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

New Peoples Bankshares in Honaker, Va., has a new bank CEO lined up. The $794 million-asset company said in a press release that J.W. Kiser will also become president of New Peoples Bank on Dec. 1. He will succeed C. Todd Asbury, who had already announced plans to step down. Asbury will remain the company’s president and CEO until May 31. Kiser is the bank’s chief banking officer. “I am

A proposed digital bank in San Juan, Puerto Rico, has received conditional approval from the Federal Deposit Insurance Corp. Organizers of Nave Bank will need to raise $96 million of capital, according to the FDIC’s approval. The group first applied to form the bank in January 2022. Nave would use “highly scalable and state of the art technology that is purely digital and with no reliance on physical branches,” the

Banks in Georgia and North Carolina recently raised capital through private placements of common stock. Signature Bank of Georgia in Sandy Springs raised $7 million on Aug. 15. The $197 million-asset bank said the proceeds will be used to support ongoing operations and growth initiatives. “During the raise, it was great to hear the confidence our new shareholder hold regarding the direction of the bank, its people, and the need

Fifth Third Bancorp in Cincinnati has selected a former U.S. Bancorp executive to join its board. The $207 billion-asset company said in a press release that Kathleen Rogers had joined its board. She recently retired from U.S. Bancorp, where she was chief finance administration officer. Rogers also served as chief financial officer at the Minneapolis company. Fifth Third also selected Laurent Desmangles to serve as a director. He is a

Cory Montez Hairston, president and CEO of Congressional Federal Credit Union in Oakton, Va., died last week. The $1.2 billion-asset credit union said that Hairston, who became president and CEO in October, died on Aug. 16. He joined the credit union in 2005. “The entire Congressional Federal family mourns this loss,” the credit union said in a statement. “On behalf of our board of directors, management team and employees, we

Edward Jones, which last fall withdrew an application to create a bank, has entered into a strategic partnership with Citigroup to offer checking and savings accounts to its customers. The St. Louis brokerage said in a press release that it will focus on U.S. clients in 2024. It plans to expand into securities-based lending and could add other retail banking products and services. "We are excited to bring our clients

Bank of the West in San Francisco, which sold to Bank of Montreal earlier this year, plans to lay off 248 employees, according to a Worker Adjustment and Retraining Notification filing. The bank plans to cut 203 jobs in its Camino Ramon office and another 45 at its former headquarters at 180 Montgomery St. The cuts are expected to take place by Sept. 15. “We are working closely with affected employees