American Bank of Oklahoma in Collinsville has settled claims by the Justice Department that it failed to meet the mortgage lending needs of minority neighborhoods around Tulsa. The $383 million-asset bank, which denied the allegations, said in a press release that agreed to resolve the matter “to avoid the cost and distraction of protracted litigation.” The bank agreed to invest at least $950,000 in a loan subsidy fund for residents

Fortuna Bank, a proposed de novo in Grandview Heights, Ohio, has received conditional approval from the Ohio Department of Financial Institutions. The proposed women-owned bank still needs approval from the Federal Deposit Insurance Corp. “We are now permitted to initiate our capital raise and accept investor dollars,” Lisa Berger, the proposed bank’s chairman, said in a LinkedIn post. “Thrilled to be working with our team to be able to make

Federal bank regulators want regional banks to hold more debt and update their resolution plans. U.S. banks with at least $100 billion of assets would be required to hold enough long-term debt to absorb losses should they fail, according to a notice of proposed rulemaking from the Treasury Department, Office of the Comptroller of the Currency, Federal Reserve and Federal Deposit Insurance Corp. Large banks would be required to maintain

Gaylon Lawrence Jr. is looking to combine two banks he owns. Fourth Capital Bank in Nashville, Tenn., is planning to merge with Volunteer State Bank in Portland, Tenn., to create a $1.5 billion-asset bank with 18 branches. “Middle Tennessee is known for its vibrant and diverse economic climate, and it continues to be one of the fastest growing areas in the nation,” Lawrence said in a press release. “The decision

Michigan State University Federal Credit Union in East Lansing, Mich., has agreed to buy McHenry Savings Bank in McHenry, Ill. The $7.6 billion-asset credit union said in a press release that it expects to buy the $312 million-asset unit of McHenry Bancorp in the first quarter. The credit union plans to pay $39 to $41 in cash for each share of McHenry Bancorp. This would be the first bank acquisition

Five Star Credit Union in Dothan, Ala., has lined up its third bank acquisition. The $775 million-asset credit union said in a press release that it has agreed to buy the $215 million-asset OneSouth Bank in Macon, Ga. The price wasn’t disclosed. The deal is expected to close in the second quarter. Five Star bought Flint River National Bank in 2014 and Farmers State Bank a year later. "Five Star

A pair of banks has filed with regulators to proceed with pending acquisitions. Commerce Bancorp in Greenwood, Miss., applied to acquire Morton Bancorp in Morton, Miss., and $80.9 million-asset unit Bank of Morton. No terms were disclosed when the deal was announced in July. Commerce, the parent of the $810 million-asset Bank of Commerce, expects to close the deal in the first quarter. Separately, MC Bancshares in Morgan City, La.,

Summit State Bank in Santa Rosa, Calif., is dealing with a potential hostile takeover by Big Poppy Holdings in Santa Rosa. Big Poppy, the parent of the $5.7 billion-asset Poppy Bank, applied with the Federal Reserve for a “change in control” that would allow it to boost its 4.9% stake in the $1.2 billion-asset Summit to up to 24.99%. It is unclear whether the application means that Big Poppy is