Mutuals in Illinois and Ohio plan to raise up to $27.7 million by converting to stock-owned companies.   PFS Bancorp in Peru, Ill., plans to raise up to $16.9 million in net proceeds from the conversion of Peru Federal Savings Bank. PFS is looking to sell 1.4 million to 1.8 million shares at $10 each.   PFS could sell more shares for net proceeds of up to $19.7 million if

HarborOne Bancorp in Brockton, Mass., cut jobs in its mortgage division and will close a branch as part of a broader cost-cutting initiative. The $5.6 billion-asset company said in a press release that the layoffs in its HarborOne Mortgage business will save it $1.2 million annually. Layoffs elsewhere will save another $2.9 million a year. The company will eliminate 37 full-time positions as part of the cost-cutting effort, incurring $701,000

First Internet Bancorp in Fishers, Ind., reported a net loss in the first quarter after shutting down its mortgage operations and partially charging off a commercial participation loan. The $4.7 billion-asset company lost $1.3 million, a reversal from the $11.2 million it earned a year earlier. The results included $3 million in costs tied to exiting the mortgage business and $4.7 million tied to the C&I loan. “Despite an issue

First Interstate BancSystem in Billings, Mont., absorbed a large hit from selling securities in the first quarter. The $31.6 billion-asset company said in a press release that its earnings fell 34% from a quarter earlier, to $56.3 million. The company lost $33.4 million a year earlier. First Interstate recorded $23.4 million in losses after selling $853 million of securities in the first quarter. The quarter also included a $1.9 million

Prosperity Bancshares in Houston reported a sharp decline in deposits during the first quarter that it attributed to public funds. The $37.8 billion-asset company said in a press release that deposits fell by 5.4% from the fourth quarter and 13.1% from a year earlier, to $27 billion. Prosperity said the total reflected a decline in business demand deposits and public fund deposits. The company’s loan-to-deposit ratio was 70.4% on March

PacWest Bancorp in Los Angeles reported a quarterly loss that reflected a goodwill impairment charge and expenses tied to an efficiency effort. The $44.3 billion-asset company also announced plans to reduce its asset size by roughly 20% by selling loans and planned portfolio reductions. The effort comes after PacWest’s deposits fell by nearly 17% in the first quarter from yearend 2023. PacWest said it has initiated the sale of its

Lake Shore Bancorp in Dunkirk, N.Y., has a new CEO. The $700 million-asset company said in a press release that Kim Liddell was also named president and joined its board. He recently served as chairman, president and CEO of Delmarva Bancshares. Liddell also serves on the board of BV Financial. “We are extremely pleased to welcome Kim to the Lake Shore Savings team,” Kevin Sanvidge, Lake Shore’s chairman, said in the release. “I am confident

BankUnited in Miami Lakes, Fla., lost $1.8 billion of deposits in the week after the failures of Silicon Valley Bank and Signature Bank. The $37.2 billion-asset bank said in a press release that it gained $245 million of deposits over the last two weeks of March. Still, total deposits fell by 6.5% in the first quarter from the end of 2022, to $25.7 billion. BankUnited said deposit outflows were concentrated