The Consumer Financial Protection Bureau has ordered Atlantic Union Bankshares to pay $6.2 million to address concerns with the Richmond, Va., company’s overdraft fees. The CFPB said in a press release an enforcement action is requiring the $21 billion-asset Atlantic Union Bank to refund at least $5 million in overdraft fees and pay a $1.2 million penalty to the bureau’s victims relief fund. “Atlantic Union Bank harvested millions of dollars

The Office of the Comptroller of the Currency issued guidance that focuses on the risk management tied to Buy Now, Pay Later (BNPL) platforms. The guidance, which applies to national banks and federal savings associations, emphasizes the importance of underwriting, repayment terms, pricing and safeguards to minimize “adverse customer outcomes.” “Supporting a fair and inclusive financial system is a priority for the OCC and is critical to maintaining trust in

Gorham Savings Bank in Maine and Maine Community Bank in Biddeford have agreed to merge. The $1.6 billion-asset Gorham Savings and the $1.1 billion-asset Maine Community said in a press release that the combined mutual will be based in Portland, Maine. It will retain the Maine Community brand. The merger is expected to close in the third quarter. The price wasn’t disclosed. Steve deCastro, Gorham Savings’ president and CEO, will

Two former executives at Guaranty Federal Bancshares are behind an effort to create a new bank in Carthage, Mo. Jeffrey Williams and Carter Peters were listed as founders of the proposed Four States Bank in a legal notice filed with the Joplin Globe. Their application with the Federal Deposit Insurance Corp. wasn’t immediately available. Peters was chief financial officer at Guaranty Federal Bancshares from August 2005 to May 2022, according

A Tennessee appeals court unanimously ruled that Orion Federal Credit Union in Memphis, Tenn., can buy Financial Federal Bank in Memphis. The $1.2 billion-asset Orion agreed in August 2021 to buy the $950 million-asset Financial Federal, but the Tennessee Department of Financial Institutions obtained an injunction to block the transaction. A judge ruled in May 2022 that the deal should go through because Orion was buying loans and deposits –

Equity Bancshares in Wichita, Kan., has agreed to buy Rockhold Bancorp in Kirksville, Mo. The $4.9 billion-asset Equity also said in a press release that it sold $442 million of available-for-sale securities at an after-tax loss of $38.2 million. Proceeds will be redeployed in cash, investment and loan assets – producing $16.2 million of annual interest income going forward. Equity will pay $44.3 million in cash for the parent of the $406

Mi Bancorp in Bloomfield, Mich., has a new CEO. The parent of the $200 million-asset Mi Bank said in press release that Jenny Meier had taken on the role and that Matt Agone had become its chairman. Meier and Agone succeeded Rob Farr, who announced on his LinkedIn profile that he had become president of GTSB Financial. Meier will remain the company’s president. “Rob has been a mentor to me

Warsaw Federal Savings & Loan in Cincinnati has become a minority depository institution (MDI). The $97 million-asset mutual said in a press release that it had received the designation from the Office of the Comptroller of the Currency. Warsaw Federal noted that a majority of its directors represent minority groups. MDIs are minority-owned or operated financial institutions. They have access to enhanced deposit options, among other things. "MDIs not only provide