edward Jones already has a card-issuing relationship with U.S. Bancorp’s Elan division. Edward Jones has 19,000 financial advisers and $2 trillion in assets under care in North America.

Wells Fargo in San Francisco has agreed to sell the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont in Atlanta. The $1.9 trillion-asset Wells Fargo said in a press release that the sell should close early next year. The price wasn’t disclosed. Wells Fargo said it will continue servicing agency/government-sponsored enterprise loans, along with loans held on its balance sheet. “This transaction is consistent with Wells

Industry Bancshares in Industry, Texas, which has been embroiled in a battle with one of its regulators, is being recapitalized. The $5.1 billion-asset company said in a press release that it is raising $195 million by selling common stock to a group led by CSBH LLC. The lead investor is the holding company of New Horizon Bank, a Powhatan, Va., bank it bought and recapitalized in 2021. Industry’s board voted

A proposed bank in Miami has received conditional approval from the Federal Deposit Insurance Corp. Organizers of BankMiami must raise $31.3 million before opening the bank, according to the FDIC’s approval. Florida’s Office of Financial Regulation signed off on BankMiami in July, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers submitted applications earlier this year. “We continue to welcome strategic investors who will share our pride

The former CEO of the failed Heartland Tri-State Bank has been sentenced to over 24 years in prison. The U.S. Attorney’s Office in Wichita said that Shan Hanes was sentenced to 293 months in prison Monday after pleading guilty in May to one count of embezzlement by a bank officer. Hanes had been accused of embezzling $47.1 million for personal cryptocurrency purchases, executing 10 wire transfers between May and July 2023.