Atlantic Union Bankshares in Richmond, Va., sold its equity interest in wealth management firm Cary Street Partners during the second quarter. The $37.3 billion-asset Atlantic Union said in a press release that it sold the stake in the Richmond, Va., firm for a pretax gain of $14.3 million. Atlantic Union received the stake in June 2022 when it sold its ownership interest in Roanoke, Va., investment advisor Dixon, Hubard, Feinour

First Internet Bancorp in Fishers, Ind., reported a plunge in net income as it tackles issues in its small-business lending and franchise finance portfolios. The $5.9 billion-asset company only earned $193,000 in the second quarter, a sharp decline from $5.8 million a year earlier. First Internet set aside $13.6 million in the recent quarter, more than triple the amount from a year earlier. The company reported $14.3 million of net

Blue Ridge Bankshares in Charlottesville, Va., continues its comeback by reporting a profitable quarter. The $2.6 billion-asset company said in a press release that it earned $1.3 million in the second quarter, compared to a $400,000 loss in the first quarter and an $11.4 million loss a year earlier. “In our earnings release for first quarter ... I mentioned the results were a harbinger for future sustainable and increasing profitability,"

Colony Bankcorp in Fitzgerald, Ga., has agreed to buy TC Bancshares in Thomasville, Ga. Colony said in a press release that it will pay $86.1 million in cash and stock for TC Bancshares. The deal, which is expected to close in the fourth quarter, priced TC Bancshares at 112.9% of its tangible book value. “This merger marks an exciting step forward in our ability to better serve our customers and

Eagle Bancorp in Bethesda, Md., reported a large quarterly loss after it tried to get its hands around deteriorating credit quality. The $10.6 billion-asset company said in a press release that it lost $69.8 million in the second quarter, reflecting a staggering $138.2 million loan-loss provision. Eagle lost $83.8 million a year earlier after recording a $104.2 million goodwill impairment charge. The provision reflected "higher office-related reserves and expected exit

The Consumer Financial Protection Bureau has terminated its consent order against VyStar Credit Union in Jacksonville, Fla. The bureau said it determined that VyStar had fulfilled key conditions of the order, including paying a $1.5 million civil penalty and refunding fees to impacted members. The order addressed the CFPB's concerns over a botched online banking platform launch. The agency penalized the credit union over issues tied to its May 2022

A group is looking to raise capital in an effort to buy a bank in New York. Stanley Gorodesky posted on LinkedIn that the group is looking to acquire a $100 million-asset bank in the New York metro area. He did not identify the bank. The goal is to buy the bank for roughly book value and infuse more capital to expand the equity base and support long-term growth. While

Mountain Commerce Bancorp in Knoxville, Tenn., has a new president. The $1.8 billion-asset company said in a press release that Kevin Horne had succeeded William Edwards III, who remain CEO. Horne was chief credit officer and chief banking officer. Separately, Wesley Lemon was named chief financial officer. Lemon, who was controller, will succeed David Bright, who will step down on Aug. 15. Marie Patterson was named chief administrative officer, and