FB Financial in Nashville, Tenn., reported lower quarterly earnings after it restructured its securities portfolio and conducted an early retirement program. The $12.5 billion-asset company said in a press release that third-quarter profit fell by 9.3% from a year earlier, to $102 million. Net income rose slightly from the second quarter. FB Financial said it sold $76.6 million of available-for-sale securities near the end of the third quarter at a

Menzo Case, president and CEO of Generations Bancorp NY in Seneca Falls, has died. The $395 million-asset company disclosed in a regulatory filing that Case died on Friday. No other details were shared. Case, who was 59 when the company filed its last proxy statement, had been president and CEO since 2008. Generations said that Angela Krezmer, its chief financial officer, became its interim principal executive officer. No other plans

LendingClub in San Francisco has cut more jobs. The online lender said it will lay off 172 employees, or roughly 14% of its workforce. The cuts come months after the company eliminated 225 positions in January. The company disclosed in a regulatory filing that it had eliminated the position of chief administrative officer currently held by Brandon Pace. Pace, who joined LendingClub in 2016, will be paid about $417,000 in

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