Fulton Financial in Lancaster, Pa., will soon have a new president. The $27 billion-asset company said in a press release that Angela Snyder will also become president of Fulton Bank on Jan. 1. Snyder, Fulton’s chief banking officer, joined the company in 2002. She will oversee all business lines while leading efforts to optimize costs and grow organically. “Angela is an incredible asset to our organization,” Curt Myers, Fulton’s chairman

Capital Funding Bancorp in Baltimore has received a $125 million investment from J.C. Flowers & Co. The investment firm said in a press release that it could increase its investment in the parent of the $5 billion-asset CFG Bank to $165 million over the next five years. Louis Vachon, J.C. Flowers' operating partner and a former president and CEO of National Bank of Canada, and Tom Harding, a managing director, will

Santander Bank is the latest financial services company to scoop up former Signature Bank assets. The Federal Deposit Insurance Corp. said in a press release that it sold a 20% stake in a newly created venture to SBNA Investor LLC, which is directly controlled by Santander, for $1.1 billion. The venture has $9 billion of loans backed by rent-stabilized and rent-controlled properties. The bridge bank formed to divest Signature assets

Kearny Financial in Fairfield, N.J., repositioned a portion of its investment securities portfolio. The $8 billion-asset company said in a press release that it sold $122.2 million of debt securities, including $78.9 million of pandemic-era securities, at an after-tax loss of $12.9 million. Proceeds will be used to retire higher-cost wholesale funding and make loans. The transaction is expected to be immediately accretive to net interest income.

Provident Financial Services in Iselin, N.J., and Lakeland Bancorp in Oak Ridge, N.J., have extended the deadline for their merger agreement to give regulators more time to approve the deal. The $14.1 billion-asset Provident agreed in September 2022 to buy the $11.2 billion-asset Lakeland for $1.3 billion. The deal was initially expected to close by mid-2023. The companies, which remain committed to the merger, said in a press release that

Webster Financial in Stamford, Conn., has agreed to buy Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements. The $70 billion-asset Webster said in a press release that its bank will pay $350 million in cash to funds managed by Long Ridge Equity Partners. The deal is expected to close in the first quarter. Ametros has more than 24,000 members and $804 million in deposits under

U.S. Bancorp in Minneapolis was ordered to pay fines to address issues with a pandemic-era prepaid card program for distributing unemployment benefits. The Consumer Financial Protection Bureau ordered the $668 billion-asset company to pay $21 million, including a $15 million penalty and $5.7 million in restitution to consumers. The Office of the Comptroller of the Currency also ordered U.S. Bancorp to pay a $15 million civil money penalty. The agencies

CrossFirst Bankshares in Leawood, Kan., repositioned its securities portfolio to reduce its concentration in municipal securities.   The $7.2 billion-asset company said in a press release that it sold about $80 million of available-for-sale municipal securities at an $800,000 after-tax loss. CrossFirst plans to pay off wholesale borrowings and buy higher-yielding agency mortgage-backed products.   The moves should add about 2 cents to the company’s 2024 earnings per share, so