Flagship Bank in Clearwater, Fla., has hired a new CEO. The $633 million-asset unit of West Florida Bank Corp. said in a press release that David Key had also become its president. He succeeded James Nelson, who retired but will continue to serve as a senior adviser. “We’re extremely fortunate to be able to transition from one seasoned executive to another and maintain strong continuity in our bank’s culture,” Paul

Commercial Bank & Trust of Monticello in Arkansas will absorb First State Bank of Warren in Arkansas. The $253 million-asset Commercial Bank and the $118 million-asset First State are both owned by the Ryburn family. The merger is scheduled for June 24. “Joining the two banks together will remove back-office redundancies and allow us to offer greater convenience and better products and services such as enhanced technology for customers," Todd

AmeriServ Financial in Johnstown, Pa., has reached a cooperation agreement with investor SB Value Partners.   SB Value Partners, which owns about 7.7% of the $1.4 billion-asset AmeriServ’s common stock, agreed to back the board’s nominees and support its recommended proposals at upcoming shareholder meetings.   SB Value Partners and AmeriServ will regularly consult regarding financial performance metrics, business development and other similar matters.   AmeriServ said in a press

Northwest Bancshares in Columbus, Ohio, plans to reposition its securities portfolio. The $14.5 billion-asset company said in a press release that it will sell up to 15% of its investment securities portfolio. Northwest expects to recognize a $40 million pretax loss from the sales. Proceeds will initially be used to lower borrowings while also reinvesting into securities with similar risk, maturity and duration characteristics. The company said it expects a

U & I Financial in Lynnwood, Wash., restated its fourth quarter results – leading a big net loss – and suspended its dividend after issues surfaced in its equipment finance business.   The $610 million-asset company said it lost $18 million after increasing its loan-loss provision from $3.1 million to $26.1 million. The issues are tied to a business where its finances borrowers purchase of equipment from manufacturers.   A

Synovus Financial in Columbus, Ga., reported lower quarterly profit after charging off an $18 million loan to an aviation company. The $59.8 billion-asset company said in a press release that its first-quarter earnings fell by 41% from a year earlier, to $114.8 million. The loan-loss provision increased by 68% to $54 million. Nonperforming loans would have declined in the first quarter if the aviation loan was excluded, Kevin Blair, Synovus’

Three credit unions mergers were announced in Illinois. The $3.5 billion Consumers Credit Union in Lake Forest is planning to merge with the $417 million-asset KCT Credit Union in Elgin and the $39.1 million-asset Rockford Bell Credit Union in Loves Park.  Members at KCT and Rockford Bell will vote on the mergers later this year. The merger is “a testament to our shared vision of delivering exceptional value and service

Mercury has launched a personal banking service designed to simplify and optimize the banking needs of startups. The San Francisco fintech said in a press release that Mercury Personal is designed for founders and investors based on feedback from clients. “By offering personal banking for founders and investors, we’re able to deepen our relationship with them,” Immad Akhund, Mercury’s CEO, said in the release. “Mercury Personal is a strategic move