A group is looking to form a bank in Paramus, N.J. Organizers applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Five Rivers Bank. The application wasn’t immediately available. Mark Campbell is expected to serve as the bank’s chairman, president and CEO, according to his LinkedIn profile. He was president and CEO of Freedom Bank from 2009 to 2014. A public noticed submitted for the de

Veritex Holdings in Dallas will soon have a new bank president. The $12.5 billion-asset company said in a press release that Dominic Karaba will also become chief banking officer of Veritex Community Bank on Sept. 18. Chartwell Partners handled the search. Karaba recently served as president of commercial banking at UMB Financial. He will report to C. Malcolm Holland III, who will remain the chairman, president and CEO of the

Merchants Bancorp in Carmel, Ind., has agreed to sell four Illinois branches. The $13.1 billion-asset Merchants said in a press release that Bank of Pontiac in Pontiac, Mich., will buy offices in Paxton, Melvin and Piper City. CBI Bank & Trust in Muscatine, Iowa, agreed to buy a branch in Joy, Ill. The $962 million-asset Bank of Pontiac will gain $157 million of deposits and $22 million of loans. The $1.2 billion-asset CBI Bank & Trust will acquire

The Federal Deposit Insurance Corp. determined that the liquidity risk management component of the CAMELS rating for First Republic Bank was "too generous" prior to the San Francisco bank's failure. The agency, in a 63-page report debriefing First Republic's collapse, noted that the bank's business model and management strategies made it vulnerable to interest rate changes and the bank run that followed the failure of Silicon Valley Bank. Regulators closed

Icon Business Bank has opened in Riverside, Calif. The de novo opened on Aug. 22, according to the Federal Deposit Insurance Corp. Organizers received conditional approval from the FDIC in late January. They were required to raise $22.7 million before opening the bank. Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form Icon, which operates as a unit of Icon Bancorp. Icon’s plan included branches in Riverside,

Citizens National Bank of Bluffton in Ohio said its CEO will retire. The $981 million-asset bank said in a press release that Michael Romey will step down by the end of this year. Romey joined the bank as president and CEO in 1986. Romey stepped down as president in 2019. “Mike led CNB through many years of record-breaking growth and introduction to new technology for our customers,” President Eric Faulkner

High-profile bank failures weighed down the banking industry’s aggregate profitability, according to the Federal Deposit Insurance Corp.’s quarterly banking profile. Overall profit fell by 11.3% in the second quarter from a quarter earlier, to $70.8 billion. The FDIC said that net income would have been flat when excluding the impact of the failures of Silicon Valley Bank, Signature Bank and First Republic Bank. "Despite the period of stress earlier this

Dime Community Bancshares in Hauppauge, N.Y., has formed a health care banking division. The $13.8 billion-asset company said in a press release that it had hired Daniel Csillag as group head of the newly formed group. He is responsible for building out the health care commercial banking business in the long-term care space. Csillag previously served as group head of health care at Bank Leumi, which was acquired by Valley