Burke & Herbert Financial Services in Alexandria, Va., has agreed to buy Summit Financial Group in Moorefield, W.Va. The $3.6 billion-asset Burke & Herbert said in a press release that it will pay $371.5 million in stock for the $4.5 billion-asset Summit. The deal is expected to close in the first quarter. The combined entity, which will retain the Burke & Herbert name, will be equally owned by each company’s

TD Bank disclosed that it is cooperating with a Justice Department probe into its compliance with anti-money laundering measures. The Canadian bank said in its earnings release that it “anticipates monetary and/or non-monetary penalties to be imposed” due to the issue. TD said it is “pursuing efforts to enhance” its Bank Secrecy Act compliance. The bank was unable to secure regulatory approval to buy First Horizon in Memphis, Tenn., with

The Consumer Financial Protection Bureau has filed a lawsuit against a fintech for allegedly violating laws against unfair lending practices by pushing customers to refinance. The lawsuit, filed in the U.S. District Court for South Carolina, claims that Heights Finance Holding Co., a Greenville, S.C., unit of Curo Group Holdings, identified struggling borrowers, and then subjected them to repeated refinancing. Heights was previously known as Southern Management. “The CFPB is

Savi Financial in Mount Vernon, Wash., has received conditional approval from the Federal Deposit Insurance Corp. to create a new bank. Savi Financial plans to form Orca Bank, which would then buy SaviBank’s Bellingham, Wash., branch. Formation, capitalization, and the acquisition will occur simultaneously with plans to open Orca in the first quarter. “We are very pleased to have received regulatory approval from the [FDIC] and we are currently awaiting

New Peoples Bankshares in Honaker, Va., has a new bank CEO lined up. The $794 million-asset company said in a press release that J.W. Kiser will also become president of New Peoples Bank on Dec. 1. He will succeed C. Todd Asbury, who had already announced plans to step down. Asbury will remain the company’s president and CEO until May 31. Kiser is the bank’s chief banking officer. “I am

A proposed digital bank in San Juan, Puerto Rico, has received conditional approval from the Federal Deposit Insurance Corp. Organizers of Nave Bank will need to raise $96 million of capital, according to the FDIC’s approval. The group first applied to form the bank in January 2022. Nave would use “highly scalable and state of the art technology that is purely digital and with no reliance on physical branches,” the

Banks in Georgia and North Carolina recently raised capital through private placements of common stock. Signature Bank of Georgia in Sandy Springs raised $7 million on Aug. 15. The $197 million-asset bank said the proceeds will be used to support ongoing operations and growth initiatives. “During the raise, it was great to hear the confidence our new shareholder hold regarding the direction of the bank, its people, and the need

Fifth Third Bancorp in Cincinnati has selected a former U.S. Bancorp executive to join its board. The $207 billion-asset company said in a press release that Kathleen Rogers had joined its board. She recently retired from U.S. Bancorp, where she was chief finance administration officer. Rogers also served as chief financial officer at the Minneapolis company. Fifth Third also selected Laurent Desmangles to serve as a director. He is a