An activist investor group has paused litigation against Republic First Bancorp as the Philadelphia company explores capital-raising options. The shareholder group, which includes George Norcross, III, Gregory Braca and Philip Norcross said in a press release that it supports the $6.2 billion-asset company’s efforts to bring in more capital. “We remain actively engaged with the company and other parties on capital raising solutions, including conversations with another financial institution about

Citizens Financial Group in Providence, R.I., is forming a private bank. The $233 billion-asset company shared the news at a conference, noting that it had hired 50 senior bankers and 100 support staff from the failed First Republic Bank. Citizens will initially operate out of Boston, south Florida, New York and California. The plan is to focus on people with at least $10 million of net worth, with offerings to

An investor group has agreed to buy Midland Capital Holdings in Bridgeview, Ill. Midfed Acquisition will pay $31 to $32.50 a share in cash for the parent company of the $118 million-asset Midland Federal Savings and Loan Association. The deal is expected to close in the first or second quarter. The purchase price is subject to adjustment based on the bank's capital at closing. Midfed Acquisition includes certain bank executives

Truist Financial in Charlotte, N.C., will look to reduce annual expenses by $750 million by the end of next year as part of a plan that will include "significant" job cuts. The $555 billion-asset company disclosed in a conference presentation that it expects to limit year-over-year expense growth to 1% in 2024, compared to 7% this year. "Now is the time to pivot, and pivot quickly," Bill Rogers, Truist's chairman,

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