The Federal Deposit Insurance Corp. has given conditional approval for a group in Scottsdale, Ariz., to form Zenith Bank & Trust. Organizers must raise $22 million in capital before the proposed bank can open. The group behind Zenith Bank applied with the FDIC in June 2022. Organizers said in their application that they planned to register with the Federal Reserve to make Zenith Financial Holding the proposed bank’s holding company. 

First Citizens BancShares in Raleigh, N.C., has brought back a veteran banker to lead its CIT Commercial Finance group. The $215 billion-asset company said in a press release that Jim Hudak had become president of the group, effective immediately. Hudak supervised CIT’s commercial finance businesses from 2008 to 2019. First Citizens bought CIT Group last year. “It’s a pleasure to welcome Jim back and to leverage his experience and deep

Nusenda Federal Credit Union in Albuquerque, N.M., has agreed to buy Western Heritage Bank in Las Cruces, N.M. The $4.1 billion-asset Nusenda did not disclose the price it will pay for the $335 million-asset Western Heritage. The deal is expected to close late this year or early 2024. This would be the first bank acquisition for Nusenda. Nusenda is the fourth credit union to agree to buy a bank in

Members 1st Federal Credit Union in Enola, Pa., will soon have a new CEO. The $7 billion-asset credit union said in a press release that Mike Wilson will also become its president, effective July 1. Wilson is the credit union’s chief experience officer. Wilson will succeed George Nehodil, who has been president and CEO for the last six years. Nehodil announced plans to retire in September 2021. Wilson joined Members

BOK Financial in Tulsa, Okla., has entered the San Antonio, Texas, market. The $46 billion-asset company said in a press release that its Bank of Texas division had hired Mark Johnson to serve as market chairman and Parker Hensley as market president. “We are thrilled to bring our brand of full-service, relationship-focused financial services to San Antonio,” Mark Wade, Bank of Texas’ CEO, said in the release. “We have been

Banks in Alabama and Virginia have raised capital through private placements. First Southern Bancshares in Florence, Ala., brought in $7 million through a May 22 private placement, according to data compiled by Performance Trust Capital Partners. First Southern Bank has $554 million of assets. ODNB Financial in Tysons Corner, Va., raised $1 million on May 30. ODNB is the parent of the $1.1 billion-asset Old Dominion National Bank. The report

Five Star Bancorp in Rancho Cordova, Calif., will enter San Francisco after hiring a commercial team from Signature Bank. The $3.4 billion-asset company said in a press release that DJ Kurtze will serve as region president for the San Francisco Bay Area. The release did not say how many lenders are on the team it hired. Kurtze previously served as a group director at Signature, according to his LinkedIn profile.

Essa Bancorp in Stroudsburg, Pa., will pay about $3 million to resolve redlining claims. The Justice Department said in a press release that the $2 billion-asset company’s bank agreed to a consent order addressing allegations it engaged in lending discrimination towards majority Black and Hispanic neighborhoods. The claims covered a period from 2017 to 2021. “This resolution makes clear our commitment to holding banks and financial institutions accountable for modern-day