A group of eight Ethiopian-Americans in Washington, D.C., plan to raise $22 million in initial capital for the planned Moodai International Bank. The organizers intend to operate the proposed de novo at a minority depository institution, according to their application with the Federal Deposit Insurance Corp. The organizers are Admassu Abebe, Takele Argaw, Moges Gebremariam, Melaku Lakew, Solomon Lemma, Henok Tesfaye, Tesfaya Tsadik, Surafiel Yakob. The application did not disclose

Banks in Minnesota and Texas have raised capital through private placements of common stock. Plato Holdings in in St. Paul, Minn., brought in $3.1 million on Oct. 10, according to data collected by Performance Trust Capital Partners. Plato is the parent company of the $215 million-asset Drake Bank. Texas State Bankshares in Harlingen raised $1.2 million on Oct. 11. The $2.6 billion-asset company agreed in August to buy municipal underwriter

PNC Financial Services Group in Pittsburgh plans to cut about 4% of its workforce as part of a broader cost-cutting plan. The $557 billion-asset company said the layoffs should lower annual expenses by $325 million in 2024. PNC plans to incur a one-time charge of $150 million in the fourth quarter tied to the cuts. The percentage represents about 2,300 full-time positions, based on PNC’s headcount on Sept. 30. The

State Employees’ Credit Union in Raleigh, N.C., has three new directors. The $50 billion-asset credit union said in a press release that its members voted for self-nominated directors instead of three incumbents at its annual membership meeting. The board has 11 members who serve three-year terms. One the incumbents was the board's vice chairman. The new directors – Michael Clements, Barbara Perkins and Chuck Stone – will serve through October

ORNL Federal Credit Union in Oak Ridge, Tenn., has a new CEO. The $3.4 billion-asset credit union said in a press release that Jenny Vipperman also became its president on Oct. 1. She succeeded Colin Anderson, who retired. Vipperman joined ORNL from VyStar Credit Union in Jacksonville, Fla., where she was chief lending officer. Prior to VyStar, she was chief lending officer at Chartway Federal Credit Union in Virginia. Vipperman

Goldman Sachs in New York has agreed to sell its GreenSky platform to a group of institutional investors led by Sixth Street. The deal, which also includes KKR, Bayview Asset Management and CardWorks, is expected to close in the first quarter. The transaction includes support from PIMCO via an asset acquisition and strategic financing from CPP Investments.  The price wasn’t disclosed. “This transaction demonstrates our continued progress in narrowing the

Ally Financial in Charlotte, N.C., said CEO Jeffrey Brown will step down next year. The company said in a press release that Brown is leaving on Jan. 31 to become president of Hendrick Automotive Group. Ally’s board has hired an executive search firm to find a successor for Brown, who has been its leader since 2015. "I am so proud of how we transformed the company from the days of

Central Valley Community Bancorp in Fresno, Calif., has agreed to buy Community West Bancshares in Goleta, Calif. The $2.5 billion-asset Central Valley said in a press release that it will pay $99.4 million for the $1.1 billion-asset Community West. The deal, which is expected to close in the second quarter, priced Community West at 87.2% of its tangible book value. Central Valley will have 27 branches when the deal closes.