Riverview Bancorp in Vancouver, Wash., will soon have a new CEO. The $1.5 billion-asset company said in a press release that Nicole Sherman will also become president on July 1. She will also join Riverview’s board. Sherman was chief operating officer at Utah First Federal Credit Union. “With over 25 years of proven experience growing community banking organizations … Nicole Sherman is the right person to lead Riverview into the

Community Partners Savings Bank in Salem, Ill., has agreed to buy Guardian Savings Bank in Granite City, Ill. The $249 million-asset Community Partners said in a press release that it expects to buy the $32.4 million-asset Guardian this fall. The price wasn’t disclosed. “The best strategy to keep community banks alive and strong in small communities is to join forces so we can share resources and strengths,” T.J. Burge, Community

Momnt, an Atlanta fintech that specializes in real-time lending and payment solutions, has a new CEO. The fintech said in a press release that it had promoted Chris Bracken, previously its chief revenue officer, to the top position. The move follows capital investments from Saluda Grade Ventures, Rockefeller Asset Management and TruStage Ventures. Bracken succeeded Barclay Keith, who was named a special adviser to the board. “Momnt is leading the

The Federal Deposit Insurance Corp. approved a proposal that adjusts how banks submit resolution plans. The FDIC created two tiers based on a bank’s asset size – each tier has its own set of requirements. Banks with more than $100 billion of assets must provide full “living wills” that include comprehensive resolution strategies, valuation analysis, and plans for continuity of operations. The biggest banks must also show that they can

Citigroup has invested in commercial lending platform Numerated. Citi will also engage Numerated to provide a financial spreading solution for the bank’s enterprise lending operations. The companies did not disclose the amount of the investment, which was made through Citi’s markets strategic investments unit. The investment “underscores our dedication to driving innovation on a global scale,” Katya Chupryna, director at Citi’s markets strategic investments unit, said in the release. “We

That didn’t last long. Apple announced that it is abandoning Apple Pay Later roughly a year after introducing the program. The company said in a statement that its customers using Apple Pay will be able to apply for installment loans through credit cards, debit cards and lenders later this year. “With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.,” the

Unit is laying off 15% of its staff. Itai Damti, the embedded finance fintech’s co-founder and CEO, announced the cuts in a post. “We believe that our company needs to think in longer time frames,” Damti said. “Banks in the fintech ecosystem have slowed down in the last year due to increased regulatory scrutiny,” he added. “While we believe that the slowness is temporary and Unit will actually benefit from

MC Bancshares in Morgan City, La., and Heritage NOLA Bancorp in Covington, La., have called off their planned merger. The $454 million-asset MC Bancshares agreed in July 2023 to buy the $171 million-asset Heritage NOLA in a roughly $6.5 million deal that was supposed to close by the end of last year. MC Bancshares withdrew its application to buy Heritage NOLA in mid-March. Regulatory delays led the banks to ultimately