Sandy Spring Bancorp in Olney, Md., will incur an $8.2 million charge in the third quarter tied to pension settlement expenses. The $14 billion-asset company disclosed in a regulatory filing that it recently transferred $33.7 million of pension obligations tied to the termination of its pension plan. Pension obligations were distributed through a combination of lump-sum payments to participants and the purchase of a group annuity contract. Sandy Spring said

Live Oak Bancshares in Wilmington, N.C., has a new bank president. The $10.8 billion-asset company said in a press release that BJ Losch had succeeded Huntley Garriott. Live Oak did not say why Garriott had left or where he was going. Losch will remain the company’s chief financial officer. Losch, who had also served as Live Oak’s chief banking officer, previously served as CFO at First Horizon. “The board and

Eagle Financial Services in Berryville, Va., has sold its marine finance business to Axos Financial in Las Vegas.   The $1.8 billion-asset Eagle said in a regulatory filing that Axos agreed to buy LaVictoire Finance for $1.5 million.   Axos agreed to assume the servicing of the bank’s marine finance loans, and those of third parties, for a fee of 20 basis points of the principal balance of the loans

Central Plains Bancshares in Grand Island, Neb., plans to raise $36.8 million as part of a mutual conversion. The parent of the $438 million-asset Home Federal Savings and Loan Association of Grand Island said in a press release that it expects to sell about 3.7 million shares of common stock at $10 each. The company could sell as much as 4.2 million shares, for about $42 million of proceeds, if

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