CCFNB Bancorp in Bloomsburg, Pa., has agreed to buy Muncy Bank Financial in Muncy, Pa. The $944 million-asset parent of First Columbia Bank & Trust said in a press release that it will pay $65.6 million in stock for the $633 million-asset Muncy. The deal is expected to close in the fourth quarter. The renamed Muncy Columbia Bank will have $1.2 billion of deposit and $1 billion of loans when

Apple debuted a savings account for its Apple Card users that offers a 4.15% annual rate. The technology giant said in press release that the savings account from Goldman Sachs offers rates that it more than 10 time the national average, based on data from the Federal Deposit Insurance Corp. Goldman Sachs, in comparison, offers a 3.9% rate through its Marcus platform. The Apple savings account has no fees, no

The Small Business Administration is set to end a 41-year moratorium limiting how many nondepository lenders from participating in the agency’s 7(a) loan guarantee program. The SBA said the moratorium, which restricted 7(a) participation to 14 small-business lending companies (SBLCs), will be lifted on May 12. Three SBLCs are set to join existing lenders. Banking groups have opposed increasing the number of SBLC participants. At the same time, several studies

MainStreet Bankshares in Fairfax, Va., said its Banking-as-a-Service (BaaS) platform should launch at the end of this month. The $2.1 billion-asset company said in a press release that Avenu should debut on April 30. MainStreet said it is making a final push to strengthen its cyber architecture and implement a debit card for funding. Three companies have signed up for the platform. “We are inches away from going live with

Regulators should rethink their approach to de novo bank activity, Federal Reserve Gov. Michelle Bowman said in a Friday speech. Bowman, who chairs the Fed Board of Governors' subcommittee on smaller regional and community banks, said the upfront capital requirements – which require organizers to raise capital to meet forward-looking projections of a bank’s future size – could be lowered. Bowman also noted that de novos face overlapping and redundant

Capital Bancorp in Rockville, Md., has a new bank president. The $2.1 billion-asset company said in a regulatory filing that Steve Poynot, chief operating officer of Capital Bank, will take on the added role on Monday. Poynot will be responsible for commercial banking production, along with the bank’s credit and operations. Poynot will succeed Scot Browning, who will become the bank’s president of specialty and CRE lending. Browning, who will

Wells Fargo in San Francisco said that veteran executive Mary Mack is retiring. The $1.9 trillion-asset company said in a press release that Mack will step down as CEO of consumer and small business banking on May 15. She will be succeeded by Saul Van Beurden, the company’s head of technology. Tracy Kerrins, head of consumer technology, will succeed Van Beurden as head of technology. “Mary has spent her entire

The Minnesota Credit Union Network has lined up its next CEO. The St. Paul, Minn., association said in a press release that Mara Humphrey will also become its president at the end of April. Humphrey, who holds the association’s chief advocacy position, will succeed Mark Cummins, who announced his intention to retire last summer. Cummins led the group for 15 years. “After a national search, the board is unified in