Equity Bancshares in Wichita, Kan., has hired a new bank president. The $5.1 billion-asset company said in a press release that Rick Sems will oversee its sales and service teams and will join Equity Bank’s board. He succeeded Craig Anderson, who resigned. Sems, who  recently served as chief banking officer at First Bank in St. Louis, will move to Wichita and join the company on May 15. “Rick’s track record

PacWest Bancorp in Los Angeles said it hasn’t experienced any “out-of-the-ordinary deposit outflows” since Monday’s failure of First Republic Bank.   The $44.3 billion-asset company also said in a press release that it is having discussions after being approached by several potential partners.   “Discussions are ongoing,” PacWest said. “The company will continue to evaluate all options to maximize shareholder value.”   PacWest said that core customer deposits have risen

TD Bank Group in Toronto and First Horizon in Memphis, Tenn., have called off their planned merger. The $1.9 trillion-asset TD and the $80.7 billion-asset First Horizon said in a press release that the deal was terminated due to uncertainty over TD getting regulatory approval for the $13.4 billion acquisition. TD agreed to pay First Horizon $200 million in cash and a $25 million fee reimbursement under the terms of

Greenwood, an Atlanta digital bank focused on the Black and Latino communities, has acquired Kinly, a neobank that also serves Black clients. Greenwood said in a press release that the purchase will help grow its ecosystem of more than a million members and provide Kinly’s 300,000 users with more financial products. The purchase price wasn’t disclosed. Kinly has raised $20 million since launching in 2020 from investors such as Forerunner

Securities sales cut into first-quarter profits at First of Long Island in Melville, N.Y. The $4.2 billion-asset company said in a press release that net income fell 46% from a year earlier, to $6.5 million. The company recorded a $3.5 million loss from selling $149 million of fixed-rate municipal securities. It then bought $135 million of floating-rate SBA securities. The bank expects to earn back the loss in just over

The Federal Deposit Insurance Corp. floated a plan to offer different deposit insurance caps based on account type. The agency, in a new report on the deposit insurance system, discussed a scenario where business accounts receive “significantly higher coverage” than retail accounts. Other options include making no changes to the current system, where deposits of up to $250,000 are covered, to unlimited coverage. The FDIC said it believes having different

Orange County Bancorp in Middletown, N.Y., reported a sharp decrease in profit after it had to write off a $5 million investment in the failed Signature Bank. The $2.5 billion-asset company said in a press release that its first-quarter net income fell 39% from a year earlier, to $4.8 million. Orange County was left holding Signature subordinated debt when the bank collapsed in March. “As closely as we monitor our

Community Bank System in Syracuse, N.Y., reported lower quarterly profit after joining the ranks of banks repositioning their balance sheets. The $15.3 billion-asset company said in a press release that first-quarter net income fell 88% from a year earlier, to $5.8 million. The company recorded a $52.3 million pretax loss after selling investment securities with a market value of $733.8 million. Net proceeds were used to pay down overnight borrowings