The CEO of the Pacific Coast Banking School has announced plans to retire. Gretchen Claflin said in a press release that she will also step down as the school’s president at the end of 2024. She was named president in 2016 and CEO two years later. The school, which partners with the University of Washington, hired Korn Ferry to have it find Claflin’s successor. “Our faculty members not only know

AmeriNational Community Services in Albert Lea, Minn., has applied to buy Northwest Bancorp. of Illinois in Palatine. AmeriNational, an economic development and affordable housing loan servicer, applied with the Federal Reserve to form a bank holding company to buy the parent of the $208 million-asset First Bank and Trust Co. of Illinois. AmeriNational also applied with the Federal Deposit Insurance Corp. First Bank to assume certain deposits where AmeriNational is

Shore Bancshares in Easton, Md., will likely report a larger third-quarter loss when it restates financial results to correct an accounting error tied to its purchase of Community Financial. The $5.7 billion-asset company disclosed in a regulatory filing that the error was tied to the improper recording of the net deferred tax assets (DTAs) tied to the acquisition. The error resulted in a $3.4 million overstatement of the deal’s reported

The Federal Deposit Insurance Corp. continues to create entities to sell of assets tied to the failed Signature Bank. The bridge bank created by the FDIC established two ventures, selling a 5% stake in each to Community Preservation Corp. (CPC), a nonprofit multifamily finance company. CPC, through two affiliated entities, paid $171 million for the stakes. The FDIC said the bridge bank contributed a total of roughly $5.8 billion of

ACNB Corp. in Gettysburg, Pa., repositioned its balance sheet. The $2.8 billion-asset company said in a press release that it sold $51.1 million of available-for-sale securities at an after-tax loss of $3.5 million. The net proceeds were used to buy higher-yielding investment securities, including agency multifamily debt and investment-grade bank holding company corporate debt. ACNB said it still expects to report a profit in the fourth quarter. The repositioning should

B2 Bank in Mountain Iron, Minn., which has fintech ties and has been building a Banking-as-a-Service (BaaS) platform, must develop a risk assessment process for new products and services under a written agreement with the Office of the Comptroller of the Currency. The $72 million-asset bank stipulated to the agreement after regulators determined that it has “unsafe or unsound practices, including those relating to internal controls and less-than-satisfactory management.” The

First Citizens BancShares in Raleigh, N.C., has added a former Bank of America executive to its board. The $200 billion-asset company said in a press release that David Leitch will become a director on Jan. 1. He will serve on the audit committee and the compensation, nominations and governance committee. Leitch was global general counsel at Bank of America from 2016 to 2021 and the company’s vice chairman from 2021

The Federal Deposit Insurance Corp. has formed a new venture as part of its plan to sell commercial real estate loans once held by the failed Signature Bank. The FDIC receivership said in a press release that it created SIG CRE 2023 Venture, selling a 20% equity stake in the limited liability corporation to Hancock JV Bidco, an entity indirectly controlled by Blackstone and other investors. The investor group paid