Regulators could have been more hands-on with a decision by Silvergate Bank in La Jolla, Calif., to work with the cryptocurrency industry. That was a key takeaway from a report issued by the Federal Reserve’s Office of the Inspector General. The report was limited in its disclosures because the bank, while in liquidation, remains in operation. Still, the OIG noted that Fed didn’t require the bank to seek its approval,

Truist Financial in Charlotte, N.C., announced the departure of eight directors. The $555 billion-asset company disclosed in a regulatory filing that four directors, including former Chairman and CEO Kelly King, were stepping down after reaching its mandatory retirement age. Four other directors are leaving due to “other professional and personal commitment(s),” the filing said. “Our board members have worked effectively together to oversee Truist’s successful formation and integration in a

Inbanx, an Austin, Texas, software company focused on digital payments and business budgeting, has added a banker to its board. Ken Burgess, a regional president at Prosperity Bank in Houston, announced his appointment on his LinkedIn page. Burgess was chairman and CEO of FirstCapital Bank of Texas when it sold to Prosperity earlier this year.

The Financial Crimes Enforcement Network assessed a $15 million civil money penalty against Shinhan Bank America in New York for willful violations of the Bank Secrecy Act. Fincen said in a press release that the $1.8 billion-asset bank’s payment will also cover a $5 million penalty from the Federal Deposit Insurance Corp. The New York Department of Financial Services also assessed a civil penalty of $10 million. Shinhan admitted to

Tompkins Financial in Ithaca, N.Y., sold a portfolio of securities at a $47.5 million loss. The $7.6 billion-asset company disclosed in a regulatory filing that it sold about $430 million of available-for-sale securities with an average book yield of 0.93%. Proceeds from the sale were reinvested in available-for-sale securities with an estimated average book yield of 5.12%. Tompkins said the transaction should improve the interest income of its securities portfolio

The Florida Bankers Association has hired a former director of the Consumer Financial Protection Bureau as its new CEO. Alex Sanchez, who is retiring as the association’s leader, wrote in a LinkedIn post that Kathy Kraninger will be his successor. "The FBA team is a family," Sanchez wrote. "While this member of the family will soon be leaving them behind, they will continue in their dedication in serving our industry

RBB Bancorp in Los Angeles and Gateway Bank in Oakland, Calif., have terminated their planned merger.   The $4.1 billion-asset RBB agreed to buy the $185.6 million-asset Gateway in December 2021 for $22.9 million. The deal was meant to give RBB an entry point into the San Francisco market.   Since then, RBB has changed CEOs and made significant changes to its board and corporate governance structure.   Neither party

Univest Financial in Souderton, Pa., plans to combine its chairman and CEO positions. The $7.6 billion-asset company disclosed in a regulatory filing that Jeffrey Schweitzer, its president and CEO, will become its chairman on Jan. 1. He is currently vice chairman. Schweitzer, who joined Univest in 2007, has led the company since January 2014. The board, which said it reviews its leadership structure annually, said that Joseph Beebe would become