Organizers of a proposed bank in Bedford, N.H., plan to raise at least $25 million in initial capital. Granite First Bank would serve small and midsize businesses, professional services firms, nonprofits, and individuals, organizers said in their application with the Federal Deposit Insurance Corp. David Cassidy is expected to serve as president and CEO. He was chief lending and credit officer at Centrix Bank, which was sold to Eastern Bank.

First Citizens BancShares in Raleigh, N.C., had a mammoth quarter for profitability after booking a $9.8 billion gain from buying the failed Silicon Valley Bank. The $214.7 billion-asset company earned $9.5 billion in the first quarter, an astronomical increase from the $271 million of net income from a year earlier. First Citizens also disclosed that roughly a quarter of the deposits it gained from buying Silicon Valley Bank – about

Marqeta, a card issuing platform, plans to cut about 15% of its workforce. The fintech disclosed in a regulatory filing that it will lay off roughly 150 employees in the coming months as part of a plan to lower operating costs, prioritize high-return projects and put it on a path to profitability. The plan is expected to cut annual expenses by $40 million to $45 million. Marqeta said it expects to incur

A group in Bedford, N.H., has applied to form a bank. Organizers of Granite First Bank submitted an application on Tuesday with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. The organizers are H. Andrew Crews, David Cassidy and Samuel Figler, according to a public noticed filed in conjunction with the application. Crews, commissioner of the New Hampshire Lottery, was vice chairman of Primary Bank,

Cadence Bank in Tupelo, Miss., plans to close 35 branches this year, or roughly 8.5% of its network. The $48.7 billion-asset bank, formed through the merger of Cadence and BancorpSouth, had 412 branches in mid-2022, according to data compiled by the Federal Deposit Insurance Corp. “In order to best optimize and strengthen our branch network, we have made this decision,” Dan Rollins, the bank’s chairman and CEO, said in a

Lakeland Financial in Warsaw, Ind., has a new president. The $6.4 billion-asset company said in a press release that Kristin Pruitt had also become president of its Lake City Bank. She also joined the boards of the company and the bank. Pruitt succeeded David Findlay, who remains CEO. Pruitt joined the company in 2008 and has served as chief administrative officer since 2019. “Kristin has proven to be an impactful

MVB Financial in Fairmont, W.Va., and Integrated Financial Holdings in Raleigh, N.C., have terminated MVB’s proposed purchase of IFHI. The $3.6 billion-asset MVB said in a press release that the decision reflected “changing market conditions that have pressured bank industry stock prices” and “understandable delays in regulatory processes.” Neither company will pay termination fees. MVB agreed in August to buy the parent of the $404 million-asset West Town Bank &

Perry County Bancorp has entered into a written agreement with the Federal Reserve that instructs the Du Quoin, Ill., company to improve oversight over liquidity and interest rate risk. The Fed entered into the agreement with Perry County and its $137 million-asset Du Quoin State Bank in April but it was just disclosed last week. The agreement requires the board to take actions to improve the bank's condition and maintain