Farmington State Bank in Farmington, Wash., which is in the midst of selling itself to Bank of Eastern Oregon, was hit with a cease-and-desist order from regulators. The Fed said in a press release that the $22 million-asset bank “improperly changed its business plan without notifying … supervisors and obtaining prior approval for those changes.” The Fed said its action ensures that the wind down will occur in a way

Ivy Bank, the digital-only platform created by Cambridge Savings Bank in 2021, has surpassed $530 million of deposits. The $6 billion-asset bank said in a press release that the platform has more than 6,600 customers two years after its launch. “Our mission has always been to treat every customer like our only customer, and with Ivy Bank, we’ve extended that approach to consumers nationwide,” Katie Catlender, the bank’s chief customer

Silvergate Capital in La Jolla, Calif., which is in the midst of voluntarily winding down its operations, announced the departure of CEO Alan Lane. The company disclosed in a regulatory filing that Lane also resigned as president, effective Aug. 15. John Bonino, Silvergate’s chief legal officer, also stepped down. Antonio Martino, the company’s chief financial officer, is leaving on Sept. 30. Lane, Bonino and Martino are not entitled to any

Vista Bank in Dallas has hired a team from Professional Bank to oversee its expansion into Florida. The $2 billion-asset bank said in a press release that it hired six bankers: Michael Woody, Mandi Friedman, Steven Quinn, Melissa Norman, Cindy Rey and Jill Garic. Each worked at Professional with Dan Sheehan, who is Vista’s president. Professional sold to Seacoast Banking Corp. of Florida in January. "Having this team join me in launching Vista's entrance into South

Stock Yards Bancorp in Louisville, Ky., will have a new head of wealth management in 2024. The $7.7 billion-asset company said in a press release that Kathy Thompson will retire as director of its wealth management and trust group on Jan. 2. She will be succeeded by Shannon Budnick, who is managing director of investments. “Shannon’s appointment is a natural progression of our succession planning and facilitates a seamless transition

Citizens Bank of Edmond in Oklahoma has launched a digital bank for members of the military. The $350 million-asset bank launched Roger, which builds off a mortgage platform it created last year. An app is also available for the platform. “Years in the making, this moment is a testament to the unwavering dedication of countless individuals who believe in our mission,” the bank said in a LinkedIn post. “We're not

Franklin Bancorp in Franklin, Ky., has raised $2.8 million through a private placement. The parent of the $715 million-asset Franklin Bank & Trust sold common stock, according to data compiled by Performance Trust Capital Partners. The data did not detail how much stock was sold, the pricing or the investors.

Carver Bancorp in New York has tapped an interim CEO while it looks for a permanent successor for Michael Pugh. The $723.2 million-asset company said in a press release that Craig MacKay will also become interim president on Oct. 1. Carver previously announced that Pugh is stepping down on Sept. 30 to become CEO of the Local Initiatives Support Coalition, a national nonprofit. MacKay has been an independent Carver director