Republic First Bancorp in Philadelphia has a new chairman after finalizing an agreement to sell stock to an investor group. The $6.2 billion-asset company said in a press release that it will sell securities to a group that includes George Norcross, III, Gregory Braca and Philip Norcross for $35 million. As part of a truce between the parties, the board will be reconstituted, with Philip Norcross serving as its chairman.

Issues with two commercial real estate loans caused a spike in nonperforming loans at New York Community Bancorp in Hicksville, N.Y. The $111 billion-asset company said in a press release that NPLs increased by 68% from a quarter earlier, to $392 million. New York Community noted that NPLs to total loans remains low by historical standards, at 47 basis points. Still, New York Community joins a growing list of lenders

Civista Bancshares in Sandusky, Ohio, is taking a break from the income tax refund business. The $3.7 billion-asset company said in a press release that it will remain on the sidelines for the 2024 tax season. The business had contributed $2.4 million of annual revenue from 2021 to 2023. Civista is still grappling with fallout of the Treasury Department mistakenly sending $5.6 billion in stimulus payments to the company in

Tompkins Financial in Ithaca, N.Y., reported a quarterly loss after repositioning its balance sheet. The $7.7 billion-asset company lost $33.4 million in the third quarter, reflecting a $47.5 million loss from securities sales. Tompkins sold nearly $430 million of securities in the quarter. Tompkins said the proceeds were largely reinvested in higher-yielding securities, estimating that that securities revenue should improve by roughly $15.4 million over the next 12 months. "We

Primis Financial in McLean, Va., is closing eight branches this month. The $3.8 billion-asset company said in a press release that it is closing the locations in late October. That represents about a quarter of Primis’ branches. Primis incurred about $1.5 million of one-time expenses in the second quarter tied to the planned closures. The move should save Primis about $2.9 million annually. The company said when it announced second-quarter

Old National in Evansville, Ind., has agreed to buy CapStar Financial Holdings in Nashville, Tenn. The $49 billion-asset Old National said in a press release that it will pay $344.4 million in stock for the $3.3 billion-asset CapStar. The deal, which is expected to close in the second quarter, priced CapStar at 106% of its tangible book value. Old National entered Tennessee last year via its high-net-worth division. It recently hired a

Morgan Stanley has selected a successor to its retiring CEO. The investment bank said in a press release that Ted Pick, its co-president, will take over for James Gorman on Jan. 1. Gorman, who has led Morgan Stanley for the past 14 years, will become executive chairman; Pick will join the board. Andy Saperstein, Morgan Stanley’s other co-president, will become head of wealth and investment management. Dan Simkowitz will become

Kearny Financial in Fairfield, N.J., and Premier Financial in Defiance, Ohio, recently upgraded their digital platforms. The $8 billion-asset Kearny said in a press release that it launched an enhanced digital banking platform this month. The platform is expected to expand the bank’s client-facing online and mobile capabilities while providing an improved experience. “Our continued focus on digital engagement complements our high-touch, personalized service model and allows us to expand