Bank of America in Charlotte, N.C., has created its first accelerator.  The Bank of America Breakthrough Lab will launch a six-month program in September. It will largely focus on entrepreneurs from underrepresented communities such as Black, Hispanic and Native American founders. The program, expected to occur annually, aims to collect applications over the next month. The goal is to bring in pre-seed stage companies with a minimum viable product focused

Farmers & Merchants State Bank in Archbold, Ohio, has shortened its name. The $3 billion-asset unit of Farmers & Merchants Bancorp rebranded as F&M Bank. The plan includes a new logo and replacing signs at all branches by September. The rebranding followed “a multi-year brand exploration process,” the bank said in a press release. “F&M’s mission remains as it always has, to nurture lasting relationships with our customers, our employees,

Wesbanco in Wheeling, W.Va., will have a new CEO sooner than expected. The $5 billion-asset company said in a press release that Todd Clossin will also retire as president on Aug. 1. He will be succeeded by Jeffrey Jackson, the company’s chief operating officer. Clossin had originally planned to retire on Jan. 1. Wesbanco said the new date reflects Jackson’s “timely and successful acclimation to the business and aligns with

Georgia Banking in Atlanta has raised $27.2 million through a private placement. The $1 billion-asset company raised the capital on April 28, according to data compiled by Performance Trust Capital Partners. The report did not disclose the investors or the pricing. Georgia Banking was recapitalized in 2021 by an investor group led by Bartow Morgan Jr. The group raised $180 million to fund growth and build a commercial and private

Arrow Financial in Glens Falls, N.Y., has parted ways with its president and CEO. The $4 billion-asset company said in a press release that Thomas Murphy terminated his employment on Friday. He also stepped down from the board. Arrow said that David DeMarco, its chief banking officer, was named to succeed Murphy. DeMarco, who joined the company in 1987, will remain president and CEO of Arrow subsidiary Saratoga National Bank

Another director of RBB Bancorp resigned because of a disagreement over the Los Angeles company’s corporate governance and policy matters. The $4.1 billion-asset company disclosed in a press release that Paul Lin stepped down on May 8. In his letter, Lin took issue with the pace and timing of the board’s investigation into governance matters after Alan Thian resigned as chairman, president and CEO. Lin wrote in his letter that

The Federal Deposit Insurance Corp. wants to base its special assessment focused on banks’ uninsured deposit totals. The agency has proposed having U.S. banks with the highest amounts of uninsured deposits pay to replenish the Deposit Insurance Fund (DIF). There will be a 60-day window for comments on the proposed rule. The assessment rate would be 12.5 basis points, based on a bank's estimated uninsured deposits as of Dec. 31.

PacWest Bancorp in Los Angeles reported another large outflow of deposits. The $44.3 billion-asset company disclosed in its quarterly filing that deposit balances fell by 9.5% last week. While First Republic Bank in San Francisco failed on May 1, PacWest said that most of the outflows took place on May 4-5 after news reports said it was “exploring all of its options and having talks with potential investors and partners."