NSTS Bancorp in Waukegan, Ill., sold lower-yielding securities at a loss.   The $252 million-asset company said in a press release that it sold $30.5 million of securities at an after-tax loss of $1.8 million. The securities included U.S. Treasury notes, agency, mortgage-backed securities and collateralized mortgage obligations.   A portion of the proceeds will be used to repay about $10 million in existing debt. The rest will be redeployed

Bancorp 34 in Scottsdale, Ariz., revised its third-quarter results, turning a narrow gain into a net loss. The $575 million-asset company said in a press release that, because of a loan-loss reserve for a commercial real estate loan, it lost nearly $2.3 million in the quarter. The company previously reported net income of $3,000. “The reserve for the troubled credit was deemed necessary as the company progressed through the legal

Auburn National Bancorp. in Auburn, Ala., expects to report a fourth-quarter loss after selling available-for-sale securities. The $1 billion-asset company said in a press release that it sold $117.6 million of securities at a $4.7 million after-tax loss. Auburn National said it will use a portion of the $111.3 million of proceeds to repay $48 million of wholesale funding. The rest will be held in cash to fund future loan

Blue Ridge Bankshares in Charlottesville, Va., has received a much-needed capital infusion. The $3.3 billion-asset company said in a press release that it has agreements to raise $150 million through a private placement led by private investor Kenneth Lehman with participation from Castle Creek Capital Partners and existing investors, directors and officers. The company will sell 60 million new shares of common stock at $2.50 each and roughly 29.4 million

First United in Oakland, Md., sold a batch of securities at a loss. The $1.9 billion-asset company disclosed in a regulatory filing that it sold $20.4 million of securities at an after-tax loss of $3.2 million. The securities had a book value of $24.6 million. Proceeds will be used to fund loans with a conservative rate of about 7.85% and should increase earnings per share by about 15 cents. It

Allegacy Federal Credit Union in Winston-Salem, N.C., is playing the long game with CEO succession. The $2.2 billion-asset credit union said in a press release that Nathanael Tarwasokono will succeed Cathy Pace as president and CEO when she retires on Jan. 1, 2025. Tarwasokno, who will join the credit union on Feb. 15, was selected following a search conducted by DDJ Myers. He has been the president and CEO of

A veteran South Florida banker has applied to form a new bank. BankMiami would operate as a state-chartered bank, with plans to open by mid-2024. Mary Usategui would serve as the proposed de novo’s president and CEO, according to her LinkedIn profile. She was chief financial officer of Professional Bank when it was sold to Seacoast Bank. She then served as Seacoast’s chief strategy officer, leaving the bank in September.

BCB Bancorp in Bayonne, N.J., will have a new leader in 2024. The $3.8 billion-asset company disclosed in a regulatory filing that Michael Shriner will become its president and CEO on Jan. 1. Shriner was president and CEO of MSB Financial from 2012 until it was sold to Kearny Financial in July 2020. He was a Kearny market president until December 2022. Shriner, who will succeed Thomas Coughlin, is expected to