Blue Ridge Bankshares in Charlottesville, Va., reported a quarterly loss that reflected issues with a group of specialty finance loans. The $3.2 billion-asset company said in a press release that it lost $19.5 million in the second quarter. The results reflected a higher loan-loss provision and reversal of interest income tied to $58.1 million of loans placed on nonaccrual status during the quarter. The loans, sourced by a former lender,

Heartland Financial USA in Denver is close to completing a large-scale charter consolidation. The $20.2 billion-asset company said in a press release that it consolidated Bank of Blue Valley and First Bank & Trust into its HTLF Bank during the second quarter. Rocky Mountain Bank was recently rolled up. Nine banks have been consolidated, with the last two set for October. Heartland said it will cost $19 million to $20

NBT Bancorp in Norwich, N.Y., has acquired a retirement plan administrator. The $11.9 billion-asset company said in a press release that its EPIC Retirement Plan Services unit bought Retirement Direct in Charlotte, N.C. The price wasn't disclosed. Retirement Direct serves more than 500 plans and has over $2 billion of assets under management. EPIC RPS supports over 5,000 retirement plans with more than 300,000 participants. Separately, the company said it

West Potomac Capital in Arlington, Va., plans to raise $250 million for a social impact fund that would invest in minority depository institutions (MDIs) and women-owned banks. The WPC Financials Impact Fund I, set to launch in the second half of this year, would also invest in community development financial institutions (CDFIs) and low-income designated credit unions. The fund will be led by Trevor Montano, West Potomac’s founder and managing

Heartland Tri-State Bank of Elkhart, Kan., failed on Friday. The Federal Deposit Insurance Corp. said in a press release that the Kansas Office of the State Bank Commissioner closed the $139 million-asset bank. The Kansas Office of the State Bank Commissioner said in a separate release that it determined the bank "was insolvent" following "an isolated event." Dream First Bank of Syracuse, Kan., agreed to assume the bank’s $130 million

Dime Community Bancshares in Hauppauge, N.Y., has lined up its next CEO. The $3.8 billion-asset company said in a press release that Stuart Lubow will succeed Kevin O’Connor on Aug. 31. Lubow has been Dime’s president and chief operating officer. O’Connor will remain on the board until Dec. 31. Lubow will join the board. O'Connor has been CEO since the 2021 merger of Dime and Bridge Bancorp, where he was

MVB Financial in Fairmont, W.Va., sold a large portion of its subprime auto loans during the second quarter. The $3.5 billion-asset company said in a press release that it sold $20.4 million of subprime loans, allowing it to release the loan-loss reserve for those loans. MVB still has $27 million of subprime auto loans on its balance sheet. MVB had a loan-loss release of $4.2 million in the second quarter.

First Interstate BancSystem in Billings, Mont., laid off 70 mortgage employees in the second quarter. The $31 billion-asset company said in a press release that the cuts should help it save $6.9 million annually. Separately, the company said it plans to introduce a new suite of consumer credit cards in August. “We believe these initiatives will help us to continue growing our customer base and expanding our relationships with existing