An influential lawmaker is encouraging the White House to replace Federal Deposit Insurance Corp. Chairman Martin Gruenberg. Sen. Sherrod Brown, D-Ohio, who chairs the Senate Banking Committee, said in a statement that “fundamental changes” are needed at the FDIC. "Those changes begin with new leadership, who must fix the agency's toxic culture and put the women and men who work there — and their mission — first,” Brown added. Brown

Quad City Bank & Trust in Bettendorf, Iowa, will have a new leader in 2025. The $2.6 billion-asset bank said in a press release that John Anderson plans to retire at the end of this year. Laura Ekizian, the bank’s president, will succeed Anderson on Jan. 3. Quad City is a unit of QCR Holdings in Moline, Ill. "Watching the banking industry transition and change has been amazing, but the

A pair of banks raised capital from selling common stock. Merchants Bancorp in Carmel, Ind., brought in $103 million from a follow-on offering, according to data compied by Performance Trust Capital Partners. The $17.8 billion-asset company had announced plans to sell 2.4 million shares. Proceed will be used for general corporate purposes, including supporting the bank’s balance sheet growth. Separately, Fieldpoint Private Holdings in Greenwich, Conn., raised $4 million from

MountainSeed Real Estate in Atlanta has lined up $2 billion in capital commitments to pursue more sale-leaseback transactions with banks. The real estate investor did not disclose the potential investors. "We are excited to embark on this journey with our investors and partners to strengthen our commitment to community banks and credit unions," said Carl Streck, MountainSeed’s CEO, said in a press release. "This partnership signifies our dedication to providing

Bank of America in Charlotte, N.C., has agreed to buy a $2.9 billion multifamily portfolio from WaFd in Seattle. Bank of America will buy about 2,000 loans from WaFd, which had previously announced plans to sell loans it inherited from its receny acquisition of Luther Burbank. The loans have an aggregate balance of $3.2 billion. The sale is expected to close on June 21, after which BofA plans to enter

Tradition Capital Bank in Wayzata, Minn., has a new president. The $2.4 billion-asset bank said in a press release that Joe Bauer had taken on the role. Bauer, who previously served as the bank’s chief revenue officer, succeeded Dan Fagan, who remains CEO.

SouthState in Winter Haven, Fla., has agreed to buy Independent Bank in McKinney, Texas. The $46 billion-asset SouthState said in a press release that it will pay $2 billion in stock for the $18.9 billion-asset Independent. The deal, which is expected to close in the first quarter, priced Independent at 148% of its tangible book value. Independent has $15.7 billion of deposits and $14.6 billion of loans. “With a local,

Southside Bancshares in Tyler, Texas, has a new president. The $8.4 billion-asset company disclosed in a regulatory filing that Keith Donahoe had succeeded Lee Gibson, who remains CEO. Donahoe was also named president of Southside Bank. Donahoe, who joined Southside in 2021, was the bank’s regional president of central Texas. Donahoe will be paid an annual salary of $510,000.