A group of Sikh-Americans is looking to form a bank in New Jersey that would serve their community. The proposed Five Rivers Bank in Paramus, N.J., would be state-chartered, according to organizers’ application with the Federal Deposit Insurance Corp. The group plans to raise $33.5 million to $43.5 million in initial capital. While Five Rivers would have a focus on the needs of Sikh-American individuals and businesses, it will also

Oklahoma State Bank in Guthrie has a new name. The $274 million-asset bank said in a press release that it had rebranded as Prism Bank. The bank said its new name represents the full spectrum of services it provides. "The decision to rebrand was driven by our commitment to serve our customers and to adapt to the evolving needs of our communities," President and CEO David Hardy said in the release.

The leader of Community Financial Group will defer most compensation tied to the Spokane, Wash., company's pending sale to Glacier Bancorp in hopes of increasing the odds of its shareholders getting a special dividend. The $27.5 billion-asset Glacier, which is based in Kalispell, Mont., agreed on Aug. 8 to buy the $754 million-asset parent of Wheatland Bank for $80.6 million in stock. Glacier disclosed in a regulatory filing that Susan Horton,

CU Digital One, a credit union service organization created by Frankenmuth Credit Union in Michigan, has made its first fintech investment. The CUSO said in a press release that it made “a multi-million dollar investment” in CryptoFi, which provides cryptocurrency-based financial services for credit unions. The investment will be used to accelerate the growth and development of CryptoFi products and services. “We are excited to partner with CryptoFi and help

First Federal Bank of Twin Falls in Idaho has created a wealth and investment management division. The $1.4 billion-asset bank said that the new division will offer investment advising, retirement planning, estate planning, tax optimization and wealth management strategies. “Our members will have access to products and services to further enhance their financial well-being,” Jason Meyerhoeffer, the bank’s president and CEO, said in a press release. “We are also thrilled

Add Zions Bancorp. in Salt Lake City to the growing list of banks cutting jobs. The $87.2 billion-asset company said its workforce will be 3% lower in early 2024 compared to a year earlier. That equates to roughly 300 positions. The cuts will be broad-based in terms of geography and departments, with much of the reductions involving jobs that are not client-facing. "I talk to our peers, and everybody's looking

Owners Bank, the digital bank division of Liberty Bank in Middletown, Conn., has launched a new business credit card. The Owners Bank Business Credit Card is open to businesses of all sizes, including sole proprietors. The credit limit can be allocated as needed among up to six cardholders. “We believe business credit cards are a necessity for maintaining and growing a business of any size,” David Mitchell, Owners’ CEO, said

Atlantic Union Bankshares in Richmond, Va., acted quickly to seal a deal to buy American National Bankshares in Danville, Va.. The $20.6 billion-asset Atlantic Union agreed on July 24 to buy the $3.1 billion-asset American National for $416.8 million. Talks began just three months earlier when John Asbury, Atlantic Union’s president and CEO, met with Jeffrey Haley, his counterpart at American National, according to a regulatory filing tied to the