American Savings Bank in Honolulu has filed a registration statement in advance of its planned initial public offering. The $9 billion-asset American Savings, which has been owned by a private group since it bought the bank from Hawaiian Electric Industries in late 2024, filed its paperwork with the Office of the Comptroller of the Currency on Aug. 24. American Savings did not disclose how many shares it plans to sell

Profinium Financial Holdings in Fairmont, Minn., has agreed to buy F&M Community Bank in Preston, Minn. The parent of the $533.1 million Profinium Bank did not disclose the price it will pay for the $211.1 million-asset F&M. F&M has four branches, $184 million in deposits and $148 million in loans. “Profinium was the best fit for our staff, customers, and the communities we serve,” Dan Christianson, F&M's chairman and CEO,

Valley National Bancorp in New York has agreed to buy Providence Financial in South Holland, Ill. The $66 billion-asset Valley said in a press release that it will pay $247 million in cash and stock for the $1.6 billion-asset Providence. The deal, which is expected to close in early 2027, priced Providence at 145% of its tangible book value. Providence has 14 branches, $1.3 billion in deposits, and $1.1 billion

SouthPoint Bancshares in Birmingham, Ala., is dealing with a written agreement with its regulators. The $1.7 billion-asset company entered into the enforcement action with the Federal Reserve and the Alabama State Banking Department. The bank already has a consent order with the Federal Deposit Insurance Corp. tied to credit risk management and asset quality. The new agreement requires the company to submit a capital plan and cash-flow projections to Fed

Connecticut Community Bank in Norwalk has a new leader. The bank announced that Lou Garcia had succeeded David Tralka as its president and CEO. Garcia, a former director at Fieldpoint Private, most recently led a group looking to form a de novo bank. Organizers of New Canaan Bank received a temporary certificate of authority from Connecticut's Department of Banking and raised $30 million, but opted to not pursue a charter

VALT is closer to operating a digital-only bank. The fintech disclosed that it received conditional approval from the Federal Deposit Insurance Corp. for VALT Bank in Idaho. The Office of the Comptroller of the Currency had already signed off on the proposed bank. VALT, which submitted its application in mid-November, must infuse $25 million of capital into the proposed bank before it can open. "Building a new national bank from

Tioga-Franklin Savings Bank in Philadelphia has failed. The bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold all deposits and substantially all assets to Second Federal Savings and Loan Association of Philadelphia. Tioga-Franklin had $68 million of assets and $67 million of deposits. The FDIC estimated that the failure will cost the Deposit Insurance Fund

Itaú Bank in Brazil was granted conditional approval from the Office of the Comptroller of the Currency to open a nationally chartered bank. The large Latin American bank received the approval on Aug. 14. The proposed bank, which filed its applications in March, would serve high- and ultra-high-net-worth clients with ties to Brazil and Latin America via a Miami office. The approval comes months after Brazil’s Nu Holdings received conditional